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MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
WATECH R O SYSTEM ( |
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Registered Office : |
Rajender Nagar, Nagin Desai NI Chawl, Bardoli |
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Country : |
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Date of Incorporation : |
21.04.2006 |
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Com. Reg. No.: |
048170 |
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CIN No.: [Company
Identification No.] |
U15543GJ2006PTC048170 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDQ00127B |
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PAN No.: [Permanent
Account No.] |
AAACW6362L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Water Purifier |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to established track. Management remained non-cooperative during current investigations. Payment records are not available. Initially, it should be considered
for any business dealings on safe and secured track terms and
considered. |
INFORMATION PARTED BY
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Name : |
Mr. Dharmesh Dube |
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Designation : |
Accountant |
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Date : |
15.11.2008 |
LOCATIONS
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Registered Office : |
Rajender Nagar, Nagin Desai NI Chawl, Bardoli |
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Mobile No.: |
91-9898626000 |
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E-Mail : |
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Website : |
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Head Office and Factory 1 : |
NH No. 6, Opposite Fishnet Plant, GIDC, |
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Tel. No.: |
91-2622-222399 |
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Fax No.: |
91-2622-222799 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2: |
Block No.536, |
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Tel No.: |
91-2764-286060 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Om Prakash Shah |
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Designation : |
Managing Director |
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Address : |
Rajender Nagar, Nagin Desai NI Chawl, Bardoli |
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Date of Birth/Age : |
27.05.1963 |
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Qualification : |
MBA |
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Date of Appointment : |
21.04.2006 |
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Sole Proprietorship : |
Pacific Enterprises Near Lake, Vastrapur, Ahmedabad – 380015, |
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Name : |
Mrs. Premlata Shah |
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Designation : |
Director |
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Address : |
Rajender Nagar, Nagin Desai NI Chawl, Bardoli |
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Date of Birth/Age : |
21.06.1966 |
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Date of Appointment : |
21.04.2006 |
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Name : |
Mr. Jitesh Shah |
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Designation : |
Director |
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Address : |
Rajender Nagar, Nagin Desai NI Chawl, Bardoli |
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Date of Birth/Age : |
08.11.1967 |
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Date of Appointment : |
21.04.2006 |
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Name : |
Mrs. Roopaben Shah |
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Designation : |
Director |
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Address : |
Rajender Nagar, Nagin Desai NI Chawl, Bardoli |
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Date of Birth/Age : |
01.01.1972 |
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Date of Appointment : |
21.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 18.04.2006)
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Names of Shareholders |
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No. of Shares |
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17500 |
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Prem Lata Shah |
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12500 |
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Jitesh Shah |
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12500 |
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Roopa Shah |
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7500 |
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Total |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Water Purifier |
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Products : |
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Exports : |
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Products : |
Water Purifier |
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Countries : |
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Imports : |
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Products : |
Water Purifier |
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Countries : |
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Terms : |
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Purchasing : |
Cash and T/T |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (Office – 10 and Factory 40) |
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Bankers : |
Not Available |
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Banking
Relations : |
Unknown |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
No financials are available since incorporation of the company.
LOCAL AGENCY FURTHER INFORMATION
Website Details:
Profile:
Subject is the
fastest and largest emerging integrated water solution provider, with the state
of the art multi locational manufacturing facilities backed by dedicated team of
engineering professionals having the core competency in designing,
manufacturing, installation and services of RO-Systems. They also dealing in
OEM Base Domestic RO, Commercial RO, Industrial RO, in company brand
and also dealing in OEM components. Companies have the national presence
through its branch offices and dealer network. Through which it assures the
customer of Time Bound and Zero defect Service.
Company is member of Water Quality
Association-USA and Indian Water
Works Association. They are also associated with
Company is first company in the
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 |
2 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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7 |
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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