MIRA
INFORM REPORT
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Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MECH – TEX MANUFACTURING COMPANY |
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Registered Office : |
A – 1, Minerva Industrial Estate, LBS Marg, Mulund [West], Mumbai – 400080,
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1967 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM28941D |
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PAN No.: [Permanent
Account No.] |
AAAFM5577C |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business : |
Manufactures and Exporters of Miniature of Synchronous, Stepper Motor
along with gear boxes. |
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 4000 |
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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. General financial position of the concern is
satisfactory. 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/ Factory : |
A – 1, Minerva Industrial Estate, LBS Marg, Mulund [West], Mumbai –
400080, |
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Tel. No.: |
91-22-25652276 / 25618047 |
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Fax No.: |
91-22-25686315 |
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E-Mail : |
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Website : |
http://www.mechtex.com |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mrs. Pramila Bhagat |
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Designation : |
Partner |
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Name : |
Mr. Pramod Javeri |
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Designation : |
Partner |
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Name : |
Mr. Tarak Bhagat |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
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Name : |
Mr. Pranav Javeri |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Manufactures and Exporters of Miniature of Synchronous, Stepper Motor
along with gear boxes. |
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Products : |
Synchronous Motors Stepper Motors Reduction Gearheads DC Geared Motors |
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Exports : |
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Products : |
Miniature of Synchronous and Stepper Motor |
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Countries : |
Europe, |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Europe and |
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Terms : |
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Selling : |
Cash and Credit [30 days] |
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Purchasing : |
Cash and Credit [30 days] |
GENERAL INFORMATION
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Customers : |
OEM |
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No. of Employees : |
13 [60 on Job work basis and indirectly] |
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Bankers : |
HDFC Bank Mulund West, Mumbai – 400080 |
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Facilities : |
The concern do not enjoy facility from its bankers |
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Banking
Relations : |
Satisfactory |
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Associates : |
Motion Drivetronics Private Limited Navi Mumbai Industrial Heattreating Induction Hardening Company Induction Treatment Pyro Treatment Mumbai |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 million |
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Borrowed : |
-- |
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Total : |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
12.000 |
10.000 |
8.000 |
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Profit/Loss for the year |
7.000 |
N.A. |
N.A. |
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Import Value |
1.000 |
N.A. |
N.A. |
Expected Sales (2007-08) : Rs. 20.000 millions
Group Sales : Rs. 50.000 millions [at present]
LOCAL AGENCY FURTHER INFORMATION
Trade Reference :
Ø
Engineering Export Promotion Council, Mumbai
Ø
Siemens Limited, Thane
Ø
Asea Brown Boveri Limited,
WEBSITE DETAILS
Established in 1969, the concern has come a long way since. Starting
with manufacturing of electric clock movement, their main line of activity now
remains manufacturing miniature of synchronous and stepper motor along with
gear boxes. They have specialized in manufacturing of gears boxes for small DC
and FHP AC motors.
Introduction
Being a vital component in a number of equipment, our products are used in
diverse industries. These products are manufactured to ensure highest degree of
performance, for the benefit of our customers. This is achieved by competent
sales support, fast delivery and state-of-the art- engineering. They are
committed to customer satisfaction by providing cost - effective, reliable
products and services in national and international markets
Chronology of Events:
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Year |
Product Name |
Features and industries catered |
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1972 |
Hysteresis synchronous motors, with suitable gearboxes. |
Typically used in timers for railway signaling |
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1977 |
Electrically shaded, permanent magnet, uni-directional synchronous
motors (MT0) with pear shaped gearbox (GB2) |
used in chart recorders, timers, cam-timers, hour meters, MD meters
etc |
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1985 |
Our first permanent magnet 15º stepper
motor. (MTS5-holding torque unipolar operation = 200gm-cm |
used typically in chart recorders for variable speed chart drive &
printing, in textile machines - stentors, oiling device, lubrication systems,
in medical equipment, dosing devices, laboratory equipment, industrial
machinery- diamond, textile, jewelry, printing m/cs., office automation etc |
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1991 |
Developed GB2P gear head with all poly-acetal (Delrin) gears. With this
development opened a new door i.e. GEARED DC MOTOR. Due to the damping effect
of poly-acetal gears, they could successfully establish the geared DC motors.
They developed DC motors of dia. 25 & dia. 33 Soon with the advent
of GB3, GB4 & GB8 gear heads, they have started using dia. 36 & dia.
42 mm along with dia. 20 mm DC motors. |
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2001 |
Added MTS4a (15º), MTS4b (7.5º) & MTSD4b (15º) again permanent
magnet stepper motors of dia. 51mm & MTR4a (250rpm), MTR4b (500rpm) &
MTRD4b (500rpm) permanent magnet reversible synchronous motors. Also they
have added few suitable gear heads GB4, GB3 & GB8 to the list. They also
make gearboxes suitable for DC motors. |
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Subject is 37 years old. They started with electric clock movements in
1967. In 1972 after the introduction of quartz wall clocks they switched to
hysteresis synchronous motors (used in timers for railway signaling - typical
example) with suitable gearboxes.
Later on in 1977 they developed electrically shaded permanent magnet
uni-directional synchronous motors (MT0) with pear shaped gearbox (GB2) (used
in chart recorders, timers, cam-timers, hour meters, MD meters etc.).
In 1985 they developed their first permanent magnet 15º stepper motor.
(MTS5-holding torque unipolar operation = 200gm-cm) (used typically in chart
recorders for variable speed chart drive & printing, in textile machines -
stentors, oiling device, lubrication systems, in medical equipments, dosing
devices, laboratory equipments, industrial machinery- diamond, textile,
jewelry, printing m/cs., office automation etc. Similarly the same motor on
changing the winding becomes a reversible synchronous motor (MTR5) (used
typically in chart drives, industrial machinery - motorized valves, actuators,
SPMs, printing m/cs., CCTV's, motorized potentiometers etc.).
In 1991 they developed GB2P gear head with all poly-acetal (Delrin) gears. With
this development opened a new door i.e. GEARED DC MOTOR. Due to the damping
effect of poly-acetal gears, they could successfully establish the geared DC
motors. DC motors of dia. 25 & dia. 33 were initially used. Soon with the
advent of GB3, GB4 & GB8 gear heads, they have started using dia. 36 &
dia. 42 mm along with dia. 20 mm DC motors.
In 2001, they have added MTS4a (15º), MTS4b (7.5º) & MTSD4b (15º) again
permanent magnet stepper motors of dia. 51mm & MTR4a (250rpm), MTR4b
(500rpm) & MTRD4b (500rpm) permanent magnet reversible synchronous motors.
Also they have added few suitable gear heads GB4, GB3 & GB8 to the list.
They also make gearboxes suitable for DC motors. They have recently added 4
more motors to our list MTS3a (7.5º) & MTS3b (15º) permanent magnet stepper
motors of dia. 35mm & MTR3a (250rpm) & MTR3b (500rpm) permanent magnet
reversible synchronous motors.
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.40.90 |
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1 |
Rs.81.29 |
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Euro |
1 |
Rs.55.47 |
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 |
NO |
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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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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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