MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MECH SEALS INDUSTRIES |
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Registered Office : |
50-A, Virwani Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1976 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM25216C |
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PAN No.: [Permanent
Account No.] |
AAAFM3031B |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer of Mechanical Seals. |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Partners are reported as experienced and respectable
businessman. Trade relations are reported as fair. Business is active.
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 : |
50-A, Virwani Industrial Estate, |
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Tel. No.: |
91-22-2875 7272 / 2875 9612 |
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Fax No.: |
91-22-2876 0618 |
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E-Mail : |
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Website : |
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Area : |
1050 sq.fts |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. A A Dawa |
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Designation : |
Partner |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate |
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Experience : |
12 Years |
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Name : |
Mr. A R Dawa |
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Designation : |
Partner |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Under Graduate |
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Experience : |
35 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Mechanical Seals. |
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Exports : |
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Products : |
All Products |
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Countries : |
European and Gulf countries |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Advance against delivery |
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Purchasing : |
L/C, Credit (30 – 60 Days) |
GENERAL INFORMATION
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Customers : |
OEM’s, Manufacturers |
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No. of Employees : |
14 |
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Bankers : |
State Bank of Address: Gokul Dham Branch |
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Banking
Relations : |
Satisfactory |
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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 |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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10.000 |
7.500 |
Expected Sales (2007-08) : Rs. 12.500 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
·
Calama Industries Limited
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Mapex Pumps (I) Private Limited
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Grosever Pumps (I) Private Limited
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Air Auto Industries
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Hind High Vacuum Private Limited
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SU Pumps
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Fristom Pumps (I) Limited
WEBSITES DETAILS:
Since 1976, they are rendering their regular services to Industries like Agrochemicals,Chemical Plants,Chilling Plants, Distilleries, Fertilizers, Insecticides, Oil Refineries,Pesticides, Petrochemicals, Petroleum's, Pharmaceuticals, Paper and Pulp Industries, Solvent Extractions Plant, Sugar and also all critical applications for
Thermal Power Station.
Their seal designing expertise has enabled us to solve several absolutely chronic problems where other brands were miserable failures. You will be surprised at the difference in seal life offered by theirs as against other seal brands including American collaboration and even imported seals.
Their machinery skills and lapping expertise just cannot be
matched by any in
They have also approved list of OEM s such as Calama Industries
Limited., Mapex Pumps (I) Private. Limited. Grosever Pumps (I) Private.
Limited., Air Auto Industries, Hind High Vacuum Private. Limited. SU Pumps,
Fristom Pumps (I) Limited.
They are fully indigenously developed unit and have achieved for more those full-scale collaborations. This is Acceptable fact in knowledgeable quarters. Instead of depending on spooned feed information's from Principal, they are keeping their selves abreast with the technical papers update and they offer seal faces in the finest grades of face materials that their competitors shy away from. They have the ability to machine all the hard face materials.
As a result of accounted research and development, while, manufacturing they also incorporate all the latest proper materials like Carbon, Tungsten Carbide, Silicon Carbide, Ceramic, Stellite, Stainless Steel, ALLOY-20, Hastalloys B and C , Monel, Viton, P.T.F.E., E.P.D.M. and Silicon for different components of the Mechanical Shaft Seals besides the technical advancements, with stringent Quality Control Procedures to ensure better functions of their Mechanical Shaft Seal, so as to cater relatively the speed of the Rotating Shafts up to 4500 R.P.M. , whereas Pressure up to 80KGF/CM2 , and that, the Temperature up to 300DEG.C , SIZE:3/8” to 6” Shaft/Sleeve diameter while maintaining Vacuum up to 720MM of HG ., thus, suiting more to meet the needs for Sealing Abrasive, Corrosive, Viscous and Volatile Fluids and to Vacuumed Services.
Finally their seals run longer, are better priced, their delivery is quickest
and service unmatchable. Theirs is maintenance-oriented line and they take up
clients only when they are capable of offering them instant services.
Mechanical Seals
The main interest of maintenance is to save the following costs:
(1) Loss of Production, Fluid, Sleeve Wear, Maintenance Time
(2) The costs of a high quality Mechanical Seals of the best design and material has no relation to the possible savings by using better seals.
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.39.91 |
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1 |
Rs.79.88 |
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Euro |
1 |
Rs.55.88 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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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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