MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MONARCH APPLIANCES |
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Registered Office : |
16-Vijay Plot, Jeel
Complex, 2nd Floor, Gondal Road, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1990 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of packaging machinery. |
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 7200 |
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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. 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 : |
16-Vijay Plot, Jeel
Complex, 2nd Floor, Gondal Road, |
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Tel. No.: |
91-281-3290485 / 2461826
/ 2462585 / 3290485 |
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Mobile No.: |
91-9825215733 / 2813290485 / 9376777277 |
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Fax No.: |
91-281-2462585 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft. [Owned] |
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Branches : |
Changodar Industrial Area, Ahmedabad |
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Area : |
500 sq. ft. [Owned] |
SOLE PROPRIETOR
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Name : |
Mr. Bhavesh K. Mehta |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Graduate |
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Experience : |
18 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of packaging machinery. |
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Products : |
·
Vacuum Pack Machine ·
Shrink Wrapping
Machine ·
Web Sealer ·
L–Sealer ·
Continuous Bag
Sealing Machine ·
Foil (Cap) Sealing
Machine ·
Nitrogen Flushing
& Sealing Machine ·
Hand Sealing Machine ·
Hot bar ·
Foot Sealing Machine
& other customize Machinery and Packaging Material |
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Brand Names : |
"POLY SEAL" |
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Exports : |
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Products : |
Vacuum Pack Machine, Shrink Wrapping
Machine, Hand Seaver, Foot Sealer, Gas Glushing Machine, etc. |
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Countries : |
African Countries, Philippines, Dubai, Taiwan, Korea, South Africa,
Sri Lanka, Bangladesh, Nigeria, Tanzania &
China |
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Imports : |
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Products : |
Strapping Machine and Continous
Sealing Machine |
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Countries : |
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Terms : |
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Selling : |
D/D or Cheque or Government Policies T/T or Bank Transfer or Company
Policies |
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Purchasing : |
L/C and Cash |
GENERAL INFORMATION
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Customers : |
Pharmaceuticals |
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No. of Employees : |
18 |
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Bankers : |
Development Credit Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel Mahkad and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-281-2227209 |
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Memberships : |
Chambers of Commerce |
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Associates/Subsidiaries : |
Radix
Enterprises Address : Activities : Manufacturer of packaging machinery. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.800 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.800 Millions |
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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Around 27.500
Millions |
Around 20.000
Millions |
Expected Sales (2007-08) : Rs.35.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Balaji Wafers
Private Limited
- Banlaps Limited
- Shree
Vignahara Rice Mills
- Adani Food
Products Private Limited
AS PER WEBSITE
Profile
The concern is a manufacturer of packaging machinery based at Rajkot (India) under the wellknown brand name " POLY SEAL " and marketed by M/s. Monarch Appliances . Since its inception Monarch has a track record of highly qualitative products supported by large service network.
POLY SEAL has earned good will of unmatched quality and reliability over the period of last 15 years. POLY SEAL is made at fully integrated and state of the art manufacturing devision under the roof of M/s Radix Enterprise. Regourous qualitative supervision and continuous research on packaging machinery products is Mantra of their success.
POLY SEAL is backboned by large distributors and dealers
network all over the Gujarat and
POLY SEAL has crossed even the domestic barriers and now it
has become the global product. Large exports since last five years is the proof
of their world class qualitative product. POLY SEAL has got brand position in
the countries like
POLY SEAL is supported by 20 odd technical experties team which is headed by young and energetic directors Mr. Bhavesh Mehta and Mr. Nilesh Parmar. Due to their regorous effort POLY SEAL is the tag behind more than 40 different types of packaging machines.
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.39.34 |
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1 |
Rs.80.17 |
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Euro |
1 |
Rs.55.51 |
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. |
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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