MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRASIDDI ENGINEERS |
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Registered Office : |
9, 1st Main Road, Vikasnagar, Naga Sandra Post, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of stainless steel building materials and fabrication
products. |
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 4000 |
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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 : |
9, 1st Main Road, Vikasnagar, Naga Sandra Post, |
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Tel. No.: |
91-80-23729911 / 23729763 |
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Fax No.: |
91-80-23729763 |
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Head Office / Factory 1: |
229, 5th Main, M S Tamaiah Enclave 8th Mile, |
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Tel. No.: |
91-80-23729911 |
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Mobile No.: |
91-9900525611 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. fts. |
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Location : |
Rented |
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Factory 2 : |
Peenya II Stage, |
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Tel. No.: |
91-80-23729763 |
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Area : |
35000 Sq.fts. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. C. Prakash |
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Designation : |
Proprietor |
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Mobile No.: |
91-9900525611 |
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Date of Birth/Age : |
38c years |
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Qualification : |
B.E. Mech |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of stainless steel building materials and fabrication
products. |
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Products : |
v
Stainless v
Stainless Steel Fabrications |
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Exports : |
In process to |
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Imports : |
In process from |
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Terms : |
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Selling : |
Advance Payment, Credit (30 days to 45 days) |
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Purchasing : |
T.T., Credit (30 days to 45 days) |
GENERAL INFORMATION
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Suppliers : |
v
Mysore Metal Corporation ( v
Ambadi Trading Company ( v
Dinesh Enterprises ( |
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Customers : |
v
Impact Safety Glass Private limited ( v
Permasteelsa India Private Limited ( v
v
Excell Intext Private Limited ( v
Glass Ornate Private Limited ( v
Pushpdeep Enterprises v
Brigade Enterprises |
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No. of Employees : |
150 (Production / Technical: 35
; Other: 115) |
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Bankers : |
Corporation Bank Peenya Branch, |
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Facilities : |
Credit Limit of Rs. 1.600 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. Vinayak Associates Chartered Accountants |
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Address : |
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Memberships : |
Peenya Industries Association |
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Associates/Subsidiaries : |
Prasiddi Fab |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 million |
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Borrowed : |
- |
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Total : |
Rs. 1.000 million |
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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16.000 |
9.800 |
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Profit for the year |
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Indicated around
15% |
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Average value of Inventories at any given time: Rs. 4.000 millions
LOCAL AGENCY FURTHER INFORMATION
Subject is fabricators if Stainless Steel and Mild steel mainly related to
Glass, Structural and Interior requirements focusing on fabrication of
canopies, structure for bolted glazing and supply of componebls like Spiders,
Articulated Bolts, Fixed Bolts, Patches, Brackets, etc.
Website details attached
Prelude
Subject is a well known manufacturer dealing in stainless steel building
materials and fabrication products. The company was established in the year
2003. Being a newly built company they are conveniently supplying the premium
quality range of stainless steel fabricators, mild steel fabricators and
stainless steel building materials. Their products are perfect for glass
related fittings, structures and interiors. With superior quality of
raw-materials, they are maintaining the consistent standards of quality and
performance in our products. They are extremely punctual towards their
schedules of order completion and consignment delivery
- Stainless
- Stainless
Steel Fabrications
Projects
Some of their on-going projects under different agencies are :
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BMW Show Room |
Supply of SS components for bolted
glazing, SS railings, fabrication & installation of Canopy, MS brackets,
Flag posts, Signage installation ,etc
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Digital |
SS railings, Canopy. |
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Gold Hill Squear |
Canopy, Bolted Glazing Components,
Brackets, Support Ladders, Hand Rails, etc. |
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Fabrication and installation of Canopy and
Glass Chejja. |
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Pipe structure for bolted glazing SS components.
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Canopy |
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SS Hanging brackets, SS components for
bolted glazing, Canopy. |
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Syrus |
Bolted glazing structure and components. |
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Insilica |
Skylight. |
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Pratham Moto |
MS and SS components, brackets for bolted glazing. |
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Beau Monde |
Mumbai Canopy’s |
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Microsoft |
Hyderabad Canopy’s |
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IBC |
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Pristiege teck
park |
Sculpture work Stainless steel |
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Embassy golf
link |
Sculpture work Stainless steel |
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Brigade group |
Sculpture work Stainless steel |
Premises
They have sufficient & well-equipped manufacturing
facility in area of around 3000 sq. ft. with state-of-the-art machinery for fabrication
and finishing of stainless steel. In addition to this experienced workforce,
exposure in fabrication of canopies, structure for bolted glazing and
components like spiders, articulated bolts, fixed bolts, patches & brackets
– provides us enough capability to manufacture flawless range of stainless
steel building material & fabrication products. Their rich set-up helps
them to deliver even big consignments on-time.
Primary Objective
Company started the journey with a single objective in mind to deliver the quality more than expected to their clients within their expected price range.
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. 40.54 |
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1 |
Rs. 80.21 |
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Euro |
1 |
Rs. 54.51 |
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 |
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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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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