MIRA INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHHOTANAGPUR ROPE
WORKS PRIVATE LIMITED |
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Registered Office : |
“NAMASKAR”, Ground
floor, 24A, Anil Roy Road, Kolkata – 700029, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.09.1981 |
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Com. Reg. No.: |
21-34151 |
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CIN No.: [Company
Identification No.] |
U17232WB1981PTC034151 |
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IEC No.: |
0298003902 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RCHC00043B |
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PAN No.: [Permanent
Account No.] |
AABCC2153J |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer, exporter,Importer of sisal, manila, jute, polypropylene and core ropes for steel wire ropes, cores for steel rope, polypropylene and jute, carpetgrade yarns and twines for sisal carpets- dyed/undyed, cores from sisal/polypropylene / jute. |
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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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 company having satisfactory track records. Directors are reported
as experienced, respectable and having satisfactory means of their own. Their
trade relations are reported as fair. Payments are reported as correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
“NAMASKAR”,
Ground floor, 24A, Anil Roy Road, Kolkata – 700029, West Bengal, India |
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Tel. No.: |
91-33-24661654/24666607/24655005 |
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Fax No.: |
91-33-24644631/24754857 |
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E-Mail : |
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Website : |
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Area : |
800 sq. fts. –
Rented |
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Registered Office : |
Village Arrah,
Post Mahilong – 835103, Ranchi. |
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Tel. No.: |
91-651-2265124 |
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Fax No.: |
91-651-2233475 |
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Mobile : |
91-9234668881/9431170124 |
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E-Mail : |
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Website : |
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Area : |
2250 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Village Arrah,
Post Mahilong – 835103, Ranchi. |
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Tel. No.: |
91-651-2265832 |
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Fax No.: |
91-651-2233475 |
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Area : |
40000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Siddharth
Jhawar |
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Designation : |
Chairman and
Managing Director |
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Address : |
2A, “Shriniket” 14/9,
Vasant Vihar (Raja Bagan), Kanke Road, Ranchi – 834008 |
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Mobile : |
91-9431170124/9234668881 |
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Date of Birth/Age : |
53 years |
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Qualification : |
B. Com (Hns) |
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Experience : |
29 Years |
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Date of Appointment : |
24th September,
1981 |
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Name : |
Mr. Anurag Jhawar |
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Designation : |
Whole time
Director |
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Address : |
51/C, Gariahat
Road, Calicutta – 700019 |
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Date of Birth/Age : |
49 years |
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Qualification : |
B. Sc. (Hns) |
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Experience : |
25 Years |
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Date of Appointment : |
24th September,
1981 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. Siddharth
Jhawar |
43695 |
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Mr. Anurag Jhawar |
41215 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter,Importer of sisal, manila, jute,
polypropylene and core ropes for steel wire ropes, cores for steel rope,
polypropylene and jute, carpet grade yarns and twines for sisal carpets-
dyed/undyed, cores from sisal/polypropylene / jute. |
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Products : |
Sisal And Manila
Twines For Carpet And General Applications. |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash (90/180 days) |
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Purchasing : |
L/C, Cash (30-90-180 days) |
PRODUCTION STATUS
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Particulars |
Actual
Production |
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Sisal and Manila Rope |
12.576 |
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Jute Rope |
2.287 |
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P.P. Rope |
9.451 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
180 |
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Bankers : |
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Facilities : |
Rs.29.000 Millions
– Working Capital Limit |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M /s R. K.
Garodia and Company Chartered
Accountants |
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Address : |
202, Sai
Apartment, Kutchery Road, Ranchi – 834001 |
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Tel. No.: |
91-651-2203343/4837 |
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Fax No.: |
91-651-2207744 |
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Associates/Subsidiaries : |
Jharkhand
Chhotanagpur Poly Products, P.
O. Mahilong, Rachi – 835103, Jharkhand
Eastern Financial Services Hindustan Manufacturing
Corporation. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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133620 |
Equity Shares |
Rs.100/- |
Rs.13.362 millions |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
13.362 |
13.362 |
12.562 |
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3] Reserves & Surplus |
22.754 |
21.224 |
18.485 |
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NETWORTH |
36.116 |
34.586 |
31.047 |
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LOAN FUNDS |
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1] Secured Loans |
23.304 |
17.780 |
13.637 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
23.304 |
17.780 |
13.637 |
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DEFERRED TAX LIABILITIES |
1.167 |
1.346 |
1.706 |
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TOTAL |
60.587 |
53.712 |
46.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.093 |
17.558 |
23.530 |
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Capital work-in-progress |
0.121 |
6.090 |
0.000 |
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INVESTMENT |
0.213 |
0.204 |
0.197 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
48.680
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35.398 |
26.601 |
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Sundry Debtors |
16.697
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11.433 |
10.893 |
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Cash & Bank Balances |
2.368
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1.104 |
1.436 |
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Loans & Advances |
12.534
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8.175 |
6.755 |
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Total
Current Assets |
80.279
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56.110 |
45.685 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
39.121
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26.250 |
23.022 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
39.121
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26.250 |
23.022 |
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Net Current Assets |
41.158
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29.860 |
22.663 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.587 |
53.712 |
46.390 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
132.217 |
100.557 |
100.335 |
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Other Income |
0.763 |
0.686 |
0.000 |
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Total Income |
132.980 |
101.243 |
100.335 |
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Profit/(Loss) Before Tax |
3.847 |
3.495 |
3.467 |
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Provision for Taxation |
1.644 |
1.282 |
1.292 |
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Profit/(Loss) After Tax |
2.203 |
2.213 |
2.175 |
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Earnings in Foreign Currency : |
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Total Earnings |
0.000 |
0.000 |
68.937 |
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Imports : |
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Total Imports |
0.000 |
0.000 |
36.907 |
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Expenditures : |
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Employee Cost |
4.854 |
4.418 |
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Manufacturing Expenses |
22.706 |
19.583 |
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Administrative and Other Expenses |
11.255 |
9.990 |
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Raw Material Consumed |
80.131 |
60.652 |
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Managerial Remuneration |
1.080 |
0.720 |
97.040 |
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Selling Expenses |
19.398 |
15.924 |
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Interest |
2.117 |
1.170 |
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Depreciation & Amortization |
3.086 |
2.797 |
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Total Expenditure |
144.627 |
115.254 |
97.040 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.65
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2.18 |
2.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.90
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3.47 |
3.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
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4.74 |
5.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.10 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.72
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1.27 |
1.18 |
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Current Ratio (Current Asset/Current Liability) |
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2.05
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2.13 |
1.98 |
LOCAL AGENCY FURTHER
INFORMATION
The company is in
trade terms with:
- Wiggles
worth & Company Limited, London, U.K.
- Landaver
Fibres, London, U.K
- Brunton Shaw
U. K. Limited, U. K.
- One Steel
Wire Pty. Limited, Australia
- M/s. Usha
Martin Limited, Tatisilwai, Ranchi – 835103 ( Jharkhand)
Tel. No.: 91-651-2265243
Subject was
established as an ancillary to Usha Martin Limited as partnership firm in 1978.
The promoters being Mr. Siddharth Jhawar and Mr. Anurag Jhawar sons of Mr. Arun
Kumar Jhawar. The manufacturing was initially done to meet the requirement of
fiber cores for UMIL’s steel ropes. However, by 1981 CRW started selling its
products to other wire rope companies in India and very soon captured nearly 75
% of the home demand. CRW started to export its Ropes in the early 90’s and has
now become the only company in India to have exported its ropes to all the
containments.
The directors are
well versed in this field and have more than 25 years experiences an ISO
9001:2000 certified company, CRW also holds ISI licenses for SISAL, manila and
Polypropylene Rope.
IT exports quality
products across the world and plan to set up a new plant to meet its growing
export commitments.
AS PER WEBSITE
With their experience, knowledge and skill they will
endeavour to understand and meet customer's requirements so that the wire rope
manufacturer also achieves superior results by use of their Fibre Core entre.
An ISO 9001:2000 Company
AT CRW
Fibre cores are a sophisticated extension of
the fibre rope making process. Stringent specifications have to be achieved.
The fibre core rope has to be made suitable to the end application of the Steel
Rope of which it is an integral part. The technology of fibre core rope making
begins from the fibre selection, yarn spinning, lubrication and final core rope
construction. This springs from a deep understanding of the subject. This
technology is wedded to the skills of making a good rope itself.
Understanding this subject and translating
it into a suitable product is the real technology of this industry.
At CRW the opportunity of working closely
with the Steel Rope Industry in different countries, has given them the
exposure to the finer aspects of needs of steel rope makers world-wide.
CRW is probably the only Company which has
had the opportunity to deal with Wire Rope Manufacturers across all continents
from Australia, Asia, Europe, North & South America and Africa as also Wire
Rope making experts from across the world.
Reliable Fibre
Core for Wire Rope
At CRW they have understood the subtleties of constructing Fibre Cores for varied end applications.
Their
products include Cores from Sisal / Polypropylene / Jute (Dry or
Prelubricated).
Fibre Core with tolerance on diameter and
density of +2%, - 2% for Elevator applications i.e. highly uniform cores
for Steel Wire Rope are their speciality. These are being appreciated the world
over by Wire Rope makers. These can be constructed in 3 or 4 Strand
construction with right lay or left lay.
Linear densities (weight per metre) can be
made to suit customer preferences. Soft, Medium and Hard cores are easily
constructed.
Prelubricated Cores with fluid
lubricants and hot melt lubrication involving process of application directly
onto the fibre at the spinning stage or applying lubricant during rope making.
They are familiar with lubricants like
Ironsides, Cortex, Nyrosten (T-55, N113, N65, etc.), Elaskon, Amoalin, N55,
KR10, etc. AABCC2153J
Application:
In Steel Wire Ropes Elevator, Oil
Drilling, Marine, Aerial, Winding, Friction (Koepe) Winders, Haulage, Logging
and General Engineering.
Construction of Cores:
3 or 4 or 4+ 1 strands - right hand lay or
left (as required). In 4 Strand Cores center strand is inserted to support the
outer strands, by mutual agreement.
Linear Density: Runnage
to suit customers specs.
Diameters:
From 4 mm upwards in diameter steps as
required by customer or steps of 0.25 mm. Tolerance : as agreed mutually.
Lay: Can be right or
left hand from 2.8 x D upto 4.0 x D.
Presentation and Packing:
65 kg / 150 kg / 300 kg Net or more on
sea-worthy sturdy pinewood and steel combination reels. On cross wound coils up
to 100 kgs. Rope splices not allowed. Splices in strands are allowed.
Other Products:
- Sisal and Manila Rope
- Hawsers, Cable-laid, Shroud-laid, Plain,
Rot-proofed, Tarred
- Tarred Marline
- Sisal & Manila Twines for carpet and
general applications
They also make SISAL, MANILA & JUTE
Ropes to BS, DIN & Customer Specification 6 mm to 40 mm Dia.
Total control is excercised from fibre selection to
spinning, stranding and rope making.
Tests which are
compulsorily conducted:
- Chemical condition of Fibre, Yarn and
Rope at different stages.
- Yarn size control and verification.
- Diameter and density checks for
uniformity and correct density.
- Lubricant absorption in the rope.
- Checks of lay length and lay angle.
- All test samples are drawn under tension
specified by ISO 4345 and chemical and physical analysis is done under
procedures specified by ISO and DIN.
Some customers require a compression
test to be carried out for which facilities have been created, to meet
customer's specifications.
They have been able to unify at
CRW all the skills and facilities for producing world class products which
is reflected in growing export shipments to diverse destinations across the
globe.
One of their greatest strength is their
own spinning facility for hard fibres like Sisal & Manila and own Extrusion
line for Polypropylene fibre film and monofilament. This gives us total
flexibility and access to inputs of choice.
The technology adopted is the knowledge of
correct core construction, in process control and building up the adequate
facilities to achieve a high standard in quality. To the best of their knowledge this kind of a total approach is not
available anywhere as most other companies manufacture a wide variety of
products whereas they concentrate on a specialized field as theirs.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.27 |
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UK Pound |
1 |
Rs.82.24 |
|
Euro |
1 |
Rs.57.48 |
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. |
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 |
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