MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
FRONTLINE ENGINEERS |
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Registered Office : |
SM-239/ 269 MT Sagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1999 |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business : |
Manufacturer of Valves and Valves Components. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 10000 |
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Status : |
Small Concern |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern having satisfactory track. Proprietor
is reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered / Factory Office: |
SM-239/ 269 MT Sagar, |
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Tel. No.: |
91-836-2333470 |
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Mobile No.: |
91-9448235652 |
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Fax No.: |
91-836-4252653 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. fts. |
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Location : |
Owned Premises |
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SOLE PROPRIETOR
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Name : |
Mr. Prakash G. Dandur |
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Designation : |
Proprietor |
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Date of Birth/Age : |
34 Years |
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Qualification : |
B.E. (Industrial Production) |
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Experience : |
12 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Valves and Valves Components. |
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Terms : |
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Selling : |
Local |
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Purchasing : |
Local Purchase (30 to 90 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
State Bank of |
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Facilities : |
About Rs.2.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. D. Prakash Chartered Accountant |
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Address : |
Hubli |
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Memberships : |
North Karnataka Small Industries Association |
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Subsidiaries : |
Global Automation Technology, Hubli |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.500 millions |
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Borrowed : |
--- |
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Total : |
Rs.2.500 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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2.400 |
0.900 |
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Profit/Loss for the year |
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10 to 15 % |
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Average Value of Inventories At Any Given Time
:Rs.0.500 million
LOCAL AGENCY FURTHER INFORMATION
Web Details
Attached :
A one-stop destination for a wide range of quality
machinery components like valves, conveyors, CNC turned components and related
accessories.
Established
in 1999, Frontline Engineers is specialized in manufacturing all types
of valve components, conveyors, textile machinery and compressor spares,
hydraulic hose fittings, conveyor spares, CNC turned components and related
accessories. Headquartered in
Products
The concern manufacture and
supply a range of products keeping industry requirements in mind. Even
customized products are manufactured. Very soon The concern will launch an
array of products like forging unit, and a catalog of CNC machines and
components. Right now their product range include:
- Valve
Components
- Hose Fittings
- Conveyor
Spares
- Textile
Mechanical Component Spares
- CNC
Mechanical Component Spares
- CNC Turned
Components
- Hydraulic
Hose Fittings.
Strengths
The concern analyze the needs to
increase the profit margins. The concern has created a unique buying
environment offering their products at competitive prices. Their mission is to provide reliable, innovative
and engineered products to their valued customers. The concern is a high-tech
enterprise backed up highly efficient engineers and motivated employees. The
concern is equipped with state-of-the-art R&D center and well-managed
production base. Their infrastructure
serve as their kernel backup and lay a solid foundation for further industrial
development of the company.
Quality Policy
The concern has specialized
their selves in supplying the best products conforming to international quality
standards. The concern is equipped with quality control systems to check each
and every step of the manufacturing process to ensure flawless output.
The concern can cater to any of the bulk requirements of their esteemed
clients. Concern understand the industry
needs more than anyone else do. Optimum satisfaction of their clients is their
key motto.
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 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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30 |
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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