MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLASS TEF ENGINEERING |
|
|
|
|
Registered Office : |
Plot No. A1/ 5241, Near Khwaja Chokdi , G.I.D.C., P.B. No.
210, Ankleshwar – 393 002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDG00872E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADFG7780L |
|
|
|
|
Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Manufacturer of Glass Lined Reactor-Teflun PEP / PEA Lined Valves,
Pipe Fittings and spares for Glass Lined Reactor. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shirish Patel and Mr. Rajesh |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9377510752 |
|
Date : |
28.04.2008 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. A1/ 5241, Near Khwaja Chokdi , G.I.D.C., P.B. No. 210, Ankleshwar - 393 002, Gujarat , India |
|
Tel. No.: |
91 - 2646 – 324324 |
|
Mobile No.: |
91 - 98241 13069 / 93775 10752
/ 93281 99269 |
|
Fax No.: |
91 - 2646 – 221267 |
|
E-Mail : |
|
|
Website : |
www.glasstef.com |
|
Area : |
2700 Sq.mtrs (Office) 2200 Sq.mtrs (Factory - built up area) 300 Sq.mtrs (Administrative Office) 500 Sq.mtrs (Godowns) |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Vasant Patel |
|
Designation : |
Partner |
|
Qualification : |
BE (Mechanical), PG Diploma in Marketing Management |
|
|
|
|
Name : |
Mr. B R Patel |
|
Designation : |
Partner |
|
Qualification : |
D.M.E, DPE |
|
|
|
|
Name : |
Mr. S G Patel |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Lined Reactor-Teflun PEP / PEA Lined Valves,
Pipe Fittings and spares for Glass Lined Reactor. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
Japan, USA, China |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30-60 days) |
|
|
|
|
Purchasing : |
Cash, Credit (30-60 days) |
GENERAL
INFORMATION
|
Customers : |
End Users, OEM’s · Bayer India Limited · Aventis Pharma Limited · Cadilla Pharma Limited · Cadilla Healthcare Limited · Cheminova (I) Limited · Grasim Limited ( Nagda, M.P.) · Lupin Limited · Pesticides (I) Limited · Rallis (I) Limited · Heubach Colour Limited · Gharda Chemical Limited · Wockhardt Limited |
|
|
|
|
No. of Employees : |
12 (3 in Office and 9 in Factory) |
|
|
|
|
Bankers : |
· HDFC Bank, Ankleshwar · ICICI Bank, Ankleshwar · Oriental Bank of Commerce, Ankleshwar |
|
|
|
|
Facilities : |
The concern reported to enjoy some facilities from Oriental Bank of
Commerce |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
· GLR Engineers, Vapii, Gujarat · Maruti Refractories, Ankleshwar · Jackson Chemical, Ankleshwar |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 1.500 millions |
|
Borrowed : |
Rs. 1.500 millions |
|
Total : |
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
|
30.000 |
25.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Bayer India Limited
· Aventis Pharma Limited
· Cadilla Pharma Limited
· Cadilla Healthcare Limited
· Cheminova (I) Limited
· Grasim Limited ( Nagda, M.P.)
· Lupin Limited
· Pesticides (I) Limited
· Rallis (I) Limited
· Heubach Colour Limited
· Gharda Chemical Limited
· Wockhardt Limited
WEBSITE DETAILS:
Established in 1998, the concern has made a tremendous
impact amongst users of Glasslined Reactor (Glass Steel) as a premier
specialist in:
Manufacture of Teflon ® FEP / PFA Lined Valves, Pipe Fittings and
Spares For Glass Lined Reactor (GLR).
Repair of Glass - Lined Reactors
Long-Term maintenance contracts for
Glass-Lined Reactors
They serve an entire spectrum of chemical industries where corrosive
chemical is processed in manufacturing processes. This includes the following
industries and more
· Petrochemical
· Chemical
· Pharmaceutical
· Dyes – Intermediates
· Agrochemical
Theirs is a highly specialized unit with proficiency in the Repairing of
Glass lined Reactors and Manufacturing Teflon Lined Spares for Glass lined
Reactor , Teflon Lined Pipe Fittings.
They have repaired so many GLR and spares which are regretted to repair
by manufacturer or suggested for costly and Lengthy Reglassing process.
Their more than three decade of experience in this field has given them
a strong edge over their competitors, thus resulting in a strong customer base.
Their ability to provide their customers with timely, dependable and economical
solutions suiting their needs and resulted in helping them build an immense
trust with their clients. Moreover, they strive to minimize the impact of the
down-time for the customer by their willingness to work round the clock to suit
the schedule of the customer. This applies to both unplanned emergency
shutdowns as well as to routine scheduled maintenance shutdowns. Also, with
their capacity to rapidly mobilize and deploy large field crews, they have the ability
to meet or exceed their customers scheduling expectations. Long-Term
maintenance contracts are available to individual plant locations or as part of
a multi-site corporate structure.
As mentioned, the concern is also in the business of manufacturing the
following :
Teflon ® FEP / PFA
Lined Spares For GLASS LINED REACTOR ( GLR ) Like Manhole Cover Elliptical /
Round , Protection Ring, Flush Bottom Valve Spares, Dip Pipe / Sparger,
Agitator Blade, Nozzle Bushes, Gaskets and Ball Valves, Pipe Fittings.
M.S. Parts related
to Glasslined Reactor Like C - Clamps, Split Flanges Stuffing Box, Coupling.
Their manufacturing unit supplies their products to a list of clients,
irrespective of the make of their reactors. The following is a short listed GLR
manufacturer to name a few, for which they can supply spares :
· GMM, ( KARAMSAD, GUJARAT)
· SGEL, (ANAND, GUJARAT )
· NILE ( HYDERABAD, A.P.)
· PFAUDLER
· DE - DETRICH
· CHINESE
PROMOTERS :
Mr. Vasant Patel, B.E. ( Mech.),
PG Diploma holder in Marketing Management
Mr. B. R. Patel ( D.M.E, DPE )
Both have a deep knowledge and understanding in this area and a combined
field experience of 30 years. Their technocratic expertise and dedication has
helped the concern to mature where it stands now. Both have experience at GMM
(Pfaudler Group Company), a well known Glasslined Reactor Manufacturer in
India.
Repair and maintenance work at customers in Gujarat Region, Maharashtra,
M.P., Delhi and various other cities speak very highly of them.
GROUP COMPANIES :
GLR ENGINEERS, Vapi, Gujarat : Repairing of GLR
MARUTI
REFRACTORIES, Ankleshwar. : Anti corrosive tile lining, mastick,
brick. Lining in furnace chimney and
reaction vessel
JACKSON CHEMICAL, Ankleshwar. : Manufacturing of Dyes Intermediates ,
Speciality Chemicals
DEALER PARTNERS :
Perfect GLR Services, Baroda, Gujarat
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|