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MIRA
INFORM REPORT
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Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXO CAMS (INDIA) |
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Registered Office : |
927 / 51, B.A., Panchal and Company, Opp. Parvati Estate, Near Punjab National
Bank, Tavdipura, Shaibaug, Ahmedabad – 380004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2002 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacture and Exporter of CAM and textile machine spare. |
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 15000 |
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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.
Proprietor is 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Chetan Panchal |
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Designation : |
Proprietor |
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Date : |
01.08.2008 |
LOCATIONS
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Registered Office/Factory : |
927 / 51, B.A., Panchal and Company, Opp. Parvati Estate, Near Punjab
National Bank, Tavdipura, Shaibaug, Ahmedabad – 380004, Gujarat, India |
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Tel. No.: |
91-79-22777399 / 25626123 |
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Mobile No.: |
91-9227250390 / 9825009901 / 9898855560 |
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Fax No.: |
91-79-22777399 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.fts |
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Location : |
Rented |
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Branch : |
Dhobi Ghat, Ahmedabad, India |
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Area : |
700 sq.fts |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Chetan Panchal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
29 Years |
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Qualification : |
Diploma in Mechanical |
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Experience : |
3 – 4 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of CAM and textile machine spare. |
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Products : |
v
CAM (for Sulzer Looms) v
CAM (for Tsudakoma Air Jet Looms) v
CAM (for Picanol Air Jet) v
CAM (for Staubli Motion) v
CAM (for Ruti ''C'' Looms) v
CAM (for any type of Winding Machine) v
CAM (for Zephyr Winding), Machine-2' to 6' Travers
v
CAM (for High Speed Up Twister Machine) v
CAM (for Circular Looms) v
CAM (for Needle Looms) v CAM
(for Ring Spinning and Doubling |
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Exports : |
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Products : |
All Products |
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Countries : |
Pakistan, Bangladesh, Egypt, South Africa, Indonesia, Turkey |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
L/C or T/T |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v End Users v Trader v Distributor v OEM’s v Suzuki Suitings
Limited v Sangam Suitings
Limited v Ginni
International amongst others |
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No. of Employees : |
15 |
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Bankers : |
v ICICI Bank, Sai
Baug v Navnirrman Co-Operative
Bank, Dariyapur Branch |
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Banking
Relations : |
Satisfactory |
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Auditor: |
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Name: |
Mr. Jayanti Bhai Panchal (Chartered Accountant) |
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Associates/Subsidiaries : |
v Spare Tech
Industries Address: 927 / 51,
B.A., Panchal and Company, Opp. Parvati Estate, Near Punjab
National Bank, Tavdipura, Shaibaug, Ahmedabad – 380004, Gujarat,
India Line of Business:
Manufacture and Exporter of CAM and textile machine spare. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.3.000 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs.3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
5.000 |
4.000-5.000 |
3.500-4.000 |
Expected Sales (2008-09) : Rs.10.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
v
Sangam Suitings Limited, Dilwara , Rajasthan
v
Suzuki SuitingsLimited, (Dilwara), Rajasthan
v
RCM Suitings Limited, (Dilwara)Rajasthan
v
Amar Industries Limited, (Ludhiana), Punjab
v
Shruti Enterprises, (Coimbatore), Tamilnadus
v
Ginni International Limited, (Jaipur), Rajasthan
v
Bridge Tex Industries, Ireland
v
Mollha Trading, Bangladesh
Profile :-
A cam is a projecting part of a rotating wheel or shaft that strikes a
lever at one or more points on its circular path. It can be seen as a device
that translates movement from circular to linear, for instance crankshaft of a
car or an automobile, which takes the rotary motion of the engine and
translates it into the linear motion necessary to operate the intake and
exhaust valves of the cylinders. Subject is the ultimate destination to obtain world-class
cams in a wide range for varied usage; all offered at the most competitive
prices. They are a renowned manufacturer and exporter of CAM for Sulzer Looms,
CAM for Staubli Motion, CAM for Tsudakoma Air Jet, CAM for any type of Winding
Machine, CAM for High Speed Up Twister Machine, CAM for Circular Looms, CAM for
Ring Spinning and Doubling, etc. Incepted in the year 2002, they have established a
firm standing for themselves within a short frame of time. It has been possible
due to the trust and support of their customers, who come for repeat orders.
This strong faith reinforces them to deliver innovative and advanced cams each
time.
They firmly adhere to their principles of devotion towards customers, honest
trade practices and incessant hard work and ceaseless efforts to produce
flawless products. This is the reason they are able to face all the challenges
that they come across, thereby maintaining their goodwill in the competitive
marketplace. Being a customer driven concern, they upgrade their products from
time to time by taking into consideration their valuable feedback and
suggestions. As a result, they are able to live up to the expectations of their
clients, who are the centre of their world.
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
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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 |
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 |
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/normal. |
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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