MIRA
INFORM REPORT
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Report Date : |
17.08.2006 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
C1B – 231/3and 4, GIDC Industrial Estate, Por Ramangamd, District –
Vadodara – 391 243, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1983 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALH00080D |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporters of Fibre Glass for railway coach
interiors. |
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 80000 |
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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 is fairing well. It can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office / Factory 2 : |
C1B – 231/3and 4, GIDC Industrial Estate, Por Ramangamd, District –
Vadodara – 391 243, |
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Tel. No.: |
91-265-2831133/ 2831144 |
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Fax No.: |
91-33-2577 1870 |
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E-Mail : |
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Website : |
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Area : |
Large |
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Location : |
Owned |
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Head Office/ Factory 1 : |
136, |
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Tel. No.: |
91-33-2577 5581/ 5585 |
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Fax No.: |
91-33-2577 1870 |
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E-Mail : |
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Area : |
Large |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Govind Patel |
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Designation : |
Managing Partner |
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Date of Birth/Age : |
56 years |
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Qualification : |
L.L.B. |
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Experience : |
Around 30 years |
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Name : |
Mr. Shankar Patel |
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Designation : |
Partner |
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Mobile No.: |
91-9830024262 |
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Date of Birth/Age : |
52 years |
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Qualification : |
Graduate |
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Experience : |
Around 30 years |
KEY EXECUTIVES
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Name : |
Mr. S N Bhunia |
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Designation : |
Key Executive |
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Tel. No.: |
91-33-25774071 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Fibre Glass for railway coach
interiors. |
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Products : |
UNIT – I For Indian Railway
Coaches • GRP Single piece Louvre
Shutter (2'-0") for IR Coaches • GRP Lavatory Window Complete • GRP Window Complete Bodyside • GRP Axle Box Front Cover For • GRP Window Complete UNIT – II v FRP main Doors
for A/C & Non A/C v LHB Section
& Gear Case Assembly v Composite
Partition for Metro Coaches |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (60 days) |
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Purchasing : |
Cash or Credit (30 days – 60 days) |
GENERAL INFORMATION
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Customers : |
v
End Users v
Government Bodies |
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No. of Employees : |
Around 100 |
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Bankers : |
Allahabad Bank |
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Facilities : |
v
Cash Credit v
Term Loan |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
v
The Producers Forum Private Limited Kolkata, West v
Satapdhi Safety Class Industries Vadodara, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 20.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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250.000 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
v Indian Railways
Website details attached:
Profile
Their history of association with Rail Industry goes back by 50 years to
1949, two years after independence as suppliers of timber products such as sleepers,
logs, wooden windows etc. to Indian Railways for coach manufacture and
maintenance.
Subject accompanied Indian
Railway's phenomenal development and progress right from the start, through the
ability to transform experience into improved products.
Subject with long standing
experience in the manufacture of compression moulded SMC/DMC products for the
Indian Railways has helped the railways induct the composite components.
Hindustan Fibre also executed export orders for FRP windows for passenger coaches
for Bangladesh Railways since 1997.
Subject will continue to play
its part to ensuring that composite remains the most versatile, environmentally
sound and cost effective solution. Considering today's demand such as light
weight, low noise level, reduced environmental impact, low life-cycle cost etc.
Subject already diversified into
manufacturing FRP Windows, Composite Modular Toilets, Traction Components,
Pultruted Section, Aerodynamic Profile etc.
Subject has already
geared up with the requisite manufacturing, capabilities tooling expertise and
facilities for the futuristic railway coaches.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 41.09 |
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1 |
Rs. 81.46 |
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Euro |
1 |
Rs. 55.16 |
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. |
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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