MIRA
INFORM REPORT
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Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VEL AND SONS |
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Registered Office : |
20, Ammankulam Road, Pappanaicken Palayam, Coimbatore – 641037,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1991 |
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PAN No.: [Permanent
Account No.] |
AACFV549IJ |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer of a
wide range of Die Casting Alloys |
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 : |
Satisfactory |
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Payment Behaviour : |
Usually slow but 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. Payments are reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mouli Shankar |
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Designation : |
Assistant |
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Date : |
19.07.2008 |
LOCATIONS
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Registered Office/Factory : |
20, Ammankulam Road, Pappanaicken Palayam, Coimbatore – 641037,
Tamilnadu, India |
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Tel. No.: |
91-422-4351243 / 2218520 |
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Mobile No.: |
91-9443312350 / 9443312353 |
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Fax No.: |
91-422-4351243 |
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E-Mail : |
md@valandsons.com |
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Website : |
www.velandsons.com |
PARTNERS
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Name : |
Mr. V. Uthaya Surian |
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Designation : |
Partner |
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Name : |
Mr. S. Anna Durai |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a
wide range of Die Casting Alloys |
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Products : |
v Die Casting Alloys v Die Cast Rotors v Pressure Die Casting Aluminium Components |
GENERAL
INFORMATION
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Customers : |
v Alpha Craft
Private Limited, Coimbatore. v Aqua Flow,
Coimbatore. v Asia
Engineering, Coimbatore. v Auto Brakes and Ancillaries
Private Limited, Chennai. v Bright
Engineering Works, Coimbatore. v Best Engineers
Pumps Private Limited and Group of Companies, Coimbatore v Cosmik
Industries, Coimbatore. v Greaves Cotton
Limited, Petrol Engine Unit, Thoraippakkam, Chennai. v KLN Engineering
Products, Bangalore. v Mahendra Pumps
Private Limited and Groups of Companies, Coimbatore. v Om Parasakthi
Industries, Coimbatore. v Perfect
Engineering Company, Coimbatore. v Pondy Die
Castings Private Limited, Pondicherry. v Roots Cast
Private Limited, Coimbatore. v Sujatha Agro
Equipments Private Limited., Coimbatore. |
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No. of Employees : |
25 |
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Bankers : |
Bank of Baroda, R S Puram Branch, Coimbatore – 641037, Tamilnadu,
India |
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Banking
Relations : |
Satisfactory |
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 |
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31.03.2008 |
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Sales Turnover |
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12.000 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
VEL AND SONS |
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Address |
20, Ammankulam Road, Pappanaicken Palayam, Coimbatore – 641037,
Tamilnadu, India |
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Phone/ Mobile Numbers |
91-422-4351243 / 2218520 |
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Fax Numbers |
91-422-4351243 |
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Statutory Approvals |
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Legal Status of Firm |
Partnership Firm |
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Income Tax Registration |
AACFV5491J |
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Central Sales Tax Registration |
267717 / 24.05.1990 |
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VAT/ TIN Registration |
33221780454 |
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Import Export Code |
No Import Export Activities |
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Name of Bank |
Bank of Baroda, R S Puram Branch, Coimbatore – 641037, Tamilnadu,
India |
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Account Since |
2007 |
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Credibility Factors |
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Years of Establishment |
1991 |
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Trade Affiliations |
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SSI Registration |
Yes |
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Export Promotion Council |
No |
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Chambers of Commerce Membership |
No |
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D&B D-U-N-S Number |
No |
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Govt. Recognised Export House Status |
No |
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Other Affiliations |
Codissa, Coimbatore and Alucas |
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Standards & Certifications |
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Quality Management Systems |
ISO 9001 : 2000 certified |
Factory is equipped with :-
They are the first South Indian Company to have
an ISO certified production unit for die cast rotor manufacturing.
They are the largest manufacturers of die cast
rotors in South India. Their rotors are used in the manufacturing of 50,000
pump units monthly. They have a 100% track record of timely delivery over the
past 2 years.
Profile:-
Incorporated in 1984, subject has established itself as a pioneer manufacturer of a wide range of Die Casting Alloys. The
concern has developed its core competency in manufacturing Die Casting Components, Zinc Components and
Aluminium Components. Based in TamilNadu, they have one of the most
efficient and versatile production unit. They are registered under SSI and have
a ISO 9001:2000 certificate to
their credit.
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.42.71 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.02 |
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 |
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 |
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 |
NO |
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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 |
|
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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