MIRA
INFORM REPORT
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Report Date : |
21.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
PARAG ENGINEERING |
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Registered Office : |
L – 605, GIDC Estate, Odhav, Ahmedabad – 382415, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1981 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Vacuum Pumps, Fluid Couplings,
Centrifuges and Vacuum Systems. |
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 : |
USD 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office / Factory : |
L – 606, GIDC Estate, Odhav, Ahmedabad – 382415, Gujarat, India |
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Tel. No.: |
91-79-22870373 |
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Mobile No.: |
91-9426419038 (Mr. Gopal) 91-9825027683 (Mr. Vaja) |
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Fax No.: |
91-79-22875679 |
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E-Mail : |
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Website : |
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Area : |
150 sq. yards |
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Location : |
Owned |
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Godown : |
L – 605, GIDC Estate, Odhav, Ahmedabad – 382415, Gujarat, India |
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Area : |
150 sq. yards |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mrs. Kuvarben R. Patel |
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Designation : |
Proprietor |
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Date of Birth/Age : |
53 Years |
KEY EXECUTIVES
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Name : |
Mr. Gopal Patel |
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Designation : |
Chief Executive |
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Date of Birth/Age : |
26 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Vacuum Pumps, Fluid Couplings,
Centrifuges and Vacuum Systems. |
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Products : |
© Oil Sealed Rotary
High Vacuum Pumps © Vacuum cum
Pressure Pumps © Diaphragm Pumps |
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Exports : |
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Products : |
All Products |
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Countries : |
Gulf Countries, Syria, UAE, Saudi Arabia, Sri Lanka, Bangladesh,
Pakistan and Nepal |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
© Manufacturers © Pharma © Chemicals
Companies |
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No. of Employees : |
20 |
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Bankers : |
Punjab National Bank Odhav Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Silver Accounts Chartered Accountants |
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Address : |
Ahmedabad |
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Tel. No.: |
91-79-25452545 |
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Memberships : |
© OIA © VIA © GCE |
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Associates/Subsidiaries : |
Suvac
Engineering Address : Ahmedabad Line of Business: Manufacturer and
Exporter of Vacuum Pumps, Fluid Couplings, Centrifuges and Vacuum Systems. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.500 millions |
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Borrowed : |
-- |
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Total : |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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7.000 |
6.000 |
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Expected Sales (2007-08) : Rs.10.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
˛
Meghmani Chemicals
˛
Reliance Chemicals
As Per Web Details
Profile:
Subject is a small scale
engineering unit Engaged in the Manufacturing and Marketing of Quality
Industrial Products since 1981 at Ahmedabad in India.
Company starts from small-scale industries to now reach to high stage
that supply products in all over India.
They made different Quality Products such as Oil Sealed Rotary High
Vacuum Pumps, Vacuum cum Pressure Pumps, Diaphragm Pumps - available in various
models.
Company has established quality control system that ensures that the
product meets the customer requirement. This includes incoming inspection, in
process inspection, final inspection.
Products:
Oil Sealed Rotary
High Vacuum Pumps -
These are oil-immersed, rotary vane type pumps. The rotor, with two
spring loaded vanes, is mounted eccentric in stator body, As the rotor rotates,
the vanes sweep the crescent shape air space twice in each revolution. There is
inbuilt non- return valve which prevents back flow of air. Manufactured from
graded material/all moving parts are precisely machined/ground and assembled
with close tolerances. This results in increased efficiency and long trouble
free operating life.
Diaphragm Pump -
There are, Diaphragm type Vacuum Pumps-cum –oil Air Compressors. Being
manufactured from High Grade Aluminum Alloys, they are portable and easy
to carry at sites. The Diaphragm can be from 2-Ply-Nylon reinforced Neoprene
rubber or Teflon as required. The valve plates are SS 316 or special alloys, if
required. The crank bearings are lubricated for life.
Vacuum -Cum -
Pressure Pumps -
These are combined Vacuum-cum-pressure pumps, designed and manufactured
for long trouble free operation life. These are basically air-cooled, rotary
pumps. Being compact, light weight and easily assembled, they require minimum
attention even in continuous operation. Accessories like Vacuum and pressure
regulators, vacuum and pressure Gauges, relief valves, inlets filters, exhust
oil baffle etc. are available for different models.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.57 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.56.85 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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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 |
NO |
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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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45 |
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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