MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PERFECT INDUSTRIES |
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Registered Office : |
B – 23, Shankar Tekri, GIDC Industrial Area, Udhyognagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1961 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporters of Bicycle tube valves and Auto tyre
valves. |
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 40000 |
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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. Partners are reported as
experienced and respectable businessmen.
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/ Warehouse : |
B – 23, Shankar Tekri, GIDC Industrial Area, Udhyognagar, |
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Tel. No.: |
91-288-2561032 |
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Mobile No.: |
91-9374433344 |
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Fax No.: |
91 – 288 - 2500023 |
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E-Mail : |
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Website : |
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Area : |
8000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Chandubhai Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
54 years |
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Qualification : |
Under Graduate |
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Experience : |
35 years |
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Name : |
Mr. Kushal Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
22 years |
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Qualification : |
Pursuing Post Graduate |
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Experience : |
1year – 2 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Bicycle tube valves and Auto tyre
valves. |
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Products : |
v
Dunlop Bicycle Tube Valve with rubber Base v
Clamp In type Dunlop Bicycle Tube Valve v
Semi American Bicycle Tube Valve with Rubber Base v
Clamp in type Semi American Bicycle Tube Valve v
American Bicycle Tube Valve v
Rubber Base Presta Valve v
Clamp In Type French Valve v
Atom Valve (Easy Pump Valve) v
German Valve (High Pressure Plug) |
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Exports to: |
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Imports : |
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Products : |
Brass Scrap Honey |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (90 days) |
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Purchasing : |
Cash, D/P (For Imports) |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
+ 100 |
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Bankers : |
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Regional Co-operative Bank Shankar Tekri
Branch, v
Nationalized Bank |
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Facilities : |
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Cash Credit v
Overdraft Facility v
Packing Credit Limit |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Perfect Auto Industries Address: B – 24, Shankar Tekri, GIDC Industrial Area, Udhyognagar, Line of Business: Manufacturers and Exporters of Bicycle tube valves
and Auto tyre valves. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 10.000 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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300.000 |
250.000 |
Expected Sales (2007-08) : Rs. 340 millions – Rs. 360.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
About Subject
Founded in 1961 by Late Mr. Kanjibhai Shah, they are the pioneer
to manufacture bicycle tube valves. Serving their customers through proven
performance and empowered with the industry's most experienced sales & service
network, they have maintained their position as the industry leader. They have
a dedicated team of competent and experienced members who always strive to meet
international quality standards.
Maintaining an innovative approach & implementing modern technologies,
they work to provide their customers with world-class products & solutions.
Through their consistent & thriving efforts to provide best quality
products at affordable prices, they have made us a name to reckon with.
An ISO 9001:2000 Certified Company
Their Philosophy: They endeavor to bring value to their
customers by providing them the most convenient & efficient product, good
after sales service at highly competitive price. As a customer driven company,
they strongly believe that honest and sincerity is the key for achieving
success and prosperity. Keeping customer satisfaction at the core of their
business, they endure their relationships with everyone associated with us.
Quality Control
Being an ISO 9001:2000 certified firm, they
impose strict quality control system, to control their manufactured products' quality &
rejection percentage. At
subject, quality of tube valves is maintained by exercising rigid quality
control measures at each stage of manufacturing process, right from the procurement
of raw material to complete finishing of products.
They accept only 100% inspected & qualified materials to
manufacture tube valves. They release their product into the market only when
it is convinced that they match up to the standards specified by the customers.
They also employ the best skilled labors to maintain the accuracy in the
quality of their product.
Their production staff is regularly trained and educated regarding
the quality aspects under an ISO system.
Infrastructure
Standing on the pillars of innovation, contemporary technology and
staff training, they have well-defined infrastructure. Empowered with 4 main
production units & 9 ancillary production units, and
situated on very wide flat area in industrial zone, their in-house production
unit is equipped with modern hi-tech machines for advance designing.
They are also one of the few names in this industry to be equipped
with imported German machines. Committed towards customer's delight and to
maintain consistency in manufacturing process they replace machines with an age of more
than 3 years.
They also have a spacious warehouse,
and wide distribution network, to delivery their products to respective
destination within the stipulated time frame. Geared with such a well defined
infrastructure, they have a production capacity of 9 million pieces/month for
bicycle tube valve and for auto tube valve they have a capacity of 3 million
pieces/month.
Manpower
They have a full fledged team of production & quality control
personnel who continuously strive for better ways, to meet their client's needs
at competitive rates. At subject, every key executive has backup of training in
areas like designing, total quality and project management. Their organization
is certainly managed by highly proficient personnels who deliver best business
strategy that help them to remain as a front-runner in the competition.
Certainly their qualified professionals, with a sense of responsibility towards
customer satisfaction, are the most important pillar to ensure the quality of
their products.
USP
- They are
totally dedicated to offer complete customer satisfaction in all aspects
of quality & prices.
- They offer
high performance & durable products along with safe packaging.
- They also have
strong distribution network and offer prompt service to facilitate
clients' needs.
- They also
have state-of-the-art production unit and conduct regular analysis of
product
Patrons
Their
commitment to quality, service and value has enabled them to achieve preferred
supplier status with a wide array of market leaders in this high growth
industry. Today they are one of the leading names to have highest market share in all aspects of quality & competent prices at
domestic market. Apart for tyre & tube manufacturers in
With
their ability to give all their clients equal importance, they have also
endeared theirselves to customers on international platform like
v
v
v
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. 40.40 |
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1 |
Rs. 82.93 |
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Euro |
1 |
Rs. 55.81 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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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54 |
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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