MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ABBOTT AIR SYSTEMS |
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Registered Office : |
Plot No. 28, Sector 27-A, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1982 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of comprehensive Air Handling Devices,
Pollution Control Equipments, Blowers, Roof Extractors, Main Coolers, Dust
Collectors, Air Cooling and Conditioning etc. |
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 24000 |
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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 / Factory : |
Plot No. 28, Sector 27-A, |
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Tel. No.: |
91-129-2278572 / 2271572 / 5046234 / 5046235 / 11-29816822 / 29818926 |
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Mobile No.: |
91-9811031467 |
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Fax No.: |
91-129-2271574 |
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E-Mail : |
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Website : |
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Area : |
600 sq. mtrs. [Owned] |
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Factory : |
Plot 49-50, |
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Area : |
10000 sq. mtr. |
SOLE PROPRIETOR
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Name : |
Mr. Raman Abbott |
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Designation : |
Proprietor |
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Address : |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Graduate |
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Experience : |
22 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of comprehensive Air Handling Devices,
Pollution Control Equipments, Blowers, Roof Extractors, Main Coolers, Dust
Collectors, Air Cooling and Conditioning etc. |
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Products : |
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Exports : |
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Products : |
Air System Equipments etc. |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit [30 days] or at Sight |
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Purchasing : |
L/C, Cash, Credit [30 days], at Sight or Against Documents |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Air System Machinery and Equipments etc. |
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As per demand |
GENERAL INFORMATION
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Customers : |
Local and Foreigners, Retailers and End Users |
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No. of Employees : |
48 [In Office : 8 and In Factory : 40] |
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Bankers : |
Central Bank of |
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Facilities : |
Rs. 5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gupta and Associates Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Abbott Toolfast
Private Limited Address : Plot No. 28, Sector 27 A, Line of Business : Manufacturer of Air Tools etc. Abbott
Enterprises Address : Plot No. 28, Sector 27 A, Line of Business : Manufacturer of Air Blowers etc. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 6.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 6.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
65.000 |
58.500 |
47.600 |
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Profit/Loss for the year |
1.750 |
1.300 |
1.250 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Rscorts
Limited
- Maruti Udyog
Limited
As Per Website
The
selection of proper equipment for suitable application is a phenomena of
hanging a coat to a suitable hanger. a mistake can land the project in to
deshape which may cost hearily to put back.
Subject
is a 15 years old company with a group of qualified and experienced engineers
in design & production, manufacturing and marketing the air handling
equipments under the brand name of 'DAMAIR' with more than 300 satisfied
customers all over the country. They handle the projects of following sorts and
have been executed well.
- General
Ventilation
- Exhaust
System (Specific and General)
- Air Cooling
(Largest project in country)
- Dust Proofing
- Pneumatic
Conveying
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.40.41 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
YES |
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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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48 |
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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