MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIRAK ENGINEERS |
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Registered Office : |
Gate No. 276/A/2, Patil Industrial Estate, At Lavale Fata, Pi Rangut, Taluka
Mulshi, Pune-411016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1993 |
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PAN No.: [Permanent
Account No.] |
ABQPP4246E |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Supplier and Exporter of Coolant Pumps,
Precision Milling Machines and Dividing Heads |
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 2500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having steady business. Trade
relations are fair. Payments are slow but correct. Trade relations are fair. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashok Phalak |
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Designation : |
Proprietor |
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Contact No.: |
91-9822336024 |
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Date : |
03.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gate No. 276/A/2, Patil Industrial Estate, At Lavale Fata, Pi Rangut,
Taluka Mulshi, Pune-411016, Maharashtra, India |
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Tel. No.: |
91-20-66740098/ 66740099 |
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Mobile No.: |
91-9822336024 |
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Fax No.: |
91-20-66740098 |
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E-Mail : |
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Website : |
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Area : |
5872 sq.ft (Owned) |
SOLE PROPRIETOR
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Name : |
Mr. Ashok Phalak |
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Designation : |
Proprietor |
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Date of Birth/Age : |
62 Years |
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Qualification : |
Mechanical Engineer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Coolant Pumps, Precision
Milling Machines and Dividing Heads |
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Products : |
·
Collant Pump 0.1 hp ·
Coolant Pump 0.25 hp ·
Coolant Pump 0.5 hp ·
Coolant Pump 1 hp ·
Dividing Head Left Hand Mounted ·
Dividing Head Right Hand Mounted ·
Precision Milling Machine Vice with Swivel Base 100 mm, 150 mm, 2000
mm ·
Precision Milling Machine Vice Without Swivel Base 100mm, 150 mm,
200mm |
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Terms : |
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Selling : |
Cash and Credit ( 30- 60 Days) |
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Purchasing : |
Cash and Credit ( 30 – 60 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers and EOM’s |
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No. of Employees : |
12 (Office 2, Factory 10) |
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Bankers : |
Saraswat Bank, Fergusion Branch, Pune |
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Facilities : |
CC Rs. 0.500 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.500 Million (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs. 0.500 Million (Estimated) |
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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2.800 |
Expected Sales (2008-09) : Rs. 3.500 Millions
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement
of Indiamart for Trust-Seal |
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CST No..: 27580082855C |
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VAT / TIN : 27580082855V |
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PAN / TAN : ABQPP4246E |
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Bank Name : Saraswat Bank |
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Bank Address : Fergusion Branch, Pune |
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Bank A/c. No.: 641 |
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Account Since : 16 YEars |
Trade References:
·
Manvari Machine Tools, Pimpari
·
Meta Technology Industries, Pune
AS PER WEBSITE
Profile:
Established in the year 1992, they - Virak Engineering are
renowned manufacturer, supplier and exporter of coolant pumps, precision milling
machines and dividing heads. They are a “Original Equipment Supplier'' and
manufacturers of machine tools, accessories which are used in different
industrial sectors. These products cater to the diversifying needs of various
general-purpose machines and CNC machines manufacturing units. The quality of
these products has enabled in gaining recognition in the Indian markets and
thereby increasing the clientèle.
For better interaction with clients in terms of the product, they do actively
participate in various trade fairs and exhibitions to abreast the customers
with the array of quality products that they are manufacturing. On all the
products, they provide complete customization as per their needs and
specification at industry leading prices.
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] 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.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
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 |
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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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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