|
Report Date : |
19.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEXMO PRECISION CASTINGS |
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Registered
Office : |
Kovilpallayam Post, Pollachi Taluk, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment: |
1992 |
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Com. Reg. No.: |
33362021519 |
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Capital
Investment / Paid-up Capital : |
Rs. 200.000 millions |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Manufacturer, Exporter, Trader, Dealer and Distributor of Wide Voltage
Pumps, Stainless Steel Submersible Pumps, Taro Borewell Submersibles, Taro Jet
Pumps, Domestic / Mini Monoblocks, Monoblocks, Openwell Submersibles
Monoblocks, Industrial Motors, Borewell Compressors Pumps. |
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|
|
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No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is old and well established partnership concern having good track
record. Financially concern is performing good. Trade relations are reported
to be fair. Business is active. Payment are reported to be regular and as per
commitment. The concern can be considered for normal business dealing on a 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 – September 30, 2011
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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
|
Name : |
Mr. Govindarajan |
|
Designation : |
Executive |
|
Contact No.: |
91-04259-660115 |
|
Date : |
17.07.2012 |
LOCATIONS
|
Registered Office : |
Kovilpallayam Post, Pollachi Taluk, |
|
Tel. No.: |
91-4259-660117 / 660118/660115 / 259384 / 259574 / 259548 |
|
Mobile No.: |
91-9842269384 (Mr. Arjunan Ramachandran) |
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Fax No: |
91-4259-259334 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. ft. |
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Head Office / Factory: |
Post Box No. 503 GN Millis Post, |
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Tel. No.: |
91-422-2642620 / 2643325 / 29/ 26610300 (Ext. 322) / 6610389 |
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Fax No.: |
91-422-2642357 |
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Area : |
10000 Sq. ft. |
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Factory 1 : |
Tudiyalur, Coimbatoire – 641 029, |
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Area : |
9 acres |
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Factory 2 : |
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Area : |
4000 Sq. ft. |
They have 23 branches and office situated all
over
PARTNERS
|
Name : |
Mrs. Damayanthi Ramachandran |
|
Designation : |
Managing Partner |
|
Date of Birth/Age : |
63 years |
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Name : |
Mr. Arjunan Ramachandran |
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Designation : |
Joint Managing Partner |
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Date of Birth/Age : |
34 years |
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Name : |
Mr. Shivan Ramachandran |
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Designation : |
Partner |
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Date of Birth/Age : |
29 years |
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Qualification : |
Engineering |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Trader, Dealer and Distributor of Wide Voltage
Pumps, Stainless Steel Submersible Pumps, Taro Borewell Submersibles, Taro Jet
Pumps, Domestic / Mini Monoblocks, Monoblocks, Openwell Submersibles
Monoblocks, Industrial Motors, Borewell Compressors Pumps. |
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|
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Products : |
·
Steels – Plain or Alloyed ·
Nickel Alloys ·
Cobalt Alloys |
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Brand Names : |
TARO |
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Exports : |
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Products : |
·
Pumps ·
Castings |
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Countries : |
·
·
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Imports : |
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Products : |
Machinery |
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Countries : |
·
·
·
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Terms : |
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Selling : |
L/C, Credit (30 days) |
PRODUCTION STATUS
2000 pieces per day (Castings)
GENERAL INFORMATION
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Customers : |
·
OEM’s ·
End Users |
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No. of Employees : |
1800 (Approximately) |
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Bankers : |
·
Corporation Bank, ·
HDFC Bank Limited, ·
Scotia Bank, ·
Nova Scotia Bank, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arjunraj and Company Chartered Accountant |
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Address : |
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Memberships : |
·
TÜV Rheinisch - ·
Confederation of Indian
Industry ·
IPMA – International
Project Management association ·
SEIMA – Saskatchawan
Environmental Industry and Managers Association ·
COINDIA – ·
ISO 9001:2000 certified ·
Member of the
Investment casting Institute |
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Sister Concerns: |
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CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs. 200.000 millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 200.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sales Turnover (Approximately) |
8500.000 |
7000.000 |
4000.000 |
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The above information has been parted by Mr. Govindarajan.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
No |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
No |
TRADE REFERANCES
·
ABB Introl India Ltd.,
·
ABB Kent Introl, West
·
Cosmotec,
·
Dresser Valves, Avon,
·
·
Edlund Inc.
·
Gestra
·
Gestra,
·
Goodwin International Ltd.
·
Plenty Steam Traps,
·
Powel Valves,
·
Schmidt Armaturen,
·
Texmo Industries,
·
Tomoe Corporation,
·
TTV
Profile:
Founded in 1956, Texmo Industries
has been at the forefront and been the pace setters in the electric motor and
agricultural pump Industry since then. Texmo primarily started to serve the
nascent textile motor market in and around
The product range has evolved from the goal that the farmer, no matter which
part of the country he is in, has a suitable water pumping system available
from Texmo industries to being not only the leaders in the agricultural sector,
but also catering to the Domestic, Industrial and International Markets.
This is the parent company. In the
year 1992 subject was established to manufacture Investment castings using the
lost wax process. It started production in 1993. It chose to serve only the export markets
so that the market forces it to compete in terms of Quality. The plant situated
in Coimbatore – Pollachi Road, spans 3460
Sq. Meters with a Production
Area of 2250 Sq. Meters and is equipped with a full standby captive power generation for
uninterrupted production. The Technology knowhow comes from the collaborator:
Collaborator – Medcast Inc,
They have the infrastructure to manufacture
high quality castings and rank number one in the country. The different types
of castings they manufacture are
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.86.55 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Report Prepared by
: |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
|
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 |
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.