MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PANCHAL MACHINERY |
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Registered Office : |
13, Ajay Industrial Estate, Near Water Tank, Ahmedabad – 380004, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1972 |
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Legal Form : |
Sole
Proprietory Concern. |
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Line of Business : |
Manufacturer
of ‘Power Master’ Worm and helical gearboxes and dealers in various German
companies like Henschel 2nd, Alpha Getriebe, Desch Entribtechnik
etc. |
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 50000 |
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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 satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. However, the concern can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION DECLINED BY
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Name : |
Mr.
Panchal Jashwantlal |
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Designation : |
Sole Proprietor |
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Contact No.: |
91-79-25620953 |
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Date : |
19.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
13, Ajay Industrial Estate, Near Water Tank, |
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Tel. No.: |
91-79-22520953/25622706/25620270/25620273 |
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Mobile No.: |
91-9824044156 |
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Fax No.: |
91-79-25621692 |
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Email : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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Branch : |
207, Janki Centre, 29,
Shah Industrial Estate, Off Mumbai 400 053,
Maharashtra, |
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Tel. No.: |
91-22-67049155 |
SOLE PROPRIETOR
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Name : |
Mr.
Panchal Jashwantlal |
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Designation : |
Sole Proprietor |
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Address : |
‘Neha’
Near |
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Date of Birth/Age : |
66 Years |
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Qualification : |
Diploma in Engineering |
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Experience : |
29 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of ‘Power Master’ Worm and helical gearboxes and dealers in various German
companies like Henschel 2nd, Alpha Getriebe, Desch Entribtechnik
etc. |
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Products : |
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Agencies Held : |
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Exports : |
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Products : |
Gear Boxes |
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Countries : |
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Imports : |
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Products : |
Bearings |
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Countries : |
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Terms : |
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Selling : |
L/C and
Credit (30-60 days) terms. |
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Purchasing : |
L/C and
Credit (30-60 days) terms. |
GENERAL INFORMATION
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Customers : |
§
Venus Engineering Works, Ahmedabad, § DGP Windsor India Limited §
Swelore Engineering Private Limited, Ahmedabad, § Supreme Industries Limited |
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No. of Employees : |
Around 44 [Office – 5 and Factory – 35 and Research and Development – 1 and Engineers – 3 = Total 44 ] |
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Bankers : |
Union Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh Shah Associates Chartered Accountants |
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Memberships : |
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Collaborators : |
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Sister Concerns : |
· Horizon Tradelink Private Limited Line of Business: Trading in Machinery
· Rakesh Enterprises Line of
Business: Manufacturers of Gears |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions (Estimated) |
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Borrowed : |
Nil |
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Total : |
Rs. 10.000 millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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20.000 |
Average Stock 31.03.2008: Rs. 2.000 millions (Estimated)
LOCAL AGENCY FURTHER INFORMATION
It gets suppliers credit maximum – 45 to 60 days terms.
It also extends credits upto maximum 60 days to its regular customers.
It is in trade terms with:
·
Steel-O-Fab
Engineers, Mumbai,
WEBSITE DETAILS ATTACHED:
Corporate Profile
Established in 1974, Panchal Machinery has consolidated its position in
the Indian Gear Industry as a manufacturer
of a wide range of Gears Boxes, Which confirms to the quality
expectation of both domestic and international market.
The corporate firm is promoted by a passionate research engineer Mr.
Jasu Panchal with great vision, dedication and professional management. Within
a few years, a small but visionary firm has turned in to multicrore companies
with the brand of POWER MASTER.
Company has over 10,000 Sq. ft. area, located at Facilitated Industrial
zone of city Ahmedabad. Panchal Machinery has got expertise in custome gearboxes and compound gearboxes and it has got many
original equipment manufacturers as clients in the different industries like
Chemical, Pharmaceuticals, Packaging, Textile Machinery, Cement Plants, Food
processing etc.
Core Value
They will accomplish with excellence in everything by producing products and technologies by competing in high-growth markets with consistently good performance that make and customers sustain ably different from the competition.
They learn and create by understanding that impatience with the status and personal growth. They act boldly by pioneering new business directions and opportunities.
The Company take responsibility by being at our competitive best. The Company commit to win by being personally dedicated to making a winner.
The company philosophy has always focused on customer satisfaction with uncompromising integrity. They carries products and services with the finest value and quality in the market. To meet customers’ expectations, they ensure that Team generate enthusiasm and respond with extra efforts in addressing our customers' needs.
Exclusive Dealer
for
·
Alpha Getriebe (
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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 |
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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