MIRA
INFORM REPORT
|
Report Date : |
22nd
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
ECHJAY
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
83, Bajaj Bhavan, Nariman Point, Mumbai – 400
021, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
31.12.1960 |
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Com. Reg. No.: |
11-11912 |
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CIN No.: [Company
Identification No.] |
U27200MH1960PTC011912 |
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TAN No.: |
MUME04876E |
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PAN No.: |
AAAC1157B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
Company is engaged in the business of Finished and Semi finished Steel
Forgings for Pipes & Tubes and For Auto Parts & Others. And
Manufacture and Sale of General Forgings, Carbon and Alloy Steel, Stainless
Steel, Forged Flangers and Low Temperature Service Steel Flangers, Seamless
Rings, Discs, Tube Sheets, Forged Fittings, Diesel and Auto Engine Parts,
Finished Transmission Gears, Axial Closed, Die Rolling ‘Nearnex’ Components,
Axle Shafts, Railway and Tram Wheel Tyres. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
8250000 |
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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 a well-established and reputed company having fine track. Directors are
reported as experienced, respectable and having substantial means of their
own. Their trade relations are reported as fair. Financial
position is good. Payments are reported as slow but correct. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
83, Bajaj Bhavan, Nariman Point, Mumbai – 400
021, Maharashtra, India. |
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Tel. No.: |
91-22-22024044/
22028674/ 22021221/ 22021008 |
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Fax No.: |
91-22-22045685 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory
: |
Aji
Industrial Estate, Lalpari Lake Road, Rajkot – 360 003, Gujarat, India. |
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Tel.
No.: |
91-281-2387482/3/4/5/6/7 |
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Fax
No.: |
91-281-2387847 |
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E-Mail
: |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr.
Vinodchandra Harilal Doshi |
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Designation : |
Chairman and Managing Director |
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Address : |
Echjay
House, 5th Floor, 31 – A, Carmichel Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
05.07.1937 |
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Qualification: |
Inter
Science |
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Date of Appointment : |
31.12.1960 |
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Name : |
Mr.
Deven Vinodchandra Doshi |
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Designation : |
Wholetime
Directors |
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Address : |
Echjay
House, 5th Floor, 31 – A, Carmichel Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
28.04.1965 |
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Qualification: |
B.E.
(Mech.) (U.S.A) |
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Date of Appointment : |
29.08.1996 |
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Name : |
Mr.
Paras Vinodchandra Doshi |
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Designation : |
Wholetime
Directors |
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Address : |
Echjay
House, 5th Floor, 31 – A, Carmichel Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
20.05.1967 |
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Qualification: |
B.E.
(Mech.) (U.S.A) |
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Date of Appointment : |
29.05.1992 |
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Name : |
Mrs.
Jyoti Vinodchandra Doshi |
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Designation : |
Director
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Address : |
Echjay
House, 5th Floor, 31 – A, Carmichel Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
13.10.1941 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Miss
Amita Vinodchandra Doshi |
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Designation : |
Director
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Address : |
Echjay
House, 5th Floor, 31 – A, Carmichel Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
16.05.1971 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Mr.
Maganlal H. Doshi |
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Designation : |
Director
(Emeritus) |
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Name : |
Mr. R.
K. Bharadvaj |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Deven
Vinodchandra Doshi |
50 |
|
Vinodchandra
Harilal Doshi |
1560 |
|
Jyotiben
Vinodchandra Doshi |
1560 |
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Vinodchandra
Doshi Investment Company Private Limited |
1,24,640 |
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Echjay
Overseas Trades Private Limited |
49430 |
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Samarth
Doshi Investment Company Private Limited |
98,910 |
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V. H.
Doshi Investment Company Private Limited |
98,910 |
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Hari
Mahavir Investment Private Limited |
1,24,840 |
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Paras
Vinodchandra Doshi |
50 |
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Miss
Amita Vinodchandra Doshi |
50 |
BUSINESS DETAILS
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Line of Business : |
The
Company is engaged in the business of Finished and Semi finished Steel
Forgings for Pipes & Tubes and For Auto Parts & Others. And
Manufacture and Sale of General Forgings, Carbon and Alloy Steel, Stainless
Steel, Forged Flangers and Low Temperature Service Steel Flangers, Seamless
Rings, Discs, Tube Sheets, Forged Fittings, Diesel and Auto Engine Parts,
Finished Transmission Gears, Axial Closed, Die Rolling ‘Nearnex’ Components,
Axle Shafts, Railway and Tram Wheel Tyres. |
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Products : |
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Exports to : |
USA,
Canada, UK, France, West Germany, Japan, Australia and South - East Asia. |
PRODUCTION
STATUS
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PARTICULARS |
Actual
Production |
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Closed Die Forgings, Forged Rolled Rings, Tyres,
Profiles, Gears and Shafts |
13562 |
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Forged Steel Flangers and Fittings, Rings and
Gaskets |
5209 |
GENERAL
INFORMATION
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Customers : |
v
Mahindra
& Mahindra Limited v
Tata
Engineering & Locomotive Company Limited v
Tractor
& Farm Equipment Limited |
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No. of Employees : |
1150 |
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Bankers : |
v
Bank
of India, Main Branch, Mumbai v
Bank
of India, Overseas Branch, Mumbai |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
H. P.
Kumbhani & Company |
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Qualification: |
Chartered
Accountants |
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Address: |
Malhotra
House, 1st Floor, Opposite GPO, Mumbai – 400 001 |
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Sister Concern: |
v
Palanpur
Engineering & Fabricating Limited v
Echjay
Alloy & Special Steels Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
50.000 |
50.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2023.562 |
1509.003 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2073.562 |
1559.003 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.759 |
9.474 |
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2] Unsecured Loans |
|
0.691 |
0.105 |
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TOTAL BORROWING |
|
1.450 |
9.579 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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2075.012 |
1568.582 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
457.854 |
408.004 |
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Capital work-in-progress |
|
98.895 |
0.789 |
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INVESTMENT |
|
619.365 |
793.808 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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482.217 |
275.266 |
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Sundry Debtors |
|
482.449 |
344.303 |
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Cash & Bank Balances |
|
87.436 |
28.896 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
600.291 |
228.441 |
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Total Current Assets |
|
1652.393 |
876.906 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
753.495 |
510.925 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
|
753.495 |
510.925 |
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Net Current Assets |
|
898.898 |
365.981 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
2075.012 |
1568.582 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
2490.037 |
1593.016 |
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Profit/(Loss)
Before Tax |
|
741.159 |
418.747 |
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Provision
for Taxation |
|
226.600 |
91.400 |
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Profit/(Loss)
After Tax |
|
514.559 |
327.347 |
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Export
Value |
|
362.877 |
193.997 |
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Import
Value |
|
8.696 |
48.913 |
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Total
Expenditure |
|
1748.878 |
1174.268 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
20.66 |
20.55 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
29.76 |
26.29 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
26.20 |
20.14 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.36 |
0.27 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.36 |
0.33 |
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|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.19 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The
company is engaged in manufacture and sale of General Forgings, Carbon and
Alloy Steel, Stainless Steel, Forged Flangers and Low Temperature Service Steel
Flangers, Seamless Rings, Discs, Tube Sheets, Forged Fittings, Diesel and Auto
Engine Parts, Finished Transmission Gears, Axial Closed, Die Rolling ‘Nearnex’
Components, Axle Shafts, Railway and Tram Wheel Tyres.
During
the year the under report, the sales turnover of the company was Rs. 989.70
millions as against Rs. 880.24 millions in the year 1999-2000. A growth of
12.44 % in sales compared to last year. 50% of the profit was contributed by
the ACDR unit as there was increase in the production. The company also shows
35% of growth in export activity.
The
company’s plant at Rajkot includes manufacturing facilities as forge shop,
machine shop equipped with CNC machines, die shop, tool room, heat-treatment
plant and an ultra-modern metallurgical and metrological laboratory.
The
company supplies its products to various sectors of industries as
petrochemicals, fertilisers, oil refining, automotive, railways, heavy
engineering, nuclear power generation, oil and natural gas, defence and
aerospace.
FIXED
ASSETS
Land,
Building, Plant and Machinery, Electrical Installations, Office Equipments,
Furniture & Fixtures, Vehicle etc.
OPERATIONS:
This
year under report has been a year to reckon with for the company. Focused
strategies by the management coupled with disciplined and motivated efforts at
all levels have brought good results for the company this year. The government
policy on globalisation and privatisation have moved the economy of the country
to a healthier level and provided further opportunities for growth. The outlook
of the economy remains to be positive with in Indian and all over the world,
and the company will take advantage of the promising situation to further
proposer.
With
globalisation, there is also an increasing competition. It was therefore,
imperative for the company to be efficient and take measures for cost
effectiveness. Hence, the management will pursue their aims of acquiring the
latest technologies to be able to offer products of international standards and
high quality at competitive price to its customers. It added to its list two
very promising customers of international repute to whom the suppliers have
begun. The products continue to be well accepted in the market, due to their
constant surveillance over quality commitments.
As a
step towards forward integration, the company has set up Oerlikon Gear cutting
facilities for Crown wheel & Pinions to supply to customers like Tata
Motors,. The company has also set up a Plant at Pen, Raigadh District,
Maharashtra,, to manufacture sponge iron with a capacity of 100 tpd at a cost
of Rs. 170.000 Millions. Trial runs have been taken and the plant would be
steaming off with production by the time this report shall reach you. The
company has option of setting up a steel plant upgrading the facilities at Pen.
With
installation of Wind mills, the company has brought down the power cost. The
company continues its quest for lowering its energy bills by further setting up
a 1 MW furnace oil operated captive power generating set.
Deployment
of surplus funds in to debt and equity markets continued to pay good dividend
in this year and the financial strength of the company has improved.
Realignment of funds from time to time with
analysis of the debt and equity market movement yielded better returns
on investment. This was done with out extra cost to the company and without
diversion of attention to the core business of the company.
The
company has achieved a 55% increase in its sales over the previous year. The
quantum increase is attributes to the price increase in Steel. And due to a
substantial increase in the company production, and by moving up the value
chain. Exports grew by a handsome 85%.
Resolution
passed on 21.03.2006 at 11.00 AM/ PM by the Board of Directors of M/s. Echjay
Industries Private Limited held at its registered office at 83, Bajajj Bhawan,
Nariman Point, Mumbai – 400 021.
The
chairman informed the board that, at the request of the company, state bank of
Saurashtra- Gymkhana Road Branch – Rajkot agreed and sanctioned/ renewed the
following limit vide Bank’s sanction letter No. ADV/C & I/ CL/ 250 dated
20.03.2006 to the company Inter – alia against the securities hereunder
mentioned.
|
Facility |
Limits
(In Millions) |
|
Cash Credit (HYPO) / EPC/ FBP |
10.000 |
|
O.D.B.D
/IUBD/ FUBD |
11.000 |
|
Total
Fund Based – W.C. |
@21.000 |
|
Medium Term Loan |
90.000 |
|
Total
Fund Based Limit; |
111.000 |
|
Non Fund Based |
|
|
Letter
of Credit (Inland/ Foreign/ Demand Usance) |
10.000 |
|
MISC.
Bank Guarantee |
15.000 |
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Total
Non Fund Based Limit |
@25.000 |
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|
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TOTAL
F.B+N.F.B LIMIT |
136.000 |
@ One
way inter/changeability from FBWCL TO NFBWCL is allowed
It is
necessary to pass requisite resolution with a view to confirm to the bank the
said Credit facilities, the creation of securities in favour of the Bank Board
noted the same and after some discussion, passed the following resolution.
“IT WAS
RESOLVED THAT”
The
company be and is hereby authorised to continue the above mentioned credit
facilities from said bank. The chairman requested the Board for passing the
necessary resolution and to give necessary authority power to all the directors
of the company named:
v
Mr.
V. H. Doshi
v
Mr.
D. V. Doshi
v
Mr.
J. V. Doshi
v
Mr.
P.V. Doshi
For to execute and sign on behalf of the company for enhancement/
renewal continuation of aforesaid credit facility in the name of M/S Echjay
Industries Private Limited from said bank.
1.
Resolved
further that the company do execute all deed and document as may be required by
the said bank for creating hypothecation charge over the primary / other
moveable plant & machinery and collateral securities at the office of the
registrar of Companies – Mumbai with in 30 days from the date of documents in
favour of the said Bank to secure the afore said credit Facilities.
2.
Further
resolved that all directors of the company agreed for execution guarantee
documents in favour of Bank for jointly and severely in their personal capacity
to secure the aforesaid credit facilities.
3.
Further
the company is also agreed in consultation with the Guarantors for execution of
necessary documents including creation/ extension of equitable mortgage charge
over the immovable properties standing in the name of Guarantors as a
collateral securities for the aforesaid credit facilities sanctioned by the
bank.
4.
FURTHER
RESOLVED THAT: The company be and hereby authorised the Director Mr. V. H. Doshi to sign and execute all documents
and relevant instruments in connection with the availing of the said
facilities.
5.
RESOLVED
FURTHER THAT the common seal of the company be affixed to the documents
executed in the connection with the said facilities in the presence of Mr. J.
V. Doshi – Director of the company.
6.
FURTHER
RESOLVED THAT the Revival letters as well as any other instruments documents or
papers including revival letters as may be required by the bank to be executed
by the company in respect of the said credit facilities from time to time be
executed by the directors of the company Mr. V. H. Doshi under its common seal
to be affixed in the presence of the directors Mr. J. V. Doashi of the company
as per laws.
7.
FURTHER
RESOLVED that a certified copy of the minutes be aforesaid to the State Bank of
Saurashtra- Gymkhana Road Branch – Rajkot for their record.
They,
M/S Echjay Industries Private Limited here by certified that the above written
copy is the extract from the minutes of the proceeding of the meeting of the
Board of Directors of the company held on, 21.03.2006 and is a true and correct
copy of the proceeding to which it relates as recorded in the said minutes
book.
|
Name
of the company |
Echjay Industries Private Limited |
|
Presented By |
State
Bank of Saurashtra- Gymkhana Road Branch – Rajkot |
|
1)
Date and description of instrument creating the change |
Dated
24.03.2006. Agreement
for Hypothecation of Particular Machinery i.e. Wind Mill at Maharashtra State |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
90.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Plant & Machinery, Two
Wind Mills at Dhulia & Dhalgaon, Maharashtra. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
The
company shall not without the Bank’s prior Written permission Lease or Sell
or Exchange or Create any mortgage, charges, lien or encumbrance of any kind
upon or over the properties so charged. The
company shall maintain a margin of security as per Bank’s instruction and
rate of interest shall be such as determined from time to time at the Bank’s
sole discretion. |
|
5)
Name and Address and description of the person entitled to the charge. |
State Bank of Saurashtra- Gymkhana Road Branch – Rajkot |
|
6)
Date and brief description of instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
AS
PER WEBSITE:
INTRODUCTION:
Having well established in art silk
industries, our Founder-Chairman, the late Harilal Jechand Doshi, foresaw great
potential in the field of steel forging also. Thus ECH (H) JAY (J) INDUSTRIES
PVT. LTD., signifying his name, came into being as a modest forge shop in 1960.
Since then, ECHJAY INDUSTRIES has systematically grown into a large-scale
manufacturer of steel forgings, Using advanced technology and equipment, the
Company produces everything from simple forgings, to highly critical super
alloy forged products that scrupulously conform to international specifications
and standards of quality.
ECHJAY INDUSTRIES' plant at Rajkot in Gujarat incorporates a full-fledged forge
shop, machine shop equipped with CNC machines, die shop, tool room,
heat-treatment plant and an ultra-modern metallurgical and metrological
laboratory all under one roof
Manned by a skilled and dedicated workforce
of over 1150, the plant caters to the range and quality demands of core sector
industries, e.g. petrochemicals, fertilisers, oil refining, automotive,
railways, heavy engineering, nuclear power generation, oil and natural gas.
Echjay has earned a well recognised reputation for its automotive forgings and
machined components, which are supplied to all Original Equipment Manufacturers
of commercial vehicles and tractors, such as Mahindra & Mahindra Ltd., Tata
Engineering & Locomotive Company Ltd., Tractor & Farm Equipment Ltd.,
etc.
Reliably supplying to such a broad spectrum of users with both standard and
custom-built forgings, ECHJAY INDUSTRIES has built up a reputation for
excellence in quality and service all over India and in several countries around
the world.
Indeed, for over 20 years now, ECHJAY INDUSTRIES has been exporting flanges and
other forgings even to developed countries like USA and Canada, UK, France and
West Germany, Japan and Australia as well as to S.E. Asia.
This success stems from the high standards of quality that ECHJAY INDUSTRIES
has attained - and sustained. Fine-tuned checks at every stage of production
are a feature of the Company's quality assurance discipline. It has earned for
ECHJAY INDUSTRIES the approval of internationally recognised inspection
authorities, viz. Lloyd's Register of Shipping, Bureau Veritas, UHDE,
Snam-Progetti, RW-TUV, as also of eminent research and technical organisations
in India like RITES, RDSO, EIL etc.
Today, with investments over Rs. 750 million in plant and machinery, ECHJAY
INDUSTRIES has a built-in capacity to produce 40,000 tons of forgings per
annum. On-going modernisation plans cover not merely updating of equipment but
also include intensive training of the workforce to curtail process wastage and
rejection and to optimise energy conservation. Measures to safeguard the
environment are another special feature of these plans.
To maintain its high standards of quality and service, ECHJAY INDUSTRIES has
already implemented the following projects as part of its dynamic programme of
backward and forward integration
1. A modern Gear Shop to manufacture fully finished transmission gears,
shafts and sub-assemblies to cater to the requirement of Automobile Industries
and its Supply chain Industries.
2. A state-of-the-art Axial Closed Die Rolling Line to manufacture
'near-net' forgings. ECHJAY INDUSTRIES PVT. LTD. is the only Forge Shop in
India and among the very few in the world manufacturing 'near-net' forgings
through Axial Closed Die Rolling technique - a fully automated forging transfer
line. ECHJAY INDUSTRIES is presently a leading supplier of Crown Wheels
manufactured through Axial Closed Die Rolling route to theleading Automotive
OEMs in the country and is recognized as a Forge Shop supplying superior
product.
Future Plans- ECHJAY's future plans include setting up of facilities for
manufacture of fully finished hypoid spiral bevel gears and pinions
Quality Systems:Quality Management System of ECHJAY INDUSTRIES PVT. LTD are
accredited and certified to the current International Standard ISO 9001:2000
AND ISO/TS 16949:2002
If today the world trusts ECHJAY, the Company is determined to go on redeeming
that trust in the years to come.
AN ISO 9001:2000 & ISO/TS
16949:2002 COMPANY
MANUFACTURING FACILITIES:
Hammers
Presses
ACDR Line
Gear Shop
Machine Shop.
PRODUCTS:
FORGED
AND MACHINED FLANGES, FITTINGS AND FASTENERS
SEAMLESS ROLLED RINGS AND FORGED DISCS
RAILWAY
TYRES
CLOSED
DIE FORGINGS
NEAR NET FORGINGS - AXIAL CLOSED DIE ROLLING
PRODUCT LINE
FINISHED TRANSMISSION GEARS AND SHAFTS
CNC Turned Components
QUALITY
POLICY
1. We are committed to manufacture and supply products, which
meet the agreed quality requirements of our customers.
2. We shall work for continuous improvement
of our processes and operations.
QUALITY
OBJECTIVES
1.1 Enhance customer satisfaction.
1.2 Maintain recognized quality management systems.
2.1 Defect prevention.
2.2 Reduction in variations & waste.
2.3 Continual improvement of technology, process &
productivity.
2.4 Enhance technical and operational skills &
competence.
Quality Control And Testing Facilities
Chemical:
- Wet Analysis
- Spectrography
Physical:
- Universal Testing -tensile, elongation,
yield point, reduction in area, etc.
- Charpy/lzod Impact Testing. - -at
elevated, room, sub-zero temperatures
- Hardness - Rockwell, Brinell
- Magnaflux
- Dye Penetrant
- Ultrasonic
- Macro, Micro Structures
Dimensional:
- Full-Fledged standards and Gauge Room
-with master gauges and all types of precision instruments.
Quality Assurance
ECHJAY has its own
Quality Assurance Manual drawn up in accordance with ASME Code and BS 5750.
Quality
Certification
ECHJAY'S success stems from the high standards of quality that it has attained - and sustained. Fine-tuned checks at every stage of production are a feature of the Company's quality assurance discipline. It has earned for ECHJAY the approval of internationally recognised inspection authorities, viz. Lloyd's Register of Shipping, Bureau Veritas, UHDE, Snam-Progetti, as also of eminent research and technical organisations in India like RITES, RDSO, ISRO, EIL etc.
Qualified by various Inspection Agencies
- Lloyd's Register of Industrial
Services.
- American Bureau of Shipping
- TUV
- Engineers India Limited
- Bureau Veritas
- Projects & Development India Ltd.
- Rail India Technical & Economical
Services
- R. D. S. 0.
- Uhde India Limited
- Davy Powergas India Limited
- Det Norske Veritas
- Nuclear Power Corporation India Ltd.
- Humphreys & Glasgaw India Ltd.
- Industrial Consulting Bureau
- Indian Boiler Regulation
- Fact Engineering & Design
Organisation
- Toyo Engineering (India) Limited
- Tata Consulting & Engineers India
Ltd.
- Quality Vehicle Assurance Wing
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.46.34 |
|
UK
Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.57.96 |
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 |