MIRA
INFORM REPORT
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Report Date : |
16.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
GARUDA
OVERSEAS |
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Registered Office : |
13, Mangal Murti Complex, Opp. City Gold, Ashram Road, Ahmedabad-380
009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006
(Estimated) |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
2466 |
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Legal Form : |
Family partnership concern with an
unlimited liability of the partners |
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Utensils. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Management
remained non-cooperative during current investigation. They denied to divulge
business and financial details. Although
concern appears to be active in the business more details could not be
available. The
concern can be considered normal for small to mediocre business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
13, Mangal Murti Complex, Opp. City Gold, Ashram Road, Ahmedabad-380
009, Gujarat, India. |
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Tel. No.: |
91-79-26574869 |
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Mobile No.: |
91-9426060099 |
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Fax No.: |
91-79-26574870 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq.fts. |
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Location : |
Owned |
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Factory
1 : |
13, Mangal Murti Complex, Opposite City Gold, Ashram Road,
Ahmedabad-380 009, Gujarat |
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Tel.
No.: |
91-79-26574869/ 32994869 |
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Mobile
No.: |
91-9426060099/
999811777 |
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Fax
No.: |
91-79-26574870 |
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E-Mail
: |
adeshwarind@ad.growthnet.net
/ info@garudaoverseas.com / jitendra@garudaoverseas.com |
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Website : |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Jitendra M. Hundia |
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Designation : |
Managing Partner |
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Name : |
Mr. Ugamraj Hundia |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Utensils. |
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Products : |
The concern’s product range includes : v Stainless Steel Pressure Cooker/Pressure Pans. v Stainless Steel Copper Bottom Cookware v Stainless Steel Sandwich Bottom Cookware v Stainless Steel Capsulated Bottom Cookware |
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Exports to : |
U.S.A, U.K, Russia, Japan, Finland, and
the Middle East |
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Imports from : |
Europe, U.S.A and Japan |
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Terms : |
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Selling : |
L/C and D/A |
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Purchasing : |
-- |
GENERAL
INFORMATION
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No. of Employees : |
70 |
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Banking Relations : |
Unknown |
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Memberships : |
Engineering Export
Promotion Council |
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Associates : |
Adeshwar Industries, Ahmedabad |
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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31.03.2006 |
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Sales Turnover |
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50.000 |
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Profit/Loss for the year |
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10% |
Note : Sole Proprietory and Partnership concerns and exempted from divulging their Balance Sheet and Profit & Loss Account figures and hence could not be available.
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in
as manufacturer and exporter of stainless steel utensils with sandwich bottom,
copper bottom and pressure cooker and pressure pan.
Website
Details :
Company
is having strong presence in utility oriented Stainless Steel utensils market
since last 25 years.
Four years back company entered into a new segment of cookware and Pressure Cookers. At that time few companies were marketing their products in very low profile way. The concept of Sandwich Bottom cookware was not popular. Other competitors were having good presence in Exports. Garuda took up the challenge of educating the peoples about the utility of sandwich bottom cookware and pressure cookers. In presence of giants, company chooses to pick up niche market and strengthen it. Company launched the product in premium segment and in very innovative way.
Company
stands at First position in Gujarat. Within short span of time company achieved
this prestigious position in Gujarat. Company also launched its products in
Maharashtra, Madhya Pradesh, North India and Rajas than. Company has already exported
its products to U.S.A, U.K., and Middle East & African Countries. Reputed
malls of Western Countries very well accept quality of Company's products.
Company lead the market because of mainly two reasons namely; best quality and
innovative marketing strategy.
Basically because of exports, no companies were marketing their products.
Company did this job very well. Instead of exporting the products, company
decided to develop Indian market first.
Because
of Company's efforts, now every company has started concentrating local market.
Even new entrants have come to capture market share. The product, which was
presumed to be bought by only foreigners and Non Resident Indians (NRls), has
now become available for middle class public of India. The company has set
trends mainly in two segments i.e. availability of maximum range of products
and introducing designer shape pressure cookers. The company is having a record
of introducing new designer shape of pressure cooker within one year of it's
entry in whole new segment, whereas, other companies are present since last 40
years.
The company was started as a part of Group's forward integration project.
Company was started in the year 1980. Mr. Ugamraj Hundia and Mr. Madanraj
Hundia were pioneers. In the year 2001, the company planned to enter this
segment and Mr. Jitendra Hundia, slo Mr. Madanraj Hundia floated the marketing
firm to achieve the newer limits. With bright academic carrier in finance and
profound knowledge in marketing, he found no troubles in organizing necessary
structure. The main struggling point was wrong presumption in the mind of
customers about the products. New CMD tackled this point in his own innovative
way and took the company at new high. Introduction of "NRI Series Pressure
Cookers" is a milestone for the company. The company participated in
maximum public events. Company organized utility education camp at dealer's
shop. Company is a winner of best display award in a very popular event of
Gujarat i.e. Vacation Series of Exhibitions since last two years.
The main product in company's range is "NRI Series Pressure Cookers".
Other popular products are Multi Kadai, Multi Purpose Steamer, Handi, etc.
Pressure Cookers are made from best quality raw materials considering
durability and safety. The company is using AISI 304 Grade 18/8 materials
indicating highest safety. Cookers are having more specialities like: Long Life
Silicone Gasket, Extra Safety measures, Inside Matt Finish, Thick Bottom, etc.
And of course cookers are available in all sizes. The company is very
aggressive in adopting technological up gradations. Today company is offering
the same thing, which is available in developed western countries. Compared to
available options, customers are getting maximum value for their money from
company products.
Company's vision is always to be ahead of time. Company plans to be number one
by sizes and range in cookware and pressure cooker segment. Company has a
vision to make every housewife free from troubles they are facing today. Company
is planning to make products available at every possible comer of India. The
company is also planning to introduce little innovative product range in coming
years. This process will be paralleled with developing maximum range for the
available products.
Company is approaching end users rather than generalised marketing.
Company's mission is to maximise customer's value for money and always be ahead
of time
PRODUCTS
Safe, Stylish and Superior Range of Products
Their Superior line of cookware products is daily for cooking in households all
over India.
Their mirror-shining products impress and look beautiful in your kitchen. It
features comfortable handles, which are welded for lasting lifetime. Perfect
lids that fit safely to restore taste
The looks to their products are gifted by highest-quality, durable stainless
steel and durability bestowed by copper bottoms, sandwich bottoms for even
heating and cooking.
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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
4 |
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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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33 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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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