MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
BHAGYALAXMI ENGINEERING WORKS |
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Registered Office : |
55, Amrut Industrial Estate, Opp. Dudheshwar Water Tank, Shahibaug,
Ahmedabad - 380004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Paper Converting Machinery, High Speed Rotary, Paper Corrugated Sheet
Cutting Machine, Heavy Duty Automatic
Paper Roll to Sheet Cutting Machine, Textile
Machinery Spare Parts, Hobbing Cut Gear |
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 19600 |
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Status : |
Satisfactory |
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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 steady business. Trade relations are
fair. Payments are reported as slow but correct. The concern can be considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
55, Amrut Industrial Estate, Opp. Dudheshwar Water Tank, Shahibaug,
Ahmedabad - 380004, Gujarat, India |
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Tel. No.: |
91-79-25621038 |
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Mobile No.: |
91-9879593141 |
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Fax No.: |
91-79-25631038 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. yards |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Suryakant K Patel |
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Designation : |
Sole Proprietor |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Under Graduate |
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Experience : |
Around 25 Years |
KEY EXECUTIVES
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Name : |
Mr. Jatin Patel |
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Designation : |
Manager |
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Date of Birth/Age : |
23 Years |
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Qualification : |
Graduate |
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Experience : |
2 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Paper Converting Machinery, High Speed Rotary, Paper Corrugated Sheet
Cutting Machine, Heavy Duty Automatic
Paper Roll to Sheet Cutting Machine, Textile
Machinery Spare Parts, Hobbing Cut Gear |
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Products : |
* Paper Converting Machinery * High Speed Rotary * Paper Corrugated Sheet Cutting Machine * Heavy Duty Automatic Paper Roll to Sheet Cutting Machine * Textile Machinery Spare Parts *
Hobbing Cut Gear |
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Exports : |
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Products : |
All Products |
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Countries : |
Tanzania, Bangladesh, Zambia, Egypt and other parts of
Africa. |
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Terms : |
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Selling : |
Cash and Credit upto 15 days basis |
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Purchasing : |
Cash and Credit upto 30-60 days basis |
GENERAL
INFORMATION
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Customers : |
* Manufacturers * Traders |
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No. of Employees : |
About 12 – 13 |
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Bankers : |
* Union Bank of
India, Dudheshwar Road, Gujarat, India * ICICI Bank
Limited, Shahibaug Branch, Gujarat, India |
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Facilities : |
Overdraft Facility : Rs. 0.950 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. M. Patel and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Sister Concerns : |
Maheshwari
Traders, Ahmedabad, Gujarat, India --Line of Business: Manufacturers of Textile Machinery Spare Parts and
Hobbing Cut Gear |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.900 millions |
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Borrowed : |
Nil |
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Total : |
Rs. 4.900 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
30.04.2007 TO 31.10.2007 |
31.03.2007 (Approx) |
31.03.2006 (Approx) |
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Sales Turnover |
5.000 |
6.000 |
3.000 – 3.500 |
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Expected Sales (2007-08) : Rs. 7.500 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
*
Acme Machinery Company, Mumbai, Maharashtra, India
* Acme Machinery Company Private Limited, Mumbai, Maharashtra, India
* Agarwal Trading Company, Baroda, Gujarat, India
As Per Web:
Profile
Subject was started in 1987 as a manufacturer and exporter of Paper Converting Machinery, High Speed Rotary Paper, Corrugated Sheet Cutting Machine, Heavy Duty Automatic Paper Roll to Sheet Cutting Machine, Textile Machinery Spare parts and Hobbing Cut Gear. Due to higher technical efficiency, their machines are in great demand throughout India and overseas market like Tanzania, Bangladesh, Zambia, Egypt and other parts of Africa. Their main objective is to manufacture the best quality of machines with best possible after sales service. Their production house is well equipped with all the necessary tools like lathe machines, drill machines, hobbing machines, shaping machines, etc.
Product Range
They are the manufacturer and exporter of the following range of machines:
*
Paper Converting Machinery
*
High Speed Rotary Paper Corrugated Sheet Cutting
Machine
*
Heavy Duty Automatic Paper Roll to Sheet Cutting
Machine
*
Textile Machinery Spare Parts
*
Hobbing Cut Gear
Vision
Their efforts
draw inspiration from the vision that aim to achieve through integrated
efforts. They target at achieving our goal of customer satisfaction by the
following means:
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Care for customer
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Excellence through teamwork
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Continuous learning
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Commitment to exceptional standards of performance
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Trust through mutual understanding
* Ethical practices
"A leader in the Indian Print Finishing industry and a significant
global player, providing customer delight and enhancing value."
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 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.39.40 |
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UK Pound |
1 |
Rs.81.12 |
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Euro |
1 |
Rs.56.69 |
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 |
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 |
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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