MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
OPAL INDUSTRIES |
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Registered Office : |
9, Police Quarters Main Road, Bharathi Nagar, Ganapathy [PO], Coimbatore
– 641006, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2007 |
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IEC No.: |
3208001398 |
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PAN No.: [Permanent
Account No.] |
ALTPB2546G |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and exporter of all types of printing
machines. |
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 1000 |
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Status : |
New Concern |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish track. It’s payments re reported as correct. Scale of operation is small. It can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
9, Police Quarters Main Road, Bharathi Nagar, Ganapathy [PO],
Coimbatore – 641006, Tamilnadu, India
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Tel. No.: |
91-422-2512444 |
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Mobile No.: |
91-9360335841 |
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E-Mail : |
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Website : |
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Area : |
700 sq. ft. [Rented] |
SOLE PROPRIETOR
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Name : |
Mr. V Bhuvaneswaran |
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Designation : |
Proprietor |
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Date of Birth/Age : |
30 Years |
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Qualification : |
SSLC / 10th |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of all types of printing
machines. |
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Products : |
·
Chest Printing Machines ·
Textile Printing Machines ·
Garment Printing Machines ·
Manual Fusing Machine ·
Automatic Fusing Machines ·
Textile Curing Machines ·
LPG Dryer ·
Electric Dryer |
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Exports : |
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Countries : |
Dubai |
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Terms : |
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Selling : |
Advance Payment |
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Purchasing : |
Credit Upto 30 days |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
5 |
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Bankers : |
Canara Bank, Ganapathy, Coimbatore – 641006 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R R Gurumurthy Chartered Accountants |
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Address : |
Coimbatore |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.200 Million |
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Borrowed : |
-- |
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Total : |
Rs. 0.200 Million |
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 [Approximately] |
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0.300 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE
CHART
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Statutory Approvals |
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Income Tax Registration |
ALTPB2546G |
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TNGST |
2223876 |
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VAT/ TIN Registration |
33952223876 |
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Import Export Code |
3208001398 |
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Name of Bank |
Canara Bank |
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Current Account Number |
147 |
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Account Since |
April 2008 |
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Credibility Factors |
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Years of Establishment |
2007-2008 |
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Turn Over |
Rs. 0.300 Million |
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Turn Over Year |
2007-08 |
AS PER WEBSITE
Profile
Established in the year 2004, Opal Industries has emerged as a renowned
manufacturer and exporter of garment printing machines. Their company has created
its reputation as a young and dynamic company providing solutions to the
changing requirements of the textile printing industry. Their machines are
offered in industry standard and customized configurations, in accordance to
client's satisfaction.
They are a proprietorship firm started by their proprietor Mr. Bhuvaneswaran,
who possesses vast expertise in the field of manufacturing textile garment
machinery; under his able guidance their organization has grown leaps and
bounds. Their ever increasing turnover stands testimony to their growth.
They offer a complete solution to the printing requirements of textile industry
at the most competitive prices. Their well equipped manufacturing unit is
supported by an in-house design unit, which creates innovative and technically
advance machine designs as per latest market trends and demands. Additionally,
they have a capable logistics team, which ensures that their machines are
delivered to their clients, within a reasonable time frame.
Products profile
They manufacture their range of machines using quality tested raw
material like 4mm, 3mm and 1 mm hot rolled sheets, stainless steel, mild steel
and other materials. The use of innovative technology in the production of
their machines, makes them class apart from other competitors. The array of
their products includes garment printing machines, chest printing machines,
curing machines, fusing machines, fusing press machines, textile printing
machines and many more.
These machines are known for their salient features which include following :
- Robust
construction
- Dimensional
accuracy
- Corrosion
resistant
- High
performance
- Long
operating life
- Durable
- Less
maintenance
All their machines are widely used in textile industries and can be
customized as the specifications provided to them by their clients.
Infrastructure
They possess sophisticated infrastructural facilities that are fitted
with technically advance machines, which enable them to serve the changing
requirements of their clients and of the textile industry as a whole. The
production unit is located at Coimbatore and is spread across 15,000 square
feet, having a production capacity of 10,000 units.
Various machines installed in their manufacturing unit are as follows :
- Welding
Machine
- Drilling
Machine
- Lathe Machine
- Grinding
Machine
- Cutting
Machine
- Compressor
Their manufacturing unit is backed by an in-house design unit which is
equipped with latest CAD/CAM facilities, which enables them to manufacture customized
products as per their client’s requirements.
Team of Proficient
Experts
They are supported by a team of proficient
experts, who possess a rich industry expertise and required technical
knowledge. They work in close co-ordination with each other to achieve the
desired results and acquire utmost client satisfaction. Their immense
dedication towards work has enabled them to achieve the competitive advantage.
Different experts that make up their
team include following :
- Engineers
- Technicians
- Machine
operators
- Quality
inspectors
- R&D
Experts
- Administration
staff
- Marketing and
sales agents
- Warehousing
experts
- Customer care
executives
Their customer friendly attitude has assisted them in enhancing their
customer base at the same time maintaining their goodwill in the global market.
Quality Compliance
They employ established quality policy in their company’s activities,
which enables them to develop products that conform to the international
standards.
They conduct rigorous quality check at each level of their production process,
starting from the procurement of raw material and till the final delivery of
the finished machines. All these tests are conducted by their team of quality
experts, who check the quality of their machines on the parameters of :
- Printing
efficiency
- Print quality
- Tolerance
- Tensile
strength
- Performance
- Power
consumption
- Corrosion
resistance
Owing to the consistent quality of their printing machines, they have carved
a niche for themselves in the industry.
Research &
Development
They possess a sound research and development unit where various
products related technical researches are conducted. Their commitment towards
customer's satisfaction drives them to research new technologies to constantly
improve their printing machines. The unit is operated by an experienced team of
researchers who conduct in-depth research to improve the printing quality,
efficiency and other related features of machines. They work in close synchrony
with the production team and offer product related information, which needs to
be incorporated in the new machines. This leads to increase in production
capacity as well as reduction in production cost.
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
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UK Pound |
1 |
Rs.78.86 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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35 |
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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