MIRA
INFORM REPORT
|
Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
MAG TOOLS |
|
|
|
|
Registered Office : |
B – 465, Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturers of Chip Conveyers and Filters (Machine Tool Filters and Conveyers)
For Automobile Applications. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
B – 465, Industrial Estate, |
|
Tel. No.: |
91-836-2335990 |
|
Fax No.: |
91-836-2332297 |
|
E-Mail : |
|
|
Website: |
|
|
Area: |
4000 sq. fts. |
|
Location: |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. A T Powar |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B. Com |
|
Experience : |
30 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Chip Conveyers and Filters (Machine Tool Filters and Conveyers)
For Automobile Applications. |
|
|
|
|
Products : |
Ø Magnetic Coolant filters Ø Paper Band cum magnetic coolant Filters Ø Hydro Cyclone Filters Ø Cartridge Filters Ø Vacuum Filters Ø Magnetic Chip Conveyor Ø Mechanical Chip Conveyor Ø Scraper Conveyor, Screw Conveyor Ø Roller Conveyor Ø Oil Skimmer (Disk Type and Belt Type) Ø Centralised Coolant Filtration systems Ø Chip Centrifuge Ø Aluminum Chip Conveyor cum drum Filter Ø Chip Crusher Ø Presser Band Filters Ø Compact Band Filters Ø Oil Chilling units Ø Filter Paper Rolls. |
|
|
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Client Based / Against Payments Mostly |
|
|
|
|
Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
Ø
Shiva Steels, Hubli Ø
Jagadamba Metals, Hubli |
|
|
|
|
Customers : |
Ø
HMT Limited, Ø
Alex Machine Tolls, |
|
|
|
|
No. of Employees : |
30 (25 In Production / Technical, 5 Other) |
|
|
|
|
Bankers : |
Bank of |
|
|
|
|
Facilities : |
Operating on own funds |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Bangarappa Chartered Accountants |
|
Address : |
Hubli, |
|
|
|
|
Memberships : |
|
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
About Rs. 3.000 millions |
|
Borrowed : |
-- |
|
Total : |
About Rs. 3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
23.000 |
15.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
10 – 15 % |
10 – 15 % |
|
|
|
|
|
|
Export Value |
|
5 – 10 % |
5 – 10 % |
Average value of inventories at any given time About 0.800 Million
LOCAL AGENCY FURTHER INFORMATION
As per website
details:
About Them
Established in the year 1995, subject
today, is a leading manufacturer and exporter of Magnetic Coolant filters, Paper
Band cum magnetic coolant Filters, Hydro Cyclone Filters, Cartridge Filters,
Vacuum Filters, Magnetic Chip Conveyor, Mechanical Chip Conveyor, Scraper
Conveyor, Screw Conveyor, Roller Conveyor, Oil Skimmer (Disk Type and Belt
Type), Centralised Coolant Filtration systems, Chip Centrifuge, Aluminum Chip
Conveyor cum drum Filter, Chip Crusher, Presser Band Filters, Compact Band
Filters, Oil Chilling units, Filter Paper Rolls etc.
They are known for strict quality control, efficiency and accuracy in the market.
Subject Filters and Chip Conveyors are applied in different industries as
Engineering, Automobile, Bearings, Spindles, Textile Machinery, Rolling Mills,
Wire drawings etc.
The Filters and Chip Conveyors have been supplied to both indigenous and
imported machines and are also used as original fitment by many machine tool
builders. Their company has wide range of standard models to choose from and
special/large systems can be designed and supplied as per requirement and
applications. They deal in the following products:
|
Magnetic Coolant filters |
Paper Band cum magnetic coolant Filters |
Hydro Cyclone Filters |
Cartridge Filters |
|
Vacuum Filters |
Magnetic Chip Conveyor |
Mechanical Chip Conveyor |
Scraper Conveyor |
|
Screw Conveyor |
Roller Conveyor |
Oil Skimmer (Disk Type and Belt Type) |
Centralised Coolant Filtration systems |
|
Chip Centrifuge |
Aluminum Chip Conveyor cum drum Filter |
Chip Crusher |
Presser Band Filters |
|
Compact Band Filters |
Oil Chilling units |
Filter Paper Rolls |
- |
These equipments are presently applied in the different industries as:
Ø Engineering
Ø Automobile
Ø Bearings
Ø Spindles
Ø Textile Machinery
Ø Rolling Mills
Ø Wire drawings
Their Quality
Subject is a quality conscious manufacturer who reveres the aspirations and
expectations of the customers. Their products go under stringent checks and controls
to provide the best quality to the market. Their products boast of quality,
efficiency and accuracy. The potential team of their engineers are in line to
commitment to the delivery of superior quality products unlike all its rivals.
Subject is committed to customer satisfaction through prompt delivery and
ultimate quality. Known for standard and authenticity, the company assiduously
strives to maintain the trust among its clients generated through years of
superior services.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.33 |
|
|
1 |
Rs.82.63 |
|
Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|