MIRA
INFORM REPORT
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Report Date : |
23.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RICON DYNAMIC ENGINEERS |
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Registered Office : |
Plot No. 146, Road No. – 5, GIDC, Kathwada, Ahmedabad – 382430, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2003 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR03441E |
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PAN No.: [Permanent
Account No.] |
AAFM3975H |
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Legal Form : |
Partnership concern
with unlimited liability of the partner. |
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Line of Business : |
Manufacture , Sale and Export of Centrifugal
Air Blower, Reverse Pulse Jet Filters, Dust Collection Systems, Pneumatic
Conveying Systems, Rotary Air Lock Valves & Feeders, Oil Sealed High
Vacuum Pumps, Water Ring Vacuum Pumps. |
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 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established concern having satisfactory track. Trade relations
are fair. Payments are usually correct and as per commitments. The concern
can be considered normal for business at usual trade terms and conditions |
LOCATIONS
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Registered Office : |
Plot No. 146,
Road No. 5, GIDC, Kathwada, Ahmedabad-382430. |
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Tel. No.: |
91-79-65137260/
22901901 / 63137260 |
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Mobile No.: |
91-9327917123
(Mr. Vineet Babaria) 91-9898084885
(Mr. Rahul Babaria) |
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Fax No.: |
91-79-22901902 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.fts. |
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Location : |
Owned |
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Administrative. Office : |
Plot No. 146,
Road No. 5, GIDC, Kathwada, Ahmedabad-382430. |
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Tel. No.: |
91-79-65137260 |
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Mobile No.: |
91-9327917123 |
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Fax No.: |
91-79-22901902 |
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E-Mail : |
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Website: |
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Area : |
50,000 sq. fts. |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Vineet Babaria |
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Designation : |
Partner |
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Date of Birth/Age : |
31 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Rahul Babaria |
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Designation : |
Partner |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Vijay Babaria |
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Designation : |
Partner |
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Date of Birth/Age : |
26 Years |
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Qualification : |
Graduate |
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BUSINESS DETAILS
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Line of Business : |
Manufacture, Sale and Export of Centrifugal
Air Blower, Reverse Pulse Jet Filters, Dust Collection Systems, Pneumatic Conveying
Systems, Rotary Air Lock Valves & Feeders, Oil Sealed High Vacuum Pumps,
Water Ring Vacuum Pumps. |
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Products : |
Centrifugal Air
Blower, Reverse Pulse Jet Filters, Dust Collection Systems, Pneumatic Conveying
Systems, Rotary Air Lock Valves & Feeders, Oil Sealed High Vacuum Pumps,
Water Ring Vacuum Pumps. |
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Exports : |
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Products : |
All |
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Countries : |
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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 : |
L/C, Cash and Credit up to 60 days |
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Purchasing : |
L/C, Cash and 30 days Credit |
GENERAL INFORMATION
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Customers : |
©
Reliance
Industries Limited ©
Meghmani
Group Of Industries ©
Arvind
Mills ©
Parle
Products Limited ©
Sajjan( ©
H.K.S
Engineering ©
DCM
Shriram Consolidated Limited ©
Ambuja
Cement ©
C.
Doctor ©
End
Users ©
OEM’s |
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No. of Employees : |
60 (7 Office, 3 Marketing, 50 Works) |
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Bankers : |
¶
Canara
Bank Rakhial Branch, Ahmedabad-380023. |
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Facilities : |
Credit
Limits: Rs.0.500 – 1.000 millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
M/S. Ricon
Engineers. Mechanical
Engineer and Manufacturers. 6-A, Archana
Industrial Estate, Opp. Ajit Mill, Rakhial, Ahmedabad-380023. Date of
Incorporation: 1978 Phone No:
91-79-22744796 Fax:
91-79-22761615 E-mail : info@ricongroup.com Website : http://www.ricongroup.com |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
- |
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Total : |
Rs.10.000 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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100.000 |
80.000 |
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Profit/Loss for the year |
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NA |
5.000 |
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Export Value |
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NA |
30.000 |
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Import Value |
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NA |
25.000 |
Expected Sales (2007-08) : Rs.150.000 millions
LOCAL AGENCY FURTHER INFORMATION
Company Profile:
Subject is a
leading manufacturers and Exporter of High Vacuum Pumps, Rotary air lock feeders
and components of pneumatic conveying systems like diverter valve etc. Company
also undertake specialized engineering jobs tailor made to suit customer’s
requirements. The company is progressing in leaps and bounds under the guidance
of its partner, Mr. P.M. Babaria , Who is a technocrat possessing experience of
more than 40 years in this field.
Products:
With the technique of Concept of Commissioning
developed Subject, they are forging the new ventures and handling them
successfully. Their wide ranges of products are the following:
- Centrifugal Air Blower
- Pneumatic Conveying Systems
- Reverse Pulse Jet Bag
- Cartridge Filters
- Dust Collection System
- Rotary Air Lock Feeders
- Oil Sealed High Vacuum Pumps
- Watering Vacuum Pump
- Diverter Valve
Infrastructure:
Registered
as SSI unit, their factory premises are spread in the industrial hub of Rakhial
in Ahmedabad. Subject is well equipped with the most sophisticated machines and since
the products call for accurate machining, all required gauges and other
instruments are also installed.
To cater to the vast application area of their products it is imperative to
have not only manufacturing skills but also details of application engineering
and capacity to visualize the
problems in application and solutions for the same.
Quality:
Each product of Subject undergoes stringent quality
check ensuring the maintenance of international parameters. The surveillance
has always been to update the technology and meet the dynamic changes. This
up-gradation helps them cater to the changing demands of their customers and
deliver according to the expectations of the market. Their High
Vacuum Pumps, Rotary Air Lock Feeders, Pneumatic Conveying Systems, Diverter
Valve, Centrifugal Air Blower, Reverse pulse Jet Bag, Cartridge Filters, Dust
Collection System are
not only winning the hearts of Indians but also earning accolades from the
world community
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.40.71 |
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1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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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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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