MIRA
INFORM REPORT
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Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
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Name : |
HONEY COMBB PRODUCTS |
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Registered Office : |
12, Anand Mangal Society, Near Samir Hotel, Opposite, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1985 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of Food Processing 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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern and it’s new owned factory of floor
area admeasuring 4500 Sq. fts is under construction. Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The Concern can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
12, Anand Mangal Society, Near Samir Hotel, Opposite, |
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Tel. No.: |
91-79-25830342 |
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Mobile No.: |
91-9825096342 |
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Fax No.: |
91-79-25830342 |
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E-Mail : |
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Website : |
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Area : |
1350 Sq. fts. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Jayendra Gadani |
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Designation : |
Proprietor |
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Date of Birth/Age : |
57 years |
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Qualification : |
Diploma in Mech. Electrical |
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Experience : |
35 years |
KEY EXECUTIVES
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Name : |
Mr. Pruthvish Gadani |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
36 years |
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Qualification : |
Graduate |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Food Processing Machines |
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Exports : |
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Products : |
Food Processing Machines |
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Countries : |
US, |
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Terms : |
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Selling : |
L/C, Cash or Credit |
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Purchasing : |
Cash or Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
10 (Office: 2; Factory: 8) |
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Bankers : |
Ashram Road, Ahmedabad,
Vatva, Ahmedabad |
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Banking Relations
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Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
Not Available |
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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4.500 |
3.500 |
Expected Sales (2007-08) : Rs. 6.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Pidilite
Industries, (Purchase Department), Andheri, Mumbai,
- Blind People
association, Ahmedabad,
Website details Attached:
Subject has been churning
out Food Processing Machines in
The active & knowledgeable
entrepreneur Mr. Pruthvish Gadani is the promoter and display sharpness,
enthusiasm and professionalism. His in detail knowledge, farsighted business
policies, has deliberately located subject as one of the foremost manufacturer
of Food Processing Machineries.
Obsessed by modernism and ardor to do extremely well, concern provides
the most celestial range of Food Processing Machines in
At subject, upgrading plays
a crucial role with which embrace recent developments. Changes are made in the
technology and processes to meet the constantly changing requirements of
clients. Their sophisticated manufacturing ability comprises of extremely
highly developed skill and knowledgeable employees.
Since the commencement of the concern, it has operated in harmony with a
set of core values and attitude, which are critical to its continued success as
a company, and as individuals. Following are the core values and belief subject
has identified that would uphold in concern quest for business excellence.
Conduct business on the higest ethical basis.
Thrive on innovation - Invent new technologies, and deliver best solutions.
Follow learning and sharing culture.
Incessant process development and integration of client response
Management:
Their mission is to
produce, maintain and develop a powerful platform with a Total Qualitative
Approach, where the combination between order and delivery can happen in a methodical
way, thanks to their aptitude to incorporate people, products and practices.
Marketing, Distribution and Service Network:
Marketing strategies are
also conducted from time to time. Company maintains its own manufacturing unit
& other management sectors which help's to provide fast and easy service's
to the client's in the country. Excellent, efficient, and talented persons have
a regular visit to provide training and dynamic demonstration programs to the
clients.
Director’s Message:
Mr. Pruthvish Gadani has played a stellar role in the growth of subject
and his efforts have helped make it one of the leading manufacturers of Food
Processing Machineries. The promoter has played an integral role in building
the concern in attaining its current global as well as domestic reputation. His
vision for the future includes establishing subject as one of the
Export:
As a result of the untiring effort on the quality frontage, subject have
gained recognition and its products are exported US,
Quality:
Under Quality declaration Programme, subject undertakes frequent checks
and tests for reliable quality. From beginning to upkeep, subject’s range of
products complies with the worldwide benchmark for excellence for Food
Processing Machineries. While making a product, utmost care is taken in quality
to take advantage of the only one of its kind properties of fountains.
Careful selection of raw material, highly developed manufacturing
facility, use of latest technology and perfect integration of all the
departments are the key factors that separate subjects products from the rest.
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 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. 80.78 |
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Euro |
1 |
Rs. 55.18 |
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 |
4 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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44 |
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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