MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIRMITEE ENGINEERING ENTERPRISES |
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Registered Office : |
Gala No. 8, Ganesh Society, D’Silva Baug, Ghatkopar Link Road,
Asalpha, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2001 |
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IEC No.: |
0304079731 |
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PAN No.: [Permanent
Account No.] |
ACFPT2054C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Packaging 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 9755 |
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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.
Nothing adverse reported. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Devendra Talekar |
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Designation : |
Proprietor |
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Contact No.: |
91-9820548490 |
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Date : |
02.09.2008 |
LOCATIONS
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Registered Office : |
Gala No. 8, Ganesh Society, D’Silva Baug, Ghatkopar Link Road,
Asalpha, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-25132205 |
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Mobile No.: |
91-9820548490 |
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E-Mail : |
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Area : |
2200 Sq. ft. |
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Location : |
Owned |
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Factory : |
Gala No. 8, Ganesh Society, D’Silva Baug, Ghatkopar Link Road,
Asalpha, Mumbai – 400 001, Maharashtra, India |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
PROPRIETOR
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Name : |
Mr. Devendra Talekar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
24 Years |
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Qualification : |
B.E., MBA |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Packaging Machines. |
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Products : |
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Exports : |
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Countries : |
v Kenya v South Africa |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
v End Users v OEM’s |
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No. of Employees : |
Total : 10 (Office : 2, Factory : 8) |
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Bankers : |
v State Bank of
India Kandivali (West), Mumbai – 400 067, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mulshankar Prajapati and Company Chartered Accountants |
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Tel. No.: |
91-22-93528654 |
CAPITAL STRUCTURE
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Proprietor’s Capital : |
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Owned : |
Rs. 1.951 millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.951 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.951 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.951 |
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LOAN FUNDS |
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1] Secured Loans |
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0.344 |
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2] Unsecured Loans |
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0.554 |
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TOTAL BORROWING |
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0.898 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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ADVANCES FROM CUSTOMERS |
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0.282 |
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TOTAL |
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3.131 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.491 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.168 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.986 |
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Sundry Debtors |
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0.307 |
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Cash & Bank Balances |
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0.423 |
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Other Current Assets |
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0.163 |
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Loans & Advances |
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0.306 |
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Total
Current Assets |
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3.185 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.713 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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1.713 |
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Net Current Assets |
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1.472 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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3.131 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover |
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4.091 |
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Total Income |
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4.091 |
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Profit/(Loss) Before Tax |
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0.303 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.303 |
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Expenditures : |
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Audit Fees |
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0.020 |
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Bank Charges |
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0.001 |
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Bank Interest |
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0.040 |
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Salaries, Wages, Bonus, etc. |
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0.225 |
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Interest |
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0.005 |
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Professional Charges |
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0.009 |
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Depreciation & Amortization |
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0.211 |
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Other Expenditure |
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3.277 |
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Total Expenditure |
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3.788 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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7.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.41 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.86 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Fabralard India Limited
Trust Seal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
NIRMITEE ENGINEERING ENTERPRISES |
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Statutory Approvals |
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Income Tax Registration |
ACFPT2054C |
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Import Export Code |
0304079731 |
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VAT/ TIN Registration |
27520022263V |
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Name of Bank |
State Bank of India |
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Current Account Number |
10187078491 |
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Account Since |
5 Years |
As Per Website Details
Subject are one of the leading manufacturers and exporters of a wide range of precision machines. The range of products includes carton packaging machine, carton erector machine, tube filling machine, collating machine and cartoning machine. They offer a phenomenal range of precision machines. They manufactured products as per the ever changing trends of the International market. It is the specialty to produce these products based on newest technologies. Always keeping them selves geared up as per the dynamically changing market, they endeavor to exceed the client's expectations on quality front. The companies achieve this tremendous success by incorporating cutting edge technology along with technical excellence. With the excellent services and cost-effectiveness, they have developed a vast clientèle base all over the world. Out range of innovative products with efficient after-sales services provide excellent result to the clients.
Research and
Development
They have extensive experience in engineering high quality machines that assures efficient operation and productive output for the clients. To provide more accuracy and efficiency, they have a back up of vast Research and Development operations.
Using the input from the Research and Development department, they design and develop impressive machines with indigenous technologies. For various research and development activities, they have a team of highly competent experts. These experts innovate new production technologies through their extensive market analysis. The Research and Development capability includes:
v Extensive research experience
v In-house lab provided with requisite tools
v Experienced
experts for Research and Development
Infrastructure
For various production processes, they have the own
state-of-the-art infrastructure facility well-equipped with modern
manufacturing processes. With modern machines, they have a team of experienced
professionals. The facility is located at Mumbai, which is a prominent
industrial city of India. The production unit is connected with major national
highways, international airport and seaport. The production unit is provided
with all requisite machines that are kept in well-maintained state. This
assures the flawless production as well as cost-effective end products. In
addition, they also replace the existing machines with better machines from
time to time. Some machines installed at the production facilities:
v
Lathe
v
Grinders
v
Welding
machines
v
Fabrication
shop
v
Sheet cutting
machines
Team
The team
of dedicated and experienced professionals has excellent knowledge and
expertise in manufacturing different types of precision machines. The team has
enough understanding of working of these precision machines that they can
manufacture both standard and customized products. The workforce consists of
talented engineers, technical experts, production controllers, quality control
experts, administrative staff, transportation coordinators, etc. Further, they
also provide regularly training to these professionals for sharpening their
production skills.
After Sales Service
In order to keep the machines working smoothly, they
offer timely after-sales services. For the after-sales services, they have a
team of servicing engineers and experts. Such services stations are available
in various regions. The effective and prompt after-sales-service provide keep
the machines working effectively for longer duration.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 45.44 |
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UK Pound |
1 |
Rs. 79.62 |
|
Euro |
1 |
Rs. 63.48 |
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
|
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 |
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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 |
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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