MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HEENA ENGINEERS |
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Registered Office : |
No. 15, Sy, No. 112/2, 12th Cross, Doddanna Industrial
Estate, Peenya 2nd Stage, Bangalore - 560 091, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2001 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Distributors of 30-80
Quartz Plants, Ball Mills, Disintegrators, Jaw Crushers, Conveyors, Drum
Magnets and Blowers. |
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 17500 |
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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. Proprietor is reported as experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. M. K. Kalem |
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Designation : |
Proprietor |
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Date : |
29.07.2008 |
LOCATIONS
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Registered Office : |
No. 15, Sy, No. 112/2, 12th Cross, Doddanna Industrial
Estate, Peenya 2nd Stage, Bangalore - 560 091, Karnataka, India |
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Tel. No.: |
91-80-28367092 / 28367091 |
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Mobile No.: |
91-9341477311 / 91-9448487019 |
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Fax No.: |
91-80-28367091 |
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E-Mail : |
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Area : |
7000 sq. fts. |
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Location : |
Leased |
SOLE PROPRIETOR
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Name : |
Mr. M. Kaleem |
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Designation : |
Proprietor |
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Date of Birth/Age : |
34 Years |
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Qualification : |
Diploma in Mechanical Engineering |
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Experience : |
8 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Distributors of 30-80
Quartz Plants, Ball Mills, Disintegrators, Jaw Crushers, Conveyors, Drum Magnets
and Blowers. |
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Products : |
v
Jaw Crusher
Back Side v
Blower v
Single Drum
Magnet v
Vibrators v
Double Drum
Magnet v
Continuity
Ball Mill Unit v
Thermes v
Convear v
Hummer Mill v
Storage Tank v
Double Rotary
Screen v
Shead v
Single Rotary
Screen. |
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Terms : |
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Selling : |
Advance 60% on Delivery and 10% on Production. |
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Purchasing : |
100% Cash |
GENERAL
INFORMATION
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Suppliers : |
v Kavitha Steels,
Bangalore v Shiva Steels,
Bangalore v R C Steel,
Bangalore |
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Customers : |
v Shina
Enterprises, Cuddappa, Andhra Pradesh v Karnataka
Silicates, Bangalore v Amar Industries,
Bangalore |
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No. of Employees : |
18 (15 In Production / Technical), (3 In Other) |
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Bankers : |
Syndicate Bank, Vijaynagar, Bangalore - 560040, India |
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Facilities : |
Rs. 2.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Raj Pandey (Chartered Accountants) |
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Memberships : |
Peenya Industries Association |
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Associates/Subsidiaries : |
Heena Minerals, Bangalore |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.200 Millions |
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Borrowed : |
Rs. 1.300 Millions |
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Total : |
Rs. 3.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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6.400 |
7.200 |
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Profit/Loss for the year |
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Not Available |
About 15% |
Expected Sales (2008:09) – Rs. 20.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
As Per Website
Details:
About Them
Subject is one of the
leading manufacturers and distributors of Conveyor Belts, Single Drum Magnets, Blowers, Jaw Crushers, etc. in
the country having a substantial market share since 2002. It has one of the
largest and biggest range of Conveyor Belts in the region. The aim of the
concern is to fulfill and match customers' requirements by manufacturing and
marketing suitable products according to their specific requirements with
unmatched and fabulous after sales-service support. Their mission has always
been to produce quality products, maintain strict, prompt and scheduled
delivery and create manpower wealth. Further, their activities are not only
limited to manufacturing and selling of Conveyor Belts to the customers, but
also to provide them with immediate services for any kind of operational wear
and tear and breakage of conveyor belts. They have set up their sister concern
for the purpose of extending their services network efficiently.
Trade References:-
v Moon Shina Enterprises
v Karnakar Agro Products
v
Kavitha Steels, Bangalore
v
Shiva Steels, Bangalore
v R C Steel,
Bangalore
v
Shina Enterprises, Cuddappa, Andhra Pradesh
v
Karnataka Silicates, Bangalore
v Amar Industries,
Bangalore
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.40.33 |
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UK Pound |
1 |
Rs.82.63 |
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Euro |
1 |
Rs.55.65 |
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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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/normal. |
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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