MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SPRING |
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Registered Office : |
1A, Dudhia Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Sheet Metal Components |
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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/R and D Centre : |
1A, Dudhia Industrial Estate, |
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Tel. No.: |
91-22-28488089 / 28488345 / 28488015 |
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Mobile No.: |
91-9223445510 (Mr. Pankaj K. Shah) 91-9223445530 (Mr. Jayanti Shah) |
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Fax No.: |
91-22-28488545 / 28015718 |
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E-Mail : |
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Website : |
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Area : |
2800sq.fts (Office + R & D Centre) |
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Location : |
Rented |
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SOLE PROPRIETOR
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Name : |
Mr. Kishor M. Shah |
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Designation : |
Proprietor |
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Date of Birth/Age : |
68 Years |
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Qualification : |
B.E. Mechanical Engineer |
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Experience : |
45 Years |
KEY EXECUTIVES
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Name : |
Mr. Jayanti Shah |
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Designation : |
Customer Coordination |
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Date of Birth/Age : |
48 Years |
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Qualification : |
Under Graduate |
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Experience : |
40 Years |
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Name : |
Mr. Pankaj Shah |
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Designation : |
Techno Commercial |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B.E. Production |
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Experience : |
25 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Sheet metal Components |
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Products : |
Bow Washer, Wave Washer, Retaining Clip, hose Clip Constant Tension
Band Clamp, Snap ring, Spring Ring, Circlip,
Clip, holding Clip, Clamps, Clips, Formed Clip, holders Clips, Star Washer,
Multitooth Washer, Fan Disc Washer, Cable Clip, Cable Holder Clip, Cage Nuts,
Tnuts, Spire Fix, Push – on – fix, Quick Fastners. |
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Exports : |
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Products : |
All Products |
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Countries : |
Europe, Middle – East, Far – |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit (60 days / 90 days) |
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Purchasing : |
Through Agents |
GENERAL INFORMATION
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Customers : |
©
OEM’s ©
Automobile ©
Electrical ©
White Goods ©
Textile ©
Electronics ©
Aviation ©
Allied Sector |
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No. of Employees : |
20 |
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Bankers : |
HDFC Bank Borivali Branch Jain Sahakari Bank Borivali Branch |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
19 Companies (Names not divulged) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 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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65.000 |
54.000 |
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Expected Sales (2007-08) : Rs.70.000 – 80.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
©
Tata, Pune
©
New
Website Details Attached:
Company Details:
Subject are a leading
manufacturers, exporters and suppliers of Sheet metal components for last 38 years and enjoy a major share of Indian
O.E.M's. Established in 1968, they offer total solutions through their over
5000 custom made components. The company is led by an experience and highly
qualified management, which aspires for development and modernization.
Continuous process refinement and research and development for extracting best
of its resources is the key factor leading to the growth of the company.
Their Products
- A IS0 9002 Company
and implementing QS 9000 norms for quality, they offer wide range of
products and have immense experience in the field which renders an
advantage to their customer for development of any type of challenging
job.
Their
Infrastructure
They have enviable
manufacturing facilities ranging from tools department to inspection and
research and development. The Company has Presses ranging from 10 to 200 tonnes
in addition to specialized machines and high speed presses. The CNC Multislide
Cutting and Forming Machine is used for specialized multi forming jobs. The
main inspection is carried out at tooling stage apart from in line and final
inspection. The incoming raw material inspection is being done and counter
verified with the customers test certificate.
Research and
Development
The company has its own Research and Development center. The CNC
multislide cutting and forming machine, C.N.C. Snap ring machine, feeder,
Coilers, Reel Stand, Catch feeds and specialized machines are the outcome of
their Research and Development efforts.
Quality Policy
Strict quality
norms are followed to ensure the flow of standard products. Right from
procurement of raw material to the final dispatch, quality is maintained. For raw material
sampling plan is followed with inspection norms and standards. Spring
They are enjoying major share of the automobile customers and their
service, quality and competitiveness has paid them with all the business of
reputed foreign collaborators
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.40.49 |
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1 |
Rs.81.77 |
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Euro |
1 |
Rs.55.18 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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50 |
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/normal. |
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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