MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHI INDUSTRIES |
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Registered Office : |
Shilpa Compound, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
July 2006 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer, Trader and Exporter of a
Massive Range of Civil Construction Equipment 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 6000 |
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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 pr commitments. The concern can be considered normal for business dealings at usual
trade terms ad conditions. |
LOCATIONS
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Registered Office : |
Shilpa Compound, |
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Tel. No.: |
91-2762-242165 |
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Fax No.: |
91-2762-244740 |
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E-Mail : |
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Area : |
1700sq.mtrs |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Kamal Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
30 years |
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Qualification : |
Post Graduate |
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Name : |
Mr. Alpesh Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
29 years |
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Qualification : |
Graduate |
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Name : |
Mr. Girish Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
ITI |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of a
Massive Range of Civil Construction Equipment and Allied Products |
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Products : |
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Exports : |
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Products : |
All Products (15%) |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
16 |
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Bankers : |
♠
Indus Ind Bank Mehsana Branch ♠
Mehsana Nagarik Sahakari Bank Limited Mehsana Branch |
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Facilities : |
C/C – Rs.0.500 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sourin Patel Chartered Accountants |
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Associates/Subsidiaries : |
˛
Ram Industries Address : Shilpa Compound, Line of Business : Small Machines Manufacturers ˛
Radhe Infrastructure Line of Business : Construction |
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 |
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31.03.2007 |
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Sales Turnover |
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6.000 |
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Expected Sales (2007-08) : Rs.10.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
♠
Veenu Engineers, Ahmedabad
♠
Drili Tech Engineers,
Website Details Attached:
Company Details:
With 8 years of prominence and dedicated service, Subejct has
enjoyed an extensive track record of success in developing world class construction
machinery and allied equipment. Since the beginning, they have remained
client-driven and firmly committed to maintain international quality standard
with all their products. That is the secret behind their success in
establishing ourselves as the most respected, innovative and highly reliable manufacturer,
trader and exporter of a massive range of Civil Construction Equipment and
Allied Products such as Concrete Mixer, Mobile Batching Plant,
Mini Mobile Batching Plant, Way-Batcher, Curb Cutter, Any Type of Curb Mould,
etc. Due to their unmatched level of technical expertise,
innovative technology and affordable pricing of products, Ashi Industries is
addressed as the most authentic brand name not only in the domestic market but
also in many major countries of the world. They export almost 15% of their
total products to the international market. Parallel to this rapid expansion of
their market base, they are also increasing their productivity and product
range, gradually venturing into new areas.
Their
Quality
With an uncompromising attitude towards quality and customer satisfaction, Ashi
Industries is well positioned and strategically prepared to enjoy the myriad of
opportunities in the civil construction machinery industry. They are a quality driven
company and maintain a well defined quality management policy with in-house
facilities for quality checking to provide the clients with distinguished
products and an unprecedented level of professional service. They use supreme
grade raw materials in the production process, perform stringent quality
checking upon the products at every level, and adhere to international quality
norms in all these activities. As a result of this extent of quality
consciousness, they can provide you the best products in the industry, keeping
ourselves steps ahead of their competitors.
Their
Infrastructure
With rich experience, unparalleled expertise and all necessary infrastructural
resources, Ashi Industries is capable of developing hi-tech construction and
allied machinery which remain the most advanced and come with an unmatched
quality. At their factory premise, they have a world class manufacturing unit
equipped with a sophisticated machinery. In addition, they have in-house units
for quality control and R&D, loaded with captive facilities. All these,
combined with the dedicated service of their strong and skilled workforce,
contribute towards their strength in serving their highly esteemed customers in
a better manner.
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.40.98 |
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1 |
Rs.82.67 |
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Euro |
1 |
Rs.56.02 |
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 |
NO |
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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 |
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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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