MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
IONEX ENGINEERS |
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Registered Office : |
2, Viyoginagar Society, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI00990D |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners |
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Line of Business : |
Manufacturer of Pressure Sand Filter, DM plant, Ro plant, Vessel and
Piping Assembled, Water, Treatment plant, Water Treatment Chemicals 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 3200 |
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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 new concern and has performed well. Its trade relations
are fair. Nothing adverse reported. 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 : |
2, Viyoginagar Society, |
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Tel. No.: |
91-79-27527572 |
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Mobile No.: |
91-9327133946 / 91-9327140258 |
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Fax No.: |
91-79-27527572 |
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Website : |
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Area : |
600sq.fts, Factory 8000sq.fts |
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Location : |
Leased |
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PARTNERS
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Name : |
Mr. Pinakin R. Sagar |
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Designation : |
Partner |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate, B.E. (mech) |
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Experience : |
7 Years |
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Name : |
Mr. Manish Parghi |
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Designation : |
Partner |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B.E. (Mech) |
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Experience : |
12 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pressure Sand Filter, DM plant, Ro plant, Vessel and Piping
Assembled, Water, Treatment plant, Water Treatment Chemicals etc |
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Products : |
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Terms : |
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Selling : |
Contractual |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
30 |
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Bankers : |
Bank of |
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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/Subsidiaries : |
Mitxun Engineering, Ahmedabad Line of Business: Water Treatment Plant. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.0.800 million |
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Borrowed : |
- |
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Total : |
Rs.0.800 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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6.500 |
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Expected Sales (2007-08) : Rs.20.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
¨
Shubham Incorporation, Ahmedabad
¨
Jindal Texofab Private Limited, Ahmedabad
Company Details:
Subject is a reliable manufacturer and exporter of Pressure
Sand Filter, DM Plant, RO Plant, Vessel and Piping Assembly. The company is working with the
most reputed suppliers for the procurement of authentic raw materials. They
strive to produce the best quality plants at the most competitive prices and
are invariably committed to an opportune delivery. The market being flooded
with numerous so called reliable companies, it is only the genuine provider who
is trusted in the long run. They therefore are committed to provide quality and
earn trust.
Quality
Quality needs no
recognition as everything else is recognized by it only. Subject therefore try
to make quality their trademark and till now they have achieved success at all
levels. The products in their company undergo stringent checks to meet the
international standards. The proficient line of their engineers and supervisors
pay a piercing vigil at all the levels of production. The quality of their
products today, beats their rivals and they are becoming favorite among the
customers.
Infrastructure
The state of the
art premises of subjcet house the most sophisticated equipment essential for
the production of latest uses. The raw materials, they use are FRP Vessel,
Filters, Membrane, Pumps and High Pressure Pumps that are of high quality
resulting in ultimate quality output. The company not only uses the latest
technology and modern machinery but is bestowed with the most efficient staff
too. They have a young line of skilled and committed professionals whose
dedication is unmatched to produce, invent and innovate.
Clients
- Mitsun
Engineering
- Technochem
- Jindal
Texofab
- The New Laxmi
Plastic Industries
The company does
not hesitate to experiment. Exploring new options and solutions helps them to
innovate and improve at every transaction. The Pressure Sand Filter, DM Plant, RO Plant, Vessel and Piping Assembly
manufactured and exported by them are thus famed for their quality which
inevitably for them create customer's trust and confidence.
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.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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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 |
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 |
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 |
NO |
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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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42 |
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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