MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAPS ENGINEERS |
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Registered Office : |
831, G.I.D.C. Makarpura, Vadodara – 390010, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1982 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDK00629G |
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PAN No.: [Permanent
Account No.] |
AABFK8906C |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners |
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Line of Business : |
Manufacturer of Industrial
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 25000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealing at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Avinash / Ms. J. S. Edwin |
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Designation : |
Accounts Manager / Receptionist |
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Date : |
10.07.2008 |
LOCATIONS
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Registered Office : |
831, G.I.D.C. Makarpura, Vadodara – 390010, Gujarat, India |
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Tel. No.: |
91-265-2648082 / 2640785 / 2644407 / 2632692 |
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Mobile No.: |
91-9374065701 / 9374065702 |
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Fax No.: |
91-265-2638448 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Mahesh Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
62 Years |
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Qualification: |
B. E. |
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Name : |
Mr. Amish Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
32 Years |
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Name: |
Mr. Shrenik Mehta |
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Designation: |
Partner |
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Date of Birth/Age : |
29 years |
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Qualification: |
B. E. |
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Name: |
Mr. Anil Mehta |
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Designation: |
Partner |
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Date of Birth/Age : |
64 years |
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Qualification: |
B. E. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial
equipment. |
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Products : |
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Exports : |
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Products : |
Size reduction equipments and systems |
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Countries : |
v Bangladesh v UAE v UK v US v Thailand v Turkey v Saudi Arabia v South Africa v Sri Lanka v Singapore v Mauritius |
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Terms : |
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Selling : |
L/C, Cash / Credit (30 days), Local Market |
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Purchasing : |
L/C, Cash / Credit (30 days), Local Market |
GENERAL
INFORMATION
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Customers : |
v End Users v Manufacturers |
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No. of Employees : |
75 |
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Bankers : |
State Bank of India, Makarpura, Vadodara – 390010, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mukund and Rohit (Chartered Accountant) |
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Address : |
Vadodara - 390010
Gujarat, India |
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Tel. No.: |
91-265-2310431 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 5.000 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 |
60.000 |
55.000 |
48.500 |
Expected Sales (2008-09) : Rs. 70.000 Millions
LOCAL AGENCY FURTHER
INFORMATION
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
Kaps Engineers |
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Statutory Approvals |
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Income Tax Registration |
AABFFK8906C |
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State Sales Tax Registration |
24671602103 |
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VAT/ TIN Registration |
24191602103 |
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Current Account Number |
10140677680 |
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Credibility Factors |
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Years of Establishment |
1982 |
Trade References :
v ITC Limited
v Plastic Blend, Vapi (Umalgaon)
v Heubach, Ankleshwar
Profile:-
Driven by engineering excellence and noteworthy performance, Subject is
a well known manufacturer and exporter of Size Reduction Machine. Established
in 1965, they have been serving various industries and a large client base.
They are based in Vadodara (Gujarat - India), from where they regulate all
their business activities. Their Size Reduction Machine have diverse industrial
applications. They are effectively installed and performing well in the
manufacturing and processing of products including Sugar, Tea, Spices, Grains,
Pulses, Cereals, Confectionery, Dehydrated Fruits and Vegetables, Ayurvedics,
Pharmaceuticals, Chemicals, Dyes and Pigments, Plastics, Minerals, Cattle
feeds.
They are a concern committed to quality and client satisfaction. Their business
is further reinforced by the principle "import
substitution through excellence". After years of consistent
performance, today, they have achieved a commanding position in the market. One
major reason behind their success has been their advanced infrastructure and
reliable workforce. The success of their engineering department is achieved by
capitalizing solely on innovation,
creativity and integrity.
In India, they carry the brand name of
"VM", well known in the Size Reduction Machine market. They
constantly look for advanced products and hence, serve their clients better.
They believe in an organized functioning, hence, they follow a chain of
processes like crushing, sieving as well as bulk solid and powder handling.
They have pioneered size reduction in a variety of applications through their
engineers and promoters who assist them deliver world-class products at a
competitive price range. Some of the nations where they supply their products
include- Singapore, Thailand, Malaysia, Sri Lanka, Nepal, Nigeria, Kenya,
Tanzania, South Africa, Russia, Saudi Arabia, Bahrain, USA, Dubai and Turkey.
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. 43.17 |
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UK Pound |
1 |
Rs. 86.26 |
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Euro |
1 |
Rs. 68.78 |
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 |
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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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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