MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRIVENI MACHINE TOOLS |
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Formerly Known As : |
PARVATHA INDUSTRIES |
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Registered Office : |
8A, Parvatha Industrial Complex, Gangamma Circle, Jalahalli, Bangalore
– 560 013, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1987 |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of all types of Wrapping Machines and Hydro fracturing Units. |
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 4000 |
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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 : |
Mr. Ganesh and Mr. Gomagan Confirmed the details. Subject is a well 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. P Ganesh |
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Designation : |
Partner |
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Contact No.: |
91-9448366544 |
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Date : |
03.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
8A, Parvatha Industrial Complex, Gangamma Circle, Jalahalli, Bangalore
– 560 013, Karnataka, India |
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Tel. No.: |
91-80-28384732 |
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Mobile No.: |
91-9448366544 |
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Fax No.: |
91-80-57654575 |
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Email : |
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Area : |
4000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. P. Ganesh |
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Designation : |
Partner |
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Mobile No.: |
91-94448366544 |
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Date of Birth/Age : |
43 years |
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Qualification : |
B. E. (Mech) |
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Experience : |
16 years |
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Name : |
Mr. Gomagan |
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Designation : |
Partner |
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Date of Birth/Age : |
37 years |
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Qualification : |
DME |
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Experience : |
7 years |
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Name : |
Mr. Tirumagan |
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Designation : |
Partner |
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Date of Birth/Age : |
35 years |
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Qualification : |
DME |
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Experience : |
6 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all types of Wrapping Machines and Hydrofracturing Units. |
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Exports to: |
·
Sri Lanka ·
Nepal ·
UAE ·
Bangladesh |
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Terms : |
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Selling : |
Advance, On Delivery Payment |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Suppliers : |
v J K H
Enterprises (Bangalore) v United Bearings
(Bangalore) v Ambica Trading
Company (Bangalore) |
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Customers : |
End
Users |
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No. of Employees : |
25 (Production/Technical: 20; Other : 5) |
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Bankers : |
Canara Bank Vidyaranyapuram Branch, Bangalore, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Industrial Business Services Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.800 millions |
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Borrowed : |
- |
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Total : |
Rs. 0.800 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
8.000 |
3.500 |
3.000 |
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Profit/Loss for the year |
NA |
Indicated as 15% |
Indicated as 15% |
Expected Sales (2008-09) : Rs 10.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
History
The subject was established as “Parvatha Industries” in 1987, Name
changed to “Triveni Machine Tools” with effect from 2003.
Trade References:
·
I.T.C Limited, Bangalore
·
H.D.F.C Hyderabad Deccan Cigaratte Facory, Hyderabad
·
God Frey Philips India Limited, Mumbai
Business
Subject is the manufacturer of special purpose machines. Currently
focusing on Advanced, Automatic and customized Wrapping System.
Application Areas include
- Processed
food products
- Healthcare
Products
- Cosmetics and
Toiletries
- Drugs and Pharma Products
- Audio / Video
Cassettes
- Tobacco
Products
Website details attached:
Profile
Subject established in the year 1978, is a leading
manufacturer and exporter of all types of Wrapping Machines and Hydrofracturing Units. Based in the Silicon
City, Bangalore, the company has carved a distinct name for itself with its
wide range of Wrapping Machines and
Hydrofracturing Units which it has supplied to all leading
tobacco manufacturers, blade manufacturers, pharmaceutical companies and food
and cosmetic industries.
Products
At subject they
specialize in manufacturing premium quality Hydrofracturing Units and Wrapping Machines. The Wrapping Machines manufactured
at their unit have a distinct advantage over others in the sense that
both the packet moving path as well as other guards of their Wrapping Machines
is coated with Stainless Steel Material.
Hydrofracturing
Hydrofracturing is a process by which dry low yielding bore
well can be rejuvenated by pressurizing water into it which then opens out and
cleans out the non water producing veins, thereby opening a clear path for
water to flow into the well from outlying under water resources in the rock
formations. Fractures in the bore wells can be identified by down hole Camera.
Dry or relatively dry wells maybe induced to produce water if water exists in
the area around the bore well and it is accessed by Hydrofracturing. This is
accomplished by setting a tool called packer into the well. This packer seals
the well at a desired depth and allows water to be pumped through a pipe
passing through the packer. The water is then pumped through a pipe located at
ground level and a pressure upto 3000 PSI is developed in the well thus forcing
water into existing fractures at a rate faster than the fracture can accept it
thereby opening, clearing and extending the fracture paths by which overall
yield is improved.
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. 46.88 |
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UK Pound |
1 |
Rs. 82.97 |
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Euro |
1 |
Rs. 64.99 |
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 |
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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