MIRA
INFORM REPORT
|
Report Date : |
19th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
AKASH
GROUP OF INDUSTRIES |
|
|
|
|
Registered Office : |
Mamraj
Nagar, Gali No. 3, Purani Chungi, Meerut Road, Ghaziabad – 201 003, Uttar
Pradesh, India. |
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|
|
Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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|
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Date of Incorporation : |
1997
(two separate companies namely Saraswati Udhyog & Akash Engineering now
formed in one company as Akash Group of Industries.s) |
|
|
|
|
Legal Form : |
Sole
Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturing
of Auto parts like Piston Springs, Piston Locks, Wire Springs, Coil Springs
etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Slow
by Average 40 days |
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|
|
|
Litigation : |
Clear |
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|
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Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. Payments are reported as slow but correct. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Mamraj
Nagar, Gali No. 3, Purani Chungi, Meerut Road, Ghaziabad – 201 003, Uttar
Pradesh, India. |
|
Tel. No.: |
91-120-2834794
/ 3290764 |
|
Fax No.: |
91-120-2749444 |
|
E-Mail : |
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|
Area : |
700
sq. ft. |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. R.
K. Chaurasia |
|
Designation : |
Proprietor |
|
Mobile No.: |
|
|
Date of Birth/Age : |
49
Years |
|
Qualification : |
Graduate |
|
Experience : |
6
years |
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|
|
|
Name : |
Mr. Dinesh Chaurasia |
|
Designation : |
Managing Director |
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Mobile No.: |
919891117488 |
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|
|
|
Name : |
MR. G. SURESH KUMAR |
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Designation : |
Factory Manager |
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Mobile No.: |
919891659488 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Auto parts like Piston Springs, Piston Locks, Wire Springs, Coil Springs
etc. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash
and Credit (30 days) |
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|
|
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Purchasing : |
Sight,
Cash and Credit (30 days) |
GENERAL
INFORMATION
|
Customers : |
OEM’s,
Retailers and End users |
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|
|
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No. of Employees : |
60 |
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|
|
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Bankers : |
Allahabad
Bank, Delhi Gate, Ghaziabad |
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|
|
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Facilities : |
-- |
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|
|
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Banking Relations : |
Satisfactory |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
2.500 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
2.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover |
15.000 |
12.500 |
10.000 |
|
|
|
|
|
|
Profit/Loss for the year |
0.250 |
0.200 |
0.150 |
Projected
Turnover for Current Year (2005-06) is Rs. 20.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
v
Goetze
Limited, New Delhi
v
Samkrg
Piston India Limited, Hyderabad
AS
PER WEBSITE:
Akash group of companies started its operations in the
year 1997 with the manufacturing of wire circlips. The company has witnessed
phenomenal growth under the able guidance of Shri. RK Chaurasia who has over 25
years of experience in this field. It later diversified its area of operations
by manufacturing Seegar Circlips, Springs and Sheet Metal Components as
per customers specifications, designs and drawings.
The company manufactures and markets its
diverse range of WireClips, Seegar Circlips, Springs and Sheet Metal
Components to almost all the major automotive industries. It manufactures
products using the state of the art technologies under the strict supervision
and control of highly competent staff. The company employs strict quality
control measures and all its products undergo through strict quality control
checks before been dispatched to the market. The Company has a fully developed
tool room to check and maintain the accuracy of the tools, dies & fixtures
etc. It is ISO:9001:2000 certified and is presently engaged in the process of
acquiring the ISO/TS 16949 certification.
At AKASH ENGINEERING WORKS, customer
satisfaction is paramount. The company believes in developing long term
relationship with its customers by providing excellent quality products at
minimal cost. Over the years the company has achieved tremendous success. This
has been a result of their quality products and their good customer
relationship with their clients.
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 :
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.45.89 |
|
UK
Pound |
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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/normal. |
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 |