|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BURNER |
|
|
|
|
Registered
Office : |
No. I/208-B, GIDC-II, Dediyasan,
Mehsana-384002, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
2001 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3.865 Millions |
|
|
|
|
TIN No.: |
24040703996 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAEFB3753B |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Pressure Jet Oil Burners, Gs
Burners, Dual Fuel Burners Modulating Burners, Blowers, Centrifugal Blowers
etc. |
|
|
|
|
No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 15000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietary concern having moderate track
record. Mr. Vinesh Bhatia Partner provided with us
general information and denied to disclose financial details. However, trade
relations are reported as fair. Business is active. Payments terms are
unknown. The concern can be considered for business dealings with some
cautions. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $
24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali
expenditure by 40 % and on average spend nearly 25 % of their monthly salary on
Diwali, according to a survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Vinesh Bhatia |
|
Designation : |
Partner |
|
Contact No.: |
91-9825279389 |
|
Date : |
24.10.2013 |
LOCATIONS
|
Registered Office : |
No. I/208-B, GIDC-II, Dediyasan,
Mehsana-384002, |
|
Tel. No.: |
91-2762-224194 / 329294 |
|
Mobile No.: |
91-9825279389 / 9825290201 (Mr. Vinesh Bhatia) |
|
Fax No.: |
91-2762-224194 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 94, Tribhuvan, Behind GIDC, Kathwara, Near |
PARTNERS
|
Name : |
Mr. Vinesh Bhatia |
|
Designation : |
Partner |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mrs. Shaili Bhatia |
|
Designation : |
Partner |
|
Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pressure Jet Oil Burners, Gs
Burners, Dual Fuel Burners Modulating Burners, Blowers, Centrifugal Blowers
etc. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
Nigeria |
|
|
|
|
Imports : |
|
|
Products : |
Component of all the part of manufacturing product |
|
Countries : |
·
America ·
China ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit (60 Day / 90 Days) |
|
|
|
|
Purchasing : |
L/C, Cash (30 Days / 60 Days / 90 Days) |
GENERAL INFORMATION
|
Suppliers : |
Shakti Engineers |
|
|
|
|
Customers : |
Wholesalers, Retailers, OEM’s ·
Allwin Industries ·
Apple Equipments ·
Ashirwad Equipments ·
Atlas Industries ·
Solid India Limited ·
Vijay Road Equipments ·
Prem Engg Works ·
Dunlop Engg Works ·
DM Overseas ·
Aanan Enterprises ·
Shreeram Automobiles ·
S Road Equipments ·
Foremost Machines ·
New Gujarat Road Equipments ·
Paras Road Roller Parts ·
Ambica Boilers ·
Avee boilers ·
Aalankar Boilers ·
Vesuvius India Limited ·
Diamond Carbon Crucible Private Limited |
|
|
|
|
No. of Employees : |
110 (Approximately) |
|
|
|
|
Bankers : |
HDFC Bank, Mehsana Branch, India |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A K Yagnik and Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
CAPITAL STRUCTURE
As On: 31.03.2012
|
Capital Investment : |
|
|
Owned : |
Rs. 3.865 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 3.865 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
Not Divulged |
|
|
|
|
|
The above information has been denied by Mr. Vinesh.
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.865 |
3.039 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3.865 |
3.039 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
1.491 |
|
|
2] Unsecured Loans |
|
2.052 |
0.000 |
|
|
TOTAL BORROWING |
|
2.052 |
1.491 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.917 |
4.530 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.140 |
1.078 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.831
|
1.151 |
|
|
Sundry Debtors |
|
13.145
|
12.904 |
|
|
Cash & Bank Balances |
|
1.085
|
0.185 |
|
|
Other Current Assets |
|
1.555
|
1.297 |
|
|
Loans & Advances |
|
0.000
|
0.000 |
|
Total
Current Assets |
|
17.616 |
15.537 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
12.707
|
11.968 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
0.132
|
0.117 |
|
Total
Current Liabilities |
|
12.839 |
12.085 |
|
|
Net Current Assets |
|
4.777
|
3.452 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.917 |
4.530 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
33.778 |
29.333 |
|
|
|
Direct Income |
|
0.101 |
0.244 |
|
|
|
Other Income |
|
0.000 |
0.365 |
|
|
|
TOTAL |
|
33.879 |
29.942 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
26.995 |
23.203 |
|
|
|
Direct Expenses |
|
3.811 |
3.767 |
|
|
|
Account Maintain Expenses |
|
0.074 |
0.066 |
|
|
|
Advertisement Expenses |
|
0.096 |
0.079 |
|
|
|
Audit and Income Tax Fees Expenses |
|
0.011 |
0.000 |
|
|
|
Deposit Interest Expenses |
|
0.179 |
0.128 |
|
|
|
Donation Expenses |
|
0.008 |
0.002 |
|
|
|
Insurance Expenses |
|
0.023 |
0.034 |
|
|
|
Kasar |
|
0.248 |
0.000 |
|
|
|
Legal Fees Expenses |
|
0.008 |
0.020 |
|
|
|
Office Expenses |
|
0.125 |
0.001 |
|
|
|
Partner Interest Expenses |
|
0.351 |
0.245 |
|
|
|
Partner Remuneration Expenses |
|
0.598 |
0.533 |
|
|
|
Professional Tax Expenses |
|
0.002 |
0.002 |
|
|
|
Security Service Expenses |
|
0.005 |
0.000 |
|
|
|
Stationery Expenses |
|
0.024 |
0.029 |
|
|
|
TDS Expenses |
|
0.000 |
0.000 |
|
|
|
Tea and Food (Staff) |
|
0.190 |
0.112 |
|
|
|
Telephone Expenses |
|
0.149 |
0.208 |
|
|
|
Tour and Travelling Expenses |
|
0.533 |
0.418 |
|
|
|
Vakil Fees Account |
|
0.006 |
0.006 |
|
|
|
Vat Penalty |
|
0.002 |
0.080 |
|
|
|
Water Charges |
|
0.021 |
0.020 |
|
|
|
Bonus Expenses |
|
0.000 |
0.066 |
|
|
|
Exhibitor Expenses |
|
0.000 |
0.483 |
|
|
|
Misc Overheads Expenses |
|
0.000 |
0.047 |
|
|
|
TOTAL |
|
33.459 |
29.549 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
0.420 |
0.393 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.012 |
0.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.408 |
0.386 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.160 |
0.181 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
0.248 |
0.205 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.53 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.37 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last two years |
Yes |
|
13] |
Reasons for
variation <> 20% |
-------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
Yes |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
No |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
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] 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.