MIRA
INFORM REPORT
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Report Date : |
27.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PROLINE ENGINEERS |
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Registered Office : |
Plot No. 71, KIADB Industrial Area, Belur, Dharwar – 580 011,
Karnataka |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1996 |
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IEC No.: |
04 880 30421 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturers of Ball Valves, Butter Fly Valves, Check Valves, Return
Valves, Plug Valves, Fire Hydrant Valves, Level Indicators View Calases, Y
Type and Pot type Breathers, Spray Nozzles. |
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 12000 |
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Status : |
Small concern |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern having satisfactory track.
Partners are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
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 : |
Plot No. 71, KIADB Industrial Area, Belur, Dharwar – 580 011, |
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Tel. No.: |
91-836-6555787 / 2486668 |
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Fax No.: |
91-836-2486668 |
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Website : |
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Area : |
6000 sq.fts |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Shailesh Hampannavar |
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Designation : |
Partner |
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Date of Birth/Age : |
37 Years |
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Experience : |
15 Years |
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Name : |
Mr. Mahantesh Dhawan |
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Designation : |
Partner |
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Date of Birth/Age : |
37 Years |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Ball Valves, Butter Fly Valves, Check Valves, Return
Valves, Plug Valves, Fire Hydrant Valves, Level Indicators View Calases, Y
Type and Pot type Breathers, Spray Nozzles. |
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Products : |
·
Industrial Ball Valves ·
Butterfly Valves ·
Check Valves ·
Gate, Globe, Non Return Valves ·
Plug Valves ·
Fire Hydrant Valves ·
Constant Level Oilers ·
Level Indicators ·
View Glasses ·
Y-Type and Pot Type Strainers ·
Breathers ·
Nozels ·
Spray, etc. |
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Terms : |
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Selling : |
Credit (30-60 Days) |
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Purchasing : |
Credit (30 -60 Days) |
GENERAL INFORMATION
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Suppliers : |
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Jagadambal Steel, Mumbai ·
Promak Engineers, |
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Customers : |
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J .W. Steel ·
Hindustan Univer Limited ·
H.P.C.L ·
J.K. Tyres |
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No. of Employees : |
25 |
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Bankers : |
State Bank of Address: Main Branch, Dharwad – 280 011, |
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Facilities : |
Rs.1.000 millions |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
M/s. Hombal Chartered Accountants |
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Address : |
Dharwad – 580 011, |
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Memberships : |
Chamber of Commerce Dharwad Grow Centre Industries Assn |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.3.000 millions |
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Borrowed : |
--- |
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Total : |
Rs.3.000 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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5.500 |
5.000 |
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Profit/Loss for the year |
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15 to 20% |
15 to 20% |
Average value of Inventories at any given time Rs. 1.000 millions.
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS:
Proline
Engineers were established in the year 1996 and through their excellent
engineering expertise, soon achieved the zenith of success and brilliance.
Passing through a golden phase spanned over a decade, they have established their
selves as a highly reputed manufacturer
of a range of products under the brand name of "Proline". Transforming their dream into sheer reality, they
have created a niche in the domestic market as the most reliable source for all
types of Industrial Ball Valves;
Butterfly Valves; Check Valves; Gate, Globe, Non Return Valves; Plug Valves;
Fire Hydrant Valves; Constant Level Oilers; Level Indicators; Nozels; Spray;
etc. What distinguishes them from their competitors in the industry is their
ability to understand the changing requirements of their customers. They
believe that quality is a journey, not a destination. This attitude inspires them
for continual development accepting the challenges of the ever changing world
of technology with innovation.
At
present, they have an extensive market base all over the country with their
products installed in numerous bulk drug and chemical industries, cement,
dairy, edible oil, food, fertilizer, irrigation, mining, pharmaceutical,
distillery factories, paper mills, steel plants, tyre manufacturers and water
projects, etc. Proline Engineers is the member of State Directorate of
Industries. They are also a reputed member of Karnataka chamber of Commerce and
Industries (KCCI).
Backed
with over a decade of rich experience, they are addressed to be the forerunner
in the industry as a manufacturer of their most extensive "Proline" range of products.
The product portfolio of Proline Engineers includes the following items-
·
Industrial Ball Valves
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Butterfly Valves
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Check Valves
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Gate, Globe, Non Return Valves
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Plug Valves
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Fire Hydrant Valves
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Constant Level Oilers
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Level Indicators
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View Glasses
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Y-Type and Pot Type Strainers
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Breathers
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Nozels
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Spray, etc.
They
manufacture products in different sizes, with different end connections and
different port openings like 2-port, 3-port and 4-port. Different materials of
construction are also used to suit the customers' requirements for various
critical service conditions.
Quality
Since
the beginning, Proline Engineers has been well known in the industry for its
uncompromising attitude towards quality. They believe that extreme quality
consciousness is the major factor behind their ability to win the ultimate trust
and satisfaction of their customers. At their company premise, they have
established a world class quality testing unit to perform stringent quality
checking measures and thus, to ensure flawless quality of their finished
products. From raw material procurement and processing to the final inspection
of products, everything is done as per international quality standards. Their
experts efficiently look after all these extensive quality control operations
in order to sustain the trust that their highly esteemed clients lay upon us.
Infrastructure
A well
built infrastructure is the greatest asset of Proline Engineers. It endows
stability to the company and helps to grow it via delivering the best
performance in the industry. At their factory premise, they have all the
adequate facilities for production, quality control, R and D and warehousing.
All the units are highly equipped and loaded with advanced machinery. In
addition, they have built up a strong business network all over the country
which enables them to serve the clients with efficient product delivery and
after sales support. Besides, their company has a highly skilled and dedicated
workforce that is responsible for keeping them geared up in the market.
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.39.70 |
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1 |
Rs.80.10 |
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Euro |
1 |
Rs.56.09 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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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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36 |
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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