MIRA
INFORM REPORT
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Report Date : |
09.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHOKA TECHNOLOGIES |
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Registered Office : |
A- 15, Mayapuri Industrial Area – I, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1968 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of Industrial Gears, Gear Reducers, Casting,
forgings. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 190000 |
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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 small concern and business shows downward trend. Trade
relations fair. Payments are usually
correct and as per commitments. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A- 15, Mayapuri Industrial Area – I, |
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Tel. No.: |
91-11-28115308/28116570/28115422 / 28116602 / 03 |
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Fax No.: |
91-11-28115250 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Gautam Khanna |
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Designation : |
Partner |
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Name : |
Mr. Raman Khanna |
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Designation : |
Partner |
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Mobile No.: |
91-9810296963 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Gears, Gear Reducers, Casting,
forgings. |
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Products : |
v Girth Gears v Pinion Shafts v Pinions v Cast Components v Ground Gears v Internal Gears v Forged Rolls v Gear Reducers/ Gear Boxes v Worm and Worm Wheels v Sugar Mill Gears v Precision Gears v Sprockets |
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Agencies Held : |
» Det Norske Veritas (DNV) »
SGS » Lloyds Register of Shipping » Project Engineering Corp. (PEC) » Tata
Consulting Services (TCS) |
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Exports to: |
USA, UK, South Africa, Nigeria, Sudan, Jordan, Iran, Oman, Dubai,
Djibouti, Pakistan, Kuwait and Bangladesh |
GENERAL INFORMATION
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No. of Employees : |
About 10 |
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Bankers : |
Bank of Mayapuri, |
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Facilities : |
The subject is availing Credit Facilities, Bank Guarantee with its Bankers. |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
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Name : |
Ashoka Machine Tools |
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No. of
Employees: |
90 |
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Sales Turnover: |
Rs. 39.000 millions (31.03.2006) Rs. 52.300 millions (31.03.2007) |
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Name : |
Ashok Gears |
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Sales Turnover: |
Rs. 20.200 millions (31.03.2007) |
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Name : |
Ashoka |
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Address: |
P.O. Box No. 1335m |
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Tel No.: |
724 969 -2565 |
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Fax No.: |
724 942-2558 |
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E Mail: |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 47.500 millions |
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Borrowed : |
- |
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Total : |
Rs. 47.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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27.700 |
80.000 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached
Profile
They are proud to be recognized as the Ashoka Group which grew from a
small machine shop established in 1968, with concentration in manufacturing of open
gearing and machining job work, into a multi-functional group of companies
expanding its manufacturing range to a wide variety of core heavy duty
industrial equipment such as ball mills, vertical shaft and rotary kilns, sugar
crushing mills and stone crushers, crystallizers, centrifugal machines, filter
presses, separators, material handling equipment such as bucket elevators,
screw and belt conveyors, air slides, cane unloading, cutting and feeding
machinery, fabricated storage hoppers & tanks, spare parts such as large
diameter gears, gear reducers, pinion shafts, bull rings, rollers, kiln types,
trunion bearings and a number of customized cast/forged components.
Location and Strength
Today, as an ISO 9001 concern, they undertake their production activities
located in an around New Delhi (India) and spread into four self sufficient
manufacturing units covering approximately 12,000 sq. yards of manufacturing
area. Ashoka comprises of a dedicated and talented team of over 500 skilled
personnel.
Clientele and Countries of Supply
They are at present catering to various industrial sectors including
cement plants, sugar mills, fertilizer plants, steel rolling and processing
plants, chemical processing plants, paper industry, rubber industry,
construction industry and a number of Original Equipment Manufacturers
domestically and internationally.
Ashoka has emerged as a growing exporter with 25% of its annual throughput
being supplied to the foreign markets. The countries where their products are
supplied to are
Quality Approval and Trade Organizations
Ashoka is a member
of a number of reputed trade organizations in the country such as:
» FICCI
» Confederation of Indian Industry
» Engineering Export Promotion Council
» Institute of Directors
The company's ISO 9001 certificate is approved and maintained by Det Norske
Veritas (DNV)
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Dimensional
Testing |
: Inside/Outside
Micrometers, Verniers, Bore Dial Guages, Tooth Verniers, Flange Micrometers
etc. (All instruments calibrated and certified) |
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Hardness Testing |
: Conventional
Poldy, Equo Tip |
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Profile Testing: |
: Lead and
Profile Testing Machine (Maag PH-60 Tester) upto 600mm Dia. |
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Physical Testing |
: Tests for
physical properties (namely Tensile, Yield, Elongation) |
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Non Destructive
Testing |
: Magnetic
Particle Testing, DP Testing, Ultrasonic Testing |
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Chemical Testing |
: Chemical
composition testing through spectrometer |
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 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. 40.98 |
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1 |
Rs. 80.98 |
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Euro |
1 |
Rs. 54.99 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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37 |
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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