MIRA
INFORM REPORT
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Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
ISHAN
INDUSTRIES |
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Registered Office : |
9 /
10, A-Wing, 2nd Floor, Satyam Shopping Centre, M. G. Road,
Ghatkopar [East], Mumbai – 400077, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership
concern with an unlimited liability of the porters. |
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Line of Business : |
Manufacturers
of Aluminium Bottles, Collapsible Tube and Pet Bottles. |
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
100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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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 is
doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
9 /
10, A-Wing, 2nd Floor, Satyam Shopping Centre, M. G. Road,
Ghatkopar [East], Mumbai – 400077, Maharashtra, India |
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Tel. No.: |
91-22-25125172 |
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Fax No.: |
91-22-25163791 |
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E-Mail : |
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Website : |
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Area : |
700
sq. ft. |
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Location : |
Owned |
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Factory
1 : |
At
Haveli, Silvassa |
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Area : |
55000
sq. ft. |
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Location : |
Owned |
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Branches
: |
291 Boyle Avenue, Totowa, New Jersey |
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Tel.
No.: |
1-646-873-9467 |
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E-Mail
: |
PARTNERS
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Name : |
Mr.
Abhay Shah |
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Designation : |
Partner
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Name : |
Mrs.
Ritu Shah |
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Designation : |
Partner
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Name : |
M/s
Abhay Shah [HUF] |
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Designation : |
Partner
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KEY EXECUTIVES
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Name
: |
Mr.
Hemant |
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Designation
: |
Chief
Executive Officer |
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Name
: |
Mr.
Mike Vereschagin |
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Designation
: |
USA
Representative |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Aluminium Bottles, Collapsible Tube and Pet Bottles. |
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Products : |
v
Aluminium
Bottles v
Aluminium
Cans and Containers v
Aluminium
Tubes |
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Export to : |
Aluminium
Bottles and Pet Bottles to Thailand, Taiwan, Jordan, Egypt Sudan, China,
Turkey, Singapore, etc |
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Terms : |
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Selling : |
L/C or
D/A |
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Purchasing : |
Cash,
Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
450 |
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Bankers : |
United
Bank of India Nariman
Point, Mumbai Cash
Credit Limit Rs. 25.000 Millions HDFC
Bank |
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Banking Relations : |
Good |
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Auditors : |
Darmen
Shah and Associated Chartered
Accountants |
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Associates/Subsidiaries : |
Surya
Industries 9 /
10, A-Wing, 2nd Floor, Satyam Shopping Centre, M. G. Road,
Ghatkopar [East], Mumbai – 400077, Maharashtra, India Manufacturers
of Aluminium Bottles, Collapsible Tube and Pet Bottles. |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Not
Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
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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Sales Turnover |
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280.000 |
200.000 |
Expected Sales Turnover for March 2006-07 : Rs. 400.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
v Glaxo Limited, Mumbai
v
Bayer India Limited, Mumbai
With almost 25 years of experience as leaders and pioneers in the impact
extrusion industries and Pet Bottles in India and around the world-the
Company's manufacturing know-how and capabilities are incomparable. All this
has come together in making Ishan Industries one of the largest manufacturers
of Aluminum and Pet packaging products in the world.
They are
one of the leading manufactures of Aluminum Bottles, Aluminum Collapsible
Tubes, Aerosol Cans & Pet Bottles to any rigid specifications and sizes
required by Customers. They have independent multiple lines for each product
which will ensure speedy delivery & efficient service. Their own Tool room
and development department facilitates development of any special type of Aluminum
containers required by the Industry. They are in position to offer any thing in
the Aluminum & PET Packing requirement. They are An ISO 9001:2000 company.
They
have their own independent unit with fairly large Factory floor area of 55000
Sq. Ft. well covered (by mosquito Net, Insect Killer, Exhaust Fan and
Curtains.) on the plot of 6000 Sq. Mts. Situated at Dadra Nagar Haveli
(Silvassa) where they have Sales Tax Benefit of 11 Years more
Facilities:
The production facility is divided into
three divisions:
Aluminum Collapsible Tubes : Four lines using two sets of fully automatic line & two lines of individually automatic machinery with a minimum guaranteed output of Ten million Tubes in a month.
Aluminum Bottles : Two sets of automatic machinery with a minimum guaranteed output of Three million Bottles per month.
PET Bottles : Two fully Automatic Single stage Nessei machines with a minimum guaranteed output of One million Bottles per month.
Customer Complaint Report:
As an
integral part of their complete customer satisfaction practice, the Customer
Complaint Report (CCR) is a primary tool they use to achieve that end. On
receipt of an order, if a customer is not satisfied with any aspect of the
quality of the product received, a separate CCR is generated for each instance.
Customer Interactivity which includes more knowledge to Customer and
getting awareness:
A
superior quality product Instant delivery within short time span.
Customised
packing Most competitive prices. Development of artwork at free of cost.
Guarantee of complete satisfaction. Guidance on quality control.
Product
compatibility and stability trials at no additional cost
Factory Building :
All the
Entry points are closed duly fitted with Plastic Curtains and windows are fitted
with wire mesh
Complete
Capping of Aluminum Collapsible Tube is done in area where 10 microns filtered
Air handling equipment is installed to develop positive pressure and Final
packing is done in a Clean Room where three micron filter is installed meeting
international standard with higher positive pressure then Capping area. Herein
the tubes are subjected to blowing and suction cleaning and again blowing of
Tubes is done and then thereafter entire tray is packed in polythene Bag and
sealed.
To avoid
contaminated with outer Carton and Paper dust both side laminated tray are use
to pack tube and finally trays are packed in Poly Bag and sealed.
Special
equipment is designed to clean the tubes vertically with open end at bottom by
Air blowing and Vacuuming and again blown as it moves over the conveyor before
final packing in clean room.
Packed
material is transferred to newly created Finished Goods storing Area for Pre
dispatch QC. And subsequent Dispatch.
A
separate designated Area is allocated for raw Materials, Packing Materials,
Finished Goods Rejection and Scrapped Materials and Q.C. Laboratory, Change
Room and Lunch Room are away from manufacturing Area.
Manufacturing
and storing areas are cleaned daily and Pest Control is carried out at regular
interval and record of the same is maintained.
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 |
|
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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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