MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BLUETEX INDUSTRIES |
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Registered Office : |
Plot No. 254, Road-1,
Kathwada, GIDC, Ahmedabad - 382430, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2002 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB03158B |
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PAN No.: [Permanent
Account No.] |
AAGFB9847C |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer
and exporter of all types of textile machinery and textile machinery spare
parts. |
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 a well established concern having satisfactory track. 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 / Factory : |
Plot No. 254, Road-1,
Kathwada, GIDC, Ahmedabad - 382430, |
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Tel. No.: |
91-79-25857085 |
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Mobile No.: |
91-9979432785 |
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Fax No.: |
91-79-25856176 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. mts. [Owned] |
PARTNERS
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Name : |
Mr. Shantilal Mistry |
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Designation : |
Partner |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Under Graduate |
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Experience : |
Around 35 Years |
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Name : |
Mr. Bharat S. Mistry |
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Designation : |
Partner |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Under Graduate |
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Experience : |
Around 10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
exporter of all types of textile machinery and textile machinery spare parts. |
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Products : |
·
Textile machinery ·
Textile machinery
spares ·
Textile accessories ·
Textile components |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, T/T and Credit [30 days] |
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Purchasing : |
T/T and Credit [30 days] |
GENERAL INFORMATION
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Customers : |
Manufacturers and Industrialists |
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No. of Employees : |
25 |
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Bankers : |
HDFC Bank, Maninagar Branch |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. S. Shah and Sons Company Chartered Accountants |
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Address : |
Ahmedabad, |
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Associates/Subsidiaries : |
Address :
Ahmedabad, Activities :
Marketing
Address : B-29, Revabhai
Industrial estate, Near CTM char Rasta,
Amraiwadi, Ahmedabad, Activities :
Manufacturers of Machinery Parts |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
-- |
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 15.000 |
Around 10.000 |
Expected Sales (2007-08) : Around Rs.20.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Shri
Dhanlaxmi Sizers,
- Marda Siezing
Industries,
- SKP Siezing
Mills, Tirupur
- Kumaran
Siezing Mills, Tirupur
As Per Website
Profile
The
textile industry categorized as "pioneer industry" encredits with
itself the evolution and progress of other related industries following it in a
row. As a manufacturer
and exporter of all types of textile machinery and textile machinery spare
parts, subject is earning frank and accomplishing
reviews through its supply of premier quality gears to textile mills,
processing houses, pharmaceutical units, petrochemical plants and engineering
units. The company started its journey, way back in the year 1993 as a modest,
small scale rented premise, gradually and consequently evolving into a full
fledged enterprise. They are equally attracting the news as a real performer
through their manufacture of standard gears, non-standard gears and special
gears as per customer's specifications and drawings.
Subject
provides the certainty of ever remaining an entity which will efficiently and
effectively provide its customers with the most advanced, comprehensive and
cost effective solutions. They successfully meet all the prospects of the
international standards of business with proper managerial skills. Their
mission remains an untiring effort in the way to provide ultimate satisfaction
to their esteemed clients by maintaining high quality standards coupled with
constant innovation. The entrepreneurial thrust combined with sound management
capabilities and innovative technology has helped them to consolidate their
business day by day. The industry remains confident on its possession of
state-of-the-art production unit which is well-equipped with hi-tech machines,
being successfully administered by highly competent professionals.
Marketing Network
The
company has authorized dealers, all over the country who regularly supply
required spare parts to their clients. They regularly keep in touch with their
authorized dealers as well as local merchants and prepare materials as per the
requirements of their traders that results in smooth business relations. The
company accompanied by its jewels of workforce, in-house technology and upbeat
manufacturing techniques is sure to reveal more from its magnificent kitty.
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.39.69 |
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1 |
Rs.80.90 |
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Euro |
1 |
Rs.56.42 |
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 |
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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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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