MIRA
INFORM REPORT
|
Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALTEX ELECTRIC COMPANY |
|
|
|
|
Registered Office : |
No. 3/2/6, 1st Floor, 1st Cross, MRC Road, Behind
Vijayanagar Telephone Exchange, Bangalore – 500 079, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Year of Establishment : |
1995 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
BLRA07867G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAEFA4574B |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Automatic Voltage Control Units |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Trade relations are fair. Business is active. No complaints
have been heard from market sources. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Raj |
|
Designation : |
Accounts |
|
Contact No.: |
91-9845031749 |
|
Date : |
28.11.2008 |
LOCATIONS
|
Registered Office / Factory : |
No. 3/2/6, 1st Floor, 1st Cross, MRC Road,
Behind Vijayanagar Telephone Exchange, Bangalore – 500 079, Karnataka |
|
Tel. No.: |
91-80-23306361 /
23306970 / 23384720 / 23306970 / 23306361 / 23355708 |
|
Mobile No.: |
91-9845031749 /
9845031749 / 9448055708 |
|
Fax No.: |
91-80-23355708 /
23384720 / 23306970 / 23306361 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
800 Sq.fts |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mrs. Usha Prabhu |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
42 years |
|
Qualification : |
B.Com |
KEY EXECUTIVES
|
Name : |
Mr. Vittal Prabhu |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Raj |
|
Designation : |
Accounts |
BUSINESS DETAILS
GENERAL
INFORMATION
|
Customers : |
Wholesalers, OEM’s · Gelstar Engineering Service, Mumbai · Sags Electrodyne, Kolkata · Mircro Logix, Bangalore |
|
|
|
|
Suppliers : |
· Amar Radio House, Bangalore · Globe Industries, Bangalore · Sansi Impex Inc, Bangalore |
|
|
|
|
No. of Employees : |
13 |
|
|
|
|
Bankers : |
· Canara bank, Vijayanagar Branch, Bangalore · HDFc Bank, Vijayanagar Branch, Bangalore |
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharma and company Chartered Accountants |
|
Address : |
Bangalore, Karnataka |
|
|
|
|
Memberships : |
Kassia, (ISO 9001: 2000 Certified Company) |
|
|
|
|
Group Companies : |
Rajmane and Hegde (Service providers) |
|
|
|
|
Associates/Subsidiaries : |
Rajamane and Hegde |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 6.000 millions |
|
Borrowed : |
--- |
|
Total : |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 (Estimated) |
31.03.2007 |
|
|
|
|
|
|
Sales Turnover |
|
13.000 |
10.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
About 10% |
About 10% |
|
|
|
|
|
|
Export Value |
|
2.000 |
1.500 |
Expected Sales (2008-09): Rs.17.000 millions
Average value of inventories at any given time Rs. 1.500 millions
LOCAL AGENCY
FURTHER INFORMATION
Notes:
Manufacturing is done in sister
Concern Company
TRADE references:
· Gelstar Engineering Service, Mumbai
· Sags Electrodyne, Kolkata
WEBSITE DETAILS:-
Subject
is a leading manufacturer of Reliable, Compact and Economical Voltage Contol
Units (AVRs), AVR panels, Static Excitation Panels, AMF Panels and Battery
Charges, suitable for various makes and various ratings of A.C Generators both
LT and HT.
Subject
is known for quality and certified for ISO 9001:2000. The products are
manufactured with latest technology manned by highly experienced and qualified
engineers. The raw materials that go into the manufacturing of these products
are sourced from reputed organizations with international repute.
With the introduction of “QUALITY MANAGEMENT SYSTEM” the customer will get the
best product and service.
Subject is associated with one of the best rewinding shops in India, equipped
with all in-house facilities, for handling, winging, testing, balancing and
baking. Experience built over Three Decades in Design, Manufacturing and
Servicing of AC Generators and AVRs, has helped “ALTEX” to produce World Class
Products
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
UK Pound |
1 |
Rs.75.08 |
|
Euro |
1 |
Rs.63.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|