MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
VAISESHIKA ELECTRON DEVICES |
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Registered Office : |
Post Box No. 57, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKV00562C |
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PAN No.: [Permanent
Account No.] |
AABFV3071F |
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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 Measuring Instruments, Humidity Meters,
Testing Instruments, Life saving instruments and Meters and Microscope, Temperature
Standards, Thermocol Standards 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 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.
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: |
Post Box No. 57, |
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Tel. No.: |
91-171-2699827 / 2699891 |
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Mobile No.: |
91-9896041234 |
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Fax No.: |
91-171-2699773 / 2643170 |
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E-Mail : |
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Website : |
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Area : |
12000 sq. fts. (3 stories) |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Praveen Jain |
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Designation : |
Partner |
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Date of Birth/Age : |
42 Years |
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Qualification : |
B Tech. (Aeronatic) |
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Experience : |
10 Years |
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Name : |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Qualification : |
P H D Pilani |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Measuring Instruments, Humidity Meters,
Testing Instruments, Life saving instruments and Meters and Microscope,
Temperature Standards, Thermocol Standards etc. |
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Exports : |
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Products : |
Measuring Instruments |
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Countries : |
Gulf Countries, |
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Imports : |
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Products : |
Instruments Spares and Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit/Cash |
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Purchasing : |
L/C / Cash / Sight / Credit (60 days) |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Measuring Instruments, Microscop etc |
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As Per Demand |
GENERAL INFORMATION
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Customers : |
Ø
Local Customers Ø
End Users Ø
Ministry of Defense Ø
Isro Ø
National Fertilizers Limited Ø
HAL Ø
FCRI Ø
Maruti Suzuki Ø
Siemens Ø
L and T Ø
Philips Ø
Finolex Ø
FAG Ø
Reliance Ø
Aditya Birla Group Ø
Enriching Lives Ø
Max Ø
Fujitsu Ø
Jet Airways Ø
Bosch Ø
Pricol Ø
O/E/N India Limited |
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No. of Employees : |
60 (In Office 10, In Factory 50) |
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Bankers : |
Allahabad Bank, |
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Facilities : |
Limit Rs. 5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ajay Mittal and Company Chartered Accountants |
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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
75.000 |
70.000 |
64.600 |
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Profit/Loss for the year |
4.000 |
3.400 |
2.300 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
Ø
Morehouse Instruments Company -
Ø
Pwnnsylvania -
Ø
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De. Siebert and Kuhn GmbH -
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Kaufungan -
AS PER WEBSITE DETAILS:
Tradition
Since 1976, Subject has been a dynamic leader in the field of test and measuring
instruments having specialization in the field of calibration standards. They
offer a wide spectrum of reliable instruments pertaining temperature, pressure,
force and resistance calibrations; analytical agri-electronics instruments; PC
based data acquisition systems/loggers and optical instruments for material
structure analysis. During the last 30 years, they have continuously added new
instruments in their range of manufacturing.
The state-of-the-art technologies have been incorporated in the production of
their instruments. Materials like manganin, ceramic, gold and platinum have
been used to enhance the reliability and accuracy of the instruments and
sensors employed therein.
Highly qualified management and staff, world-class calibration reference
standards and manufacturing facilities at their works at Ambala Cantt, spanning
over an area of 50,000 square feet, back their commitment to industry, research
and education.
They have established strategic research and development alliances with eminent
national research laboratories and universities viz. the Central Scientific
Instruments Organization (CSIO) Chandigarh; the National Physical Laboratory
(NPL) New Delhi; the Electronics Regional Test Laboratory (ERTL), New Delhi;
the Electronics Test and Development Centre (ETDC), Mohali: the Electronics
Research and Development Centre (ERDC), Ambala and the Birla Institute of
Technology and Science (BITS) Pilani.
The Quality Management System of Subject is compliant to ISO 9001: 2000 and having
accreditation with the Dutch Council for Accreditation,
Vaiseshika Metrology Laboratory has been accredited by the National
Accreditation Board for Testing and Calibration Laboratories (NABL), Department
of Science & Technology, Government of India,
Anil Jain, Ph.D., the President and Praveen Jain, B.E.(Hons.), the Chief
Executive steer the management functions in the Company.
Management
Anil Jain, Ph.D.,
President
Ø Founder of Vaiseshika Electron Devices
Ø Associate Faculty at the Birla Institute of Technology and Science, Pilani
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Member of the Research Advisory Board of the
Central Scientific Instruments Organization,
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Fellow of the Institution of Electronics and
Telecommunication Engineers (
Ø National Trainer Indian Junior Chamber
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M.Sc.(Physics),
Ø Ph.D. Birla Institute of Technology and Science, Pilani
Praveen Jain, B.E. (Aeronautics) , Chief Executive
Ø Co-founder of Vaiseshika Electron Devices
Ø Managing Director of Vaiseshika Instruments (P) Ltd.
Ø Partner of Union Scientific Traders
Ø Member of the Instruments Design Development and Facilities Centre, Ambala Cantt.
Ø
B.E.(Honours)
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 :
Their
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.
Their 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.40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
7 |
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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 |
NO |
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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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40 |
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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