MIRA INFORM REPORT

 

 

Report Date :

01.06.2007

 

IDENTIFICATION DETAILS

 

Name :

KISCO CASTING

 

 

Registered Office :

Guru Ki Nagri, Bhadia Road, Mandi Gobindgarh (Pb) – 147301, Fatehgarh Sahib, Punjab

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1993

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the partners.

 

 

Line of Business :

Manufacturer of Rolled products, Forging Rounds, Forging Ingots, Casting and Rolls

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

-

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed partnership concern having fine track. Partners are resourceful, experienced and qualified industrialists. Their trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered good for any normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long run.

 

 

LOCATIONS

 

Registered Office/Factory :

Guru ki Nagri, Bhadia Road, Mandi Gobindgarh (Pb) – 147301, Fatehgarh Sahib, Punjab

Tel. No.:

91-1765-250139 / 250839 / 258077 / 309548

Mobile No.:

91-9814087879

Fax No.:

91-1765-256398

E-Mail :

info@kiscocasting.com

Website :

http://www.kiscocasting.com

Area :

114345sq.fts

Location :

Owned

 

 

Marketing Office :

 

New Delhi:

 

Tel. No.:

91-11-28121868 / 28123115 / 35906169

Fax No.:

91-11-28121868

E-Mail :

Espl99@satyam.net.in

 

 

Mumbai Office :

 

Tel. No.:

91-22-33976541

E-Mail :

bpdwivedi@sanchar.net.in

 

 

Chennai Office :

 

Tel. No.:

91-44-26542411

Fax No.:

91-44-26547669

E-Mail :

himaja@satyam.net.in

 

 

Bangalore Office :

 

Tel. No.:

91-80-6612585 / 3466373

Fax No.:

91-80-51222121

E-Mail :

shahiagni@rediffmail.com

 

 

PARTNERS

 

Name :

Mr Kuldeep Goel

Designation :

Partner

Address :

88, Narotam Nagar Khanna

Date of Birth/Age :

53 Years

Qualification :

Post Graduate

Experience :

30 Years

 

 

Name :

Mrs. Rajkumari Goel

Designation :

Partner

Address :

88, Narotam Nagar Khanna

Date of Birth/Age :

70 Years

 

 

Name :

Mr Abhishek Goel

Designation :

Partner

Address :

88, Narotam Nagar Khanna

Date of Birth/Age :

28 Years

Qualification :

B.Tech (IIT, Delhi)

Experience :

7 Years

 

 

Name :

Mr. Raghav Goel

Designation :

Partner

Address :

88, Narotam Nagar Khanna

Date of Birth/Age :

25 Years

Qualification :

B.Tech (IIT, Mumbai)

Experience :

2 Years

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Rolled products, Forging Rounds, Forging Ingots, Casting and Rolls

 

 

Exports :

 

Products :

Steel Castings

Countries :

UAE

 

 

Imports :

 

Products :

Scraps

Countries :

Europe

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash

 

PRODUCTION STATUS

 

Particulars

 

 

Installed Capacity

Actual Production

Steel Castings

 

 

200 7/Month

200 7/Month

Rolling Mill Rolls

 

 

200 7/Month

300 7/Month

Forging Rounds

 

 

200 7/Month

300 7/Month

Rounds

 

 

1000 7/ Month

1000 7/ Month

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :
  • End User’s
  • OEM’s
  • Mod Forge Private Limited, Chennai
  • Hi Tech Investment Castings Limited, Bhavnagar
  • Harig India Private Limited, Ghaziabad
  • Premium Energy Transmission Limited, Pune
  • Kumar Export and Kumar Indl. Corporation, Ludhiana
  • Leader High pressure Fitting India Limited, Jalandha
  • Sai Deepa Rock Drills Private Limited, Hyderabad
  • Apex Knives private limited, Nagpur
  • Span Industries, Faridabad
  • Jay Cee Strips and Fasteners Limited, AMrister
  • Emirate Steel Pipes Ind. Limited, Dubai (UAE)
  • ANG Auto Limited, Noida
  • Cosmoplast Industrial Company (LLC), Sharjah (UAE)
  • Sonal Vyopar Mandel, Salem
  • Shree Parasnath RE – Rollind Mills, Durgapur
  • Adi Shakti Fabricators Private Limted, Chennai
  • Kelachander Gears, Kerala
  • Swastika Ind, Ghaziabad
  • P.P. Engineering Works, New Delhi
  • Rattan Hammers
  • Lifewell Engineers, Yamuna Nagar
  • BeeKay Engineering Corporation, Bhilai
  • Rajshi Steeting Private limited, Faridabad
  • Taj Forgings, Ludhiana

 

 

No. of Employees :

500 (50 Office, 45 Factory)

 

 

Bankers :

Oriental Bank of Commerce

Motia Khan Mandi, Gobindgarh

 

 

Facilities :

Rs.5.000 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Data Singta and Company

Chartered Accountants

Address :

Badnlal Road, Mandi, Gobindgarh

Tel. No.:

91-1765-256146

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

(Estimated)

Owned :

Rs.20.000 millions

Borrowed :

Rs.30.000 millions

Total :

Rs.50.000 millions

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

Expected Sales (2008) : Rs.650.000 millions

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

580.000

470.000

NA

Other Income

0.000

0.000

0.000

Total Income

580.000

470.000

NA

 

 

 

 

Profit/(Loss) Before Tax

NA

7.824

6.731

Provision for Taxation

NA

0.000

0.000

Profit/(Loss) After Tax

NA

7.824

6.731

 

 

 

 

Export Turnover

10% of Sales

10% of Sales

NA

 

 

 

 

Expenditures :

 

 

 

Entertainment

 

0.167

0.136

 

Electric Maintenance

 

0.056

0.127

 

Advertisement

 

0.041

0.022

 

Freight and Carriage Outward

 

2.637

1.935

 

Miscellaneous Expenses

NA

0.001

0.019

 

Repair and Maintenance

 

0.902

3.229

 

Computer Maintenance

 

0.035

0.050

 

I.S.O. Fees

 

0.015

0.015

 

Commission

 

0.727

0.230

 

Interest

 

0.000

0.000

 

Depreciation & Amortization

 

1.865

1.846

 

Other Expenses

 

0.110

0.745

Total Expenditure

 

6.556

8.354

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
NA

1.66

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

1.66

NA

 

 
 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference:

 

Emirate Steel Pipe Ind (UAE)

Cosmoplast Ind Company

Asivair International

Enclosing Separall List

Morgan Construction. USA

SIPA India private Limited, New Delhi

 

 

 

Company Profile:

Vision:

To gain visibility in the market as a quality company, exceeding customer expectations, providing excellent quality and being recognised as the most successful company in the steel industry working efficiently and effectively.

Mission:

To create value for our customers, employees, shareholders and communities through uncompromising quality and innovations with constant improvement.

 

 

Kisco Castings has been manufacturing highly engineered components, both alloy and non alloy castings and forgings. Incorporated in 1993, Kisco Casting's commitments to strive for quality has seen it emerge into steel house which values its customers foremost. Offering a versatility in services to a vast range of end users, equipped with modern technology and efficient and motivated workforce, it has developed consistent quality products that have been exceeding the expectation of its customers.

Kisco Castings takes necessary care in coordinating and streamlining its production cycle to ensure customers satisfaction by timely execution of its orders. With its never-ending quest for long-term customers relationship, pre and post sales technical support becomes an integral part of its system, which includes services like material selection, economic viability analysis and process engineering etc.

 


It not only produces a variety of steel alloys guaranteed to meet national and international standards, but also manufactures "custom made" alloys designed to enhance the specific physical property requirements of the application or project.

 

Our steel house provides customers with products ranging from alloy steel, spring steel, stainless steel, tool & die steel, and other special steel conforming to ASTM, BS, DIN, GOST, JIS, IS in the form of ingot, rolled or forged form, rolls or casting. We have the confidence to deliver best quality products for the complete satisfaction of their customers.

 

Rolled Products

R.C Square (in mm)
50, 55, 60, 63, 70, 75, 80, 100, 125

Rounds (in mm)
12, 14, 16, 18, 20, 22, 23, 25, 28, 30, 32, 36, 40, 42, 45, 50, 53, 56, 60, 63, 65, 70, 80, 90, 100, 110, 125, 142, 156, 168.

Flats (in mm)
Width - 30 to 300.
Thickness - 6 to 35

 

 

Forging ingots

SIZE

SHAPE

WEIGHT (INM.T.)

6 "x7" Square

Square

230 Kgs.

8 "x9"

Square

400 Kgs.

9.25 "x 10.25 "

Square

700 Kgs.

12 "x 14 "

Square

1600 Kgs.

14 "x 16"

Square

1700 Kgs.

16 "x 18"

Fluted

2500 Kgs.

19 "x21 "

Fluted

3300 Kgs.

23 "x25 "

Fluted

4000 Kgs.

26 "x31 "

Fluted

6100 Kgs

 

Castings

Castings up to 10 M. T. single weight and size up to max'. 4000 mm.

 

Rolls

Rolls in any grade of the size ranging from 6" to 24" for Rolling Mills.

 

PLANT AND MACHINERY

STEEL MELTING SHOP

1.  

INDUCTION FURNACE (7.5 MT) with two crucibles.

2.  

REFINING LADLE.
      Capacity 15 MT.
      Capacity 10 MT.

3.  

GENERATOR SET OF Capacities-125, 130 KVA.

4.  

TEMPERATURE RECORDER for LM temperature measurement (Fykays & S.S.S Make).

5.  

ARGON PURGING SYSTEM.

6.  

FERRO ALLOYS & B.P SET Preheating system.

 

 

 STEEL CASTING DIVISION (FOUNDRY)

1. 

HEAT TREATMENT FURNACE with 6 points temperature recorder.

a. 4MT X 4MT X 2.5MT (Oil Fired)
b. 6MT X 2.5MT X 2.5MT (Oil Fired)

2.  

AIR COMPRESSOR from Kirloskar with Capacity 200 CFM.

3.  

SAND DRYER.

4.  

SAND MIXER.

5.  

SAND MULLER.

6.  

SWING FRAME GRINDER.

7.  

PEDESTAL GRINDER.

8.  

PNEUMATIC TOOLS, WELDING SET AND HAND GRINDER.

9.  

MOULD BOXES for Light, Medium Heavy Moulding Jobs.

10.  

LATHER MACHINE

 

 

 

 

an increasing competitive marketplace, successful businesses constantly have to improve their products and services. Kisco Castings is one of the best Steel and SG Iron casting industries in India, where customer services and excellence in quality are foremost. We believe that our progress is based upon customer's favorable judgment in the following areas:

 

QUALITY ASSURANCE
Products that meet or exceed established standards, and are subject to stringent Quality Assurance programs to

ensure consistent quality. Performance is high in relation to cost, resulting in outstanding value.

RELIABILITY and CREDIBILITY
Ability to meet agreed upon delivery schedules.

 

DEVELOPMENT OF PREMIUM PRODUCTS
By keeping abreast of technological advances, and engineered modifications we can provide better products that last longer

 

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.40.73

UK Pound

1

Rs.80.43

Euro

1

Rs.54.74

 

 

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

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

60

 

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

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions