MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PADMASHREE
ENGINEERING WORKS |
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Registered Office : |
C – 440, 2nd
Gate, Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1988 |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers, Exporters
and Importers of Industrial Fabrication [Excavators, Diesel Engine Parts,
etc.] and Hospital Furniture’s. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 8000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
small concern having moderate track.
Trade relations are fair.
Payments are reported as slow but correct. The concern can be
considered for small to mediocre business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office/ Factory : |
C – 440, 2nd
Gate, Industrial Estate, |
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Tel. No.: |
91-836-2332298 |
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Mobile No.: |
91-9448142320 |
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Fax No.: |
91-836-2332320 |
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E-Mail : |
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Website : |
http://www.padmashree.tradeindia.com |
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Area : |
200 sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Arun S.
Kulkarni |
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Designation : |
Partner |
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Date of Birth/Age : |
47 years |
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Qualification : |
Graduate [B. E. –
Mech.] |
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Experience : |
23 years |
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Name : |
Mrs. Anjali A.
Kulkarni |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Exporters and Importers of Industrial Fabrication [Excavators, Diesel Engine
Parts, etc.] and Hospital Furniture’s. |
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Products: |
·
Sheet Metal Fabrication ·
Material Handling Equipment ·
Assembly Works ·
Furniture · Hospital Furniture |
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Imports: |
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Countries: |
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Terms : |
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Selling : |
Cash and Credit
[30 days] |
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Purchasing : |
Cash and Credit
[30 / 60 days] |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
18 |
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Bankers : |
State Bank of Gokul Industrial
Estate, Hubli, |
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Facilities : |
Cash Credit : Rs.
2.500 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
S. N. Kulkarni
and Associates Chartered
Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000
millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.000
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 |
16.000 |
11.500 |
9.000 |
Expected Sales (2007-08) : Rs. 20.000 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
Telco Constructions
Equipments Manufacturing Limited, Dharwad
- Manufacturers of
Excavators
Cummins India
Limited
- Diesel Engine
Parts
WEBSITE DETAILS:
Padmashree
Engineering Works is a leading manufacturer and supplier in the field of
industrial fabrication, sheet metal fabrication, and material handling
equipments, assembly works and furniture. Specializing in welding and assembly
in steel, aluminum and stainless steel, they offer a diversified range of
services including the repair of machinery and industrial components. They are
committed to provide their customers with only the highest quality products.
Through the implementation of their total quality system, they guarantee that
only products which entirely conform to international specification leave their
workshops.
Products
All parts are made according to customer’s drawings and
specifications. Their range of products include:
Industrial Fabrication
·
Sheet Metal Fabrication
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Material Handling Equipment
·
Assembly Works
·
Furniture
· Hospital Furniture
Infrastructure
They bring uncommon strengths to the table during the development and supply of components. They have an excellent in-house manufacturing facilities for gears, shafts and housings. By virtue of their sizeable in-house vehicle manufacturing business, they have thorough knowledge and experience of the Indian industrial fabrication component arena. They know the Indian supplier base intimately, with a good understanding of its strengths and weaknesses. They know the right sources for meeting the required quality levels and they have a fair idea of pricing structures.
Quality
They use their own evaluation criteria for selecting the most suitable suppliers to meet the client’s requirements of quality, cost and delivery. They are transparent in the supplier selection process with their clients and will gladly arrange a qualification visit by the client if so desired. Their inspection and testing labs are equipped with spectrometers, UTM, hardness tester, cupping test equipment and magnafluxing machines. Padmashree Engineering Works takes complete responsibility for component development and supply right from the drawing stage through source selection, sample approval, regular supply and logistics. Their quality assurance personnel associate with the supplier to ensure adherence to the agreed quality plans.
Increased consumer demand for innovative engineering
products at lower costs presents tremendous challenges for companies trying to
satisfy both requirements. For manufacturers, survival is determined not only
by product differentiation, but also by how quickly products can be brought to
the market in a new geography or category. Padmashree Engineering Works aspires
to fulfill the growing demands of the market through their development and
dedication.
Company Profile
Business Type Manufacturer , Supplier
Primary Competitive Advantages Better quality and on time delivery.
Sales Volume Rs 12 millions
No of Staff 20
Year of Establishment 1988
No of Production Lines 2
Investment on Manufacturing Equipment Rs 5 millions
OEM Service Provided No
No of Engineers 2
Monthly Production Capacity As per requirement
Handling Equipments, Assembly Works, Furniture’s,
Hospital Furniture’s.
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.39.73 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
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 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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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37 |
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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