MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PARANTHAMAN EXPORTERS |
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Registered Office : |
351, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2004 |
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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 Drilling Rigs and Accessories |
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 80000 |
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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 : |
351, |
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Tel. No.: |
91-4288-256455 / 256435 |
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Mobile No.: |
91-9843110011 (Mr. T T Paranthaman) |
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Fax No.: |
91-4288-251645 |
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E-Mail : |
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Website : |
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Area : |
30000sq.fts |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. T. T. Paranthaman |
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Designation : |
Partner |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Engineering B. E. |
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Experience : |
13 Years |
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Name : |
Mrs. Anita Paranthaman |
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Designation : |
Partner |
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Date of Birth/Age : |
36 Years |
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Qualification : |
B.A. |
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Experience : |
Non – active partner |
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Name : |
Mr. Thanga Raj |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Under Graduate |
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Experience : |
30 – 35 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Drilling Rigs and Accessories |
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Exports : |
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Products : |
All Products |
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Countries : |
All Countries mainly |
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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 |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 |
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Bankers : |
Punjab National Bank E – Road Branch Tamilnadu Mercantile Bank |
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Facilities : |
Shipment Credit facility (Punjab National Bank) |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Paranthaman Rock Drills Tamilnadu Line of Business: Same activity |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
Rs.10.000 millions |
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Total : |
Rs.20.000 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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150.000 |
90.000 |
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Expected Sales (2007-08) : Rs.200.000 millions
LOCAL AGENCY FURTHER INFORMATION
Company Details:
The
founder of this company is Mr. T.P. Thangaraj. He started this establishment in
the year 1982 at the town of drilling rigs: TIRUCHENGODE",
Their motto
To
deliver high level of customers satisfaction by providing quality output and
real value for money. Work towards exceeding customers expectations through
commitment to excellence, constantly upgrading the product line to suit the
ever changing market demands, trend and setting new benchmarks in the drilling
industry
Quality Policy
To manufacture and supply
world classs drilling rigs to meet the customer needs and to strive for
continual improvement.
Product range and
Services
Subject offers you the widest range of
drilling rigs - portable, skid, truck mounted - DTH, Rotary and line drilling
rigs which can drill bore holes from 4 1/2 " to 18" to a depth of
600mtrs. (Subject also undertakes drilling of boreholes for water.
The company owns three drilling rigs.) PRD
is the first 100% Export Oriented Drilling Rig Manufacturing Company in
Growth
Today
Subject is the leading manufacturers of water well drilling
rigs in the country. The company has experienced significant growth and
improvement over the past years, which clearly demonstrates, their commitment
to excellence. This has been achieved because of their superior product
quality, continuous R & D and the good will of their esteemed customers. In
the process, they have been recognized as a STAR EXPORT HOUSE, by Ministry of
Commerce and Industries,
Presence in the International market
With
the increasing demands for Subject
Rigs, the company has spread its operation across the globe. It
has now established itself in various parts of the world. Having supplied
quality products and world class equipment the demand for PRD Rigs in the
International market has improved and their rigs are working in 12 countries
across the globe with the total population of 50 Rigs spread over.
They
have now established their Joint Venture operations for contracting, drilling
and servicing in
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 |
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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