MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LAXMI MACHINE PRODUCTS |
|
|
|
|
Registered Office : |
Jay Bharat Rangshala Compound, Near Tirupati Industrial Estate, Saraspur,
Ahmedabad – 380 024, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Year of Establishment : |
1988 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer of Hydraulic Bailing Press for Cotton Waste, Fiber Waste,
etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 5000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. Chetan Panchal refused Business and Financial Details. Scale of operation is small Business shows downward trend. Payments are reported as slow but correct. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office / Branch / Factory : |
Jay Bharat Rangshala Compound, Near Tirupati Industrial Estate, Saraspur,
Ahmedabad – 380 024, Gujarat, India |
|
Tel. No.: |
91-79-22779684 |
|
Mobile No.: |
91-9426519475 / 9426063375 |
|
Fax No.: |
91-79-22779684 |
|
Area : |
500 Sq.fts |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Chetan Panchal |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hydraulic Bailing Press for Cotton Waste, Fiber Waste,
etc. |
|
|
|
|
Products : |
·
Hydraulic Bailing Press for Cotton Waste, Fiber Waste
and All Waste ·
Electrical Bailing Press for Cotton Waste, Fiber
Waste and All Waste ·
Hydraulic Bailing Press for HDPF/PP Woven Sack Bags ·
Electrical Bailing Press for HDPF/PP Woven Sack Bags ·
Hydraulic Bailing Press Twin Cylinder ·
Hydraulic Bailing Press for Paper Waste ·
Hydraulic Bailing Press for Plastic Bottles-Single
Container ·
Cloth Bailing Press (25 Ton and 75 Ton). |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
13 (3 in Office and 10 in Factory) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 1.000 million (Estimated) |
|
Borrowed : |
--- |
|
Total : |
Rs. 1.000 million (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 (Estimated) |
|
|
|
|
|
|
Sales Turnover |
|
|
4.000 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:-
The Venture
The concern has established its business on the foundation of efforts, ethics and
commitment. It was founded in 1988, with a mission to become an international
organization manufacturing Textile Machinery. They are a renowned manufacturer,
supplier and exporter of Hydraulic Bailing Press for Cotton Waste, Fiber Waste and All Waste;
Electrical Bailing Press for Cotton Waste, Fiber Waste and All Waste; Hydraulic
Bailing Press for HDPF/PP Woven Sack Bags; Hydraulic Bailing Press Twin
Cylinder; Electrical Bailing Press for HDPF/PP Woven Sack Bags; etc. The concern is
promoted by a man of vision and ideas, Mr. Chetan Panchal, possessing extensive
experience in the textile machine industry.
The success mantra of the concern has been to always act quickly to the
changing consumer requirements and adopt quick measures to fulfill these needs.
The concern maintains a well-monitored distribution network with online
connectivity and keeps itself persistently abreast with all the latest
advancements of textile technology and industrial application. Owing to their
commitment towards their business, they have established a strong clientele not
only in the domestic market, but in the international arena as well. Their
products are exported to many countries across the globe.
Exclusive
Product Range
The concern is extensively recognized for the excellence in technical
aspects of its products. Following is the exclusive range of their products.
· Hydraulic Bailing Press for Cotton Waste, Fiber Waste and All Waste
· Electrical Bailing Press for Cotton Waste, Fiber Waste and All Waste
· Hydraulic Bailing Press for HDPF/PP Woven Sack Bags
· Hydraulic Bailing Press Twin Cylinder
· Electrical Bailing Press for HDPF/PP Woven Sack Bags
· Hydraulic Bailing Press for Paper Waste
· Hydraulic Bailing Press for Plastic- Bottles Single Container
· Cloth Bailing Press (25 Ton and 75 Ton).
Superior
Quality
Maximum attention is paid at every stage of manufacturing, in order to deliver
quality products. The procedure of quality check begins by applying stringent
norms laid out for the purchase of the best raw materials and are consistently
applied throughout the manufacturing process. The whole process of
manufacturing is supervised by a team of quality department, which performs
various checks to ensure that the quality is as per the international
standards.
Continual improvement in products through extensive research and
development is an integral part of the concern. Only the inspected and approved
products are allowed to move from the facility, thus, ensuring the flow of only
the best items to the market.
Modern
Infrastructure
Their infrastructure consists of a state-of-the-art manufacturing unit,
large warehouse, advanced R and D unit and a fast distribution chain. Their
manufacturing unit has latest machines to manufacture products with accuracy
and precision. A team of well-qualified and committed staff has enabled the
concern to reach high levels in technology and achieve total customer
satisfaction.
Their research team keeps track of the technological developments around
the world and constantly introduces these advancements into their products. The
entire infrastructure is interconnected through a well knit network for the
speedy communication among the staff and fast distribution of products. The
concern offers timely, reliable and safe logistic support to its clients, and
ensures that the products reach the clients within the stipulated time period.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.77 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.63.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|