MIRA
INFORM REPORT
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Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
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Name : |
EXCELLENT ENGINEERING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
W -76, MIDC, Indl Area, Kupwad, Sangli – 416436, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.03.2000 |
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Com. Reg. No.: |
014645 |
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CIN No.: [Company Identification
No.] |
U29111PN2000PTC014645 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automatic Trimming Machines, Drilling
Machine and Tapping Machine, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 34000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Kishore Patverdhan |
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Designation : |
Director |
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Contact No.: |
91-9823079562 |
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Date : |
20.01.2011 |
LOCATIONS
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Registered / Factory Office : |
W -76, MIDC, Indl Area, Kupwad, Sangli – 416436, |
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Tel. No.: |
91-233-2644616 |
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Mobile No.: |
91-9823079562 (Mr. Kishore Patverdhan) |
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Fax No.: |
91-233-2644162 |
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E-Mail : |
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Website : |
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Area : |
1600 sq. ft. |
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Location : |
Leased |
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Branches : |
Laxmi Niwas, |
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Tel. No.: |
91-22-2594965 / 25285521 |
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Fax No.: |
91-22-25275699 |
DIRECTORS
AS ON 30.08.2010
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Name : |
Mr. Patwardhan Kishor Narayan |
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Designation : |
Director |
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Address : |
726, Gaon Bhag, Sangli – 416416, |
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Date of Birth/Age : |
21.02.1954 |
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Date of Appointment : |
23.03.2000 |
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Name : |
Mrs. Patwardhan Sushma Shridhar |
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Designation : |
Director |
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Address : |
726, Gaon Bhag, Sangli – 416416, |
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Date of Birth/Age : |
20.05.1953 |
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Date of Appointment : |
23.03.2000 |
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Name : |
Mrs. Patwardhan Rohini Kishor |
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Designation : |
Director |
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Address : |
726, Gaon Bhag, Sangli – 416416, |
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Date of Birth/Age : |
13.09.1960 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2010
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Names of Shareholders |
No. of Shares |
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Patwardhan Kishor Narayan |
560 |
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Patwardhan Sushma Shridhar |
310 |
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TOTAL |
870 |
AS ON 30.08.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automatic Trimming Machines, Drilling Machine
and Tapping Machine, etc. |
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Exports : |
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Products : |
Automatic Trimming Machine, Drilling Machine, Tapping Machine |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit and L/C |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
80 Approximately ( 20 In Office and 60 In Factory) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R J Kulkarni and company Chartered Accountant |
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Address : |
14, Preeti Apartments, Near Mali Theatre, Shivaji Nagar (South),
Sangli – 416416, |
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Sister Concern : |
Excellent Spares Private Limited, Sangli |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000 |
Equity Shares |
Rs. 1000 each |
Rs.2.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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870 |
Equity Shares |
Rs. 1000 each |
Rs.0.870
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.870 |
0.870 |
0.620 |
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2] Share Application Money |
1.950 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.711 |
7.022 |
5.756 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.531 |
7.892 |
6.376 |
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LOAN FUNDS |
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1] Secured Loans |
6.257 |
5.052 |
3.777 |
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2] Unsecured Loans |
9.750 |
8.167 |
6.645 |
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TOTAL BORROWING |
16.007 |
13.219 |
10.422 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.538 |
21.111 |
16.798 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.095 |
3.751 |
3.896 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.590 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.629
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15.604 |
15.847 |
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Sundry Debtors |
6.943
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5.575 |
8.965 |
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Cash & Bank Balances |
0.058
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0.197 |
0.605 |
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Other Current Assets |
1.433
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4.521 |
4.159 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
26.063
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25.897 |
29.576 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.281
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8.551 |
16.688 |
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Other Current Liabilities |
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Provisions |
4.943
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0.000 |
0.000 |
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Total
Current Liabilities |
8.224
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8.551 |
16.688 |
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Net Current Assets |
17.839
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17.346 |
12.888 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.014 |
0.014 |
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TOTAL |
24.538 |
21.111 |
16.798 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
22.161 |
20.519 |
20.330 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
21.522 |
20.003 |
19.820 |
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Advertising Expenses |
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TOTAL |
21.522 |
20.003 |
19.820 |
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PROFIT BEFORE
TAX |
0.639 |
0.516 |
0.510 |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
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0.639 |
0.516 |
0.510 |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
2.88
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2.51 |
2.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.11
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1.70 |
1.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.06 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.84
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2.75 |
4.25 |
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Current Ratio (Current Asset/Current Liability) |
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3.16
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2.75 |
4.25 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Building
- Computer
Equipments
- Electrical
Fittings
- Furniture
- Instruments
- Office
Equipments
- Plant and
Machinery
- Vehicle
TRADE REFERENCES
- Kirloskar
Copland Limited
- Mahindra Sora
Limited – Nashik
- Bharat Gears
Limited
WEBSITE DETAILS
PROFILE
They are engaged in design and manufacture of special purpose machine tools required for high production rates with consistent quality which is today's need in engineering manufacture. The machines are designed and developed for almost all metal cutting operations like turning, milling, boring, drilling, tapping, grinding etc. These are the machines which keep you way ahead of others if you are in high production industry like automobile component manufacture, electrical comp. mfg., valve or pump mfg. Industry etc.
They also are in the field of SPMs required in ammunition component manufacture
where very high production rates are required. Apart from which they have
experience in building machines handling explosive materials, testing
equipments where very high precision is required etc.
They are a group of technocrats having good technical education as well as
field experience in design and development. Excellent was started in 1990 with
a development of auto trimming machine with production rate of 1000 Nos./hr.
The Multispindle drives with excenrie spindles have been developed successfully
only by 3 companies in the world so for and excellent is one of those. The
speciality of excellent is one of those. The speciality of this drive is that
the only limimation of center distance can be provided in any irrengular
pattern of drilled holes.
For odrance factories excellent has developed a lot of special purpose Machines
which are import stitules and have very high production rates like 10800 piece
per hour.
Today they are of the well known spm designers and manufacturers who cater to
Automobile Components Manufacturers strigent requirements of quality and
productivity.
Initially it was a partnership firm with a small set-up but developed lot of
import substitute products for ordnance factories and engineering industry at
large.
The partnership firm was later on converted to a Private Limited Company in the
year 2000.
Now they are fully geared with various departments like design, component
manufacture, QC, assembly shop, Electrical department, marketing etc. with a
team of about 80 persons working in various areas.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
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US Dollar |
1 |
Rs.45.70 |
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|
1 |
Rs.72.78 |
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Euro |
1 |
Rs.61.65 |
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 |
YES |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.