MIRA
INFORM REPORT
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Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
D H PANCHAL AND COMPANY |
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Registered Office : |
A-2, Hiraji Estate No. 2, Opp. Ajmeri Sahakri Udyognagar, Dhobighat, Dudheshwar
Road, Ahmedabad-380 004,Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of Textile Machinery Spares, Components and
Accessories, CNC Machines, Industrial Machinery and Parts. |
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 4800 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office /Factory : |
A-2, Hiraji Estate No. 2, Opp. Ajmeri Sahkari Udyognagar, Dhobighat,
Dudheshwar Road, Ahmedabad-380 004, Gujarat, India |
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Tel. No.: |
91-79-25625298 |
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Mobile No.: |
91-9825312591 |
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Fax No.: |
91-79-25626880 |
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E-Mail : |
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Website : |
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Area : |
Approx 500 Sq. yards |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Dipakbhai Panchal |
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Designation : |
Partner |
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Date of Birth/Age : |
40 years |
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Qualification : |
Graduate |
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Name : |
Mr. Ashokbhai Panchal |
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Designation : |
Partner |
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Date of Birth/Age : |
45 years |
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Qualification : |
Under Graduate |
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Name : |
Mr. Jigneshbhai Panchal |
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Designation : |
Partner |
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Date of Birth/Age : |
38 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Textile Machinery Spares, Components and
Accessories, CNC Machines, Industrial Machinery and Parts. |
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Products : |
CAMs for v Any Circular
Looms v Any Twisting
Machine v Indexing Machine v Any Winding and
Cone Winding Machine v H D P E/Nylon
Fishnet Machine v Sulzer Machine v T F O Machine v Texturising
Machine v Continuous
Automation Machine v Packaging
Machine v Pharmaceuticals
Machine v Printing Machine v Box Staping
Machine |
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Exports : |
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Products : |
v Textile
Machinery Spares v Components and
Accessories v CNC Machine v Industrial
Machinery and Parts |
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Countries : |
v Pakistan v Bangladesh v Sri Lanka v South Africa v US |
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Terms : |
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Selling : |
L/C, Credit (30-90 days) |
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Purchasing : |
Cash, Credit (30-90 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
8 |
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Bankers : |
Bank of Baroda, Delhichakla Branch, Ahmedabad |
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Facilities : |
C/C Limit Approx Rs.1.500
Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Harshad Thakkar and Company Chartered Accountants |
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Address : |
Ahmedabad |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.200Millions |
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Borrowed : |
- |
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Total : |
Rs.1.200 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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6.500 |
6.000 |
Expected Sales (2007-08) : Rs.7.500 Millions
LOCAL AGENCY FURTHER
INFORMATION
Trade References
v
Trumar India Limited, Ahmedabad
v
Aligrah Texpro, Surat
As per website details:
Beginning And Growth
Start of the industrial revolution saw the growth and development of Textile industry worldwide. As is evident, with any industry, there was huge demand for quality products - high quality CAMs for machines. The seed of subject was sown with the clear vision to manufacture High Precession CAMs for machines.
In the fast growing competitive and turbulent market of manufacture of
engineering CAM, subject stands out as a growth-oriented and a progressive
company. The quality of their products has created tremendous demands
ultimately leading to continuous expansion in production capacities.
Fundamental to this success are continuous improvements in quality, service and
productivity going beyond customers’ expectations.
Corporate Mission
Their mission is to maintain leadership in the area of CAM manufacture providing their customers the most competitive priced equipment with the highest standards of quality, user friendly operation, and maintenance-free performance year after year.
It is their firm belief to honor the commitments made to its customers in all aspects of their relationship. They believe that if they go beyond what customers expect, customers will return again and again, asking D.H. Panchal & Company, to further contribute to their success. Over the years, this thought has constantly guided in their endeavors and customer requirements in their products and services.
The subject has chalked out the vision to fulfill its mission by harnessing the
technical/engineering expertise of those qualified & experienced
technocrats and state-of-art skills to maintain functional quality of their
plant & products.
Infrastructure
Located at Industrial estate of Dudheswar, Ahmedabad, the industrial bloc of India, subject possesses the latest state-of-the-art infrastructure complying with all domestic and international quality standards. The Plant is situated on 2.0 K Sq. feet building fully equipped with state-of-the-art machinery and testing instruments for manufacturing engineering Cam.
The office is having the most modern communication tools like - EPABX, FAX,
Internet to offer prompt response to customers and associates. Equipped with the latest production & quality control Facilities, highly skilled & motivated force augur the demand for the high precision CAMs for the varied industries and wide applications like:
v Circular Looms
v HDPE / Nylon Fishnet Machines
v Texturing Machine
v T.F.O.
v High Speed Twister Machine
v Seror Winding Machine
v Cone Winding Machine
v Comber Machine
v Weaving Machine
v Air Jet Loom, etc
Quality
Subject follows the policy of maintaining best Quality of all the products, confirming to international accepted level of workmanship and performance. They are bound by the pledge to honor the commitment made to customer in all aspects of their relationship.
By no means, an accident, quality is always the result of high intention,
sincere effort, intelligent direction and skillful execution. Every aspect of
quality is customized for customers. Subject’s, quality management is a process
that starts with the specifications and materials essential for an individual
application then focuses throughout every manufacturing step on delivering
products quality that exceeds a customer's expectations.
They believe excellence is not merely a passion, work ethic. It is an
imperceptible look built into human factor, in harmony with the basic human
values. These constitute an exceptional product identity that characterizes
their products.
Customer Support,
Marketing
After sales service is the indivisible part of customer care professionals and the clients, who actually use their products. Their fully-staffed and cross-trained customer service department specializes in building and nurturing customer relationships. Every aspect of quality is customized for individual customer, their team adapts to the changing needs of their customer. Securing and retaining this endorsement is not the end and does not disguise their primary objective of achieving customer satisfaction.
This is possible due to the completely transparent working of the subject as
well as the single window policy of the company. Each account is assigned a
customer service representative, ensuring reliable hands-on account management
and well-informed problem solving capabilities. Making their production facilities
flexible to meet the wide range of requirements of their customers is one part
of their constant improvement activities.
Marketing department has qualified executives who work towards product
distribution while being in touch with the distributor channel. Their efforts
include expanding the dealer network, briefing the company about customer
feedback. Specialists interact with distributors for maintaining a steady
supply of 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.47 |
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UK Pound |
1 |
Rs.77.98 |
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Euro |
1 |
Rs.57.92 |
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 |
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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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. |
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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