MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FITWELL ENGINEERS |
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Registered Office : |
B-377-78, Nehru Ground, Behind Neelam Cinema, N I T, Faridabad –
121001, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1974 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Trading of electrical goods and painting equipment. |
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 10000 |
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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 concern having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. Despite of our continuous efforts, Mr. Gaurav Mehta was buying time
and never parted business and financial details. Hence, this report is based on indirect and secondary sources of
informations. |
LOCATIONS
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Registered Office : |
B-377-78, Nehru Ground, Behind Neelam Cinema, N I T, Faridabad –
121001, Haryana, India |
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Tel. No.: |
91-129-4031425 – 29 |
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Mobile No.: |
91-9811194133 |
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Fax No.: |
91-129-4030424 |
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E-Mail : |
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Website : |
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Area : |
400 sq. ft. each – 2 nos [Owned] |
PARTNERS
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Name : |
Mr. Gaurav Mehta |
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Designation : |
Partner |
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Address : |
Faridabad, Haryana, India |
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Date of Birth/Age : |
28 Years |
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Qualification : |
MBA |
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Experience : |
6 Years |
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Name : |
Mrs. Santosh Mehta |
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Designation : |
Partner |
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Address : |
Faridabad, Haryana, India |
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Date of Birth/Age : |
68 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Trading of electrical goods and painting equipment. |
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Products : |
·
Devilbliss GTI HVLP (High Volume Low Pressure) Spray
Painting Guns ·
Devilbliss Compliant Spray Painting Guns(Pressure
Feed-Cup or Gravity Feed and Suction Feed) ·
Devilbliss and Binks Automatic Guns ·
Spot Repair Guns ·
Primer Guns ·
Diaphragm Pumps ·
Air Filters ·
Airless Spray Guns and Outfits ·
Spray Booth Filters/ Filter Papers ·
Masks and Respiratory Protection Outfits ·
Eye Protection Goggles ·
Scrubs Hand-Cleaning Towels ·
GTI Devilbliss HVLP Spray Guns ·
ITW Devilbliss and Binks Spray Painting Equipment/
Products ·
Bullows Spray Painting Equipment ·
Gramos Paint Shop Maintenance Products, including
Strippable Coating for Electric Panels ·
L&T Switchgear (Control Gear, Power Gear etc.) ·
L&T Wires (Flexible, House & Flat Cables or
Submersible Pump Wires) ·
HAGER MCBs, Distribution Boards (DB), RCCB or ELCB
etc. ·
SALZER Panel Accessories
·
RISHABH Voltmeters, Ammeters (Amperemeters) ·
GIC Timers ·
Meher Power Capacitors ·
Moeller Bus-Bar Trunking System ·
Rittal Panel Enclosures
·
Schneider Prptec MCBs, DBs, RCCBs/ELCBs, Plug and
Socket Box etc ·
Philips Light Fittings/Luminaires/Fixtures ·
Control Gear and Accessories ·
Bharat Bijlee and NGEF Electric Motors and Pumpsets –
Energy Efficient Motors, Flame-Proof Motors, Torque Motors etc. ·
Bharat Bijlee CRC-226 and CRC Acryform(for
maintaining moisture-free Electric Panels and Electrical Connections) ·
Powermaster Grinders, Polishers and Coolant Pumps ·
AE Voltmeters, Ammeters, Dimmerstats and Recitifiers
(analog as well as digital) ·
Elecon Gear Boxes, PBL Oil Filled Geared Motors,
KPBGL Grease Filled Geared Motors ·
Industrial Electrical Products (Switchgear, Electric
Motors, Wires, Lighting/Luminaires/Fixtures etc.) |
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Agencies Held : |
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Imports : |
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Products : |
Electrical Goods |
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Countries : |
U.K. |
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Terms : |
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Selling : |
L/C, Cash, Credit [30 days] and At Sight |
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Purchasing : |
L/C, Cash, Credit [30 days] and At Sight Against Documents |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
12 |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.L. Gupta and Associates Chartered Accountants |
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Address : |
Faridabad, Haryana, India |
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Associates/Subsidiaries : |
Nil |
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 |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
100.000
(Estimated) |
140.000 |
139.500 |
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Profit/Loss for the year |
NA |
4.220 |
4.150 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Local
Customers
- Whiralpool
India Limited
- Escorts
Limited
- Hero Honda
Limited
AS PER WEBSITE
Profile
Subject is a supplier of Spray Painting Equipments/Products in North India. It is also a
pioneer in dealing and trading in Industrial Electrical/Panel products and
Paint Shop Maintenance products. They are a leading authorized dealer, distributor, and stockist for Industrial Electrical products like Switchgear, Electric
Motors, Wires, Lighting/Luminaires/Fixtures etc. Their company is also engaged as
an authorized dealer and distributor of high quality ITW Devilbliss and Binks Spray Painting Equipment and
allied products such as Devilbliss Compliant Spray Painting Guns(Pressure
Feed-Cup or Gravity Feed and Suction Feed), Primer Gun, Diaphragm Pumps, Air
Filter, Masks and Respiratory Protection Outfits, Eye Protection Goggles, etc.
and a host of accessories and spare parts for these equipments. Besides, they are a leading authorized dealer, distributor, and stockist for Industrial Electrical products like Switchgear, Electric
Motors, Wires, Lighting/Luminaires/Fixtures etc. These spray guns have a higher
transfer efficiency of more than 65% providing larger paint savings due to less
paint wastage and superior product-finish. Their comapny is an importer of ITW Devilbliss and Binks Spray Painting Equipment/
Products, L&T Switchgear, Control Gear and Accessories, Powermaster
Grinders, Polishers and Coolant Pumps, etc.
Understanding the growing demand of liquid paints and branded spray painting
equipments as well as paint booth/shop maintenance and cleaning products, their
company has become an authorized dealer, distributor, trader and supplier of
Bullows Paint Equipment Private Limited, the company which revolutionized spray
painting technology in India. Subsequently, they have also taken up the
dealership and distributorship for Gramos Chemicals India Private Limited,
whose product-portfolio includes water-based chemicals for maintenance and
cleanliness of paint booth and the entire paint shop as such.
The Spray-Painting-product-portfolio for Fitwell Engineers today consists of
Bullows Conventional Spray Guns of Model 230 (Pressure Feed) and Model 630
(Gravity Feed or with Cup), Bullows Pressure Feed Containers of various sizes,
Bullows L-20 Air Motor or Paint-Stirrer, Air Filter, Paint Filter.
Their
company has offices in Faridabad, Gurgaon and New Delhi and has an enviable
reputation for high quality products, congenial customer-relationships,
competitive prices, timely delivery of consignments and servicing customers'
equipment. With their premium quality and high performing spray painting
equipments is therefore looking very positively not only towards customers in
the Automobile refinishing business, but also manufacturers of automobiles and
their parts, brassware/artware, TV cabinet, helmet and accessories, house
refurnishings, furniture, pharmaceuticals and wherever liquid painting activity
is involved. With huge scope, their spray painting equipment/products has a
wide niche in national and international market.
They invite trade inquiries from avid buyers and look forward towards building
and maintaining sturdy business relationships with them.
Product Application
Their company, with their premium quality and high performing spray painting equipments is therefore looking very positively not only towards customers in the Automobile refinishing business, but also manufacturing of automobiles and their parts, brassware/artware, TV cabinet, helmet and accessories, house refurnishings, furniture, pharmaceuticals and wherever liquid painting activity is involved. With huge scope, their spray painting equipment/products has a wide niche in national and international market.
Together with products from Gramos Chemicals India Private Limited for
cleanliness and maintenance of paint booth or the entire paint shop, they offer
the perfect and complete solution for the paint shop equipment and maintenance
needs. They have trained people who in turn provide hands-on training to the
customer's painters.
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 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.44.07 |
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UK Pound |
1 |
Rs.81.26 |
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Euro |
1 |
Rs.64.71 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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46 |
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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