MIRA
INFORM REPORT
|
Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
VISHWAKARMA ENTERPRISES |
|
|
|
|
Formerly Known as : |
A K ENGINEERING |
|
|
|
|
Registered Office : |
D 1/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Mechanical Equipments |
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 2000 |
|
|
|
|
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/Factory : |
D 1/1, |
|
Tel. No.: |
91-11-32434602 |
|
Mobile No.: |
91-9312406748 / 9891376103 |
|
Fax No.: |
91-11-32434602 |
|
Area : |
200sq.fts |
|
Location : |
Owned |
|
|
|
SOLE PROPRIETOR
|
Name : |
Mr. Ashok Sharma |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
Secondary Education |
|
Experience : |
12 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Mechanical Equipments |
|
|
|
|
Products : |
♦
Piller Type Jib Crane ♦
Hydraulic Pallet Truck ♦
E.O.T Crane ♦
Hydraulic Stacker ♦
H.O.T. Crane ♦
Traveling Trolley ♦
Jib Crane ♦
Steel Door Cabin ♦
Hydraulic Jib Crane ♦
Machine Room
Installation ♦
Gantry Crane ♦
Drum Lifter Vertically ♦
Goods Lift ♦
Drum Wound ♦
Car Lift ♦
Drum Butter ♦
Hospital Lift ♦
Wire Rope Electric
Hoist ♦
Hydraulic Lifting Table |
|
|
|
|
Terms : |
|
|
Selling : |
Advance 10%, Cash |
|
|
|
|
Purchasing : |
Cash, Advance, Credit of 15 days |
GENERAL INFORMATION
|
Suppliers : |
M/S Nayar and company, Naraina, |
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
15 |
|
|
|
|
Bankers : |
Centurion Bank, Vikaspuri, ICICI Bank, Janakpuri, |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.0.500 million |
|
Borrowed : |
- |
|
Total : |
Rs.0.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
2.200 |
2.000 |
|
|
|
|
|
|
Gross Profit |
|
15% |
- |
|
|
|
|
|
|
Profit After Tax |
|
10% |
- |
|
|
|
|
|
Expected Sales (2007-08) : Rs.10.000 millions
LOCAL AGENCY FURTHER INFORMATION
Changes in Company
Name:
Subject was started in 1995 as “Ashok Engineering”
Renamed as “A K Engineering” in 1999 and then further
Renamed as “Vishwakarma Enterprises” in 2000
Subject is incorporating a new company by the name of “Vishwakarma
Elevates Private Limited”
Company Details:
With
a decade of experience and unparalleled success, subject is one of the
prominent traders and exporters
of an extensive range of mechanical equipments. They have been in the
industry since 1996 and have acquired brilliant technical expertise in their
field through the wide range of Piller
Type Jib Crane, E.O.T Crane, H.O.T. Crane, Jib Crane, Hydraulic Jib Crane,
Gantry Crane, Goods Lift, Car Lift, Hospital Lift, etc.
Having
such a long list of products, representing internationally acclaimed quality
and brilliant precision, they can offer their clients one stop solution for all
types of cranes, lifts and allied equipments. Their clients are not only
limited in the domestic market but also the international level, with their
status growing higher, everyday. The success that they are enjoying is the
result of their years of dedication and hard work to maintain the quality.
Their Quality
Quality is the key to their success. With an inherent passion for success, they
are well aware of the fact that success is never possible without strict
maintenance of quality. They have in-house quality checking facility in their
factory which is supervised by their expert team of engineers. Each and every
product is carefully tested at every stage of production and launched into the
market, only after that. Thus, they can assure that you will never find even
single equipment with the slightest manufacturing defect.
Their
Infrastructure
With a strong infrastructural base, they are capable of in-house production of
their highly sophisticated equipments and machinery. Their factory is equipped
with state of the art technology and all the latest machinery, giving them an
edge over others in the related field. In addition, they are proud of their
strong and skilled workforce which is systematically divided into manufacturing
unit, quality checking team, research and development wing, management crew,
customer care department, etc., working in close collaboration to meet the
ultimate goal - full customer satisfaction.
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.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
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 |
NO |
|
--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 |
|