MIRA
INFORM REPORT
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Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
K N ENGINEERING WORKS |
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Registered Office : |
Plot No. 2, New DLF Industrial Area, Faridabad – 121003, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.08.1993 |
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IEC No.: |
0595012825 |
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PAN No.: [Permanent
Account No.] |
AAMPN3014B |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Steel Rolling Plants and Furnaces. |
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 42500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well- established and reputed concern having satisfactory
track records. Trade relations are fair. Payments are usually correct and as
per commitments. The concern can be considered is doing well. It can be considered
normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Anjan Nandi |
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Designation : |
Proprietor |
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Date : |
21.07.2008 |
LOCATIONS
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Registered Office: |
Plot No. 2, New DLF Industrial Area, Faridabad – 121003, Haryana,
India |
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Tel. No.: |
91-129-2278868 / 2273932 / 4113893 |
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Mobile No.: |
91-9811023021 |
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Fax No.: |
91-129-2273055 |
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E-Mail : |
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Website : |
http://www.knengineeringworks.net |
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Area : |
17218 sq yards |
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Location : |
Owned |
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Factory: |
Plot No. 2, New DLF Industrial Area, Faridabad – 121003, Haryana,
India |
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Tel No: |
91-129-2278868 / 4113893 / 2273932 |
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Fax No: |
91-129-2273055 |
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Email: |
nandi_a@hotmail.com |
SOLE PROPRIETOR
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Name : |
Mr. Anjan Nandi |
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Designation : |
Proprietor |
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Address : |
Faridabad – 121003, Haryana,
India |
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Date of Birth/Age : |
50 years |
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Qualification : |
B. Tech |
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Experience : |
28 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Steel Rolling Plants and Furnaces. |
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Products : |
Ø
Rolling Mill Stands v
2 Hi, 3 Hi, close and open type roller bearings fibre
bearings stands v
2 Hi multi row bearings high speed continuous stands v
Pre-stressed stands. Ø
Rolling Mill Drive Gear Boxes v
Single stage, double stage, multi stage gear boxes v
2 Hi, 3 Hi, low speed and high speed pinion stands v
Combined reduction cum pinion stands v
Speed increaser gear box cum pinion stands v
High speed fly wheels. Ø
Mill Auxiliaries v
Rotary shears cobble-cum-crop shears v
Pinch rolls v
Cold bar shears v
Snap shears v
Horizontal and vertical loopers. Ø
T.M.T. Section v
Water cooling boxes v
Pinch rolls v
Flying shears v
Tail breakers. Ø
Rolling Mill Finishing Section v
Twin channel v
Rack type movable cooling bed v
Bar lift and transfer system v
Run out roller table, shuffle bar mechanism v
Chain cross transfer mechanism v
Bar bounding station. |
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Exports : |
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Products : |
Steel Rolling Plants |
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Countries : |
Romania, Mascot, Pakistan, Bangladesh, Nigeria and Mucst. |
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Terms : |
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Selling : |
L/C Credit (30 days) |
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Purchasing : |
Cash / Credit (60-90 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
40 (Office – 5 and Factory-35) |
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Bankers : |
Vijaya Bank, Dariya Ganj, Ansari Road, New Delhi – 110002, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Agrawal Santosh and Associates (Chartered Accountant) |
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Address: |
B-504, 1st Floor, Nehru Ground, NIT Faridabad – 121003,
Haryana, India |
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Tel No: |
91-129-2419373 / 4039373 / 91-9891071122 |
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Email: |
skagrawalfbd@yahoo.co.in |
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Associates/Subsidiaries
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v Sidarth
Engineering Company Address:
Faridabad, India |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 8.500 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 8.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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200.000 |
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Profit/Loss for the year |
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9.505 |
SUMMARISED RESULTS
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PARTICULARS |
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31.03.2008 |
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Proprietor’s Capital |
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8.500 |
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Fixed Assets |
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23.300 |
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Current Liabilities |
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43.645 |
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Inventories |
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14.415 |
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Cash and Bank Balance |
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2.368 |
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22.269 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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7.118 |
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1] Share Capital |
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0.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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7.118 |
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LOAN FUNDS |
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1] Secured Loans |
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0.014 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.014 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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7.132 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.656 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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6.666 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.646 |
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Sundry Debtors |
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43.026 |
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Cash & Bank Balances |
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7.080 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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7.234 |
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Total
Current Assets |
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58.986 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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64.176 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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64.176 |
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Net Current Assets |
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(5.190) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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7.132 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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123.805 |
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Other Income |
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1.739 |
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Total Income |
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125.544 |
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Profit/(Loss) Before Tax |
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5.572 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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5.572 |
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Earnings in Foreign Currency : |
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Export Earnings |
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25.273 |
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Commission Earnings |
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0.394 |
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Expenditures : |
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Cost of Goods Sold |
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99.003 |
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Manufacturing Expenses |
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12.865 |
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Administrative Expenses |
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7.450 |
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Interest |
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0.011 |
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Depreciation & Amortization |
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0.643 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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4.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.78 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.01 |
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Current Ratio (Current Asset/Current Liability) |
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0.91 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:-
v Mid India Company Limited, Gujarat, India
v Makram Machines Private Limited
v SSD Drives India Private Limited
v New Field Engineers Private Limited
v Modern Industries
Profile:-
Subject is a certified organization which is actively
engaged in consultancy, manufacturing and supply of complete rolling mill
plant, combustion equipment and billet re-heating and industrial furnaces in
India and abroad for the last 15 years. The international markets covered
includes Bangladesh, Nepal, Middle East and African countries.
Their unit is well equipped with plant and machinery manned by well qualified
and experienced designers and technical staff. With the help of the
infrastructure available such as well equipped plant, highly qualified and
experienced workforce and application of the latest technology, they are geared
to produce good quality equipment and are capable to execute their orders in
the shortest delivery time as compared with other manufacturers in the country.
The concern is backed by a competent team consisting of highly qualified and
experienced technical staff who can take full command/supervision of erection
and commissioning of any size of plants and are capable of ensuring the specific
targets. They ensure qualitative products with optimum advantages. The plants
supplied by the concern in India and abroad are successfully running, giving
satisfactory performance.
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 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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.01 |
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Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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 |
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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54 |
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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