MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
FAINGER ENGINEERING |
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Registered Office
: |
Plot No. B-9, M.I.D.C, Phase II, Village Sagaon, Dombivli (E),
District Thane – 421204, |
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Country : |
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Year of
Establishment : |
1975 |
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Legal Form : |
Partnership concern with unlimited liability of the partners |
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Line of Business
: |
Manufacturer of Valve and Instruments |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having moderate track.
Mr. Siddharth, Deputy Manager (Marketing) provided to us few general
information and denied to disclose other details of the concern. Business is
active. Payment terms are not known. The concern can be considered for business dealings on a secured 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
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Siddharth |
|
Designation : |
Deputy Manager |
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Contact No.: |
91-9820231946 |
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Date : |
29.04.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. B-9, M.I.D.C, Phase II, Village Sagaon, Dombivli (E),
District Thane – 421204, |
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Tel. No.: |
91-251-2871066 |
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Mobile No.: |
91-9820231943 (Mr. Siddharth) |
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Fax No.: |
91-251-2870210 |
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E-Mail : |
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Website : |
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Area : |
2300 sq.mtr |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. P. V. Naik |
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Designation : |
Partner |
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Name : |
Mr. B. J. Shenoy |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Siddharth |
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Designation : |
Deputy Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Valve and Instruments |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
-- |
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Banking Relations
: |
-- |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Divulged
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE DETAILS
CORPORATE INFORMATION
Subject was started by Mr. P. V. Nayak and Mr.
B. J. Shenoy both technocrats in
the Year 1975. Since Inception the company has earned a reputation for
providing Quality Products in the field of Instrumentation and Control of basic
parameters namely Pressure, Level and Flow. A dedicated team of engineers
support in design, custom engineering, quality control and market a
comprehensive product range. The project engineering division executes complete
Instrumentation projects viz : design, procurement, erection, installation and
commissioning.
Subject is a
registered SSI unit having well equipped manufacturing, testing and calibration
facility backed by experienced and qualified personnel. The products
manufactured meet the stringent requirements of national as well as
international codes and standards.
With 30 yrs. of manufacturing and service, Fainger Engineering products have
become synonymous with customer's trust.
Company had acquired
ISO 9002:1994 in April 2002 and
subsequently Upgraded the Quality System to ISO 9001:2000 in August 2003. The Quality System has successfully
complied to the Surveillance Audit conducted during October, 2004 and 2005.
The products are approved by Chief Controller of Explosives (CCOE)
- Central Mining Research Institute (CMRI)
Dhanbad
- Fluid Control
Research Institute (FCRI) Kanjikode
- Victoria
Jubilee Technical Institute (VJTI) Mumbai
The Products are approved by leading Engineering Consultants, OEM's,
Chemical & Petrochemicals, refineries and Fertiliser Industries.
All the products are
tailor made and are manufactured based on Client's Specifications &
Requirements.
They regularly extend there product range to wider applications, and also
create fundamental innovations in response to the need of there own and allied
industries. They invite enquiries and suggestions as to possible further
extension of there product range and application of there technological
expertise in this field.
Plans and Projections:
With support and
encouragement from clients, Subject has embarked on an expansion project of enhancing
the Manufacturing facility and capacity and add new products and value addition
to existing products.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheces including
but not limited to: The Cthets,
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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|
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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 |
|
16 |
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
unfavtheable 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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.