MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AKASH GROUP OF INDUSTRIES |
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Registered Office : |
Mamraj Nagar,
Gali No. 3, Purani Chungi, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 (two
separate companies namely Saraswati Udhyog & Akash Engineering now formed
in one company as Akash Group of Industries.) |
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Legal Form : |
Sole Proprietory
Concern |
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Line of Business : |
Manufacturing of
Auto parts like Piston Springs, Piston Locks, Wire Springs, Coil Springs etc. |
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 54000 |
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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 reported as slow but correct. The concern can
be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
Mamraj Nagar,
Gali No. 3, Purani Chungi, |
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Tel. No.: |
91-120-2834794 /
3290764 |
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Fax No.: |
91-120-2749444 |
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E-Mail : |
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Area : |
1550 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. R. K.
Chaurasia |
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Designation : |
Proprietor |
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Date of Birth/Age : |
50 Years |
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Qualification : |
Graduate |
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Experience : |
20 years |
KEY EXECUTIVES
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Name : |
Mr.
Dinesh Chaurasia |
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Designation : |
Managing
Director |
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Mobile No.: |
919891117488 |
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Name : |
MR. G.
SURESH KUMAR |
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Designation : |
Factory
Manager |
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Mobile No.: |
91-9999301617 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
Auto parts like Piston Springs, Piston Locks, Wire Springs, Coil Springs etc. |
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Terms : |
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Selling : |
Cash and Credit
(30 days) |
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Purchasing : |
Sight, Cash and
Credit (30 days) |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
50 |
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Bankers : |
Allahabad Bank, |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500
Millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.500
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 |
13.500 |
13.000 |
15.000 |
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Profit/Loss for the year |
NA |
NA |
0.250 |
Expected Turnover
(2007-08) is Rs. 17.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade
References:
v
Goetze
Limited,
v
Samkrg
Piston India Limited,
Website details attached
Subject started its operations in the year 1997 with the manufacturing of wire
circlips. The company has witnessed phenomenal growth under the able guidance
of Shri. RK Chaurasia who has over 25 years of experience in this field. It
later diversified its area of operations by manufacturing Seegar Circlips, springs and Sheet Metal
Components as per customers specifications, designs and drawings.
The company manufactures and markets its diverse range of Wire Clips, Seegar Circlips, springs and
Sheet Metal Components to almost all the major automotive industries. It
manufactures products using the state of the art technologies under the strict
supervision and control of highly competent staff. The company employs strict
quality control measures and all its products undergo through strict quality
control checks before been dispatched to the market. The Company has a fully
developed tool room to check and maintain the accuracy of the tools, dies &
fixtures etc. It is ISO: 9001:2000 certified and is presently engaged in the
process of acquiring the ISO/TS 16949 certification.
At subject, customer satisfaction is paramount. The company believes in
developing long term relationship with its customers by providing excellent
quality products at minimal cost. Over the years the company has achieved
tremendous success. This has been a result of their quality products and their
good customer relationship with their clients.
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. 40.55 |
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1 |
Rs. 80.89 |
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Euro |
1 |
Rs. 54.89 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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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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