MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DIPESH ENGINEERING WORKS |
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Registered Office : |
3, Sheroo Villa, 87, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1981 |
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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 Code Chemical process Equipments. |
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 : |
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 : |
3, Sheroo Villa, 87, |
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Tel. No.: |
91-22-26743719 / 29 / 26744550 |
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Mobile No.: |
91-9870057280 (Mr. Dipesh Patel) 91-9821157280 (Mr. Ketan Patel) |
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Fax No.: |
91-22-26743507 / 26743705 |
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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 : |
W – 44, Additional Ambernath, MIDC, Tahne (3 units) |
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Area : |
4000sq.mts |
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Location : |
Owned |
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PARTNERS
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Name : |
Mrs. Savitaben Jay Patel |
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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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Name : |
Mr. Dipesh J. Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Post Graduate |
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Experience : |
44 Years |
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KEY EXECUTIVES
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Name : |
Mr. Ketal J Patel |
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Designation : |
Chief Exceutive |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Graduate |
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Experience : |
15 – 16 Years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Code Chemical process Equipments |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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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 : |
Bank of Dombivali (East) |
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Facilities : |
Yes |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Harshita Engineering Works J – 185, Tarapore industrial Estate, Boisar, Line of Business: Same activity Unique Chemoplant Equipments B – 76, Additional Ambernath Line of Business: Same activity Smruta Engineering Industrial Private Limited J – 212, Tarapore industrial Estate, MIDC, Boisar 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 : |
- |
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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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110.000 |
190.000 |
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Expected Sales (2007-08) : Rs.220.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
♠
♠
Cipla, Mumbai
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Zondu Pharmaceuticals, Mumbai
♠
Aarti Pharmaceuticals, Mumbai
Company Details:
Subject is a leading
engineering group engaged in the design, manufacturing, testing and supply of Coded Chemical
Process Equipments. Incorporated in the year, 1981, they are one of the most experienced
and specialized manufacturer, exporter and supplier having proven their
performance in several public and private sectors as well as with their
overseas customers in the field of Chemicals, Petrochemicals, Pharmaceuticals,
pesticides, Refineries and Dye Intermediates. The only thing constant about change is change
itself; therefore, they have also engineered their infrastructure in order to
provide you with the state of art facilities and human resources in accordance
to the development within the industry.
They have perfected the processes of standards based design,
fabrication, testing and supply of a variety of chemical process equipment
They have also supplied turnkey plants, system and skids, including detailed
process engineering and supply of equipment, structurals, piping
instrumentations, etc.
Subject is able to
create world class solutions because they use world class tools. Their team
consists of professional engineers who are brilliant in their respective
fields, ably assisted by highly skilled and versatile supervisors and
technicians, as well as advanced quality design and drawing department. Their group has
introduced comprehensive computerization for automation and system supported
design and estimation. They have also initiated a programme to upgrade their
in-house facilities and systems with a view to obtain certification under ISO
9001 & ASME 'U' stamping.
Their group is a
proud provider of Coded Chemical Process Equipments along with Reaction Vessels, Agitators, High Pressure
Autoclaves, Hydrogenators, Pressure Vessels, Heat Exchangers, etc. With the mantra
of customer satisfaction, subject is striding ahead day by day by leaps and
bounds.
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.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
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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