MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
VAID ENGINEERING INDUSTRIES |
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Registered Office : |
246, Rajshani Enclave, Pitampura, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of Erection and Operation of Cold and Hot Rolling Mills. |
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 14000 |
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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 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 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 : |
246, Rajshani Enclave, Pitampura, |
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Tel. No.: |
91-11-27189076 / 27105770 |
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Mobile No.: |
91-9810029852 |
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Fax No.: |
91-11-27102337 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
743-26, Miles Stones, Ghavera, |
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Tel. No.: |
91-11-28343926 |
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Fax No.: |
91-11-28351939 |
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Area : |
860 sq. mtrs. |
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Location : |
Owned |
PARTNERS
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Name : |
Mrs. Kusum Vaid |
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Designation : |
Partner |
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Address : |
246, Rajshani Enclave, Pitampura, |
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Date of Birth/Age : |
59 Years |
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Name : |
Mr. Anand Vaid |
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Designation : |
Chief Executive Officer |
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Address : |
246, Rajshani Enclave, Pitampura, |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Graduate |
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Experience : |
14 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Erection and Operation of Cold and Hot Rolling Mills. |
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Products : |
Manufacturing Program Ø
Cold Rolling Mills Ø
Hot Rolling Mills Ø
Process Lines Ø
Gear Boxes Ø
Roller Tables Ø
Coil Handling Equipment Ø
Rolling Mill Accessories For Rolling Of Ø
Brass, Copper And Alloys Ø
Aluminum And Aluminum Alloys Ø
Stainless Steel Ø
High Carbon Steel Ø
Special Material Consultancy Program Ø
Design And Engineering, Technical Studies And
Guidance Ø
Erection And Commissioning Ø
New Project On Turn – Key Basis Ø
Modernization And Modification Of Existing Plant
And Machinery Ø
Trouble Shaooting Services Ø
Technical Studies And Guidance Ø
Modification / Repair / Alteration Of Plant And
Machinery |
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Exports : |
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Products : |
Manufacturing Program Ø
Cold Rolling Mills Ø
Hot Rolling Mills Ø
Process Lines Ø
Gear Boxes Ø
Roller Tables Ø
Coil Handling Equipment Ø
Rolling Mill Accessories For Rolling Of Ø
Brass, Copper And Alloys Ø
Aluminum And Aluminum Alloys Ø
Stainless Steel Ø
High Carbon Steel Ø
Special Material Consultancy Program Ø
Design And Engineering, Technical Studies And
Guidance Ø
Erection And Commissioning Ø
New Project On Turn – Key Basis Ø
Modernization And Modification Of Existing Plant
And Machinery Ø
Trouble Shaooting Services Ø
Technical Studies And Guidance Modification / Repair / Alteration Of Plant And Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS
Capacity to increase production by 50%
GENERAL INFORMATION
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Suppliers : |
Open market |
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Customers : |
Ø
Melalco Industries, Ø
Aluminum Alloy Limited, Ø
Power Aluminum Limited, Ø
Gupta Metal Sheet Private Limited Ø
Amblues Industries, Ahmedabad |
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No. of Employees : |
23 |
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Bankers : |
ABN Amro – |
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Banking
Relations : |
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Associates/Subsidiaries : |
B L Vaid and Associates New Company Sales Turnover Rs. 5.000 Millions |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.500 millions |
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Borrowed : |
-- |
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Total : |
Rs. 3.500 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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20.000 |
18.000 |
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Profit/Loss for the year |
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13 – 14 % |
13 – 14 % |
Expected Sales (2007-08) : Rs.30.000 millions
LOCAL AGENCY FURTHER INFORMATION
As per website
details:
Business
They are Manufacturers and Consultants of Rolling Mills, Gear Boxes and Process
Lines for Ferrous / Non Ferrous Sheets and Strip and Coils.
Promoter
Mr. B.L.Vaid the promoter of the company has an experience of over 40 years in
the design, manufacture, operation and trouble-shooting of Rolling Mills for
Flat Products like S.S., Mild Steel, Aluminium, Copper/ Brass Sheet, Strip
& Coils.
Infrastructure
Their company lays great stress for in-house finish processing to ensure
quality of their product/ components. They have complete infrastructure,
experience and expertise in manufacture of Rolling Mills and Allied Machinery.
Their strength lies in their varied experience gained through consultancy &
trouble shooting of machinery which enables them to choose the correct design
and the right material suitable for a particular application.
Products
Cold (2 Hi & 4 Hi) and Hot Rolling Mills for Ferrous & Non-Ferrous
Sheet, Strip & Coil, Gear Boxes, Forged Rolls, Slitting Lines, Multi-Roll
Straightening Mills and other Process Lines & Spares.
Around the World with
Subject
They are knocking on more doors than ever, Looking for you to sell their
Rolling Mills Products.
Their products are being supplied through out the country and abroad especially in Africa in countries like Kenya, Tanzania, Uganda, Nigeria, Zambia, Turkey, and Malaysia, Nepal etc. to name a few. Their valued customers have all words of praise for their products and the repeat orders are a testimony to their belief in them.
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.40.33 |
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1 |
Rs.82.63 |
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Euro |
1 |
Rs.55.65 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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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/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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