MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
R R ENGINEERING WORKS PUNJAB |
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Registered Office : |
Millerganj, opposite
Ramgaria Gurudwara, Ludhiana – 141 003, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1990 |
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IEC No.: |
3008001793 |
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PAN No.: [Permanent
Account No.] |
ADXPB2978C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Wall Hooks and Cloth Hangers. |
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 3000 |
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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 steady business. Trade
relations are fair. Payments are slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Millerganj, opposite
Ramgaria Gurudwara, Ludhiana – 141 003, Punjab, India |
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Tel. No.: |
91-161-2539225 |
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Mobile No.: |
91-9815116854 |
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Fax No.: |
91-161-2539225 |
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E-Mail : |
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Area : |
984 Sq.Mtrs |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Ritesh Bhatia |
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Designation : |
Proprietor cum Chief Executive officer
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Date of Birth/Age : |
34 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Wall Hooks and Cloth Hangers. |
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Products : |
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Exports : |
Subject wanted to start export
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Countries : |
Africa (No Direct Export) |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS
Capacity to increase production by 50%
GENERAL INFORMATION
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Suppliers : |
Own Manufacturing |
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No. of Employees : |
25 |
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Bankers : |
Allahabad Bank, Ludhiana – 141 003, Punjab, India |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.600 million |
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Borrowed : |
-- |
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Total : |
Rs. 0.600 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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5.000 |
4.500 |
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Profit/Loss for the year |
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12% |
12% |
Expected Sales (2008-09): Rs.7.500 millions
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Existence Verification |
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Name |
R R ENGINEERING WORKS PUNJAB |
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Address |
Millerganj, opposite
Ramgaria Gurudwara, Ludhiana – 141 003, Punjab, India |
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Phone / Mobile Numbers |
91-161-2539225 |
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Fax Number |
91-161-2539225 |
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Statutory Approvals |
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Legal Status of Firm |
Proprietorship Firm |
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Income Tax Registration |
ADXPB2978c
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VAT / TIN Registration |
03491106505 |
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Import Export Code |
3008001793 |
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Name of Bank |
Allahabad Bank, Ludhiana – 141 003, Punjab,
India |
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Creditability Factors |
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India Mart Client Since |
1990 |
WEBSITE DETAILS:-
Concern Profile
subject is one of the thriving firms, engaged
in manufacturing and export of high quality cloth hangers and wall hooks.
Established in the year 1990, they
are successfully meeting the display and storage demands of garment industry,
shops, mall etc. Besides this, they are also catering to the needs of bulk
buyers who further channelize their hangers and wall hooks to domestic
consumers.
Manufactured from superior quality metals like steel, aluminium etc, their
range of hanger is highly demanded due to its superior features that includes
durability, quality etc. Their collection includes aluminium hangers, metal
hangers, metal wall hook, saree hangers, wall hanger, steel hanger, painted
wall hook, designer wall hook and polished chrome hangers.
Mr Ritesh Bhatia is the owner of
their firm. His industry experience and in-depth understanding of the market
dynamics have helped them to build large clientèle base including domestic as
well as global clients.
Key Focus Areas
· Maintaining international standards
· Meeting delivery schedules
· Adopting latest manufacturing techniques
· Reinventing and improving their range
Product Range
Successfully meeting
the display and storage demands of garment industry, their range of hangers and
wall hooks is manufactured as per the defined quality standards. It is
meticulously fabricated from fine quality metals like aluminium, steel etc,
that add durability and anti-rust properties to the finished products. Further,
extensively used in very household and commercial establishments like shops,
malls etc, their range is durable and of superior quality. It includes :
· Aluminium hangers
· Metal hangers
· Metal wall hook
· Saree hangers
· Wall hanger
· Steel hanger
· Painted wall hook
· Designer wall hook
Polished chrome hangers
Quality Assurance
A quality conscious
firm, they are constantly striving to offer superior quality hangers and wall
hooks that successfully meet international quality standards. They stringently
follow quality control measures at all levels of production, starting from raw
material procurement till the final stage of packaging and
delivery.
The metal used in the production is well-tested before use to ensure its
suitability for their range. Further, they have a full-fledged quality control
lab, where their products are tested on various quality parameters including:
· Dimensional accuracy
· Durability
· Anti-rust properties etc.
Units
Sound infrastructure
base is one of the most important requirements for successful survival and
growth in the highly competitive market environment. Over the years, they have
satisfactorily developed state-of-the-art infrastructure that assists them in
quality, expedite and economical production.
Their manufacturing unit is well-equipped with latest machinery that helps them
to meet their target production demands with full accuracy and quality. Some of
the machines that they use in their processes include :
· Wire Cutting And Straightening Machines
· Wire Bending Machines
· Power Presses Machines
· Electroplating Unit (Zinc plating, nickle plating, black nickle plating)
· Anodizing
· Power Coating Unit
· Lamination Machines
· Packaging Machines
Dexterous Team
An efficient and dedicated
team is the backbone of an industry. Their team is comprised of experienced and
skilled members who have sound understanding of market requirements and latest
manufacturing techniques. They constantly make sincere endeavors to offer their
100%. This ensures every process is carried out smoothly and efficiently.
Further, their healthy work environment motivates them to improve their skill
and easily get adapted to latest technologies incorporated in their unit.
Clientele
Over the years, they
have successfully developed broad based clientele that includes global clients
from foreign market like Africa. They have maintained consistency in delivering
top quality hangers and wall hooks that are being widely used in commercial
establishments like shops, malls etc. Further, they are also catering to bulk
buyers who further channelize their hangers and wall hooks to domestic
consumers.
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 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.48.74 |
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UK Pound |
1 |
Rs.85.19 |
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Euro |
1 |
Rs.66.12 |
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 |
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 |
NO |
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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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