MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ERCON COMPOSITES |
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Registered Office : |
F-123 MIA, Phase 2, Basni, Jodhpur-342005, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHE00153G JDHE00321G |
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Legal Form : |
Subject is partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer of Fiberglass Products. |
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 136000 |
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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 records. Partners are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as 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
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Registered Office : |
F-123 MIA, Phase 2,
Basni, Jodhpur-342005, |
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Tel. No.: |
91-291-2744064 |
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Mobile No.: |
91-9829024064 |
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Fax No.: |
91-291-2741263 |
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E-Mail : |
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Website : |
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Factory 1 : |
Tel.: 91-291-2744064 Fax: 91-291-2741263 Email: ercon@ercon-india.com
Tel.: 91-291-2744064 Fax: 91-291-2741263 Email: ercon@ercon-india.com |
PARTNER
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Name : |
Mr. Mukesh Maheshwari |
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Designation : |
Partner |
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Address : |
4, Pokran House,
Compound, Opposite UIT, |
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Date of Birth/Age : |
42 Years |
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Qualification : |
B. Tech (Chemical
Engineer) from IIT, |
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Experience : |
13 Years |
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Name : |
Mr. Mukul Maheshwari |
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Designation : |
Partner |
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Address : |
4, Pokran House, Compound,
Opposite UIT, |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B.Com, PGD Marketing and Foreign Trade |
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Experience : |
13 Years |
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Name : |
Mr. F. L .Maheshwari (HUF) |
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Designation : |
Partner |
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Name : |
Ms. Rani Maheshwari |
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Designation : |
Partner |
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Address : |
4, Pokran House,
Compound, Opposite UIT, |
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Date of Birth/Age : |
68 Years |
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Qualification : |
BA, Graduate |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fiberglass Products. |
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Products : |
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Exports : |
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Imports : |
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Products : |
Fiber glass roving/Mat |
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Countries : |
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Terms : |
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Selling : |
L/C or Cash |
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Purchasing : |
L/C or Cash |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s and Contractors |
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No. of Employees : |
70 (10 in office, 10 in branch and 50 in factory. ) |
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Bankers : |
Credit Limit: Rs. 1.000 million L/C limit and Rs. 5.000 millions B/G Limit
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
Jalori Gate, |
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Tel. No.: |
91-291-2435674 |
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Associates : |
F-123, MIA Phase-II, Basni, Jodhpur-342005 (Rajasthan) Line of Business: Plastic Containers and Water Tanks
P 7 & 8, Industrial Estate, Line of Business: FRP Shelters, FRP Doors and Plastic Tanks |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.34.000 millions |
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Borrowed : |
---- |
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Total : |
Rs.34.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
120.000 |
100.000 |
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Export Value |
30.000 |
N.A. |
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LOCAL AGENCY FURTHER INFORMATION
Subject is in trade
terms with the following :
- Owens Corning
- Larsen and Toubro Limited, OGSP Group – II, Mumbai
Contact: Mr. Asish Shukla, Tel.: 91-22-28581259
- Coromandal Fertilizer- Vizag
Contact : Mr. Gowrishankar, Tel.: 91-891-2578400
- BHEL,
Contact: Mr. B. Ramachandra Tel.: 91-80-23563428
Web Details Attached
The Company an ISO9001 Company , is one of
The
Company pultruded products are known for their characteristic high strength,
corrosion resistance, electrical insulation and Quality.
The
Company is registered with leading
consulting companies like :
UHDE
Humphreys and Glasglow
Technimont-ICB
Deutch Babcock - IDEA
VA-Tech Wabag
Kvaerner Power Gas
Kvaerner Process Consultants
CHEMTEX Ltd
MECON
Engineers India Ltd
Consulting Engineers India, etc.
Approved
by leading third party inspection agencies such as: Lloyd Register of
Industrial Services, BVIS (Beureau Veritas Industrial Services), ABS, PDIL,
EIL, Velosi-UAE etc.
All ERCON products conform to international standards of quality and
specifications.
Quality Manual
The Company has a written Quality Manual elaborating the Quality Tests
carried out at various stages and also specifying the Responsibilities for the
persons involved.
Quality Control
The Company follows strict
Quality Control at all the stages of manufacturing viz:
- Inspection of Raw materials.
- In process Quality Control.
- Finished Goods Quality Control.
The Company
products have been Inspected and approved by leading Third Party
Inspection Agencies like,
Lloyds Register Of Shipping
American Bureau of Shipping
Bureau Veritas of Industrial Services.
Kvaerner Power Gas Ltd.
Engineers India Ltd.
The Company products meet various
International and National Standards like ASTM, BIS, IS, NEMA, BS etc. The
products have been tested by reputed Government Approved Test Houses and
Laboratories.
Products
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GRP Cable Trays All ERCON GRP/FRP Cable Trays and Cable Ladders
are made on a highly sophisticated fully automatic Pultrusion Plant. Advantages: Corrosion Resistant, Fire retardant , ,High
Strength, Easy to Install, Light Weight, U. V. Resistant, Long Life. Now 100% Halogen Free
Fire Retardant and Antistatic material also available . Applications: Off shore oil platforms, Chemical Plants,
Refineries, Effluent Treatment Plants, Marine Industry, Metallurgical
Plants,Fertilizer plants, Food & Drug Industry Etc. FRP Gratings ERCON
manufactures Pultruded Fiberglass Gratings in Isopthalic Polyester Resin as
well as Vinylester Resins. ERCON FRP gratings are suitable for corrosive
chemical and offshore applications and are available in custom panel sizes. Advantages
Applications
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Trench covers
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Stair treads, etc.
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Ercon Fiber Glass Safety Ladders Made from
Pultruded Fibre Glass side Rail and Aluminium Fluted Rungs or Steps Ercon
Climb Safe Fibre Glass Ladders are ideal for Safe Electrical Maintenance. Applications:
Advantages: ELECTRICALLY INSULATING, LIGHT WEIGHT, CORROSION
RESISTANT, ELEGANT, HEAVY DUTY, STRONG AND STURDY, TWIST PROOF. Types of Ladders: Wall support type single section ladder : 2m to
6m Features:
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Representative Addresses
Commercial,Chemical
and Development Company.
1,
Chennai 600 010,
Email: ccdc@arc-max.com
Tel: +91-44-26440167
FAX: +91-44-26440062
Johari Engineering Pvt Ltd.
118, Parmar Industrial Complex,
Chinchwad, Pune - 411019,
Email: joengg@hotmail.com
Tel: +91-20-7472223
FAX: +91-20-7479825
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] 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.40.56 |
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1 |
Rs.80.81 |
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Euro |
1 |
Rs.54.74 |
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 |
6 |
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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 |
6 |
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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 |
YES |
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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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47 |
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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