MIRA
INFORM REPORT
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Report Date : |
06.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
USHA
FABCASTS |
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Registered Office : |
Plot
No. 70, Sector – 27A, Faridabad – 121 003, Haryana, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
November
2002 |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer,
Importer, Trader and Exporter of Hydraulic Gears & Power lift and Auto
Parts used in Mobile & Tractors. |
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
50000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/ Factory: |
Plot
No. 70, Sector – 27A, Faridabad – 121 003, Haryana, India. |
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Tel. No.: |
91-129-4107773/4107774 |
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Mobile No.: |
91-9810309966 |
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Fax No.: |
91-129-4103455 |
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E-Mail : |
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Area : |
1500
sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr.
Narinder Kumar Jhawar |
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Designation : |
Partners
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Date of Birth/Age : |
63
Years |
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Qualification : |
Graduate
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Experience : |
27
Years |
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Name : |
Mr.
Rohit Kumar Jhawar |
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Designation : |
Partners
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Date of Birth/Age : |
34
Years |
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Qualification : |
Graduate
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Experience : |
10
Years |
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Name : |
Mr.
Vicek Jhawar |
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Designation : |
Partners
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Date of Birth/Age : |
36
Years |
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Qualification : |
Post
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer, Trader and Exporter of Hydraulic Gears & Power lift and Auto
Parts used in Mobile & Tractors. |
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Products: |
Ø Hydraulic Lift Assembly Ø Hydraulic Gear Pumps Ø Hydraulic Piston Pumps Ø Power Take Offs Ø Steering Jack - Pumps Ø Hydraulic Distributors Ø
Valves |
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Exports to : |
Middle
East & Dubai |
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Terms : |
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Selling : |
L/C,
Cash and Credit (30 days) |
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Purchasing : |
Sight,
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturer,
Whole Sellers, Retailers and End Users. Ø HMT Limited - Pinjore Ø HMT Limited - Ajmer Ø Mahindra Gujarat Tractors Ltd. Ø Standard Tractors - Barnala Ø UT Limited - Kolkata Ø
Windsor Exports - Delhi |
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No. of Employees : |
115 |
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Bankers : |
Indian
Overseas Bank, Greater Kailash Part II, New Delhi – 110 001, India. |
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Facilities : |
Credit
Limit: Rs. 10.000 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Aditya
Aggarwal & Company Chartered
Accountant |
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Address: |
New
Delhi |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
13.500 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
13.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
70.000 |
63.500 |
62.200 |
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Profit/Loss for the year |
4.200 |
4.175 |
4.050 |
Projected Turnover for Current Year (2006-07): Rs. 80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
Ø
HMT
Limited – Pinjore
Ø
Eicher
Tractors Limited
Ø
Standaed
Tractors, Barnala
Ø
Mohindra
- Gujarat
AS
PER WEBSITE:
Promoted as a partnership company in the year 2002, Usha Fabcasts today is a leading manufacturer and exporter of Non-Ferrous Castings, Auxiliary Assemblies, Hydraulic Equipment such as tipping gears, etc. They have also developed Tractor Hydraulic Power Lift Assembly and Hydraulic Pump Assembly for HMT-ZETOR Tractors. They believe in customer's satisfaction and therefore all their activities are driven to materialize this belief.
Products
The company is a trusted manufacturer of the following product line:
Ø Hydraulic Lift Assembly
Ø Hydraulic Gear Pumps
Ø Hydraulic Piston Pumps
Ø Power Take Offs
Ø Steering Jack - Pumps
Ø Hydraulic Distributors
Ø Valves
Quality
The quality assurance is delivered by the rigorous functional/performance tests carried out on every unit coming out of the assembly line. They also perform live tests on them periodically. The test rigs are computerized to reduce human errors. Utmost care is taken at every stage so as to bring out superior quality products. Process and inspection sheets are laid down to ensure strict vigilance both in the procurement and production process. The tests are done with the help of all types of pneumatic as well as digital gauges. A well-equipped standard room is set up for the calibration for in process gauges and periodic inspection of important components. The equipment is in the standard room is regularly calibrated by recognized agencies.
Infrastructure
Subject has a factory unit in Faridabad, well equipped to deliver the best solutions to their clients. Their philosophy is simply to work with the customers to identify their problems and offer them appropriate solutions at consistent and fair prices. The company is backed by an experienced management and dedicated workforce, all working with the objective of providing utmost quality to their customers. They consistently invest in technological up-gradation in order to strengthen teamwork, remove unnecessary steps from value-adding processes, improve customer satisfaction and reduce costs.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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UK
Pound |
1 |
Rs. |
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Euro |
1 |
Rs. |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
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PAID-UP CAPITAL |
1~10 |
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OPERATING SCALE |
1~10 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
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--PROFITABILIRY |
1~10 |
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--LIQUIDITY |
1~10 |
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--LEVERAGE |
1~10 |
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--RESERVES |
1~10 |
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--CREDIT LINES |
1~10 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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--LITIGATION |
YES/NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
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--EXPORT ACTIVITIES |
YES/NO |
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--AFFILIATION |
YES/NO |
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--LISTED |
YES/NO |
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--OTHER MERIT FACTORS |
YES/NO |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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