MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MICRO SUPREME |
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Formerly Known As : |
MICRO ENGINEERING |
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Registered Office : |
S. No. 49, Katraj Kondhwa Road, Opposite Shatrunjay Temple, Kondhwa
(BK), Pune – 411048, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1984 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer of Precision
automotive engine, gear box, power steering components & assemblies, Environmental
testing systems, laboratory testing systems, customized testing systems in
automotive industry etc. |
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 : |
Good |
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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.
Partners are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office / Factory : |
S. No. 49, Katraj Kondhwa Road, Opposite Shatrunjay Temple, Kondhwa (BK),
Pune – 411048, Maharashtra, India |
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Tel. No.: |
91-20-26933726,
26930339, 26930981 |
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Fax No.: |
91-20-26933726,
26930339, 26930981 |
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E-Mail : |
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Website : |
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Area : |
Owned [3 Strayed Building] |
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Location : |
21000 sq. ft. |
PARTNERS
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Name : |
Mr. V. R. Joshi |
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Designation : |
Partner |
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Date of Birth/Age : |
57 Years |
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Qualification : |
Diploma in Mechanical
Engineer |
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Experience : |
30 Years |
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Name : |
Mr. S. R. Joshi |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B. Sc. |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precision
automotive engine, gear box, power steering components & assemblies,
Environmental testing systems, laboratory testing systems, customized testing
systems in automotive industry etc. |
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Products : |
Piston Cooling Nozzle
Assly Flow Limiting Piston Spring Capsule Bushes P.C. Valve Assly R.I.Shaft Spacer Plate Adjusting Shaft Pin on Crank Lever |
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Exports : |
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Countries : |
Finland |
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Terms : |
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Selling : |
L/C and Credit [30-60-90 days] |
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Purchasing : |
Cash and Credit [30-60-90 days] |
GENERAL
INFORMATION
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Customers : |
End Users and OEM’s Ø TATA Engineering & Locomotive Company
Limited – Pune Ø TATA Engineering & Locomotive Company
Limited – Lucknow Ø
TATA
Engineering Locomotive Company Limited – Jamshedpur Ø
Cummins
(India) Limited Ø
V.R.D.E.
Ahmednagar Ø
A.R.A.I.Pune Ø
Creative Polymers
Pune Ø
Mahindra
Sintered Products Limited Ø
Z.F. Steering
Gear (India) Limited Ø
Mikrotech
Pune Ø
India Japan
Lighting Limited Chennai Ø
Phillips
India Limited Ø
Matsusita
Washing Machine Company Limited Pune Ø
College Of
Engineering Pune Ø
Mahindra
& Mahindra Limited Mumbai Ø
Mahindra
& Mahindra Limited Nasik Ø
Mahindra
& Mahindra Limited Igatpuri |
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No. of Employees : |
176 |
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Bankers : |
HDFC Bank Bhandarkar Road Bank of India Hadatsar Industrial Estate, Pune |
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Facilities : |
The concern enjoy credit facility from its bankers. |
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Banking
Relations : |
Satisfactory |
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Associates : |
Supreme Gauges
& Instruments – Manufactures a
variety of gauges, instruments, fixtures, fatigue testing & measuring systems. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions |
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Borrowed : |
Rs. 5.000 Millions |
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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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120.000 |
85.000 |
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Profit/Loss for the year |
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NA |
NA |
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Export Value |
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4.500 |
NA |
Expected Sales (2007-08) : Rs.200.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
Ø
Wartsila Oy,
Finland
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TELCO
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Z.F. Steering
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TVS Group
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Mahindra &
Mahindra
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Kirloskar Oil
Engines
AS PER WEBSITE
“Micro
Engineering”, an ambitious
enterprise initiated in 1984 has manifested a phenomenal rise since then.
Mainly engaged in design, development & production of :
Engineering
Division :
Precision automotive
engine, gear box, power steering components & assemblies; precision
engineering components.
Instrument Division :
Environmental
testing systems, laboratory testing systems, customized testing systems in
automotive industry etc.
Our main
capabilities are engineering & instrumentation.
The Dynamic Team :
Two dynamic
individuals who initiated this organization are the driving force of the
company. With their vision & foresight Micro Engineering has achieved
milestone after milestone establishing a firm foothold in the Indian &
overseas market.
Mr. V. R. Joshi, Director, Design & Development.
An Energetic
individual who inspires respect & appreciation. He possesses 30 years of
extensive work experience. Metrology, Production Processes, Engineering Design,
Auto Component Design, Testing & Test Instruments are his forte.
Mr. S. R. Joshi, Director, Corporate Affairs & Finance.
The guiding force
behind the company. He possesses 30 years of experience. He is a M.B.A. by
profession with expertise ranging from production planning to product
marketing. He is instrumental in framing corporate policies.
Key Milestones
1984 : Organization
started with precision centreless grinding facility
1989 : Development of Salt Spray Corrosion Testing System with international
quality level unique in the country.
1991 : PCN assembly development.
Vendorship of Telco.
1995 : Development of automatic viscosity measuring system.
1996 : Power steering components development for ZF (I) & their vendor
ship.
1997 : Shifted in own premises with modern amenities, at Kondhwa.
Vendor ship of Telco
passenger car unit
2000 : Vendor ship for M&M (T) Div.
2001 : Vendor ship for M & M Automotive Div.
2003 : Water spray chamber development.
Development of
export oriented products for ZF steering like Driver & valve spool.
2004 : Vendor ship for Kirloskar Oil Engines
Vendor ship for TVS
group.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.43.14 |
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UK Pound |
1 |
Rs.84.71 |
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Euro |
1 |
Rs.57.58 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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54 |
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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