MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ISHAN INDUSTRIES |
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Registered Office : |
9 / 10, A - Wing, 2nd Floor, Satyam Shopping Centre, (East), Mumbai – 400 077, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturers of Aluminium
Bottles, Collapsible Tube and Pet Bottles.
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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 10000 |
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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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Mobile No.: |
91-22-25163791 |
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Fax No.: |
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E-Mail : |
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Website : |
700 sq. ft. |
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Area : |
Owned |
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Factory 1 : |
Dadra and Nagar Haveli,
Silvassa |
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Area : |
55000 sq. fts. |
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Location : |
Owned |
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Branches: |
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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. Reeta Shah |
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Designation : |
Partner |
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Name : |
Mr. Ishan Shah |
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Designation : |
Partner |
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 : |
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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
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Products; |
Aluminium Bottles
and Pet Bottles |
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Countries: |
Thailand, Taiwan, Jordan, Egypt Sudan, China,
Turkey, Singapore, Oman, Saudi Arabia, Malaysia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms: |
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Selling : |
L/C, B/C or
Advance |
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Purchaing: |
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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Bank: |
HDFC,
Ghatkopar(East) Branch |
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Facilities: |
C/C - Rs.25.000
millions |
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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 Activity :
Manufacturers of Aluminium Bottles, Collapsible Tube and Pet Bottles. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.25.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.25.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
350.000 |
280.000 |
200.000 |
Expected Sales (2007-08) : Rs. 450.000 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
They are one of the
leading manufactures of Aluminum Bottles, Aluminum Collapsible Tubes, Aerosol
Cans and Pet Bottles to any rigid specifications and sizes required by
Customers. They have independent multiple lines for each product which will
ensure speedy delivery and 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 and 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 and 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
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.
Other Information:
Subject also imports second - hand machinery
from
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.41.24 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.56.06 |
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 |
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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
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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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