MIRA
INFORM REPORT
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Report Date : |
04.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN CORK
INDUSTRIES |
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Registered Office : |
No. 3 DLF Industrial Area, Moti Nagar, New
Delhi-110015 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.06.1998 |
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IEC No.: |
0598027084 [19.08.1998] |
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PAN No.: [Permanent
Account No.] |
AAAF18000Q |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers of Cork and Allied Products. |
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
10000 |
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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
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Registered Office : |
No. 3 DLF Industrial Area, Moti Nagar, New
Delhi-110015, India |
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Tel. No.: |
91-11-26102659,
65477203, 65477204 |
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Mobile No.: |
91- 9811301665, 9810802153 |
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Fax No.: |
91-11-26177295 |
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E-Mail : |
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Location : |
Industrial
– Owned |
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Factory
1 : |
Khasra No. 33A, Modern Industrial Estate, Part –
B, Behind Jayashankar Dharam Khata, Rohtak Road, Bahadurgarh, District
Jhajjar, Haryana, India |
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Tel.
No.: |
91-1276-268899 / 26102659 |
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Fax
No.: |
91-11-26177295 |
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Area : |
3,000 Sq. Yards |
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Location : |
Industrial
– Owned |
PARTNERS
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Name : |
Mr.
Vikas BP Soni |
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Designation : |
Partner
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Address : |
B2/103 Safdarjung Enclave, New
Delhi-110029 Phone: 91-11-26103137 |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Graduate |
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Experience : |
12 Years |
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Name : |
Mr.
Navin BP Soni |
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Designation : |
Partner
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Address : |
B2/103 Safdarjung Enclave, New
Delhi-110029 Phone:
91-11-26103137 |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Graduate |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Cork and Allied Products. |
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Products : |
·
Cork Sheets ·
Cork Screw Stoppers ·
Gel Wax ·
Rubberised Cork Sheets ·
Granulated Cork ·
Clutch Cork Sheets |
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Brand Names : |
“Cheeta” |
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Imports from : |
Cork, NBR Rubber, Cork waste, cork granulates,
cork wood from Argentina, Portugal, Spain and Korea. |
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Terms : |
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Selling : |
On Credit basis [90 to 120 days] |
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Purchasing : |
On Documents against Acceptance [90 days] |
GENERAL
INFORMATION
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Customers : |
·
Bharat Heavy Electricals Limited (BHEL) ·
Crompton Greaves Limited ·
Areva TND India Limited ·
EMCO Limited, Mumbai ·
ABB Limited, ·
Bharat Bijili India Limited |
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No. of Employees : |
32 |
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Bankers : |
Indian Overseas Bank, B-2 Market, Safdarjung
Enclave, New Delhi-110029 |
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Banking Relations : |
Satisfactory
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Auditors : |
Taxman & Associates Chartered Accountants |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
2.500 millions |
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Borrowed : |
-- |
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Total : |
Rs.
2.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
31.03.2005 |
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Networth |
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2.500 |
2.325 |
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Sales Turnover |
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20.000 |
17.500 |
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Profit/(Loss)
Before Tax |
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0.350 |
0.263 |
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Profit/(Loss)
After Tax |
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0.200 |
0.175 |
The
Projected Turnover for the financial year ending 31.03.2007 shall be to the
tune of Rs.25.000 Millions approx
The
subject is a Non-Incorporated business entity and thus not obliged to file any
information on itself with any Official Authority (Registrar of Company) open
for public inspection. The above-mentioned information is obtained directly
from the subject itself.
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.00 |
1.00 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.75 |
1.50 |
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Return
on Investment (ROI) (PBT/Networth) |
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8.00 |
7.53 |
LOCAL AGENCY
FURTHER INFORMATION
Established in 1998 the subject is engaged in the
business of Manufacturers of cork sheets, cork Stoppers, rubberised cork
sheets, granulated cork, clutch cork sheets, anti vibration slabs.
Business dealings are permissible. The
subject is having good reputation with its suppliers and bankers. Further, the subject company is an ISO 9001
Certified Company.
Subject does not export and sells in the domestic
market to Original Equipment Manufacturers in India.
Trade Reference
·
Samec S.A., Spain
·
Favicor, Portugal
·
Apar Limited, Mumbai
New
Delhi based, Indian Cork Industries is a leading manufacturer and supplier of
cork and its allied products. Established in 1980, the company specializes in
the manufacture of various cork products like Plain cork sheets, Clutch cork
sheets, rubberized cork sheets, cork wood, cork granules, cork stoppers, anti
vibration cork slabs, wine cork, gaskets, cork powder, and all kinds of cork
products under the brand name “CHEETA”.
Indian Cork Industries endeavors to provide high-quality products and services
to its customers. To this end it has invested substantially on the latest
technology and machinery. Its state of the art manufacturing unit boasts of the
latest machinery imported from Germany, USA & Denmark. The company puts a lot
of emphasis on quality. It employs rigid quality measures and all its products
are manufactured in accordance with international standard norms.
The company aims to establish long term stable business relationship with its
valued customers on the basis of equality and mutual benefits. It invites
industrial and commercial enterprises from all around the globe to cooperate
sincerely, to build up commercial ties and to develop together.
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Company
Profile |
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Business
Type |
Exporter,
Manufacturer, Importer |
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Export
Percentage |
20 % |
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Import
percentage |
100 % |
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Primary
Competitive Advantage |
Manufactured
with the latest technology and fully automatic machines imported from
Germany, America and Denmark. All
version of raw materials used. Very
competitive price, scheduled delivery and five kms from Delhi and domestic
airport. |
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No of
Staff |
20 + |
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No of
Production Lines |
1 |
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Production
Type |
Machine
Made |
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Monthly
production Capacity |
As per
orders and requirement |
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Membership
|
Bahadurgarh
Chamber of Commerce |
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 |
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UK
Pound |
1 |
Rs.85.03 |
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Euro |
1 |
Rs.56.98 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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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--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 |
YES |
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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 |
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TOTAL |
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46 |
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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