MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GURU NANAK FOUNDRY |
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Registered Office : |
17 – A, Industrial Area, NIT, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1970 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKG05590E |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers, Traders of S.I. Castings |
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 18000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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 reported as slow but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
17-A, Industrial
Area, NIT, |
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Tel. No.: |
91-129-2236915 /
4022144 |
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Fax No.: |
91-129-4049120 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Mohinder Singh |
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Designation : |
Proprietor |
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Address : |
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Date of Birth/Age : |
66 Years |
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Qualification : |
Matric |
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Experience : |
18 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Traders of C.I. Castings |
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Products: |
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Terms : |
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Selling : |
L/C, Credit (30 days) or cash |
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Purchasing : |
Credit (30 days), Cash and at Sight |
GENERAL INFORMATION
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Customers : |
Manufacturer, Wholesalers, Retailers and End Users |
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No. of Employees : |
50 |
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Bankers : |
Oriental Bank of Commerce NIT, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manish Jajo and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.4.500 millions |
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Borrowed : |
- |
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Total : |
Rs.4.500 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 |
17.500 |
14.500 |
15.800 |
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Profit/Loss for the year |
NA |
0.200 |
0.175 |
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Expected Sales (2007-08) : Rs.20.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade
Reference
Ø
Roto
Pumps Limited,
Ø
SRB
Machines Private Limited, Sahibabad
Company Details:
They are well known jobbing foundry for its non-competitive quality. They
are the leading manufacturer of C.C. Casting since 1970. Their 100+ workforce
including administrative staff and engineering staff, Subject manufactures cast
iron of various grades confirming to national and international standard
suitable for high temperature and pressure application as per drawings,
patterns and samples.
Subject believes in commitments, they make to their customers of quality
and service each with best efforts.
Some of the people
associated with the company:
Directors:-
Mr. Mahender Singh Saini
Mr. Rajinder Singh Saini
Mr. Ishwar Singh Saini
Looking Forward To A
Professionally Fruitful Business Association
Foundry Infrastructure:-
Subject spreading in more then 6500sq.mtr. With best available
resources. Their manufacturing plant processes state -of-art-machines to
produce best quality casting in-house. Some of the facilities & machines
they have in-house at Gurunanak Foundry are:-
Ø
Cupola Furnaces
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Heavy Sand Mixture
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Surface Grinder
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Boring Machine
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Universal Milling Machine
Guru Nanak Foundry manufactures all kind of graded castings from 1 Kg to
800 Kg with highest quality and cost-effectiveness. They undertake every type
C.I Casting work. Their activities include casting parts of :-
Ø Automobiles
Ø Boilers
Ø Turbines
Ø CNC Machine
Ø Short Blast Machine
Ø Oil Furnace
Ø Surface Grinder
Their Strength
The
success of the company is the result of earnest efforts of an excellent team
consisting of experienced professionals, a modern communication network and they’ll
-organized management culture. They firmly believe in providing top-class
services to their customers in terms of quality, packaging and other value
added services.
Infrastructure
Their
manufacturing unit is equipped with state-of-the-art high precision machines to
provide quality products. Each stage of production, starting from the material
selection to the final product is carried out under highly qualified &
dexterous professionals. Their fully facilitated production house coupled with
the expertise of their skilled professionals has made them a fore runner in the
field. Their motive of 100% commitment to excellent performance with total
quality control has won the trust and confidence of a large number of clients
in
Their
Success Story
The wide network of their clients
and customers speak volumes of their hard work, dedication and tireless
efforts.
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.40.41 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
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 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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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45 |
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/normal. |
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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