MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TESTWEL INSTRUMENTS COMPANY |
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Registered Office : |
7 / 7, Old Double Storey, Lajpat Nagar – 4, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT01987G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of Scientific, Survey, Civil and Industrial
Testing Instruments. |
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 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 : |
7 / 7, Old Double Storey, Lajpat Nagar – 4, |
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Tel. No.: |
91-11-26412407 |
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Mobile No.: |
91-9811664839 (Mr. Sanjiv Chadha) 91-9811054839 (Mr. Rajiv Chadha) |
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Fax No.: |
91-11-26471596 / 26294474 |
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E-Mail : |
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Website : |
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Area : |
1200sq.fts |
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Location : |
Owned |
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Factory : |
62 Udyog Vihar Extension, Greater Noida, Uttar Pradesh |
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Area : |
3000sq.fts |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Rajiv Chadha |
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Designation : |
Partner |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mr. Sanjiv Chadha |
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Designation : |
Partner |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Graduate |
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Experience : |
20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Scientific, Survey, Civil and Industrial
Testing Instruments. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Terms Export: L/C, D/A and DP Local Sales: cash or 30 to 45 days credit |
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Purchasing : |
Terms Import: L/C, D/A and DP Local Purchase: cash or 30 to 45 days credit |
GENERAL INFORMATION
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Suppliers : |
Control Company, |
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Customers : |
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No. of Employees : |
12 |
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Bankers : |
ICICI Bank limited Defence Colony, New Bank of East of Kailash, |
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Facilities : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Ticom Instrument Services Address: Same Activities: Same Sales Turnover: Rs.2.200 millions Employees: 2 |
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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25.000 |
17.500 |
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Gross Profit |
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12% |
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Profit After Tax |
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7 – 8% |
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Expected Sales (2007-08) : Rs.30.000 millions
LOCAL AGENCY FURTHER INFORMATION
Subject is a manufacturer, supplier and exporter of Scientific,
Survey, Civil & Industrial Testing Instruments.
The
company is a leader in the field of manufacturing, maintenance and servicing of
Surveying instruments of all types Dumpy levels, Tilting/Engineers levels,
Automatic levels, Vernier Theodolites, Optical Theodolites, Electronic Distance
meter (EDM), Total Station Theodolites, Field Station Theodolites, Levelling
Staffs, Plane tables etc. The company also deals in Testing Instruments
(Mechanical or Electronic) for testing soil, cement, concrete, aggregate,
bitumen, material & general laboratory (glasswares, heating and cooling
equipment, metallurgical, paint, rubber, leather etc.)
Besides
various Surveying, Testing Instruments & General LAB Instruments, they are
also specializing in the field of various general industrial instruments used
in paint, rubber, plastic, pollution testing, pulp & paper, leather, wood
or timber, sugar, food, chemical, glass, water analysis, geotextile, packaging,
grinding, pulverizing, crushing and pharmaceutical industry.
The
latest achievement of their product is development of electronic instruments
which converts most of their equipment from mechanical range to electronic
range.
TICOM
manufactures the instruments as per IS, BS, ASIM and as per customer
specifications. TICOM feels the need of manufacturing the instruments with
strict quality control of ISO 9000 series. After sales service has been the
primary concern for them and can be provided at site or at their workshop
attended by their well experienced and qualified staff. Readily spare parts are
also available.
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.40.55 |
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1 |
Rs.80.89 |
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Euro |
1 |
Rs.54.89 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
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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48 |
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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