MIRA
INFORM REPORT
|
Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SWASTIK INDUSTRIES |
|
|
|
|
Registered Office : |
34 /C, Thakkar Building, Next to Shriniwas Building, Chamsi Bhimji Road,
Old Anjirwadi, Mazgaon, Mumbai – 400 010, Maharashtra, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1981 |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturers of top quality tin containers and components. |
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 24000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 / Factory: |
34 /C, Thakkar Building, Next to Shriniwas Building, Chamsi Bhimji Road,
Old Anjirwadi, Mazgaon, Mumbai – 400 010, Maharashtra, India |
|
Tel. No.: |
91-22-2372 9366, 2374 6152 |
|
Mobile No.: |
91-9820058666 |
|
Fax No.: |
91-22-2378 0015 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. fts. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Nazim Shah |
|
Designation : |
Partner |
|
Date of Birth/Age : |
45 years |
|
Qualification : |
Under Graduate |
|
Experience : |
25 years |
|
|
|
|
Name : |
Mrs. Shirin Shah |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of top quality tin containers and components. |
|
|
|
|
Products : |
v
Tin Containers v
Designer Tin Boxes v
Drum Capsules v
R.O.P.P. Caps – Closures v
Tinlets – Dabbies v
Printed Sheets v
Components |
|
|
|
|
Exports : |
|
|
Products : |
v
Tin Containers v
Designer Tin Boxes v
Printed Sheets |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Tin Plates |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Advance |
|
|
|
|
Purchasing : |
L/C, Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
102 (Office: 7; Branch: 95) |
|
|
|
|
Bankers : |
Development Credit Bank Hasnagad Branch, Mumbai – 400 010, |
|
|
|
|
Facilities : |
Concern enjoys cash credit from the banker. |
|
|
|
|
Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 3.000 millions |
|
Borrowed : |
Rs. 3.000 millions |
|
Total : |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
35.000 |
32.000 |
Expected Sales (2007-08) : Rs. 30.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade references
v
Hindustan Petroleum Limited, Mumbai (Purchase
Department)
v
Hindustan Lever Limited, Mumbai
Website details attached
Profile
The company headed by Mr. Nazim Shah and his professional team; has
pioneered manufacturing of top quality tin containers & components since
1981. Over the years, the company has built-up a strong brand image and has
maintained it's hard earned status as manufacturers of first grade quality
products. From its humble beginning, it has grown to a full fledge production
house for catering to it's esteemed clients who demand quality products in
various capacities, shapes and sizes.
Product
Manufacturing Tin/Metal plain lacquered and printed round and
rectangular components in various sizes from 100ml (3.38 oz) to 5 Litres
(169.07.oz). Their range of products also include one piece integrated tops
with/ without epoxy - Phenolic lacquer ideal for Paint, Thinner and Pesticide
Cans, (RTL) Ring with safety Curl, Tagger and lid generally meant for Food and
General Purpose Cans, for paints and Chemical Containers they offer their
(D.T.R.L.) Double Tight Ring and lid. In addition to the above they also
manufacture bridge handles screws necks, and closures meant for Rectangular
lube cans. With the assistance of their R & D department they are geared up
to develop and manufacture specific / exclusive type of tin containers &
components as per customers requirements.
New Products
v
Tin Containers
v
Designer Tin Boxes
v
Drum Capsules
v
R.O.P.P. Caps – Closures
v
Tinlets – Dabbies
v
Printed Sheets
v Components
Clientele
Their components are being consumed by reputed can manufacturers in
Indian and abroad, meeting their quality requirements in toto.
Capacity
The Company has an installed capacity of about 3000 Metric Tones per
annum of Tin/ metal Sheets.
Raw Material and Quality
Tin / Metal Sheets are generally sourced from
Motto
It has been a continuous endeavor of the company to give utmost
satisfaction to our esteemed customer vis-a vis service and quality, which has
stood us in good stead for the last so many years and could be the secret of
their success.
Strive hard for the survival of the tin / can industry in particular.
In the years ahead cater further to the requirements in toto by providing all
ingredients of packing and filling right upto finished products. Providing all
under one roof.
To constantly evolve and
adopt new technologies for up gradation of tin packaging industry, set new
benchmarks in productive and efficient production systems with focus on high
quality, customer oriented and eco friendly tin products.
To establish cost effective,
high quality tin products committed to international environmental protection.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.55 |
|
|
1 |
Rs. 80.89 |
|
Euro |
1 |
Rs. 54.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|