MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
THOSHIBA ENERGY AND EXPORTS |
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Registered Office : |
302, Sai Paradise, G. G. Road, Near Vishnunagar Police Station, Dombivli - 421 202, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
October, 2006 |
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PAN No.: [Permanent
Account No.] |
AOHPF-8145P |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Solar and Wind Mills. |
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 Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Uday Shetty, proprietor confirmed the details. Subject is a well – established concern having satisfactory track. Trade relations are fair. Payments are reported as correct and as per
commitments. Nothing adverse reported The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Uday Shetty |
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Designation : |
Proprietor |
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Contact No.: |
91-9833147700 |
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Date : |
18.06.2008 |
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Name : |
Mr. Yogesh Shetty |
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Designation : |
91-251-2497725 |
LOCATIONS
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Registered Office : |
302, Sai Paradise, G. G. Road, Near Vishnunagar Police Station, Dombivli - 421 202, Maharashtra, India |
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Tel. No.: |
91-251-2497725 |
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Mobile No.: |
91-9833147700 / 9833665273 |
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Fax No.: |
91-251-2497725 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq.fts |
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Location : |
Owned |
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Factory : |
Panvel, Mumbai-410 206, Maharashtra, India |
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Ware Houses : |
Navi Mumbai -400 008, Maharashtra, India |
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Branches : |
Located at - · Vashi, Mumbai-400 703, Maharashtra, India · Mangalore-575 001, Karnataka, India |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Uday Shetty |
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Designation : |
Proprietor |
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Date of Birth/Age : |
38 years |
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Qualification : |
M. Com (Software) |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Solar and Wind Mills. |
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Exports : |
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Countries : |
European and African Countries |
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Imports : |
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Products : |
Wind Mills |
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Countries : |
US, Germany |
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Terms : |
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Selling : |
L/C, T/T |
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Purchasing : |
L/C , Shift payments |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
75 |
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Bankers : |
Canara Bank , Dombivali (West), Mumbai-421 202, Maharashtra, India |
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Facilities : |
CC / OD – Rs. 10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemanch Shetty and Company Chartered Accountants |
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Address : |
Thane District , Maharashtra, India |
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Associates/Subsidiaries : |
Sripada Constructions , Dombivali , Mumbai-421 202, Maharashtra, India Activity: Providing Infrastructure Services |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
--- |
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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 |
31.03.2007 (approximately) |
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Sales Turnover |
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30.000 |
20.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART :-
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Parameters |
Detail |
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Statutory Approvals |
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Central Sales Tax Registration |
27040573778C |
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VAT / TIN Registration |
27040573778V |
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Import Export Code |
0306052261 |
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Name of Bank |
Canara Bank |
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Current account Number |
5345 |
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Account Since |
7-8 years |
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Creditability Factors |
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India Mart Client Since |
2 years |
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Trade Affiliations |
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SSI Registration |
No |
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Export Promotion Council |
Yes |
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Chamber of Commerce Membership |
Yes |
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Standards and Certifications |
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Quality Management Systems |
Process |
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Environment Management Systems |
Yes |
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Safety Certificates |
Yes |
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Product Certificates |
Yes |
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Other Certificates |
No |
TRADE REFERENCES:-
· Wips and Engineers
· Reliance Power House
· Mahendra
· Raheja
· Inorbit Mall
· Titan Energy
· Lever Agenet – LLC, USA
WEBSITE DETAILS:-
The concern is the manufacturers and exporters of international quality
solar products. Gradually they have grown into a well-managed concern having
large infrastructure and offering the best services in the industry. Their
major concern is directed towards quality manufacturing and customer
satisfaction.
Their concern has added a number of new clients in the past and they have been
enjoying profitable business with existing clients. Their users are satisfied
with their product range and services that is reflected through their
feedbacks. Some their major solar products are Solar Modules (mono/poly
Crystalline Type),Solar water heater, Solar Street lighting system, Portable
laterns, Solar home lighting system, Solar water pumping system and Solar
cooking system. They take care of the specific requirements of their clients
and offer packaging and delivery services with equal efficiency.
Products
All their solar products are manufactured under standard parameters by
the most dedicated engineers having years of experience in this industry. After
they are produced, each item goes to their laboratory for quality checks
approving for standard seal marks. The raw materials and mechanical goods used
in their manufacturing unit are of import quality. Technology input that goes
in this department are of latest standards. Some of their major products
available for sale are:
· Solar Modules (mono/poly Crystalline Type)
· Solar Water Heater
· Solar Street Lighting System
· Portable Laterns
· Solar home Lighting System
· Solar Water Pumping System
· Solar Cooking System
Clients
They have a number of clients that include industrial giants, government
firms as well as individuals. They not only cater urban areas but a large
installation of their solar products is done into rural areas because it is
more needed there. Solar heaters and pumps are commonly used in societies so
they have a good supply records to this section. They supply to some reputed
retailers and wholesalers across the nation. It is a matter of pride that their
client list includes a number of international names and it is still growing.
Quality Standards
They make use of the best quality raw materials for manufacturing their
products. The heating elements used in the solar products posses high absorption
and retention value. They send samples for quality checks and get quality
seals. They have learned from the past and understand client requirements
completely. They manufacture customized products according to the utility and
installation procedure.
Their quality standards are not only limited to manufacturing products. They
have been able to achieve complete consumer satisfaction through their value
added services. They take care of all delivery requirements and offer
after-sale services. Their engineers are available in case of any trouble in
installation and operation.
Services
They have added a range of services for their clients apart form
manufacturing products. Their services have been appreciated by their clients that
has enabled them to improve with time. Some of the services include:
Installation:
Their products can give better output when installed by their expert
engineers. They give proper attention to minutest details regarding
installation space and usage of the product. They also help in assembling their
products with other electrical products offering multiple uses.
Delivery:
Their clients need not to look for other service providers for product
delivery. They have an efficient delivery wing that ensures on-time delivery of
all their 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.42.97 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.66.72 |
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 |
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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