MIRA
INFORM REPORT
|
Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
KOROMANDAL REFRACTORIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
17/ R, Industrial Estate, Bhilai, C. G. , Chattisgarh – 490 026 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26922CT1999PTC013491 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JBPK00747F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCK6644C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of “Cast House” refractory items |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 20, Phase – 1, Tarihal Industrial Area, Hublli – 580 026, |
|
Tel. No.: |
91-836-2310727 / 2310737 |
|
Mobile No.: |
91-9448460737 / 9480090909 |
|
Fax No.: |
91-8362310737 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1 Acre |
|
Location : |
Owned |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of “Cast House” refractory items |
|
|
|
|
Products : |
Cast House, refractory items |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
40 |
|
|
|
|
Bankers : |
State Bank of Commercial Branch |
|
|
|
|
Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity |
Rs 10/- each |
Rs 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity |
Rs 10/- each |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
60.000 |
|
|
Expected Sales (2007-08) : Rs.80.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade references:
Kalyani Steels
Kirloskar Brothers In and Around Karnataka
Jindal
As Per Website:
Subject is not just another
refractory manufacturing company or yet another organisation in the refractory
time. It is a company that has emerged and risen from a culmination of success,
innovation and growth.
Their
Anhydrous
Mudgun Mass
Hydrous
Mudgun Mass
Anhydrous
Trough Mass
Frame
- Mass
Basic
Ramming Mass
Acidic
Ramming Mass
About them
Subject is not just
another refractory manufacturing company or yet another organisation in the
refractory time. It is a company that has emerged and risen from a culmination
of success, innovation and growth.
Subject commensed in
the year 2000, a small sized business to a modest sized clientele. The quality
of products and services rendered to clients resulted in the Company gaining a larger
client base and expansion of business.
Cornerstone to
milestones
In the past six years, the company has grown from strength to strength
and has firmly consolidated its position as a market leader.
The phenomenal sales performance achieved through hard work and dedication of Subject staff and workers has
resulted in Subject's receiving distinction from renowned companies.
The success story of all the company can be attributed to the company's growth
and policies, which is totally customer oriented.
These have resulted in subject
growing from a small enterprise to one of the leading reputed organisation.
They are one of the leading manufacturers of "Casthouse"
refractory items in "
They manufacturing these products under above name and style from past
six years.
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.40.76 |
|
|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
|