MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
NARAYANI SPRING INDUSTRIES |
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Formerly Known As : |
VITCO SPRING INDUSTRIES |
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Registered Office : |
3567, Kucha Daya Ram, Chawri Bazar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1966 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Supplier and Exporter of Springs for Diverse Industrial
Uses. |
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 10000 |
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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 and reputed concern having satisfactory track. Proprietor is
reported as experienced and respectable businessman. Trade relations are
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 : |
3567, Kucha Daya Ram, Chawri Bazar, |
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Tel. No.: |
91-11-2326890/ 23263890 |
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Mobile No.: |
91-9810102964 |
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Fax No.: |
91-11-23262079 |
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E-Mail : |
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Website : |
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Area : |
450 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
17/10 Guldher Industrial Area, |
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Area : |
1200 sq. ft. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Dinesh Tomar |
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Designation : |
Sole Proprietor |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Graduates |
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Experience : |
23 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Springs for Diverse Industrial
Uses. |
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Products : |
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Terms : |
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Selling : |
Cash or Credit |
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Purchasing : |
Cash or Credit |
GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from opern market |
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Customers : |
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No. of Employees : |
About 25 |
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Bankers : |
State Bank of Hauz Khazi, |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 millions |
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Borrowed : |
Nil |
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Total : |
Rs. 2.500 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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8.000 |
7.000 |
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Profit/Loss for the year |
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11% |
11% |
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Expected Sales (2007-08) : Rs. 10.000 millions
LOCAL AGENCY FURTHER INFORMATION
History
VITCO SPRING INDUSTRIES (formerly known as) started in 1966. Now name
changed as NARAYANI SPRING INDUSTRIES in 2003.
As Per Web
Profile
A spring, though a small unit as far as its size is considered, is
entitled in the important task of storing mechanical energy. This small wonder
is an important component for almost every machinery. Narayani Spring Industries is a trusted manufacturer, supplier and exporter
of springs for diverse
industrial uses. The company has earned a dignified reputation in the domestic
and international markets owing to integrity, reliability, innovation and
customer focus.
They are a quality conscious organization working with the sole motto of
providing excellent products at the most reasonable prices to our valued
clients. The company always follows and promotes the culture of transparent
trade practices to maintain everlasting business partnership with its clients.
- Machinery Springs
- Industrial Springs
- Auto Springs
- Electric & Electronic Springs
- Sanitary Goods and Mill Store Springs
- Compression Springs
- Spiral Springs
- Extension Springs
- Torsion Springs
- Flat Blank Forming Springs
Quality
Their impeccable quality is the main reason behind our reputable
position in the market. Narayani Spring Industries follows stringent quality
control measures at every level of its manufacturing process that ensures the
production of only excellent products. Every step of the manufacturing process
is strictly monitored by a team of well equipped quality inspectors.
Infrastructure
They are well equipped with state-of-the-art machines and technically
sound professionals to design innovative and world class springs for diverse
industrial sectors. The company employs latest machines for every operation
that helps it to execute every task efficiently and smoothly.
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.40.84 |
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1 |
Rs.81.81 |
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Euro |
1 |
Rs.55.03 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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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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