MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DAS INDUSTRIAL CORPORATION |
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Registered Office : |
No. 21, Kamakshipalaya, Behind Old Check Post, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1985 |
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Legal Form : |
Sole Proprietor Concern |
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Line of Business : |
Manufacturer of Precision Turned Components for use in Electronics, Automobile
and Electrical Industries. |
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 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory track.
Proprietor is as experienced and respectable businessman. Trade relations are
reported as fair. Business is active. 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/Factory : |
No. 21, Kamakshipalaya, Behind Old Check Post, |
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Tel. No.: |
91-80-23480660 |
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Mobile No.: |
91-9880285251 / 9845148264 |
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Fax No.: |
91-80-23489419 |
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E-Mail : |
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Website : |
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Area : |
5000sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
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Designation : |
Proprietor |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.Com |
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Experience : |
25 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precision Turned Components for use in Electronics,
Automobile and Electrical Industries. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 to 60 days) |
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Purchasing : |
Credit (15 to 45 days) |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
30 (25 Technical, 5 Other) |
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Bankers : |
Karnataka Bank Limited Rajajinagar, |
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Facilities : |
Rs.7.000 millions, consisting of Cash Credit and Term Loan facilities |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. N.N. Gandhi Chartered Accountants |
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Address : |
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Memberships: |
KASSIA |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
- |
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Total : |
Rs.10.000 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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20.000 |
18.000 |
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Profit/Loss for the year |
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Indicated Around 5 to 7% |
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LOCAL AGENCY FURTHER INFORMATION
Average Value of
inventories at any given time: Rs.1.500 millions
Company Details:
Subject
was
incepted in 1985 with the primary objective of supporting the growing requirement
of Precision Turned Components in the global markets. They are the Manufacturers and Exporters of the Precision
Turned Components for Automotive Industry. Subject is a trusted name since its inception and that's why, they
are doing business with some of the top companies of
Moreover, they also manufacture Turning on Single Spindle and Multi-Spindle
Automatic Lathes and CNC Turning Lathes. Their manufacturing unit is
well-equipped with machines upto 160
mm in Diameter in Ferrous and Non-ferrous materials. Additional
facilities include Plating, Heat Treatment, Melting, Micro-encapsulating, etc.
They are an OEM provider, where
qualified and experienced supervisors under qualified foreign trained
engineers, supervise the products. They are committed to provide best service
and products to their clients. The Company's perseverance with good quality has
earned it the trust of customers all across the globe. Quality is the utmost
concern at subject. Every
stage of the production process is consistently backed with systematic controls
and inspection to meet the exact requirement of their customers.
Their company is a reputed name to bank upon
and widely recognised not just for excellence in workmanship, materials and
finish but also for technical aspects of its products. Their honesty,
commitment and quality products have kept them on their toes to play a major
role in this Industry
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.40.76 |
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1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
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 |
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 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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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 |
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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48 |
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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