MIRA
INFORM REPORT
|
Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PARESH ENGINEERING COMPANY |
|
|
|
|
Registered Office : |
74-B, Sanjay Building No. 5, Mittal Industrial Estate, M. Vasanhi
Road, Marol Naka, Andheri (East), Mumbai – 400069, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Year of Establishment : |
Around 1980 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Installation of different kinds of Food Processing
Plants and Machinery. |
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 : |
Management of the concern remained non-co-operative during current
investigation. Subject is a small concern in its field. It’s payment are reported
as slow, as gathered from local suppliers. The concern can be considered
for small to mediocre business dealings, at usual trade terms and conditions.
|
LOCATIONS
|
Registered Office/ Warehouse : |
74-B, Sanjay Building No. 5, Mittal Industrial Estate, M.
Vasanhi Road, Marol Naka, Andheri (East), Mumbai – 400069, Maharashtra, India
|
|
Tel. No.: |
91- 22- 2850 1794 |
|
Fax No.: |
91- 22 - 2850 9193 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq.fts |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Kantibhai L Panchal |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. Girish K Panchal (Son of Proprietor) |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Paresh K Panchal (Son of Proprietor) |
|
Designation : |
Administrative Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Installation of different kinds of Food Processing
Plants and Machinery. |
|
|
|
|
Products: |
Kneader Mixer · Sigma Mixer · Rapid Mixer · Plough Shear Mixer · Mass Mixer · Mixtruder Blenders · Ribbon Blender · Double Cone Blender · Octagon Blender · Drum Blender · Y Blender · Rotocon Blender Mills · Ball Mill · Attirition Mill · Multi Mill · Colloid Mill Paste Mixer · Planetory · Contradrive Agitator · Mighty Mixer · Cooking Pan Shifter · Vibro Shifter · Oscillating Granulator Stirrers · High/Low Stirrer · High Speed Dispersers Dryer · Tray Dryer · Fluid Bed Dryer Pan · Coating/Polishing Pan Other Products : · Caramel/Drop Roll Machine · Single/Twin Screw Extruder · Nut Cutter · Nut Roaster · Chocolate/Chikki Slab Cutter · Chocolate Storage Mixer · Chocolate Tempers · Chewing Gum Plant · Butter Scotch Mixer |
|
|
|
|
Exports : |
|
|
Products : |
Pharmaceutical Machinery |
|
Countries : |
UK, African Countries, USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit (30-60 days) |
|
|
|
|
Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
15 (5 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 |
|
|
10.000 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:-
Concern Profile
The concern has been in the manufacturing and installation of different kinds
of Food processing plants and machinery for the last 25 years. Their machines
have been successfully installed and are efficiently operating all over India
and abroad too.
Their Concern is ISO 9001/2000 approved (DNV)
Over the years has specialised in Kneaders, Blenders and Stirrers to
satisfy the needs of a large number of Industries with varied applications
including adhesives, ceramics, chemicals, confectionary, cosmetics, food,
paint, pharmaceuticals, plastic, rubber and allied products.
They are a customer oriented concern and in order to help their clients
select the most suitable equipment for their application they offer a wide
range of Mixers, Blenders, Mills, Shifters, Stirrers, Dryers, etc..
Quality
General:
This quality manual of the concern refers to and includes the documented QMS
procedures indented for the overall planning, administration and control
activities, which have an impart on quality. This is a document specifying the
quality management system of subject which is dealing in machine manufacturing
for reputed organizations like Pidilite Industries Limited, Jaygo USA, Cadbury
India Private Limited, and Camlin etc. This covers all applicable elements of
the Standard IS/ISO 9001 2000, Quality Management System-Requirements, (Second
Revision)
The Quality Manual describes in adequate details the responsibilities and
authorities and interrelationship of personnel who manage, perform, verify and
review affecting quality, how different activities are being performed, the
documentation to be used and the controls lo be applied.
Purpose of Quality Manual:
a) The purpose of this quality manual Is to specify the requirements of QMS for
subject to demonstrate its ability to consistently provide Products (The term
“Products” applies to the tangible products and intangible services
intended for or required by their customers), that meet customer and applicable
statutory and regulatory requirements.
b) To fulfill the aim of the organisation, to achieve customer satisfaction
through effective application of the system, including process of improvement
of the system and assurance of conformity to customer and applicable regulatory
requirements
c) The quality manual serves the objectives of
·
Communicating the concern’s Quality Policy, Quality
Objectives, procedure and requirements to all concerned persons
Implementing and maintaining an effective system.
· Providing adequate control of practices, methods, techniques and providing documented basis for and through the system
· Presenting the quality management system for external audit purpose, such as demonstrating compliance with requirement laid down in the IS/ISO 9001.2000 Standard, by adequately addressing all the clauses.
Application:
The QMS addresses all clauses of the standard, in a manner, which is
appropriate to the type of industry and business environment within which the
concern is working to fulfill customer
and applicable regulatory requirements. The concern has taken the fact into
cognizance that the requirements of the standard are generic in nature and are
intended to be applicable to the concern, by careful consideration and review
of each clause.
Exclusion:
All clauses of ISO 9001: 2000 are applicable to the concern, hence there is no
clause to be excluded.
Scope of Certification:
Design, development, manufacturing and supply of machinery, equipment
and spares for Food, Pharmaceutical, Chemical, Paint and Allied Industry.
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 concern 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 concern’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.45.12 |
|
UK Pound |
1 |
Rs.79.60 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--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 |
|
38 |
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 |
|