MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAHESH INDUSTRIES |
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Registered Office : |
Plot No. W-91, MIDC Area, Waluj, Aurangabad – 431 136, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2001 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKM03355C |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer of Automobile parts for Indurance Systems India Private
Limited which them provides to Bajaj Auto.
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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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. S S Soni |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9823052993 |
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Date : |
04.11.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No. W-91, MIDC Area, Waluj, Aurangabad – 431 136, Maharashtra,
India |
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Tel. No.: |
91-240-2554212 / 2554211 |
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Mobile No.: |
91-9823052993 |
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Fax No.: |
91-240- 2556602 |
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E-Mail : |
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Website : |
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Area : |
6500 Sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. R G Modani |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Qualification : |
ICW |
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Name : |
Mr. R M Patney |
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Designation : |
Partner |
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Date of Birth/Age : |
48 Years |
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Qualification : |
Engineer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile parts for Indurance Systems India Private
Limited which them provides to Bajaj Auto.
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (45 days) |
GENERAL
INFORMATION
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Customers : |
·
Manufacturer ·
Endurance Systems Private Limited –
Waluj, Aurangabad ·
Endurance Technologies Private Limited –
Chakan, Pune ·
Innova Rubbers Private Limited –
Nashik ·
Ideal Gas Springs Private Limited -
Satara |
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No. of Employees : |
28 (Including 10 Contract Worlers.) |
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Bankers : |
State Bank of India, Industrial Finance Bank |
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Facilities : |
CC Rs.6.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V P Shinde and Company Chartered Accountants |
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Sister Concern : |
S M Sales |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 millions (Estimated) |
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Borrowed : |
- |
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Total : |
Rs.5.000 millions (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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102.500 |
Expected Sales (2008-09) : Rs.120.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Indurance Systems India Private Limited, Waluj
Web Details
Subject is established in 2001. Armed with its vast experience of promoters of
over a decade in tube business has enabled the company to accomplish
recognition in the industry.
The Company has grown in rapid pace and has
already made its mark in the field of tubular solutions and is now set to reach
new horizons and take new challenges.
Subject is an ISO 9001:2000 Company and is
well equipped with all the facilities to provide different kinds of tubular
solutions. Unit is having capability to cut, chamfer, bulge, thread and
manipulate to close dimensional accuracy. They are also bringing up precision
components for automobile and shock absorber industries. The unit is run by professionally
qualified Engineers and Cost Accountants with rich experience in tube industry.
Passion for
excellence, accepting new challenges, seeking new avenues and focusing on
customer satisfaction has created the image as auto ancillary industry.
Keeping the focus
on its goals the company is still expanding, growing and mounting. As they
respond to the variety of needs of customers they serve, they change, evolve
and grow...
Thus what they
are, is not a state of ‘being’ but an endless process of ‘becoming’.
Services
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Solutions for all tubular components for
automobile, shock absorber, boiler, bicycle and general engineering.
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The company has a setup to manipulate operations such as
Cutting, End Finishing, Roll Marking, Polishing, CNC Bending, Cutoff, Notching,
CNC Turning, Tube Cleaning and Degreasing etc.
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They provide customized solutions for the distinct needs. Be
assured to get solutions no matter how unique the requirement is.
S M Sales are C and F agents for-
1) M/s Caparo Tubes India - the global tube company
2) STI Sanoh India
- the Japanese Joint venture company manufactures Double / Single wall copper
coated tubes for refrigeration and automobile applications.
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.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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 |
YES |
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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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