MIRA
INFORM REPORT
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Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRESS FAB INDUSTRIES |
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Registered Office : |
1469, HSIDC Industrial Estate, Rai Sonipat - 130 001, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1996 |
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IEC No.: |
*0506032116 |
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PAN No.: [Permanent
Account No.] |
AAAFP9387R |
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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 Stainless Steel Kitchen Sinks |
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 : |
Usually 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 usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pankaj Aggarwal |
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Designation : |
Partner cum Chief Executive Officer |
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Date : |
03.10.2008 |
LOCATIONS
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Registered Office / Head office : |
A/92, Hari Enclave, Sultanpuri, New Delhi, India |
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Area : |
250 Sq.Mtrs |
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Location : |
Owned |
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Factory : |
1469, HSIDC Industrial Estate Rai, Sonipat - 130 001, Haryana, India |
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Tel. No.: |
91-130-2110345 |
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Mobile No.: |
91-9810121488 |
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Fax No.: |
91-130-2366400 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq.Mtrs |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Pankaj Aggarwal |
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Designation : |
Partner cum Chief Executive Officer |
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Age : |
39 years |
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Experience : |
17 years |
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Name : |
Ms. Poonam Bansal |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter
of Stainless Steel Kitchen Sinks |
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Products : |
· Single Bowl Sinks · Single Bowl Single Drain Sinks · Single Bowl with Mini Bowl Sinks · Single Bowl Double Drain Sinks · Double Bowl Sinks · Double Drain Sinks · Double Bowl Mini Bowl Sinks · Double Bowl Single Drain Sinks An ISO 9001 : 2000 certified Concern |
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Brand Names : |
·
Riga ·
Canna · Swiss |
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Exports : |
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Products : |
Single Bowl Sinks, Single Bowl Single Drain Sinks, Single Bowl with Mini Bowl Sinks, Single Bowl Double Drain Sinks, Double Bowl Sinks, Double Drain Sinks, etc |
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Countries : |
Asian Countries |
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Terms : |
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Selling : |
LC, Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS
Capacity to increase production by 35%
GENERAL
INFORMATION
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Suppliers : |
Own manufacturing |
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No. of Employees : |
40 |
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Bankers : |
HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Memberships : |
Registered as SSI Unit (Directorate of industries, approved
by City / State Government) |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
---- |
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Total : |
Rs. 5.000 millions |
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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40.000 |
35.000 |
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Profit/Loss for the year |
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12% |
12% |
Expected Sales (2008-09): Rs. 50.000 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 |
PRESS FAB INDUSTRIES |
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Address |
1469, HSIDC Industrial Estate, Rai Sonipat - 130 001, Haryana, India |
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Phone Numbers |
91-130-2110345 |
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Fax Number |
91-130-2366400 |
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Statutory Approvals |
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Legal Status of Firm |
Partnership Firm |
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Income Tax Registration |
AAAFP9387R |
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VAT / TIN Registration |
*06503012500 |
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Import Export Codes |
*0506032116 |
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Name of Bank |
Hdfc
Bank Limited |
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Creditability Factors |
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Years of Establishment |
1996 |
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Trade Affiliations |
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SSI Registration |
Registered as SSi unit |
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Standards and Certifications |
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Quality Management Systems |
An ISo
9001 : 2000 Certified Concern |
WEBSITE DETAILS:-
Corporate Info
Incorporated in 1996, subject is an
accredited supplier, manufacturer and exporter of high quality stainless steel
kitchen sinks as well as steel sinks that can be used for other domestic or
industrial applications. Their decade of experience and expertise has aided
them to modify and improvise the sink into a malleable center that is an
epitome of functionality and practicality.
They present a myriad of sinks and kitchen
sinks in a voluminous possible choice of sizes, shapes and designs to their
esteemed customers across globe. With a wide range of their products, they have
redefined the complete look of the place by providing it an aesthetic allure
and proficient utility at the same time.
Trustworthy Brands
Subject market
it's wide assortment of products under three
brand names viz RIGA, CANNA and SWISS.
Their series of stainless steel sinks under RIGA and CANNA brands are an apt
culmination of style, sophistication and have long lasting sheen. On the other
hand, SWISS brand encompasses products that cater to all the stratum of
society, are facile to use and virtually requires no maintenance.
They have a team of experts who are in
direct contact with the customers and suggest their manufacturing team varied
designs and concepts as desirous to customers / end users. Moreover, they
assure that all the sinks manufactured and exported by them have the following
properties:
· Anti scratch surface for the long lasting usage
· Apt choke stopper stainer for decorous drainage
· Impeccable polish for the glossy and satin finished look
· Plastic cover to safeguard the sink from outer diverse effects.
Range
of steel sink includes :
· Single Bowl Sinks
· Single Bowl Single Drain Sinks
· Single Bowl with Mini Bowl Sinks
· Single Bowl Double Drain Sinks
· Double Bowl Sinks
· Double Drain Sinks
· Double Bowl Mini Bowl Sinks
· Double Bowl Single Drain Sinks
Quality - Core domain of their Organization
"Quality" is the core arena of their
organization and they are driven by the passion to deliver stature products to
their clients. Their technically qualified personnel with trained workers
strive to develop products that adhere to set international benchmarks.
Quality experts empowers their "Quality Control Regime", as all the
pre and post manufacturing operations are under their surveillance. Their
experts analyze the products on varied parameters.
Versatile Manufacturing Unit and Team
Their versatile manufacturing unit and team
of experts have provided their organization an upper edge over the competitors.
They are aptly calibrated to
manufacture and export precision products in numerous dimensions and shapes.
The concern has sophisticated assembly line of machinery and implement innovative
technology to deliver world class stainless steel sinks.
Their manpower comprises of proficient team of technocrats and Research and
Development personnel. They have enriched expertise and in depth knowledge of
the product and contribute significantly to the success of the organization.
Moreover, together with the apt culmination of their resources, they are able
to deliver latest and improvised versions of their products to their customers
across world.
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
antsi-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.48.43 |
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UK Pound |
1 |
Rs.84.54 |
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Euro |
1 |
Rs.65.91 |
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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