MIRA
INFORM REPORT
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Report Date : |
11.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PELICAN EARTHMOVING SPARES COMPANY |
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Registered Office : |
27, Majestic Shopping Centre, Ground Floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2004 |
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TIN No.: |
27190146653/C w.e.f. 01.04.2006 |
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PAN No.: [Permanent
Account No.] |
ABPPT6505K |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Leading Dealers, Largest Stockiest and Direct Importers of spares for Heavy Earthmoving Equipment and Diesel Generators |
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 9900 |
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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 : |
It is to be noted that Subject is a sister concern of Pelican Spares Company. Subject is an established concern having satisfactory track records. Proprietor of the concern is reported as experienced, respectable and having satisfactory means of his own. His trade relations are fair. 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 : |
27, Majestic Shopping Centre, Ground Floor, 144, Girgaum Road, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23820746/ 23824306 |
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Mobile No.: |
91-9322232391/ 9821133598 |
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Fax No.: |
91-22-23801283 |
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E-Mail : |
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Website : |
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Area : |
900 sq. ft. |
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Location : |
Owned |
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Branch: |
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Mobile No.: |
91-9821133597 |
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Area: |
1500 sq. fts. |
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Location: |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Biren M. Shah |
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Designation : |
Proprietor |
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Address : |
3, Tulsi Mahal, 1st Floor, 16, Raghavji Road, Gowalia Tank, Mumbai-400026 |
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Date of Birth/Age : |
40 years |
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Qualification : |
B. Com. |
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Experience: |
20 years |
BUSINESS DETAILS
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Line of Business : |
Leading Dealers, Largest Stockiest and Direct Importers of spares for Heavy Earthmoving Equipment and Diesel Generators |
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Products : |
n Filters n All types of Pins and Bushes n High Pressure Hydraulic Accessories and Components n Earthmoving Pumps and Atos/ Walvoil Products n Operator Seats Assy |
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Brand Names: |
v CAT v KOMATSU v v DOOSAN v VOLVO v HYUNDAI |
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Agencies Held : |
n John Fowlers (India) Limited Line of Business: Authorized Dealer for Flower Filters and Filter Elementsfor Earthmoving, Construction Equipment I.C. Engines and Gensets n Tribology India Limited n Stauff India Private Limited n Dynamatic Technologies Limited n Harita Seating Systems Limited n
Hanwoo- Rock Breakers (Rhino), n
Everdigm - |
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Imports : |
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Products : |
v
Spares and attachments for HEMM |
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Countries : |
Korea, China, USA, UK, Singapore, Germany |
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Terms : |
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Selling : |
Cash or Credit (30 days) |
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Purchasing : |
Credit (90 days) |
GENERAL INFORMATION
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Customers : |
v End Users v Wholesalers v Retailers |
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No. of Employees : |
18 |
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Bankers : |
n Sangli Bank Limited Girgaon Branch, Mumbai, Maharashtra, India n ICICI Bank Opera House Branch, Mumbai, Maharashtra, India |
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Facilities : |
ICICI Bank – Cash Credit Facility of Rs. 0.400 million (Free Approved
credit) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Amit A Shah and Company Chartered Accountants |
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Address : |
B-7, Shyam Kuteer, Opposite Punjabi Lane, Off. L. T. Road,
Borivali (West), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-28998381 |
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Associates/Subsidiaries : |
n
Jayshree
Trading Co 26/27, Majestic Shopping Centre, Ground
Floor,
Line of Business: Suppliers of Daewoo- Forklift Parts n
Pelican
Spares Company
26/27, Majestic Shopping Centre, Ground Floor, Line of Business: Stockists of ‘UDL’ brand of Drivelines and U.J. Kits in Mumbai and authorized
distributor for Earthmoving Pumps and Walvoil in Maharashtra n
Power
Components 26/27, Majestic
Shopping Centre, Ground Floor, n
Jayshree
Earthmovers 26/27, Majestic Shopping Centre, Ground
Floor, |
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]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.480 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.480 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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2.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.155 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.605 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.113 |
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Sundry Debtors |
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1.823 |
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Cash & Bank Balances |
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1.154 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.010 |
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Total
Current Assets |
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7.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.229 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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5.380 |
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Net Current Assets |
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1.720 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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2.480 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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12.234 |
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Other Income |
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0.182 |
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Total Income |
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12.416 |
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Profit/(Loss) Before Tax |
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0.322 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.322 |
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Imports : |
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Stores & Spares |
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7.200 |
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Capital Goods |
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0.000 |
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Others |
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0.000 |
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Total Imports |
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7.200 |
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Expenditures : |
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Cost of Goods Sold |
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11.652 |
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Depreciation & Amortization |
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0.008 |
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Administrative and Selling Expenses |
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0.433 |
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Total Expenditure |
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12.093 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.36 |
LOCAL AGENCY FURTHER INFORMATION
Product Range
SPARES FOR ALL TYPES OF EARTH MOVERS
Complete Range of Spare and Wear Parts for Earthmovers viz. Filters, Hydraulic Components, Hydraulic Pump and Motor Parts and Assembly, Seal Kits for Hydraulic Cylinders, 'O' Rings, Oil Seals, Kits, Under-Carriage Components, Ground Engaging Tools, Pins, Bushes, Hydraulic Hoses, Engine Overhaul Parts etc.
ENGINE OVERHAUL PARTS
Cylinder Liners, Pistons, Pins, Piston Rings, Valves, Guides, Valve
Seats, Crank and Cam Shafts, Bushings, Engine Bearings, Gears and Gasket sets
etc..
SPARES OF CONSTRUCTION EQUIPMENTS
Engine Overhaul Parts, Bearings, Filters, 'O' Ring Kits, Seal Kits and Gasket Kits, Belts etc.
UNDER-CARRIAGE
COMPONENTS
Track-Links, Pins, Bushes, Track Bolts and Nuts, Track Shoes, Track
Guards, Chain Assemblies, Track Shoe Assemblies, Track Rollers, Bushes and Seal
Groups etc.
PARTS FOR HYDRAULIC PUMPS, MOTORS and VALVES
Rotary Kits, Cylinder Blocks, Valve Plates, Piston Shoe sets, Head
Assembly, Swash and Support Plate Assembly, Swing and Travel Motor Assembly and
Parts, Remote Control Valves Assembly and Parts, Seals and Repair Kits, Boom,
Bucket, Arm Cylinder Components and Seal Kits etc.
SPARES OF MINING EQUIPMENTS
Transmission and Final Drive Assembly and Components, Pump, Swing and
Travel Device Assembly and Parts, Gear Drive Shafts, Pins, Bushes, Bearings,
'O' Rings and Oil Seals, Universal Joints, Ring Gears, Casing, Cables, Heavy
Duty Rock and Soil Purpose Buckets etc.
SPARES OF DEMOLITION TOOLS
Hydraulic Breakers, Crushers/Pulverizes, Clamps and other Demolition
Tools for Excavators, Back-hoe and wheel loaders used for Construction
Engineering Machinery.
SPARES FOR MATERIAL HANDLING EQUIPMENT
Seal and Gasket Sets, Engine Parts, Filters, Turbo Chargers and
Components, Repair Kits, Pins, Torque Rod Bushes, Belts etc.
BEARINGS, FILTERS and MISCELLENEOUS COMPONENTS
All Types of Ball, Roller and Needle Bearings for Earth-Moving and
Construction Machines, Swing Ring Gears,
Strengths
1. CUSTOMER AT FOCUS
/ OFFERS WHAT CUSTOMER WANTS
Customer Driven Policies and Operations makes Customers to feel satisfied and confident about subject Commitment, Strengths and Services..
2. SINGLE
WINDOW SHOPPING / WIDEST
3. LEADER IN
THE FIELD / EXPERIENCE OF 4 DECADES
Leader in their
Field with full of Expertise and Experience of 4 Decades offers Seamless
solutions and deliveries to customers in all kind of situations..
4. GENUINE
QUALITY PARTS / BEST VALUE FOR MONEY
Pelican Spares
Offers Genuine Quality Products and Brands as per customers’ desire and order
offering best value for their money.
5. QUICK
DELIVERY / MINIMUM DOWN TIME
Timely Deliveries
through Quickest mode and ways is Essence of every deal with Pelican spares
justifying the real value of time and commitment to support the customers.
6. DIRECT SOURCING
FROM OEMs / RELIABLE QUALITY, LOWEST RATES
The Business
Tie-Ups with World leading OEMs and Companies enable it to offer Virgin Quality
and Lowest Rates to the Customers as it comes directly from the Originators /
Importers.
7. WORLD CLASS
SERVICES / BACKED UP BY LATEST TECHNOLOGY
World Class
Services when backed up by latest Communication and Office Automation
technologies gets best of the results for Customers, every time..
8. NATIONWIDE
SALES NETWORK / SERVICES AT DOORSTEP
Nationwide Sales Network assures quickest execution of the inquiry to delivery operations making customers to feel that Pelican Spares is never too far from their reach.
9. FIXED
PRICING POLICY / DEPENDABLE and TRUSTWORTHY
Fixed Pricing Policy makes Customers always feel subject as DEPENDABLE and TRUSTWORTHY Spares Supplier and Business Partner.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 exist on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence does 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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UK Pound |
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 |
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 |
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 |
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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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. |
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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