MIRA
INFORM REPORT
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Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
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Name : |
RAIL WHEEL
FACTORY |
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Division
of : |
INDIAN RAILWAYS |
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Registered Office : |
Yelahanka,
Bangalore-5600064, Karnataka |
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Country : |
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Legal Form : |
It is owned by
the government of |
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Line of Business : |
Manufacture of
wheels, axles and wheelsets. |
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 : |
-- |
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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 part
of Indian Railways and owned by Indian Government. Lenders and Creditors can
feel of the Governments exposure to the subject. It can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Ministry of
Railways, Rail Mantralaya, |
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Tel. No.: |
91-80-28460326/349/28092002/28560421
To 28560430 |
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Fax No.: |
91-80-28460492/28460367/28452547 |
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E-Mail : |
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Website : |
MANAGEMENT
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Name : |
Mrs. Sudha Chobe |
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Designation : |
General Manager |
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Name : |
Mr. P. Mohanti |
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Designation : |
Financial Advisor
& Chief Accounts Officer |
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Name : |
Ms. Kalyani Gopal |
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Designation : |
FA & CAO [Accounts - Department] |
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E-Mail : |
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Name : |
Mr. Venkatesh |
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Designation : |
PS-I/FA & CAO [Accounts - Department] |
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E-Mail : |
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Name : |
Ms. Kalyani Sethuraman |
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Designation : |
DyFA & CAO [Accounts - Department] |
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E-Mail : |
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Name : |
Mr. Sundaresan L |
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Designation : |
SrAFA/III [Accounts - Department] |
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E-Mail : |
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Name : |
Mr. Alamelu RC |
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Designation : |
SrAFA/IV [Accounts - Department] |
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E-Mail : |
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Name : |
Mr. Sundaram A |
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Designation : |
AFA/I [Accounts - Department] |
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E-Mail : |
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Name : |
Ms. Geetha Gopanna |
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Designation : |
AFA/III [Accounts - Department] |
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E-Mail : |
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Name : |
Mr. Khan AH |
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Designation : |
AFA/IV [Accounts - Department] |
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E-Mail : |
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Name : |
Mrs. Kusuma MR |
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Designation : |
AFA/V [Accounts - Department] |
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E-Mail : |
BUSINESS DETAILS
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Line of Business : |
Manufacture of
wheels, axles and wheelsets. |
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Products : |
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Exports : |
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Countries : |
Middle East/ |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2200 |
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Bankers : |
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Facilities : |
Limits available
upto any amount as per Directives from Ministry of railway, Government of
India Intial plant
established cost about Rs. 15.000 Millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
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Vendors : |
v
Sri
Ranga Industries v
Kennametal
India Limited v
Goel
Enterprises v
The
Tata Iron And Steel Company Limited v
Visveshwaraya
Iron And Steel Limit v
Balaji
Industrial Corporation v
Raipur
Rotocast Limited v
Nava
Bharat Ferro Alloys Limited v
Premier
Traders v
Industrial
Gears Company v
Domacls
Technology v
Balmer
Lawrie And Company Limited v
Swastik
Electrical Industries v
Madras
Hardtools Limited v
Expo
Sales Agency v
Trade
India Corporation v
Mieco
Pumps And Generators Private Limited v
Usha
Enterprises v
Preetam
Pipes Syndicate v
Super
Waudite Jointing Private Limited v
Metal
And Alloy Steel Company v
Hindustan
Produce Company v
Saratha
Industries v
v
Arbel
Company |
LOCAL AGENCY FURTHER INFORMATION
History
The Government of India, Ministry of Railways, have set up
the Rail Wheel Factory to make wheels, axles and wheelsets for Indian Railways as
a measure of import substitution.
The Indian Railways' network covers over 62,000 km. The
locomotive fleet is about 7000 strong. There are approximately 39,000 passenger
cars (coaching vehicles) and 281,000 freight cars (wagons).
The Railways are a major user of wheels, axles and
wheelsets. The Rail Wheel Factory (RWF) was conceived in 1978 and built with
World Bank assistance at a cost of about Rs. (INR) 1500 Millions, roughly
equivalent to $ (USD) 37.5 million at 1998 rates. Production was inaugurated on
the 15th of September 1984 by
The Plant caters to Indian Railways' requirements of Railway
wheels, axles and wheelsets and also meets the demands of non-Railway customers
in
RWF is located at Yelahanka, 15 km. north of the city
centre, in the garden city of
RWF obtained ISO-9002 certification for its quality
management system in 1994 and recertification in 1998, for manufacture of
wheels, axles and wheelsets.
On 28 th June 1999 , RWF
achieved the unique distinction of becoming the first unit of Indian Railways
to secure ISO 14001:1996 certification of M/s. BVQI.
On 24th March 2001, RWF achieved yet another
unique distinction by becoming the first Unit on Indian Railways to achieve
acreditation to ISO 9001:2000, which is the latest edition of the QMS Standard.
RWF is approved by the Association of American Railroads
(AAR) for supply of wheels and axles to North American Railroads (since 1995).
Till early 1980s Indian Railways was importing about 55% of
requirement of wheels and axles. Indigenous capacity was available only at Tata
Iron & Steel Company [TISCO] and Durgapur Steel Plant [DSP]. The TISCO
plant was technocally not capable of meeting the changing requirement of wheels
and axles for the new designs of rolling stock and production was discontinued.
DSP was only able to partially meet Indian Railways' needs.
The cost of imports was high with prices rising in the world
market. Financing of imports, delays in supplies and limited availability of
foreign exchange adversely affected wagon production and rolling stock
maintenance. It was in this context that in the early 1970s the Railway
Ministry felt the necessity for setting up a new specialized Production Unit
for manufacture of rolling stock wheels and axles as import substitute. The
ultimate objective was that DSP and the Rail Wheel Factory [RWF, formerly Wheel
& Axle Plant] should be able to totally meet Indian Railways requirement
for standard wheels and axles so that their import could be stopped.
An extensive study was made of the latest technology and
equipment available globally possibility of collaboration and foreign exchange
requirement. Based on this study the Rail Wheel Factory project was conceived
in the mid 70s with IR deciding to:
v
Adopt the cast wheel technology
developed by M/S Griffin Wheel CO.,
v
Undertake axle forging on special
purpose Long Forging Machine followed by heat treatment furnaces with automated
conveyors for movement of axles.
v
Provide axle-machining facilities
incorporating profile copying lathes, special purpose end machining equipment
and a wheel set assembly complex with integrated engineering for handling and
movement of axles.
v
The
Plannning Commission sanctioned the Rail Wheel Factory Plant project in 1978 at
a cost of Rs.1460 Millions. Trial
production commenced during 1983. Late Smt. Indira Gandhi, the then Prime
Minister of
To reinforce the fact that they belong to the Indian Railways
Family and to display their commitment to change with times, the factory was
renamed as RAIL WHEEL FACTORY
on 15 February 2003.
Along with the new name, the factory also adopted a new corporate logo.
Rail Wheel Factory (earlier known as Wheel and Axle Plant)
is situated in
RWF strives to build successful and lasting relationships
with its customers by consistently exceeding their expectations. Customer focus
and quality remain their watchwords.
The plant is certified to ISO-9001: 2000 and ISO-14001: 1994
standards by M/s. BVQI. It is also certified to confirm to the Quality
Assurance Program of Association of
American Railroads (AAR) in respect of manufacture of new
wheels and axles.
All products are subjected to stage and final inspection, starting
from the chemical composition of the molten metal till the final inspection.
This includes micro/macro properties of the material, Magnetic Particle
Testing, Ultrasonic Testing, Hardness, warpage, dimensional parameters, surface
finish etc.
All their products are accompanied with a Quality Assurance
Certificate and carry a warranty of one year from shipment. RWF has the full
capability to design and manufacture any size of wheels, axles and wheelsets to
suit individual customer’s special requirements.
Keeping in tune with the latest trends in modern management
philosophy, Rail Wheel Factory (RWF) realised the need for a powerful online
information system for exercising effective management control and ensuring
optimal utilisation of resources.
To fulfill this imperative need, RWF embarked upon
establishing a Local Area Network in the factory and Administrative offices.
The following Application Systems have been deployed on the State-of-the art
Fiber optic backboned LAN which works on Windows 2003 and SQL 2005 as Database
server. The applications were developed and deployed on Dot Net Framework. All
the six applications are tightly integrated and together are called the
“Integrated Information Management System (IIMS).
v
Manufacturing Management System (MMS)
v
Maintenance and Support Services (MSS)
v
Purchase Management System (PMS)
v
Depot Management System (DMS)
v
Finance Management System (FMS)
v
Personnel and Payroll Management System
(PPMS)
This LAN has equipped RWF management with Real time
information of Production, Rejection and Inventory balances. This information
helps the management in areas of Production Planning, Monitoring of Rejections
and initiating corrective action for arresting them without loss of time,
Inventory management, Purchase management etc., The system is equally useful
for the staff and supervisors as it provides current information about PF
balances, Leave balances, Personal data, Availability of RWF holiday homes at
Ooty and Mysore, blood donors and other general information to them through an
array of LAN nodes at many locations in the shop floors and administrative
offices.
Products :
RWF casts all its
wheels with Parabolic curves on Hub and Rim fillets. Sizes vary from 36"
(900mm) to 43" (1100mm). They conform to
Rail Wheel Factory
obtained ISO-9002 certification 1994, recertified in February 1998, for its
Quality Management System for manufacture of wheels, axles and wheelsets. RWF
is also approved since 1995 and has been recertified in February 1998 by the
Association of American Railroads (AAR) as approved manufacture of cast steel
wheels and axles as per AAR Specification M-1003 and supply for use in North
American Railroads.
In June 1999 , Rail Wheel
Factory became the first unit on Indian Railways to acquire ISO:14001
certfication of M/s. BVQI.
In keeping with the
tradition of excellence, RWF once again became the first Unit on Indian
Railways to achieve accreditation to ISO 9001:2000 which is latest edition of
the QMS Standard.
RWF produces Cast
steel wheels 36" (900 mm) to 43"(1100 mm) dia, to AAR M-208,
(class A, B & C) and IRS R-62 specifications; Forged steel axles 4
1/2 inch(120 mm) to 6 1/2 inch(175 mm) journal diameters, to AAR M-101, and
IRS, R-16 & R-43 specifications, and assembles wheel sets from customer
supplied or RWF-made wheels and axles.
INDIAN
RAILWAYS
MANAGEMENT
& ADMINISTRATION
Indian Railways are
functioning under the Ministry of Railways.
Railway Board is
responsible for administration and management of Indian Railways. The Board is under
the supervision of Minister of Railways. It comprises of Chairman, Financial
Commissioner for Railways and other financial members.
GENERAL
Railways are the
principal mode of transport in the country. Railways being a more energy
efficient mode of transport, is ideally suited for movement of bulk commodities
and for long distance travels. Indian Railways play a vital role in the growth
and development of the national economy. It fulfils the vital infrastructural
needs of the country.
Indian Railway
system consists of 62,725 route kilometres as on 31st March, 1997
comprising Board Gauge (41,971 kms.), Metre Gauge (17,044 kms.) and Narrow
Gauge (3,710 kms.). The system is presently undergoing a massive
transformation. Under the project Uni-Gauge 6897 kms. of Metre Gauge/Narrow was converted to Broad Gauge in
the VIII five year Plan.
Indian Railway
system comprises nine Zonal Railways viz., Central, Eastern, Northern, North
Eastern, Northeast Frontier, Southern, South Central, South Eastern and Western.
In view of the
Gauge Conversion and the coming up of Konkan Railway and also traffic increase/changes, six new zones are zones are
being set up at Bhubhaneshwar, Allahabad, Hazipur, Jaipur, Bangalore and
Jabalpur. The infrastructure of each zone is being set up.
There are six
Production Units :
- Chittaranjan
Locomotive Works, Chittaranjan
- Diesel
Locomotive Works,
- Integral
Coach Factory, Chennai
- Wheel &
Axle Plant,
- Diesel
Component Works,
- Rail Coach
Factory, Kapurthala
The Zonal Railways
and the Production Units are headed by General Managers. The Zonal Railways are
further sub-divided into 59 operating divisions for better management. The
Government has further approved the setting up of eight new divisions at
Ahmedabad,
Indian Railways
have the following five centralised training institutions :
- Indian Railways
Institute of Signal Engineering and Telecommunicaiton (IRISET),
Secunderabad
- Indian Railways
Institute of Civil Engineering (IRICEN), Pune
- Indian Railways
Institute of Mechanical and Electrical Engineering (IRIMEE), Jamalpur
- Indian Railways
Institute of Electrical Engineering (IRIEE),
The following six
Public Sector Undertakings are under the Ministry of Railways :
- Rail
- Indian
Railway Construction Company Limited [IRCON]
- Indian
Railway Finance Corporation Limited [IRFC]
- Container
Corporation of India Limited [CONCOR]
- Centre for
Railway Information Systems [CRIS]
- Konkan
Railway Corporation [KRC]
Vision,
Mission & Quality Policy
Vision
To become a renowned global leader in the Business of developing and
manufacturing Cast Steel Rail Road Wheels, precision Forged Axles and
immaculately assembled Wheel sets.
v
To emerge as a unique global centre for
design, development and manufacturing excellence of their products through
continuous improvement by upgrading their quality, relaibility, dependability
and value addition in a deliberate and proactive manner.
v
To perennially endeavor to sustain excellence
in customer satisfaction by consistently exceeding their expectations.
v
To develop their human capital by
constant enhancement of their technical, managerial & innovative
capabilities.
v
To promote ethical business practices
and values in the true spirit of corporate governance.
Quality
Policy
They, the employees of Rail Wheel Factory will strive:
v
To sustain their excellence in Quality
in the manufacturing of Wheels, Axles and Wheel Sets
v
To delight their customers and
v
To continually improve.
Mile
Stones
During 1995-96 and 1996-97,CH-36 cast wheels and 'F' class
axles as per AAR specifications were exported to
During 1999, MG locomotive axles for Diesel Locomotives to
Rail Wheel Factory obtained ISO-9002 certification 1994,
recertified in February 1998, for its Quality Management System for manufacture
of wheels, axles and wheelsets. RWF is also approved since 1995 and has been
recertified in February 1998 by the Association of American Railroads (AAR) as
approved manufacture of cast steel wheels and axles as per AAR Specification
M-1003 and supply for use in North American Railroads
In June 1999, Rail Wheel Factory became the first unit on
Indian Railways to acquire ISO:14001 certfication of M/s. BVQI.
In keeping with the tradition of excellence, RWF once again
became the first Unit on Indian Railways to achieve accreditation to ISO
9001:2000 which is latest edition of the QMS Standard.
Top of Form
1978 Jun Project
sanctioned by the Government of India
1980 Jan 18 Dedication of the Wheel and Axle Plant to the Nation
by Hon. President of
1980 Oct 30 Foundation stone laid by Sri Kamalpathi Tripathi,
Former Hon'ble Minister for Railways
1983 Oct 16 First
EQS heat tapped
1983 Dec 30 First
trial wheel cast (BOXN)
1984 Mar First
trial Axle forged
1984 Sep 15 Inaguration of the Wheel and Axle Plant by late Hon.
Prime Minister Smt. Indira Gandhi
1984 Oct First
wheelset assembled (BOXN)
1990 Jan Implementation
of Incentive Scheme
1993 May First
915 mm dia coaching wheel produced
1993 Jun Introduction
of LAN in WAP
1993 Aug First
915 mm dia coaching wheelset produced
1994 Nov Accreditation of ISO-9002 certification by
M/s.BVQI (First Railway Unit to obtain ISO-9002)
1995 Jan First
840 mm dia Flat Container Wagon wheel produced
1995 Mar First
840 mm dia wheelset produced
1995 Oct First
915 mm dia Wagon wheel produced
1995 Sep Executed
first Non-Railway Order of value Rs.6 lakhs to M/s. Kirloskar
1995 Nov Accreditation of AAR certification as a
manufacturer of Wheel, Axles for supply to US Railroads
1995 Dec First
915 mm dia wagon wheelset produced
1995 Dec First consignment of wheels and axles exported to
1997 Nov Dispatch
of wheelsets in two tiers for better wagon utilization
1997 Dec First
1097 mm dia locowheel produced (as measure of import sustitution)
1997-98 Highest
production of Axles in a year (52,249 Nos.)
1998 Feb Golden
Peacock National Quality Award-1997
1998 Feb First
Loco Cast Steel wheels fitted on WDS6 Loco for trial
1998 July Augmentation
Phase-1 completed
1998 Aug First
MoV Loco wheel produced
1998 Dec Highest
production of wheels for a particular month(10.031 wheels)
1998 Dec Lowest
rejection percentage of wheels in a particular month(4.95%)
1998-99 Highest
production of wheelsets in a year(38,624 Nos.)
1999 Jan Conversion
of shop ARCNET to Fiber Based ETHERNET
1999 Mar First
WDM2 Loco No.16464 fitted with MoV Cast steel wheel on trials
1999 Jun Accreditation
of ISO-14001 by M/s. BVQI (First Railway Unit to obtain ISO-14001)
1999 Sep First
MG coaching wheel produced (As a measure of Import substitution)
2001 Mar Accreditation
of ISO: 9001-2000 (First Railway Unit to obtain ISO:9001-2000)
2001 Nov First
MG Loco wheel cast with MoV material composition
2002 Jan First
MG Loco wheel fitted on Loco No.6494 for trial at NF Railway
2002 Mar Largest single order from Non Railway Customer
worth Rs.300 Millions for supply of 5280 CONCOR Flat container wagon wheelsets
to M/s. HEIL/Kolkata
2002 Apr Design
Validation of BG Loco wheels at M/s. Transportation Technology Centre,
2002 Apr BG(1902 mm dia) Loco wheel clearance given by
RDSO to run for Passenger
locomotives
2002 Apr BG (1092 mm dia) Loco wheel clearance given by
Railway Board to MoV cast wheel for regular application
2002-03 Highest
Production of wheels in a year (101554 wheels)
2002 Jun Golden
Peacock Environmental Management Award
2002 Jul Highest
number of heats for a particular month(429 heats)
2002 Sep Silver
Jubilee of WAP Project
2003 Jan First
MG-DEMU wheel cast
2002 Feb Golden
Peacock Award for most Innovative Product
2003 Feb 15 WAP
renamed as 'Railway Wheel Factory'
2003 Mar 31 ISO-14001:1996
certification for RWFcolony & hospital
2003 May Export order to
2003 Sep Despatch
of first batch of traction motor armature shafts to Railway Workshops
2003 Dec Green
Tech Environment Excellence Award
2004 Feb 06 Special Appreciation Award for excellence as a
Foundry during 2003, by the
2004 Jun 05 Rajiv Gandhi Parisara Prashasthi Award 2003 for
Environment from
2004 Jun 21 Greentech
Safety Gold Award for 2003-04 in Engineering Sector
2004 Nov 09 Golden Peacock Award for Corporate Social
Responsibility for the year 2004
2005 Jan 15 Golden
Peacock Award for Safty for the year 2004
2005 Feb 25 Certificate
for OHSAS-18001 for RWF was received Bottom of Form
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.57 |
|
|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.54.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
NO |
|
--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 |
|
47 |
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 |
|