MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INVOLUTE TOOLING CORPORATION |
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Registered Office : |
13 Jorbagh, New Delhi 110 003 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1982 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Supplier and Exporter of Mechanical Power Drives and Transmission
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 38000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Ajay Goyle denied Business and Financial Details. Hence, this report
is based on indirect sources of information. Subject is a well established and reputed concern having satisfactory
track. Proprietor is reported as
experienced and respectable businessman.
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. |
INFORMATION PARTED
BY
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Name : |
Mr. Ajay Goyle |
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Designation : |
Proprietor cum Chief Executive Officer |
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Date : |
30.07.2008 |
LOCATIONS
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Registered Office : |
13 Jorbagh, New Delhi 110 003, India |
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Tel. No.: |
91-11-24621453 |
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Fax No.: |
91-11-24603609 |
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E-Mail : |
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Website : |
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Area : |
600 sq. ft. as office (Residence of Mr. Alok Goyle) |
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Location : |
Owned |
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Factory : |
Plot No. 65, Sector 27-C, P O Amarnagar, Faridabad 121 003, Haryana,
India |
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Tel. No.: |
91-129-2275864 / 2258774 |
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Fax No.: |
91-11-24603609 |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Ajay Goyle |
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Designation : |
Proprietor cum Chief Executive Officer |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B. Tech |
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Experience : |
28 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Mechanical Power Drives and
Transmission Equipment. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
Australia, Belgium, Canada, Cyprus, Egypt, Israel, Netherlands,
Norway, Switzerland, UAE, South Arab, Italy, UK & USA |
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Imports : |
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Products : |
Bearing |
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Countries : |
Germany |
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Terms : |
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Selling : |
LC, Cash / Credit, Advance |
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Purchasing : |
Cash, Credit and Advance |
PRODUCTION STATUS
Capacity to increase production by: 25%
GENERAL
INFORMATION
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Suppliers : |
Purchase Raw Material from Open Market |
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Customers : |
P S L Limited, New Delhi |
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No. of Employees : |
50 |
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Bankers : |
· Bank of Tokyo, Parliament street, New Delhi - 110 003, India · State Bank of India, Faridabad - 121 003, Haryana, India · Bank of India |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 7.500 Millions |
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Borrowed : |
--- |
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Total : |
Rs. 7.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 (Estimated) |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
50.000 |
50.000 |
45.000 |
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Profit/Loss for the year |
NA |
11% |
11% |
LOCAL AGENCY
FURTHER INFORMATION
As per Website
Subject has a long experience in mechanical power drives and
transmission equipment. The product range covers products from Shaft Mounted
gear units, Custom built gear units, Worm Reduction units, Worm and worm gears,
Hardened and ground helical and spur gears, Sprockets, Timing pulleys and other
allied machine tool components.
Gearings are of helical type with optimized geometry and manufactured from high
alloy steels hardened for strength, durability and compactness of design.
Special application gear units as per customer specifications and standards.
The company caters to a variety of applications and the products are
manufactured to customers requirements and satisfaction.
Materials:
Medium Carbon Steels, Alloy Carbon Steels, Carburising Steels and
Stainless Steels.
Aluminium, Bronze, SG Iron castings, Nylons and Bakelite.
Applications:
Speed Reducers, Machine Tools, Textile, Printing, Air Compressor
and Other Allied Industry.
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. 42.54 |
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UK Pound |
1 |
Rs. 84.86 |
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Euro |
1 |
Rs. 66.95 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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48 |
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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