MIRA
INFORM REPORT
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Report Date : |
11.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
NAVKAAR
EXPORTS |
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Registered Office : |
C/O
Suraj Foundry, Rambaugh Gardens, Agra-282006, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer,
Trader, Distributors, Exporter, Importer of Cast Iron, and Aluminium &
Brass Components and Import Export Business for their parent concern SURAJ
FOUNDRY |
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 : |
USD10000 |
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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 means of their on Their
trade relation are fair. General reputation is favourable. Payment are
usually correct as per commitment. The
concern can be considered normal for business dealings at usual terms and
conditions. |
LOCATIONS
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Registered Office : |
C/O
Suraj Foundry, Rambaugh Gardens, Agra-282006, Uttar Pradesh. |
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Tel. No.: |
91-562-2344526,
2344584 |
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Fax No.: |
91-562-2347802 |
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E-Mail : |
navkaar@navkaar.com |
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Area : |
1000
sq.mt. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mrs.
Neelu Jain |
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Designation : |
Proprietor |
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Address : |
Rambaugh,
Agra |
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Date of Birth/Age : |
53 Yrs |
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Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Trader, Distributors, Exporter, Importer of Cast Iron, and Aluminium &
Brass Components and Import Export Business for their parent concern Suraj
Foundry |
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Exports to : |
USA,
Europe, South Africa, |
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Imports from : |
Germany |
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Terms : |
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Selling : |
L/C,
Cash, Sight, Credit(30 days) |
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Purchasing : |
L/C,
Cash, Sight Credit(30 days) |
GENERAL
INFORMATION
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Customers : |
Local
& Foreigners, Retailers, End users |
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No. of Employees : |
6 |
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Bankers : |
Canara
Bank State
Bank of India Sanjay
Place, Agra,India. |
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Facilities : |
-- |
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Banking Relations : |
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Auditors : |
Not
Available |
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Sister Concern: |
Suraj
Foundry, Ram Baugh Gardens, Agra |
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Line of Business: |
Manufacture
of Cast Iron Components |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
1.500 millions |
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Borrowed : |
- |
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Total : |
Rs.
1.500 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 |
9.600 |
9.200 |
8.500 |
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Profit/Loss for the year |
0.850 |
0.776 |
0.525 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
- LML Limited, Kanpur.
- Local Customers.
As Per
Website
About
Us
Suraj
Foundry “Suraj is the Indian name for “sun”. Agra ,the home of the world
renowned TAJ MAHAL one of the wonders of the world, is also the glorious home
of SURAJ FOUNDRY.
Navkaar
India Exports is a 100% export oriented enterprise of the Suraj Foundry Group.
It deals with quality products, especially ornamental products in cast iron and
aluminium. It also has a merchandising division that deals in various other
products of international quality.
Name
“NAVKAAR”
IS THE SHORT FORM OF THE “NAOMKARA MAHA MANTRA” comprising of five main stanzes
of salutation to “conquerors of sell”, perfect & Liberated Souls”, “Leaders
of religions”, “teachers of scriptures” & is most auspicious 7 supreme in
the “three words”symbolizing-“water”, “earth”, & “sky”, so they decided to
name their 100%export oriented enterprise as Navkaar India Exports.
Arath
International “Arhat or Arihant” (Ari = enemy & hant = killer)
Rationally
meaning killer of enemies: “conquerors of self”, if one has conquered self i.e.
established full control over his sense-(indris) then he is considered as the
highest respectable among beings. Arhat also means capable of the highest
respect. “Noble”
History
An ISO
14001-2004 and 9001-2000 foundry, manufacturing engineering and ornamental
castings ranging from 1kg to 1000kgs, single pc, was constituted in 1974. The
promoters hailing from an old business family are in this business since 1964
and are supplying castings in un-machined, semi-finished condition. Some of
their cutomer are more than 30 years old.
Plant
location
Their
manufacturing plant is in the city of Taj Mahal in the heart of India’s map:
just 190km from New Delhi, on the National Heighway well connected by air &
rail. The promoters hailing from an old business family are in this business
since 1964. the unitis supplying machined & un-machined items to various
Indian and overseas customers for over 32 years. They are manufacturing product
in Cast-iron, Aluminium, Steel-brass, Stainless steel, Alloy steel, Alloy
cast-iron & sheet metal. Product rang includes products for engineering
components and decorative products, these also being exported , are made by eco friendly natural gas and recycleable
product.
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 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. 44.90 |
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UK
Pound |
1 |
Rs. 85.91 |
|
Euro |
1 |
Rs. 57.78 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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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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
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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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