MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DWARAKA ENGINEERINGS |
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Registered Office : |
174 – NP, SIDCO Industrial Estate, Ambattur, Chennai – 600098,
Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1991 |
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TIN No.: |
33371363999 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED05049C |
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PAN No.: [Permanent
Account No.] |
AACFD9228K |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer of Precision Machined Auto Parts, Electrical Assemblies
etc |
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 : |
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
businessmen. Trade relations 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 : |
174 – NP, SIDCO Industrial Estate, Ambattur, Chennai – 600098,
Tamilnadu |
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Tel. No.: |
91-44-2625 4884, 2624 1975, 5564 1587 |
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Fax No.: |
91-44-2625 4884, 2624 1975, 5564 1587 |
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E-Mail : |
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Website : |
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Area : |
500 Sq, fts / Factory – 10000 Sq. fts |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. R Damodar |
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Designation : |
Partner |
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Address : |
Chennai, Tamilnadu |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Graduate |
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Experience : |
22 Years |
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Name : |
Mr. R Babu |
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Designation : |
Partner |
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Address : |
Chennai, Tamilnadu |
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Date of Birth/Age : |
41Years |
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Qualification : |
Graduate |
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Experience : |
18 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precision Machined Auto Parts, Electrical Assemblies
etc |
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Products : |
v OL Wheel for Elevator v Multigroove Pully v Idler Pully v Water Pump Body for Auto Engine v Gear Shift Housing for Highway Vehical v Water Pump Body for Auto Engine v Clutch Plate for Cars v Multigroove Pully v Multigroove Pully v Intake Housing v
Gear Box for Elevator |
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Imports : |
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Products : |
Horizontal Machine Pouch Press |
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Countries : |
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Terms : |
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Selling : |
Cash 60 days |
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Purchasing : |
Credit 30 days |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Elevators Materials |
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Rs. 4.000
Millions per month |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
19 (Office – 4 + Factory – 15) |
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Bankers : |
v
Union Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Muthu Allagappan and Company Chartered Accountant |
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Address : |
Ambattur, Chennai – 600053, Tamilnadu |
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Tel. No.: |
91-44-26570924 |
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Associates/Subsidiaries : |
No. 173, North Phase, SIDCO Industrial Estate, Chennai – 600098,
Tmailnadu Line of Business – CNC Machine Components |
CAPITAL STRUCTURE
Nil
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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50.000 |
30.000 |
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Profit/Loss for the year |
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18% of turnover |
18% of turnover |
LOCAL AGENCY FURTHER INFORMATION
Observation Points
Name Board - Sighted High (Edwaraka Engineering) Sighted in the name board in front of the factory
Land Mark - Near to the Pattaravakkam Railway Station at SIDCO Industrial Estate, Chennai – 600098, Tamilnadu
Office Appearance - Fair
Factory Area - The factory is situated at industrial Area at SIDCO, Amnattur
Trade References
Kone Elevator India Private Limited
KONE is a global leader in providing complete and innovative solutions for the
installation, maintenance and modernization of elevators and escalators and the
maintenance of automatic building doors. KONE provides safe and easy access to
hundreds of millions of people daily in all parts of the world. KONE has annual
net sales of approximately EUR 2.9 billion and about 25,000 employees. Its
class B shares are listed on the Helsinki Exchanges.
Caterpillar India Private Limited
Caterpillar India Private Limited (CIPL) is a 100% subsidiary of Caterpillar
Inc.,
Sundram Fasteners Limited
Sundram Fasteners Limited is one of the leading manufacturers of auto components with a turnover of over Rs.750 crores (US$ 160 million). The Company manufactures high tensile fasteners, automotive components, automotive and other miscellaneous cold formed/extruded parts, powder metal parts, precision formed gears, iron powders, radiator caps, gear shifters & tyre carriers.
Amalgamations Valeo Clutch Private Limited
The Amalgamations Group has played a pioneering role in the industrial
progress of
Alstom Limited
ALSTOM, the global leader in power and rail transport, is in the business
of designing, building and servicing technologically advanced products and
systems for the world's energy and transport infrastructure. In
As per website
details
Profile
The concern is the manufacturer of Precision Machined Auto Parts, Elevators Parts and Assemblies and is a potential industry with two decades of manufacturing expertise. The company, which founded in 1987, is with a turnover close to 40 Million INR.
Strength of Dwaraka Engineerings
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Plant located at Ambattur, near
v Full fledged manufacturing facilities
v Wide range of Products
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Preferred suppliers of OEMs in
v Parts are supplied on self certified basis
v High / Low volume of Production flexibilities.
v Plant is ISO 9001 – 2000 Certified
v ISO / TS 16949 – 2002 system in place
v TPM Practice followed
v Excellent Industrial relations
Future Plan
v Two new project proposal for backward integration is being initiated
v Introduction of Ten New products
v Initiated for Exports
Quality
v Headed by a Senior Executive
v Supported by three Engineers
v Equipped with Measuring and Monitoring devices
v Additionally 2D Measuring system installed
Certifications
v ISO 9001 – 2000
v Pursuing ISO / TS 16949 – 2002
v Pursuing Self Certification Status with all major customers
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.39.82 |
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1 |
Rs.80.85 |
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Euro |
1 |
Rs.56.22 |
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 |
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 |
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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