MIRA INFORM REPORT
|
Report Date : |
22.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
AWISHKAR ASSOCIATES |
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|
|
|
Registered Office : |
P.B.#2745, 26, 1st
Main Road, Sampangi Ram Nagar, Bangalore – 560 027, Karnataka, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
1975 |
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|
Tin |
29730068238 |
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CST |
00264179 |
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|
IEC No. |
0793014166 |
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|
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ECC |
ACRPS 1539B XD001 |
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|
Legal Form : |
Sole
Proprietory Concern |
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|
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Line of Business : |
Supplier of Raw Materials
for PCB, Paint, Printing Ink and Paper Industries. |
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 30000 |
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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 per commitments. The concern can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
P.B.#2745, 26, 1st
Main Road, Sampangi Ram Nagar, Bangalore – 560 027, Karnataka, India |
|
Tel. No.: |
91-80-22237977/22226408 |
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Fax No.: |
91-80-22221779 |
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E-Mail : |
|
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Area
: |
1,000
sq. fts. |
|
Location
: |
Owned |
SOLE
PROPRIETOR
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Sole Proprietor |
|
Address : |
Apt. No. A-2, Farville
Apts., 92/1, 3rd Cross Lavalle Road, Bangalore – 560001 |
|
Date of Birth/Age : |
58years |
|
Qualification : |
B. Tech (Chemical
Engineer) from Madras University – (1970 Batch) |
|
Experience : |
36 years |
|
Name : |
Mr. Ashwin Bhagat |
|
Designation : |
General Manager |
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Qualification : |
B. Tech (Chemical
Engineer) from Madras University – (1970 Batch) |
|
Experience : |
33 years |
|
Mobile No.: |
91-9342550942 |
BUSINESS
DETAILS
|
Line of Business : |
Supplier of Raw Materials
for PCB, Paint, Printing Ink, Paper Industries and Resin Industries. |
|
|
|
|
Products : |
v
Imported Raw Materials for
Printed Circuit Board Industry: -
Copperclad Laminates -
Dry Film Photoresist -
All kind of PCB Inks v
Imported Resins for
paint, printing inks and construction (floor coating) industries: -
Polyamide Resins -
Amine function compounds -
Epoxy resins and
hardeners v
Imported fatty acids
based on vegetable oils for resin manufacturing industries: -
Dimer Acid -
Monobasic Acid -
Soy oil fatty acids v
Indigenous dyes and pigments for paint, flexo and
greveure printing inks, and paper industries: -
All types of organic
pigments -
All types of direct, acid
and basic dyes |
|
|
|
|
Agencies Held : |
v
Lona Industries Limited,
Mumbai Reference:
Mr. A.D. Gurjar, Sales Manager Tel.
No.: 91-22-24307441 Fax :
91-22-24363595 Products
Handled : Phthalocyanine pigments v
Apex Dyestuff &
Intermediates, Ahmedabad Reference:
Mr. Shrenik Merchants/ Mr. Prashant Merchant, Partners Tel.
No.: 91-79-27541070 Fax:
91-79-25893858 Email: apexpigments@yahoo.com
Products
Handled: All types of organic yellow and red pigments v
Paradise Chemical
Industries, Ahmedabad Reference:
Mr. Ramesh C. Shah, Proprietor Tel.
No.: 91-79-25831254 Fax :
91-79-25831837 Products
Handled: Semi-transparent organic yellow pigment. v
N. R. Industries,
Ahmedabad v
Kolon Industries Inc.,
Korea Reference
: Mr. J. Eun, Managr, DFR Business Team Tel.
No.: 91-822-36773902 Fax:
91-822-36773889 / 3696 Email: eun@kolon.com Products
handled: Dry film photoresist v
Doosan Corporation
Electromarterials Bg, Korea Reference:
Mr. Jun Lee, Asst. Manager, Overseas sales Team Tel.:
91-822-33981970 Fax:
91-822-33981979 Email: junsuk@doosan.com Products
handled: All types of rigid and flexible copper clad laminates, Like
paper phenolic, glass epoxy from 0.1mm to 2.4mm thick, composite epoxy,
prepress for multiplayer etc. v
Sirpi S.R.L., Italy Reference:
Dr. Manuel Hasan, Director Tel.
No.: 91-3902-55181191 Fax:
91-3902-55181580 Email: info@sirpi.it Products
handled: All types of PCB Inks, like photo imageable, U.V.curing and thermal
curing solder mask, ETCH resist and legend inks. All types of graphic inks
for printing on synthetic substrate v
Kokdo Chemical Company Limited, South
Korea Reference:
Mr. T. H. Kim, Export Manager Tel.
No.: 91-822-32821562 Fax:
91-822-32821588 Email: trade@kukdo.com Products
Handled: Amine Function compounds epoxy
resins and Hardeners. v
Samwoo Oil Chemical Company Limited,
South Korea Reference:
Ms. B.Y.Kim, Export Manager Tel:
91-822-27134200 Fax:
91-822-27045363 Email: samoil@unitel.co.kr Products
handled: Dimer Acid, monobasic acid and soy oil fatty acid v
Kukdo Chemical (Kunshan)
Company Limited China – 215341 Reference – Mr. Song Tel. No.: 91-86-512-57460881 Fax. No.: 91-86-512-57460886 v
Doosan Electronic
Materials Singapore Private Limited Singapore Reference – Mr. M. K. Appersamy Tel. No.: 91-65-68626327 Fax. No.: 91-65-68626329 |
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|
|
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Imports from : |
Korea,
Japan, Singapore, U.K., Italy |
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|
|
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Terms : |
|
|
Selling
: |
Credit
(90-120 days) |
|
|
|
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Purchasing
: |
D/A and
Credit (90 days) |
GENERAL
INFORMATION
|
Customers : |
v
End users |
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|
|
|
No. of Employees : |
8 |
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|
|
|
Bankers : |
v
City Union Bank Limited Koramngala
Branch, Bangalore – 560 095, Karnataka v
IDBI Bank Mission
Road, Bangalore – 560027 |
|
Banking
Relations : |
City Union Bank
Limited - Cash Credit Limit – Rs.
2.500 Millions and FLC Limit – Rs. 5.000 Millions |
|
|
|
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Banking
Relations : |
Satisfactory |
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|
|
|
Auditors : |
Mr.
N.M.Arunkumar, Chartered
Accountants |
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|
|
|
Address: |
P.S.Anand
Rao and Company, “Taranga”, 35, Binny Layout, Behind Attiguppe, Vijaya
Nagar, Bangalore – 5600040 |
|
Tel. No.: |
91-80-57606336 |
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|
|
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Associates/Subsidiaries : |
Awishkar International Line of Business -
Indenting Agents for Direct Import by buyers in India Bluemine Chemidiates
Private Limited Line of
Business - Dealing in Dyes, Pigments
and Chemicals A A
Dyements Line of
Business – Indenting |
|
|
|
|
MEMBERSHIPS: |
v
Karnataka Dyes and
Chemical Traders Association v
Indian Printed Circuit
Association v
Indian Small Scale Paint
Manufacturers Association v
All India Printing Ink
Manufacturers Association |
CAPITAL
STRUCTURE
|
Capital Investment : |
|
|
Owned
: |
Rs. 8.000 Millions
(March 07) |
|
Borrowed
: |
NA |
|
Total
: |
Rs. 8.000 Millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
49.230 |
24.399 |
21.285 |
|
|
|
|
|
|
Profit/Loss for the year |
3.128 |
1.435 |
1.032 |
|
|
|
|
|
|
Import Value |
NA |
18.971 |
13.284 |
Expected Sales
Turnover for the year ending 31.03.2007 --- Rs 52.500 Millions
BALANCE
SHEET AS ON 31ST MARCH 2005
|
CAPITAL AND
LIABILITIES |
Rs |
ASSETS AND
PROPERTIES |
Rs |
|
Capital Account |
6.256 |
Fixed Assets |
2.956 |
|
Secured Loans – Citi Bank (Schedule I) |
1.137 |
Investments (Schedule V) |
0.949 |
|
Unsecured Loans (Schedule II) |
3.718 |
Closing stock |
2.923 |
|
Sundry Creditors |
|
Deposits and Advances |
|
|
- For Goods (Schedule III) |
13.352 |
- Advances (Schedule VI) |
3.361 |
|
- For Others (Schedule IV) |
0.752 |
- Deposits (Schedule VII) |
0.090 |
|
|
|
Sundry Debtors (Schedule VIII) |
14.543 |
|
|
|
Cash in hand and at Bank (Schedule IX) |
0.392 |
|
|
25.216 |
|
25.216 |
LOCAL
AGENCY FURTHER INFORMATION
The concern is in trade
terms with :-
Local :
v
Lona Industries Limited
“Gharkul”, 82, Veer Savarkar Marg, Shivaji
Nagar, Dadar (West), Mumbai – 400 028
Tel.
No.91-22-24473738-41
Fax
No.91-22-24473745
v
Paradise Chemical
Industries
Plot No.
129, Phase I, Neeka Tube Road, GIDC, Vatva, Ahmedabad – 382 445, Gujarat
Tel.
No.91-79-25831854
Fax
No.91-79-25831837
E-Mail paradise@icenet.net
v
Apex Dyestuffs &
Intermediates / Ankur Dyestuff Industries / Classic Colours
7, Ajanta
Commercial Centre, Second Floor, Ashram Road, Ahmedabad – 380 014, Gujarat
Tel.
No.91-79-27541070, 27540570
Fax
No.91-79-27543864
v
Aarviem Dyechem Industries
Private Limited / Vaibhav Dyechem Industries Private Limiteed
16/1253,
MHB Colony, Tata Power House, Borivli (East), Mumbai – 400 066
Tel. No.91-22-28861070
Fax
No.91-22-28864647
v
Lotus Enterprises
409-410,
Lotus House, 33-A, New Marine Lines, Mumbai – 400 020
Tel.
No.91-22-22085155, 22085919
Fax
No.91-22-22087879
E-Mail lotusent@bom3.vsnl.net.in
v
Mr. A. Venkitachalam
Materials
Manager,
Asian
Paints Limited, Mumbai.
Tel. No.:
91-22-56958525
Fax:
91-22-56958805
Email: a.venkitachalam@asianpaints.com
v
Mr. Milind Varwerkar
General
Manager Commercial,
Cray
Valley Resins Inida Private Limited, Mumbai.
Tel. No.:
91-22-24934001
Fax:
91-22-24973856
Email: maheshwataney@nerolac.com
v
Mr. D. A. Bhagat
Materials
Manager,
Resins
and Plastics Limited, Mumbai.
Tel. No.:
91-22-28321671
Fax:
91-22-28217906
Email: dhansukh.bhagat@resplast.com
v
Mr. Bhaskar Saha
Akzo
Nobel Coatings India Private Limited
Hoskote,
Karnataka
Tel. No.:
91-80-27971305 / 27971601
Fax :
91-80-27971306
Email: bhaskar.saha@uk.akzonobel.com
v
Mr. Murlidhar Nair
Dy.
G.M.Purchase
Micro
Inks Limited, Vapi
Tel.:
91-260-2462811
Fax:
91-260-2463733
Email: murli.nair@microinks.com
Foreign :
v
Doosan Corporation
Electromaterials BG
Doosan
Tower, 18-12, 18F, Ulchu-Ro 6-KA, Chung-Ku, Seoul 100-730, South Korea
Tel.
No.91-82-02-3398-1970
Fax
No.91-82-02-3398-1979
E-Mail ispark@doosan.com
Contact-Mr.
I. S. Park
v
Kolon Industries Inc.
Kolon
Towers, 1-23, Byulyang-Dong, Kwacheon City, Kyunggi-Do, Korea
Tel.
No.91-82-02-3677-3945, +82-02-3677-3902
Fax
No.91-82-02-3677-3889, +82-02-3677-3696
E-Mail eun@kolon.com
Contact -
Mr. J. U. Eun
v
Sanwa Chemical (Singapore)
Pte Limited
31, Gul
Crescent, Singapore 629536
Tel.
No.91-65-68621721
Fax
No.91-65-68623682
E-Mail masuzawa@sanwa-chemical.com.sg
Contact Mr. N. Masuzawa / Mr. Eric Ng
v
HT Cimatec GmbH
Post Box
1360, 67286, Kircheimbolanden, Germany
Tel.
No.91-49-6352-404-0
Fax
No.91-49-6352-404-115
E-Mail reinhard.freund@htcimatec.de
Contact -
Mr. Freund Reinhard
v
SIRPI s.r.l.
20122,
Milano, Corso Di Porta Romana 119, Italy
Tel.
No.91-39-02-55181191
Fax
No.91-39-02-55181580
E-Mail sirpi@planet.it
Contact -
Dr. Manuel Hassan
v
PT Damar Murni Indah
Jl. Raya
Serand KM 12, DS. Bunder, KP. Kadu No. 48, Tangerang, Indonesia
Tel.
No.91-62-21-5960102
Fax
No.91-62-21-5960095
E-Mail damar@dnet.net.id
Contact -
Ms. Omey
v
Scott Bader Exports Limited
Wollaston,
Wellingborough, Northamptonshire NN9 7RL, U.K.
Tel.
No.91-44-1933-663100
Fax
No.91-44-1933-663474
E-Mail tony_Phillips@scottbader.com
Contact-Mr.
Tony Phillips
The concern is an Importer of :-
v
Dry Film Photoresist, Korea [DA terms for 30 Days]
v
Copperclad Laminates, Korea
[DA terms for 90 Days]
v
Vinyl Resins, Japan [LC terms for 90
Days]
v
Polyamide Resin from
Singapore [LC terms for 90 Days]
v
Water Based Emulsions from
U.K. [LC terms for 60 Days]
v
Screen Printing Inks from
Italy [DA terms for 60 Days]
The concern is not involved in Export activity.
Some of the its’ major customers are :-
v
Mr. C. S. Bhaskar, Chief
Manager PCB, ITI Limited, Doorvani Nagar, Bangalore – 560 016, Karnataka
v
Mr. N. M. Saied, C.M.D.,
Fortran Cirkit Electronics Pvt. Ltd., Plot No. 44 and 53, Developed Plot Estate
for Electronics, Perungudi, Chennai – 600 096, Tamilnadu
v
Mr. Raja Ganguli, Coates of
India Limited
v
Mr. Anil Reddy, M.D.,
Universal Coatings
Importers:
v
Epoxy Resins &
Hardeners
v
Polyhydric Alcohols
v
Copper Clad Laminated
Sheets
v
Dry Film Photoresist
v
Dimer Acid and Vegetable
oil based fatty acids
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.
44.24 |
|
UK Pound |
1 |
Rs.
86.95 |
|
Euro |
1 |
Rs.
57.33 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
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 |