MIRA
INFORM REPORT
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Report Date : |
04.05.2007 |
IDENTIFICATION DETAILS
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Name : |
POWER ENGINEERS AND CONSULTANTS |
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Registered Office : |
F – 731, (IT IS E – 731) Phase – VIII, Focal Point, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Year of Incorporation : |
1972 but reconstituted in 1998 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of distribution systems, voltage controllers,
electroplating Rectifiers and other electrical Machines. |
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 18000 |
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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. Proprietor is reported as
experienced and respectable businessman.
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 / : |
F – 731, (IT IS E – 731) Phase – VIII, Focal Point, |
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Tel. No.: |
91-161-5006989, 3294989 |
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Mobile No.: |
91-9317562989 |
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Fax No.: |
91-161-2303021 |
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E-Mail : |
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Area : |
1000 Sq. mtrs. |
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Location : |
Owned |
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Factory 1 : |
F – 731, (IT IS E – 731) Phase – VIII, Focal Point, |
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Tel. No.: |
91-161-5006989, 3294989 |
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Mobile No.: |
91-9317562989 |
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Fax No.: |
91-161-2303021 |
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E-Mail : |
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Factory 2 : |
Located at |
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Area : |
2000 Sq. mtrs. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. P. K. Maheshwary |
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Designation : |
Proprietor |
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Age : |
57 years |
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Qualification : |
Elec. Engg. |
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Experience : |
25 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of distribution systems, voltage controllers,
electroplating Rectifiers and other electrical Machines. |
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Products : |
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Exports : |
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Products : |
KVA – Stabilizers, Rectifiers etc. |
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Countries : |
Europe (Germany, France, U.K. and Spain), Middle East and South Africa,
Australia, Canada, USA |
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Terms : |
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Selling : |
L / C, Cash or Credit |
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Purchasing : |
L / C, Cash or Credit |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Voltage Stabilizers |
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As per demand |
GENERAL INFORMATION
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Customers : |
Local Customers, End Users Kangaroo Industries limited
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No. of Employees : |
156 (Office: 16; Factory: 140) |
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Bankers : |
Canara bank, Centurial Bank of Punjab, Feroz Gandhi Market, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay Bansal and Associates Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.500 millions |
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Borrowed : |
- |
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Total : |
Rs. 4.500 millions |
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 |
25.000 |
22.00 |
18.500 |
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Profit for the year |
2.950 |
2.725 |
2.300 |
LOCAL AGENCY FURTHER INFORMATION
Website details Attached:
Having born in 1972, subject is a reputed engineering organization that has
over 35 years of engineering experience in manufacturing Automatic Voltage
Stabilizers, automatic Voltage Controller, Electroplating Rectifiers, and
Special Purpose Transformers for standard as well as special applications up to
5000 KVA. Subject has scaled many
heights with its engineering expertise, reliability, better efficiency,
advanced technology and emerged today, as a fully integrated state of the art
power engineering company, having all the necessary infrastructure.
Uncompromised quality is their motto-pading-right; 45px; they believe in
reliability and continuous improvement at the concern. The systems are designed and supervised by a
team of qualified engineers having more than 35 years of experience to achieve
best possible quality to total customer’s satisfaction.
Since inception concern is in the cordial business relations with
reputed companies in
Operating throughout
Concern has also overseen the production of over 800 servo voltage
stabilizers with upto 4,000 KVA capacities.
Subject is committed to using the highest quality of materials in the
production process and maintaining a rapid and effective after sales service.
Subject oversees the development of a complete range of products and
services from the concept to commissioning stages. They have made major breakthroughs in the energy
conservation market thanks to their transformers, distribution systems and
voltage controllers. The company’s
products fall into two main categories – automatic voltage controllers and
electroplating rectifiers.
Concern is an ISO 9001: 2000 certified company that holds a impressive
portfolio of clients; including Hero Cycles, Atlas Cycles, Kajaria Ceramics and
TVS Group.
Concern rolling contact type automatic voltage controllers are designed
and supervised by a team of qualified engineers that has more than 30 years
experience in the power industry.
Their servo controlled automatic voltage controller consists of a liner,
+ / - type vertical contact voltage regulator, double wound buck / boost type
series, electronic control circuit and meter panel and transformers. Subject’s voltage stabilizers possess
superior efficiency, life span, insulation and windings.
High current can have a negative effect on both small and large electric
motors up to 7.5hp. This is because
higher currents produce higher losses in electric motors, which in turn cause
premature failure of winding. Higher
losses in electric motors also lead to increased losses in cables, switches,
transformers and other associated equipment.
Overload relays are usually set at 20% higher to ensure that motors
continue to operate smoothly.
Subject is renowned throughout the power industry for its high-quality
electroplating rectifiers. Their
rectifiers provide a cost-effective means of obtaining DC from AC supply. The company manufactures rectifiers that have
a capacity of 0V to 500V and up to 15,000A.
Subject rectifiers can be used in hydrogenation, anodizing,
electroplating and other electro-chemical processes.
Their electroplating rectifiers can be used in any operations involving
voltages between 380V and 440V and are compatible with 3 phase 50Hz AC input
supply. Subject’s rectifier equipment
consists of a main transformer with buck boost transformer, diodes fittings and
an output DC voltage controller.
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 |
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 |
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 |
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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