MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
NEW BHARAT ENGINEERS |
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Registered Office : |
121, Patel Estate, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers, Exporters and Suppliers of Rubber Bellow Seals, Single
Spring and Multiple Spring Mechanical Seals, Teflon Bellow Seals, Cartridge
Seals, Dry Running Seals and High Pressure & High Speed Seals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
-- |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small concern having satisfactory track. Trade relations are fair. Payments are reported as slow but correct. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
121, Patel Estate, |
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Tel. No.: |
91-22-26781214 |
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Mobile No.: |
91-9820261376 [Mr. Siddique Hussain] |
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Fax No.: |
91-22-26780475 |
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E-Mail : |
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Area : |
400 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Siddique Hussain |
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Designation : |
Sole Proprietor |
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Date of Birth/Age : |
32 years |
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Qualification : |
Graduate |
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Experience : |
Around 14 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Suppliers of Rubber Bellow Seals, Single
Spring and Multiple Spring Mechanical Seals, Teflon Bellow Seals, Cartridge
Seals, Dry Running Seals and High Pressure & High Speed Seals. |
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Products : |
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Exports : |
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Products : |
Rubber Bellow Seals, Single Spring and Multiple Spring Mechanical
Seals, Teflon Bellow Seals, Cartridge Seals, Dry Running Seals and High
Pressure & High Speed Seals |
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Countries : |
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Terms : |
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Selling : |
Credit [90 days] |
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Purchasing : |
Credit [60 days] |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
16 |
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Bankers : |
Development Credit Bank Jogeshwari [West], Mumbai |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shohaib Associates Chartered Accountants |
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Address : |
Jogeshwari [West], Mumbai |
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Associates : |
Kamraj Industries [Going to start in 5 months] Vasai, Thane Line of Business : Manufacturers, Exporters and Suppliers of Rubber
Bellow Seals, Single Spring and Multiple Spring Mechanical Seals, Teflon
Bellow Seals, Cartridge Seals, Dry Running Seals and High Pressure & High
Speed Seals. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2008
[Expected] |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
6.000 |
4.000 |
3.000 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference :
Ø
MBS Pumps, Ahmedabad
Ø
Ø
Viraj Electricals, Ahmedabad
Ø
Vivid Engineers,
Ø
Website Details :
Profile
Seals, available in varied forms, have diverse application in numerous
industries such as petrochemical, sewage pump, water pump, chemical pump, etc.
They are a manufacturer, exporter and
supplier of a wide range of mechanical shaft seals and
components like Rubber Bellow Seals,
Single Spring Seals, Single Coil Spring
Seals, Multiple Spring Seals, Teflon Bellow Seals, Cartridge Seals, Dry Running
Seals, High Pressure & High Speed Seals, etc. They also
supply spares for mechanical seals like seal face in different materials,
hardware like sleeves and gland plates, which are designed for standard pump
manufacturers or on the basis of drawings provided by the clients.
Established in 1995, their goal has been to produce the best quality
seals at the best prices. Their real achievement lies in the satisfaction of
their customers, whose repeat orders have motivated them. Their immense support
and trust on them keeps them going and reinforces them to deliver outstanding
products in the marketplace. Their products are not just limited to domestic
markets; they enjoy popularity in the international sphere centered in
Their
Infrastructure
Success for them is high end customer satisfaction and achieving world class
quality, which is facilitated by their state of the art infrastructure. They
recruit their employees when they match up to their expectations, and they
regularly update their machinery. These help them yield world class and
flawless product, resulting in maximum satisfaction of their customers.
Quality Assurance
It is their quality, which separates their products from the rest,
giving them an edge over others. Their technical experts follow stringent quality
checks at every level of production till the final product is ready for
delivery in the marketplace. Needless to mention, high quality results in high
sales, but apart from delivering high quality, they also consider the financial
factor, i.e. competitive prices.
Their Success
Mantra
'Never give up attitude', 'constant endeavor to upgrade their products',
'winning the hearts of their customers' are the key mantras for their fame and
success.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.18 |
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1 |
Rs.82.41 |
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Euro |
1 |
Rs.55.85 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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41 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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