MIRA
INFORM REPORT
|
Report Date : |
07.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
ASHOK
ENGINEERING WORKS |
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|
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Registered Office : |
Plot
No. 61, Srinagar Karwar Road, Hubli, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007
(Projection) |
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Date of Incorporation : |
1981 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer
of Motor Shafts |
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 |
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Maximum Credit Limit : |
USD
10000 |
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|
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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. Payments are usually correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/Factory : |
Plot
No. 61, Srinagar Karwar Road, Hubli, Karnataka |
|
Tel. No.: |
91-836-2305751/2306970 |
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E-Mail : |
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Area : |
750
Sq. ft |
|
Location : |
Leased
|
SOLE PROPRIETOR
|
Name : |
Mr.
Vishnu G Dani |
|
Designation : |
Proprietor
|
|
Date of Birth/Age : |
45
Years |
|
Qualification : |
I.T.I.
Qualified |
|
Experience : |
22
Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Motor Shafts |
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Terms : |
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Selling : |
Local
(60 days) |
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Purchasing : |
Local
(30 days) |
GENERAL
INFORMATION
|
Suppliers : |
v
Rashtriya
Ispat Nigam Limited v
Kandoi
Steel Corporation (Hyderabad and Vizag) v
Maxell
Industries, Mumbai v
Mahrishi
Alloy & Steel, Bangalore |
|
|
|
|
Customers : |
v
Kirloskar
Electric Company Limited v
K
T Swithc Gear Limited v
Kirloskar
Battery Private Limited v Astec Electric Company Limited v Kaytee
Switchgear Private Limited v Crompton
Greaves Limited v Trident
Power Crafts Private Limited v Pumac
Aluminium Company Limited v
M.R.K. Industries |
|
|
|
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No. of Employees : |
35 |
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Bankers : |
UCO
Bank, Koppikar Road, Hubli - 20 |
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|
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Facilities : |
Credit
Limit – Rs. 3.000 Millions |
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|
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Banking Relations : |
Satisfactory
|
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|
|
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Auditors : |
S B
Shetty Chartered
Accountant |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
3.500 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
3.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2007 (Projection) |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
35.000 |
30.000 |
27.500 |
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|
|
|
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Profit/Loss for the year |
0.800 |
0.700 |
0.600 |
Inventories
– Rs. 2.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
About
Us
With durable, reliable and impeccable quality products,
they, "Ashok
Engineering Works", have carved a valuable niche
for ourselves in the national and international market. Since, their
establishment in the year 1980, they have grown over strength to establish
ourselves as one of the most authentic manufacturers and suppliers of Electrical
Motor Shaft, Pump Shaft, Genset Shaft, Industrial Valves and Chemical Valves. They are able to successfully cater to the diverse needs of the
clients with the support of their efficient and dedicated team of skilled
workers and quality conscious professionals. Their cost down production
techniques, streamlined production process, voluminous experience and excellent
transport facilities have helped us to win the trust, confidence and assurance
of worldwide customers.
Products
They are the leading manufacturer and supplier of a
wide and comprehensive range of products, which include:
v
Electrical Motor Shaft
v
Pump Shaft
v
Genset Shaft
v
Industrial Valves
v
Chemical Valves
v Their
Competitive Edge
They offer optimum quality products and
services at industry leading rates
Their sophisticated infrastructure is empowered with state of the art manufacturing unit, cutting edge technology, ultra modern machinery and superb working environment
They have a pool of dexterous, astute
technocrats, proficient engineers, business oriented professionals and quality
conscious management, who work with utmost dedication and utilize their skills
to offer cost effective and durable products to the customers
Their wide distribution network of
marketing professionals and dealers is spread all over the globe
Their large and spacious warehouse ensures
proper storage of the different products, before they are dispatched to clients
and customers
Efficient and modern transport facilities enable us to offer smooth and punctual delivery of products to the customers
Their
Quality
Quality has always been a guiding force for us. All the
products manufactured by us are subjected to various stringent quality controls
of international standards. Their quality experts ensure that quality is
nurtured at each and every level of manufacturing process from the procurement
of the raw materials to the dispatch of the finished products. All the products
thus manufactured also pass through several tests in order to monitor and
enhance their performance.
Customers
With consistent quality products, excellent pro-active
services and prompt delivery, they have been able to achieve maximum degree of
customer satisfaction resulting in worldwide customer base. Today, they are
supplying their products to a wide number of customers
Company Profile
|
Business Type |
Manufacturer ,
Supplier |
|
Sales Volume |
Rs.32.600 Millions |
|
No of Staff |
7 |
|
Year of
Establishment |
1980 |
|
No of Production
Lines |
1 |
|
Investment on
Manufacturing Equipment |
Rs. 2.500
Millions |
|
OEM Service
Provided |
No |
|
No of Engineers |
3 |
|
Memberships |
SSI, Karnataka
Chamber of Commerce |
|
Product
Range |
v Electrical Motor Shaft v Pump Shaft v Genset Shaft v Industrial Valves v Chemical Valves |
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.44.65 |
|
UK
Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.56.98 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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