MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLU TECH |
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Registered Office : |
3212, Phase – IV, GIDC Estate, Behind Benzo Producta, Vatva, Surat –
382 445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1986 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Plastic Moulding Machines, Hydrolic Metal
Working Machines and General. |
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 8000 |
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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. |
LOCATIONS
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Registered Office / Factory : |
3212, Phase – IV, GIDC Estate, Behind Benzo Producta, Vatva, Surat –
382 445, Gujarat, India |
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Tel. No.: |
91-79-65435857 |
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Fax No.: |
91-79-25841143/ 25840670 |
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E-Mail : |
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Area : |
9100 Sq. Yard |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mr. Ramesh Panchal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
53 Years |
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Qualification : |
B.E.M. |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plastic Moulding Machines, Hydrolic Metal
Working Machines and General. |
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Products : |
v
Plastic Moulding Machines Ø
Inline Screw type
Injection Moulding Machines Ø
Blow Moulding
Machines v
Hydraulic Metal Working Machines Ø
Hydraulic
Presses Ø
Deep Drawing
Presses Ø
Hydraulic
Press Brakes Ø
Hydraulic
Shears v
General Ø
Hydraulic
Cylinders Ø
Hydraulic
Special Purpose Machines. |
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Exports : |
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Products : |
v Plastic Moulding
Machines |
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Countries : |
v UAE v Sri Lanka |
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Terms : |
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Selling : |
Cash, Advance (30% - 40%) |
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Purchasing : |
Cash and Credit ( 30 days), Advance – 50% |
GENERAL
INFORMATION
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Customers : |
v End Users
v
Shrine Plast v
Gurukrupa
Plastics v
Shreeram
Plastics v
Ramani
Plastic Engineers v
Gujarat
Plastic Industries v
Indian
Plastics and Rubber Industries o
Hydraulic.
Presses and Shearing Machines v
Maxmech
Engineers v
Gujarat Rodrel
Limited v
Hi-tech
Polymers v
Friends
Electricals and Gas Welding Works v
D.J. Engg.
Works v
Gayatri Tech
Fab o
Misc. Products v
Sulekhram
Steel Rolling Mills v
System
Engineers v
Parshuram
Pottery Works v
Bombay
Conductors (Private) Limited v
Ambica
Hydraulics v
Maxocrete
Equipments |
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No. of Employees : |
Total : 15 (Office : 3, Factory : 12) |
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Bankers : |
v Bank of India Vatva Branch |
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Facilities : |
CC Limit – Rs. 2.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gaurang Vora and Associates Chartered Accountants |
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Address : |
CG Road, Ahmedabad |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.600 millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.600 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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9.200 |
Expected Sales (2008-09): Rs. 12.500 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Max Mach Engineering
v
Shree Navkar Metals Limited – Gujarat
v
Star Industries Products LLC - Dubai
As Per Website Details
Globalization
undoubtedly opens new horizons for every business organization but also
converts the market into a cut-throat arena where only the best products are
allowed to survive in the market. However, there are certain eminent players
who are successfully sailing their organization's ship in today's highly
competitive business world.
Subject is one of the most reputed manufacturers,
exporters and suppliers who hold the most dignified platform in its discipline. With the
perfect combination of latest innovative technologies and excellent manpower,
the concern offers an wide range of superior hydraulic machines such as Hydraulic
Press Brakes, Hydraulic Presses, Hydraulic Shears/Cylinders/Deep Drawing
Presses, Hydraulic Spinning Machines, etc. They are also an importer of Hydraulic Components,
Electronic Components, and Microprocessor Controls from major markets of the world.
The concern is keenly
administered by sound management ethics at every level of its business
operations to ensure efficient production from every manufacturing stage. The
concern is promoted by a man of vision, ideas and technology- Mr.
Ramesh Panchal, (CEO), who is an engineering graduate in Mechanical Engg. and supported by
team of hi-tech professionals, with a clear vision to be 'One Up' by not losing
focus on the upcoming challenges of the new economic global order. The export
markets are centered in UAE, Ethiopia and Sri Lanka.
Innovative Engineers
They are well supported by a team of dynamic and highly qualified
professionals who enable us to deliver the most advance range of products at
competitive prices. The engineers regularly study the emerging market requirements
and design the products accordingly.
R and D
Research and development forms an integral part of the system. They
possess an advance testing facility where every product is thoroughly tested.
Apart from that, they have also established a separate unit for conducting
various R and D activities.
Infrastructure
Subject has an advance setup situated in Vatva Industrial
Area, Ahmedabad, the business town of India. They are empowered with the latest
standardized machines and qualified workforce to manufacture an unbeatable line
of plastic moulding and hydraulic machines for diverse applications. The
concern upgrades its technological strength on a regular basis in order to
deliver highly efficient solutions at minimum prices to its valued clients.
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 :
The 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.
The 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. 44.26 |
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UK Pound |
1 |
Rs. 79.19 |
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Euro |
1 |
Rs. 64.42 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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