MIRA
INFORM REPORT
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Report Date : |
16.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MARINE ELECTRICALS |
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Registered Office : |
B – 1, Udyog Sadan – 3, M I D C, Marol Industrial Area, Andheri
(East), Mumbai – 400 093, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1978 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM25429F |
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PAN No.: [Permanent
Account No.] |
AAKFM6732F |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Undertakes marine Power Distribution controlling system. |
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 120000 |
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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 at
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 1: |
B – 1, Udyog Sadan – 3, M I D C, Marol Industrial Area, Andheri
(East), Mumbai – 400 093, |
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Tel. No.: |
91-22-28346076 / 28349132 |
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Mobile No.: |
91-982104330 |
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Fax No.: |
91-22-28364045 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. fts. |
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Location : |
Rented |
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Factory 2 : |
S 17 – 18, Verna, electric City, Verna, |
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Area : |
12000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Venkatesh Uchil |
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Designation : |
Partner |
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Name : |
Mrs. Premlata Uchil |
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Designation : |
Partner |
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Name : |
Mr. Vinay Uchil |
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Designation : |
Partner / Managing Director |
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Mobile No.: |
91-982104330 |
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Date of Birth/Age : |
35 years |
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Qualification : |
Post Graduate |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Undertakes marine Power Distribution controlling system. |
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Products : |
v
Main Switchboards v
Emergency Switchboards v
Motor Control Centres v
Motor Starters v
Distribution Boards v
Engine and Bridge Consoles v
Electricals Design Consultancy v
Reference List of Switchboards |
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Exports to: |
Middle East, |
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Imports : |
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Products : |
Raw materials |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (30 days), Contractual |
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Purchasing : |
Credit (30 days – 60 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
250 (Office: 20; Factory: 230) |
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Bankers : |
Bank of Nariman Bhawan, Nariman Point, Mumbai – 400 021, |
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Facilities : |
Cash Credit Limit of Rs. 5.000 millionS |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 30.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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220.000 |
Expected Sales (2007-08) : Rs. 350.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
v ABG Shipyard Limited, Mumbai
v Bharti Shipyard Limited, Mumbai
Website details attached
Profile
Subject is one of the
leading companies providing solutions for marine power distribution controlling
systems since 1978. They have achieved unique levels of experience and
expertise in this demanding market with the help of a competent and experienced
team of engineers and technicians who help them achieve our mission of
providing the superior quality equipment and customer delight through prompt
and efficient service.
They have maintained their
profile as a professional partner and supplier to their clients within the
marine and shipbuilding industry by constantly updating and improving their
systems and products.
They believe in providing
value for their customers’ project solutions by carrying out feasibility
studies and having a deeper understanding of their customers’ requirements to
ensure mutually beneficial development and growth.
They have a capacity to
undertake complete turnkey electrical projects which include
# Design consultancy and development of new systems.
# Design, manufacture and supply of marine power distribution systems.
# Electrical installation.
# Refurbishment and repair of existing systems.
# Prompt and qualified service for equipment supplied by us.
Facilities
The strength of subject
lies in its ability to develop sophisticated tailor made solutions that fulfill
the specific requirement of any marine program right from conception of project
requirements through designs, manufacturing, installation and commissioning.
This is achieved through a combination of engineering and manufacturing
facilities which is available in house to cater to every kind of requirement.
PROCESS
Upon receipt of an order from their customers they determine the
important requirement and compose the best suitable system in use based on our
design technology.
The team of skilled production engineers and technicians complete the
construction and integration of the system.
The finished products are evaluated and tested thoroughly by their
quality inspectors before offering the equipment for inspection of third party
inspection agencies.
Products
Subject has more than 25
years of experience within the marine, shipyard and offshore industry and is
one of the major manufacturers of low voltage switchgears for the marine and
industrial market.
The switchboards are
custom-built total solutions from design to production, test, installation and commissioning
for yards, offshore industry and for industrial installations all over the
world.
Reference List of Switchboards
Human Resources
Subject is a
quality-minded, smooth-running company with a wide range of opportunities.
Their employees come from
various educational backgrounds and they constantly seek to hire both
experienced and newly qualified employees to solve our challenging and
interesting projects.
Subject’s objective is to be
an attractive workplace of employment, characterized by initiative and
engagement - for both present and future employees.
Career opportunities must
always be present and the individual employee must be able to apply his/her
abilities in the best possible manner. At concern, they always strive to create
an environment that contributes to career development.
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. 40.97 |
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1 |
Rs. 80.73 |
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Euro |
1 |
Rs. 54.56 |
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 |
6 |
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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 |
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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50 |
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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