MIRA INFORM REPORT
|
Report
Date : |
15.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
24- A
Anil Roy Road, Kolkata – 700029, West Bengal, India |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
24.09.1981 |
|
|
|
|
Com.
Reg. No.: |
21-34151 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U17232WB1981PTC034151 |
|
|
|
|
IEC
No.: |
0298003902 |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Manufacturer, exporter of sisal, manila, jute,
polypropylene and core ropes for steel wire ropes, cores for steel rope,
polypropylene and jute, carpet grade yarns and twines for sisal carpets-
dyed/undyed, cores from sisal/polypropylene / jute. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
125000 |
|
|
|
|
Status
: |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually
Correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well-established company having satisfactory track.
Directors are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are reported as fair. Payments are
reported as correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
“NAMASKAR”, Ground floor, 24A, Anil Roy Road, Kolkata –
700029, West Bengal, India |
|
Tel.
No.: |
91-33-24661654/24666607/24655005 |
|
Fax
No.: |
91-33-24644631/24754857 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
800 sq. fts. – Rented |
|
|
|
|
Head
Office / Factory / Warehouse : |
Village Arrah, Post Mahilong – 835103, Ranchi. |
|
Tel.
No.: |
91-651-2265832/2265124/3090216/2233475/24666607/24661654 |
|
Fax
No.: |
91-651-2233475/24644631
or 24618857/2208475/2265124/2265832/ 24618857 |
|
Mobil
No.: |
91-9431170124/9234668881 |
|
E-Mail
: |
|
|
Area : |
Owned |
DIRECTORS
|
Name : |
Mr. Siddharth Jhawar |
|
Designation
: |
Chairman and Managing Director |
|
Address
: |
2A, “Shriniket” 14/9, Vasant Vihar (Raja Bagan), Kanke
Road, Ranchi – 834008 |
|
Mobile
No.: |
91-9431170124/9234668881 |
|
Date
of Birth/Age : |
19th November, 1954 |
|
Qualification
: |
B. Com (Hns) |
|
Experience
: |
29 Years |
|
Date
of Appointment : |
24th September, 1981 |
|
|
|
|
Name : |
Mr. Anurag Jhawar |
|
Designation
: |
Whole time Director |
|
Address
: |
51/C, Gariahat Road, Calicutta – 700019 |
|
Date
of Birth/Age : |
01st March, 1958 |
|
Qualification
: |
B. Sc. (Hns) |
|
Experience
: |
25 Years |
|
Date
of Appointment : |
24th September, 1981 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Siddharth Jhawar |
41215 |
|
Mr.
Anurag Jhawar |
41215 |
|
Mr. Pallavi Jhawar |
10260 |
|
Mrs.
Vaijayanti Jhawar |
10260 |
|
Gold
Mouhar Vyapaar Private Limited |
3990 |
|
Melco
Sales Private Limited |
2480 |
|
Enviroflo
Projects and Engineers India Private Limited |
2200 |
|
Kashnical
Mercantile Private Limited |
6000 |
|
Mrigya
Electronics Indcia Res, [P] limited |
8000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer, exporter of sisal, manila, jute, polypropylene
and core ropes for steel wire ropes, cores for steel rope, polypropylene and
jute, carpet grade yarns and twines for sisal carpets- dyed/undyed, cores
from sisal/polypropylene / jute. |
|
|
|
|
Products
: |
® Sisal And Manila Rope ® Jute Rope ® P P Rope ® Hawsers ® Cable-Laid ® Shroud-Laid ® Plain ® Rot Proofed ® Tarred ® Tarred Marline ® Sisal And Manila Twines For Carpet
And General Applications. |
|
|
|
|
Exports
to : |
Japan, Australia, USA, Sri Lanka, Thailand, Turkey, U.K.,
UAE, Saudi, Germany, Malaysia,
Israel, Colombia, Dubai, Dammam and Arabia |
|
|
|
|
Import
From : |
Kenya, Tanzania, Philippines, Brazil and Germany |
|
Terms
: |
|
|
Selling : |
L/C, Cash or Credit (60 days) |
|
|
|
|
Purchasing : |
L/C, Cash (60
days), Credit (180 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Jute,
Sisal, Manila and P P Rope |
MT |
2952 |
1689 |
GENERAL INFORMATION
|
Customers
: |
Wholesalers, Manufacturer, Government Bodies and End Users |
|
|
|
|
No. of
Employees : |
200 |
|
|
|
|
Bankers
: |
|
|
|
|
|
Facility
: |
Rs. 29.000 Millions – Working Capital Limit |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
R. K.
Garodia and Company Chartered
Accountants |
|
Address
: |
202, Sai
Apartment, Kutchery Road, Ranchi – 834001 |
|
Tel.
No.: |
91-651-2203343/4837 |
|
Fax
No.: |
91-651-2207744 |
|
|
|
|
Associates
: |
Ø Chhotanagpur Lube Speciality, P.
O. Mahilong, Rachi – 835103, Jharkhand Lines of Business : Manufacturer of Speual
Lubricants Ø Chhotanagpur Poly Products, P. O.
Mahilong, Rachi – 835103, Jharkhand Line of Business : Manufacturer of P.P. Tape/ Film/
Sutli Ø Eastern Financial Services Ø Hindustan Manufacturing
Corporation. |
|
|
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs. 100/- |
Rs. 15.000 millions |
Issued,
Subscribed & Paid-up Capital:
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
133620 |
Equity Shares |
Rs. 100/- |
Rs.13.362 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
13.362 |
12.562 |
11.162 |
|
|
3]
Reserves & Surplus |
21.224 |
18.485 |
15.223 |
|
NETWORTH
|
34.586 |
31.047 |
26.385 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
17.780 |
13.637 |
12.371 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.474 |
|
TOTAL
BORROWING
|
17.780 |
13.637 |
12.845 |
|
|
DEFERRED
TAX LIABILITIES |
1.346 |
1.706 |
1.629 |
|
|
|
|
|
|
|
TOTAL
|
53.712 |
46.390 |
40.859 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
17.558 |
23.530 |
22.318 |
|
Capital work-in-progress
|
6.090 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.204 |
0.197 |
0.188 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
35.398 |
26.601 |
18.918 |
|
|
Sundry Debtors
|
11.433 |
10.893 |
8.480 |
|
|
Cash & Bank Balances
|
1.104 |
1.436 |
2.137 |
|
|
Loans & Advances
|
8.175 |
6.755 |
5.138 |
Total Current Assets
|
56.110 |
45.685 |
34.673 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provision
|
26.250 |
23.022 |
15.415 |
|
|
Provisions
|
0.000 |
0.000 |
0.905 |
Total Current Liabilities
|
26.250 |
23.022 |
16.320 |
|
Net
Current Assets
|
29.860 |
22.663 |
18.353 |
|
|
|
|
|
|
|
TOTAL
|
53.712 |
46.390 |
40.859 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
117.626 |
100.335 |
84.151 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
3.495 |
3.467 |
3.362 |
Provision for Taxation
|
1.282 |
1.292 |
0.924 |
Profit/(Loss) After Tax
|
2.213 |
2.175 |
2.438 |
|
|
|
|
|
Export Value
|
83.343 |
68.937 |
57.890 |
|
|
|
|
|
Import Value
|
43.469 |
36.907 |
NA |
|
|
|
|
|
Expenditure
|
115.254 |
97.040 |
80.789 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
1.88 |
2.17 |
2.95
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
2.97 |
3.46 |
4.67
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
4.74 |
5.01 |
5.88
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.10 |
0.11 |
0.13
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.27 |
1.18 |
1.11
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.14 |
1.98 |
2.12
|
LOCAL AGENCY FURTHER INFORMATION
The company
is in trade terms with:
Ø
Wigglesworth
& Company Limited, London, U.K.
Ø
Landaver
Fibres, London, U.K
Ø
Brunton
Shaw U. K. Limited, U. K.
Ø
One
Steel Wire Pty. Limited, Australia
Ø
M/s.
Usha Martin Limited, Tatisilwai, Ranchi – 835103 ( Jharkhand)
Tel. No.: 91-651-2265243
Chhotanagpur Rope Works Private Limited was established as an
ancillary to Usha Martin Limited as partnership firm in 1978. The promoters
being Mr. Siddharth Jhawar and Mr. Anurag Jhawar sons of Mr. Arun Kumar Jhawar.
The manufacturing was initially done to meet the requirement of fiber cores for
UMIL’s steel ropes. However, by 1981 CRW started selling its products to other
wire rope companies in India and very soon captured nearly 75 % of the home
demand. CRW started to export its Ropes in the early 90’s and has now become
the only company in India to have exported its ropes to all the
containments.
The directors are well versed in this field and have more
than 25 years experiences an ISO 9001:2000 certified company, CRW also holds
ISI licenses for SISAL, manila and Polypropylene Rope.
IT exports quality products across the world and plan to set
up a new plant to meet its growing export commitments.
AS PER WEBSITE
With their experience,
knowledge and skill they will endeavour to understand and meet customer's
requirements so that the wire rope manufacturer also achieves superior results
by use of their Fibre Core entre.
An ISO 9001:2000 Company
AT CRW
Fibre cores are a sophisticated extension
of the fibre rope making process. Stringent specifications have to be achieved.
The fibre core rope has to be made suitable to the end application of the Steel
Rope of which it is an integral part. The technology of fibre core rope making
begins from the fibre selection, yarn spinning, lubrication and final core rope
construction. This springs from a deep understanding of the subject. This
technology is wedded to the skills of making a good rope itself.
Understanding this subject and translating
it into a suitable product is the real technology of this industry.
At CRW the opportunity of working closely
with the Steel Rope Industry in different countries, has given us the exposure
to the finer aspects of needs of steel rope makers world-wide.
CRW is probably the only Company which has
had the opportunity to deal with Wire Rope Manufacturers across all continents
from Australia, Asia, Europe, North & South America and Africa as also Wire
Rope making experts from across the world.
Reliable Fibre Core for
Wire Rope
At CRW they have understood the subtleties
of constructing Fibre Cores for varied end applications.
Their products include Cores from Sisal /
Polypropylene / Jute (Dry or Prelubricated).
Fibre Core with tolerance on diameter and
density of +2%, - 2% for Elevator applications i.e. highly uniform cores
for Steel Wire Rope are their speciality. These are being appreciated the world
over by Wire Rope makers. These can be constructed in 3 or 4 Strand
construction with right lay or left lay.
Linear densities (weight per metre) can be
made to suit customer preferences. Soft, Medium and Hard cores are easily
constructed.
Prelubricated Cores with fluid
lubricants and hot melt lubrication involving process of application directly
onto the fibre at the spinning stage or applying lubricant during rope making.
They are familiar with lubricants like Ironsides, Cortex, Nyrosten (T-55, N113,
N65, etc.), Elaskon, Amoalin, N55, KR10, etc.
Application:
In Steel Wire Ropes Elevator, Oil
Drilling, Marine, Aerial, Winding, Friction (Koepe) Winders, Haulage, Logging
and General Engineering.
Construction of Cores:
3 or 4 or 4+ 1 strands - right hand lay or
left (as required). In 4 Strand Cores center strand is inserted to support the
outer strands, by mutual agreement.
Linear Density: Runnage
to suit customers specs.
Diameters:
From 4 mm upwards in diameter steps as
required by customer or steps of 0.25 mm. Tolerance : as agreed mutually.
Lay: Can be right or
left hand from 2.8 x D upto 4.0 x D.
Presentation and Packing:
65 kg / 150 kg / 300 kg Net or more on sea-worthy
sturdy pinewood and steel combination reels. On cross wound coils up to 100
kgs. Rope splices not allowed. Splices in strands are allowed.
Other Products:
- Sisal
and Manila Rope
- Hawsers,
Cable-laid, Shroud-laid, Plain, Rot-proofed, Tarred
- Tarred
Marline
- Sisal
& Manila Twines for carpet and general applications
They also make SISAL,
MANILA & JUTE Ropes to BS, DIN & Customer Specification 6 mm to 40 mm
Dia.
Total control is
excercised from fibre selection to spinning, stranding and rope making.
Tests which are
compulsorily conducted:
- Chemical
condition of Fibre, Yarn and Rope at different stages.
- Yarn
size control and verification.
- Diameter
and density checks for uniformity and correct density.
- Lubricant
absorption in the rope.
- Checks
of lay length and lay angle.
- All
test samples are drawn under tension specified by ISO 4345 and chemical
and physical analysis is done under procedures specified by ISO and DIN.
Some customers require a compression
test to be carried out for which facilities have been created, to meet
customer's specifications.
They have been able to unify at
CRW all the skills and facilities for producing world class products which
is reflected in growing export shipments to diverse destinations across the
globe.
One of their greatest strength is their
own spinning facility for hard fibres like Sisal & Manila and own Extrusion
line for Polypropylene fibre film and monofilament. This gives us total
flexibility and access to inputs of choice.
The technology adopted is the knowledge of
correct core construction, in process control and building up the adequate
facilities to achieve a high standard in quality. To the best of their knowledge this kind of a total approach is not
available anywhere as most other companies manufacture a wide variety of
products whereas they concentrate on a specialized field as theirs.
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
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.31 |
|
UK Pound |
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.57.29 |
SCORE & RATING EXPLANATIONS
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |