MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXMO INDUSTRIES |
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Registered Office : |
503 G N Mills Post, Mettupalayam Road, Coimbatore – 641 029, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1956 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBT04273D |
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PAN No.: [Permanent
Account No.] |
AABFT1899B |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of Submersible Pumps. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Most of the details were confirmed by various staff. Subject is a well – established and reputed concern having fine track.
Trade relations are fair. Payments are usually correct and as per commitments
The concern is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
503 G N Mills Post, Mettupalayam Road, Coimbatore – 641 029, India |
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Tel. No.: |
91-422-2642620 / 2643325 / 29 / 26610300 (Ext. 322) |
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Fax No.: |
91-422-2642357 |
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E-Mail : |
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Website : |
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Area : |
100000 Sq.fts |
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Location : |
Owned |
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Corporate Office : |
P.O. Box: 5303, Mettupalayam Road,
Coimbatore - 641 029, India |
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Tel. No.: |
91- 422 - 661 0300 / 264 2620 / |
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Fax No.: |
91- 422 - 264 2357 |
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E-Mail : |
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Website : |
PARTNERS
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Name : |
Mrs. Damayanthi Ramachandran |
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Designation : |
Managing Partner |
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Name : |
Mr. Arjunan Ramachandran |
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Designation : |
Joint Managing Partner. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Submersible Pumps. |
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· Wide Voltage Pumps · Stainless Steel Submersible Pumps · Taro Borewell Submersibles · Taro Jet Pumps · Domestic / Mini Monoblocks · Monoblocks · Openwell Submersibles Monoblocks · Industrial Motors · Borewell Compressors Pumps |
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Imports : |
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Products : |
Raw Material And Capital Goods. |
GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
Corporation Bank , Coimbatore – 641 034, Tamil Nadu, India |
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Banking Relations
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Good |
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Associates/Subsidiaries : |
Texmo Precision Castings, Kovilpalayam Post, Pollachi Taluk, Coimbatore-642110, India Tel No:- 91-4259-259384/259574/259548 Fax No:- 91-4259-259334 Mobile :- 91-9842269384 E-mail :- castings@texmo.com Line of Business: - Steels -Plain or Alloyed, Nickel Alloys, Cobalt Alloys. |
CAPITAL STRUCTURE
Not Available
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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2500.000 |
Expected Sales (2008-09): Rs.3500.000 millions
LOCAL AGENCY
FURTHER INFORMATION
CONCERN Profiles
A wide network of the concern’s branches and dealers ensures that products and services are easily available to the customer in every part of the company.
Subject is committed to manufacturing and supplying Quality Products and Services that delight the customer through Excellent Performance and Cost Effectiveness.
Its product range
includes :-
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Stainless Steel
Submersibles
The concern offers a range of submersible pumps which are made completely of stainless steel. The weight to power ratio of these pumps is very low compared to the conventional cast iron pumps. This facilitates easy handling and ensures low installation cost. The submersible pump unit consists of a centrifugal wet end with one or more impellers and a strainer protected inlet bracket.
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Three Phase
Monoblocks
Texmo Monoblocks are compact pumping systems with all the advantages of mounting the prime-mover and pump integrally on the same shaft. They come in both high and slow speed models, incorporate TEFC squirrel cage motors and deliver power up to 30 HP.
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Openwell
Submersible Monoblocks
Openwell Submersibgle Monoblocks for locations where the height of the fluctuates frequently. These sets need in position as they rest at the bottom of the monoblocks.
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Industrial
Motors
The concerns motors are available in international standard frame sizes. Built in robust grey cast iron housings dynamically balanced rotors and accurate control on the uniformity on the air gap minimize vibration and ensure low vibration levels. They are available in a wide range from 0.5 to 30 HP.
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Texmo Borewell
Compressor
It is designed for drawing water from diameter 4 inches to 8 inches. There with high quality motors to ensure performance. They are also a monoblock model, where the compressor are in a single integral.
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Borewell
Submersibles
Taro Borewell Submersibles are manufactured with mixed flow impellers. The motor portion is a squirrel water cooled induction motor with stainless steel statorust formation. They incorporate specially designed through longer life. Available for 4/6/8 inch borewells. Power HP.
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Vertical Jet
Pumps
Taro Jet Pumps are designed to pump water from deep borewells and had a TEFC enclosure in a rugged cast iron construction and enable operations under varying voltage conditions. They are available in both vertical and horizontal models. Power range 0.5 – 2 HP.
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Domestic Mini
Monoblocks
The concern manufactures a range of domestic and mini monoblocks both aluminium and cast iron motor body and slow speed models for varied head conditions. Power Range : 0.25 – 2 HP.
It is in trade terms
with :-
Ř ABB Introl India Limited— Nashik, India
Ř ABB Kent Introl, West Yorkshire, U.K.
Ř Cosmotec, Osaka, Japan
Ř Dresser Valves, Avon Massachusets, U.S.A. , Conde-France, Alexandria, Louisiana-U.S.A., Naples-Italy, Skermasdale-U.K., San Nicolas- Mexico.
Ř Edlund Inc. Burlington, Vermont, U.S.A.
Ř Gestra GmbH, Bremen, Germany
Ř Gestra, Gdansk, Poland
Ř Goodwin International Limited, Stoke-on-Trent, U.K.
Ř Plenty Steam Traps, Leicester, U.K.
Ř Power Valves, Cincinnati, Ohio, U.S.A.
Ř Schmidt Armaturen, Villach, Austria
Ř Tomoe Corporation, Osaka, Japan
Ř TTV S. A. Madrid, Spain
WEBSITE DETAILS:
Founded in 1956, the concern have been at the forefront and been the
pace setters in the electric motor and agricultural pump Industry since. The
concern primarily started to serve the nascent textile motor market, and today
has an annual turnover of over three billion INR, making it the market leader
in India.
Employing over 1200 people
subject has a wide network of company branches and dealers making it possible
for customers to be able to make use of their products and services in every
part of the country.
The
goal is to make them as approachable as possible and to respond to customers as
quickly as possible. In pursuit of these goals, they have installed flexible
manufacturing systems and a wide variety of configurations and design platforms
that can be shared by a family of products. They have widened their platform
base to meet their customers' needs.
PLANT
Their wide ranges of products are manufactured using state of the art machinery
in three modern self-contained machine shops. Precision is built into every
process and the products pass through stringent quality control procedures.
The products are designed for easy installation, low running costs, improved
efficiency and minimal maintenance. Rigorous testing of products at every stage
of manufacture ensures high efficiency and enhanced life.
The AGM
automating moulding line and the productions facilities at the foundry are
fully Automated to ensure precision and consistency. This is an environmentally
friendly, fully automated and sophisticated line. Modern CNC machines and the
Statomat automatic coil winding and Insertion machines are a few of the most modern
productions systems, which match those in international manufacturing
facilities.
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.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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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63 |
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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