MIRA
INFORM REPORT
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Report Date : |
28.08.2007 |
IDENTIFICATION DETAILS
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Name : |
BRASSO FORGE |
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Registered Office : |
Khasra No.
44/12/3/1, Air Force Road, Jawhar Colony, Faridabad – 121005, Haryana |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKB01802D |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer, Exporter and Trader of Aluminum and Brass Forging,
castings, Assemblies, CMC & BMC Machine Components, Plating, TIG,
Welding. |
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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by Average 30
days |
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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 reported as slow by average 30 days. The concern can be
considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Khasra No.
44/12/3/1, Air Force Road, Jawhar Colony, Faridabad – 121005, Haryana |
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Tel. No.: |
91-129-2472701/2472785 |
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Mobile No.: |
91-9811193931 |
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Fax No.: |
91-129-2473689 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft |
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Location : |
Owned |
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Factory : |
Units 1, 2, 3
& 4 ( all are located near by) |
PARTNERS
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Name : |
Mr. Dheeraj Bhatia |
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Designation : |
Partner |
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Mobile No. : |
91-9811193931 |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B. E. |
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Experience : |
14 Years |
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Name : |
Mr. O P Bhatia |
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Designation : |
Partner |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Mechanical Engineer |
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Experience : |
24 Years |
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Name : |
Mr. Rajan Bhatia |
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Designation : |
Partner |
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Date of Birth/Age : |
47 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Trader of Aluminum and Brass Forging,
castings, Assemblies, CMC & BMC Machine Components, Plating, TIG,
Welding. |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
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Components |
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0.250 to 0.400 Components Per Month |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Punjab National
Bank, |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
Satish Gupta
& Associates Chartered
Accountant |
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Address: |
Sector 16, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 5.000
Millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
80.000 |
66.700 |
65.000 |
60.000 |
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Profit/Loss for the year |
NA |
1.500 |
1.450 |
1.400 |
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Export |
NA |
35% to 40% |
NA |
NA |
Expected Sales (2007-08) : Rs. 100.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade
References
Business
Forged Machined and
Finished Ferrous and Non Ferrous Components
ISO/TS/16949-2002
Government Approved Concern
Will Equipped with Power Presses, Hydraulic
and Latest Automatic Machinery
As per
Website Details
Brassoforge, a closely held company is one of the leading manufacturer
and supplier of wide variety of quality non-ferrous forged and machined
components across the globe. Founded in 1981 it originally made forged and
machined valves for gas stove manufacturers. Brassoforge then gradually
expanded and went on to become a known name in the segment of Aluminum Alloy
Forgings.
Brassoforge boast of a modern forge shop which comprises of complete integrated
facilities from cutting to finishing. The plants have laboratories to make sure
that its quality commitment is never doubted. In the future the company plans
to undertake cold forging as energy and cost saving shall be the guiding
factors of automobile sector. The wide range of products are applicable in the
following sectors.
Automobiles
Supplier to the auto industry, Brassoforge supplies various types of forgings
made through the closed die forging process and in variant conditions such as
forging to sub assemblies.
Railway Brake Systems
Supplier of forging and closed die critical forging to the largest
undertaking in the world.
Defence
The company has been supplying critical forgings to the Indian Defence sector.
Bicycle Components & Assemblies
Brassoforge has been manufacturing bicycle components ranging from
smallest to the largest.
Hardware
Industry
Supplying to the Builder Hardware Industry has allowed Brassoforge to
add a completely new industry segment to its portfolio.
Valve Industry
Brassoforge has supplied valve bodies from small sizes to considerably
large forgings to some of the largest manufacturer of forged valves.
General Engineering
Customized forgings are made available. From forged components used in
development of different new equipment to forged components used in large-scale
special purpose equipment
Brassoforge has always adapted the new and emerging technology to have the
capacity of implementation. Known for its modern facilities like the friction
screw presses, CNC machining facility, heat treatment plant and so on, the
company has made a distinct mark for itself in the market. Brassoforge vests a
complete facility to cater to a large variety of customers. With an in-house cutting
through series of bandsaws. ]
The company makes sure that the delivery schedules are met and every forging
receives due attention. As most of the products are import substitutes or are
being Exported, quality is identified as the core competence of the operations.
With ISO 9001-2000 and approvals from the Ministry Of Defense and Ministry of
Railways of Government of India
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 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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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42 |
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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