MIRA
INFORM REPORT
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Report Date : |
05.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NON CONDUCTORS |
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Registered Office : |
316, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1984 |
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Legal Form : |
Sole Proprietory concern |
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Line of Business : |
Providing insulation services catering to a variety of insulation applications
including acoustic insulation, cold storage insulation, hot and cold
insulation, under deck insulation |
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 and reputed concern having
satisfactory track. Trade relations are fair. 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 : |
316, |
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Tel. No.: |
91-79-26603581 |
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Mobile No.: |
91-9825068988 / 9825245703 |
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Fax No.: |
91-79-26603579 |
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E-Mail : |
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Website : |
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Area : |
900 sq.fts |
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Location : |
Owned |
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Ware House: |
Uma Estate, Chandogar, Ahmedabad – 380 007, |
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Area : |
3000 sq.fts |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Niru Trivedi |
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Designation : |
Proprietor |
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Date of Birth/Age : |
47 years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Providing insulation services catering to a variety of insulation applications
including acoustic insulation, cold storage insulation, hot and cold
insulation, under deck insulation |
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Terms : |
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Service provided
on: |
Credit ( 60 Days), 40% advance or 20% advance |
GENERAL INFORMATION
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Customers : |
Pharmaceuticals industries |
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No. of Employees : |
54: (50 workers, 4 supervisors) |
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Bankers : |
Ahmedabad Mercantile Co-operative Bank Limited Address: Paldi Branch |
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Facilities : |
Hypothecation - Rs. 1.000
million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prajesh D Shah and Company Chartered Accountants |
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Address : |
Ahmedabad |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
NA |
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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16.500 |
13.500 |
Expected Sales (2007-08) : Rs.25.000 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
· Dishman Pharmaceuticals
· GHCL
· HLL
· Zydus Cadila
· Unimark Remedies
· Dishman Pharmaceuticals and Chemicals., Sanad
· Unimark Remedies Limited., Bavla and Vapi
· Cadila Healthcare Limited. (Fine Chemicals Division)
· G.H.C.L. Sutrapada
· HLL, Chorwad
· Cethar Vessels
· Solaris Chemtech, Bhuj
·
Excel
Ind. Limited.,
· Torrent Pharmaceuticals Limited., Indrad
· Mecon (I) Limited.
· J.K. Malt Products, Nadiad
· Thermax Limited.
WEBSITE DETAILS:
Subject provides thermal insulation as well as ventilation services to the industry which are designed and installed as to meet the specific requirements of their esteemed clients. Their range of insulation work varies from Acoustic Insulation, Chemical Plants Insulation, Cold Storage Insulation, Hot and Cold Insulation, etc.
Established to serve the clients and provide them quality at competitive price,
they have been in the industry for past 20 years. Their annual turnover for the
year 2005-2006 was 13.500 millions. Providing innovative and time tested
solutions, they have been successful in carrying out a project worth Rs. 6.630
millions. Their another achievement in their way to success was a recently
executed project with a value of 8.700 millions.
They are also capable of carrying out work at the full range of temperatures
from-195°C to 500°C using the complete range of insulation products.
Strengths
Their industrial experience of two decades has helped them gain sufficient knowledge to understand the needs and desires of the clients worldwide. Over the years, they have adapted the new technologies in order to assure on time 100% customer satisfaction. Their key strengths are:
· 100% Safety record: Their team of engineers keeps a constant watch on the safe execution of the processes. Maintaining a record of complete safety, their service providers leave no space for any accidents to occur. Ensuring the proper working of the thermal insulators and ventilators, they also give a short training to the clients so as to take safety measures in case of an emergency
· Technical Knowledge: Their decades of experience has contributed in providing practical technical knowledge to their work force. The technical engineers understand the modern needs and respond to the clients requirements in an efficient and skillful manner.
Customized Solutions
From small enterprise to the multinational, the requirements of the clients vary according to their production capacity and other factors. Giving each and every client their due respect, they provide them with customized solutions. They strive to meet expectations of the clients with utmost professionalism and efficiency.
They have been providing the industry with their insulation services for last 20 years. They are committed to provide safe insulation services which are cost effective as well. Their years of expertise and the ability to diagnose the problems in the industries have contributed considerably in achieving new heights in the industry of insulation services.
They Offer
They offer insulation services to diverse industries, catering to a variety of insulation applications. Their insulation services are accomplished using superior grade materials. Their ambit of services includes:
They provide acoustic insulation for a range of commercial establishments. Acoustic insulation is needed in theaters, multiplexes, concert halls and various high sound oriented places such as generator rooms etc
The disagreeable nature of noise is caused by reverberation-the result of
repeated reflection of sound from hard surfaced wall rather by the actual noise
level of source. They effectively reduce noise in rooms by lining them with
high quality sound absorbent insulation material. The main material of usage
depending to the clients requirement is fiberglass, acoustic boards etc.
Chemical Plant Insulation
They offer chemical plant insulations which play a pivotal role in almost every type of process industry like chemical, petrochemicals, thermal power plants, refineries and metal based industries.
The purpose of the heat insulation for the plants is preventing useless
radiation to save fuel, power and heat energy. To accomplish the purpose, 100%
of the adiabatic property of the heat insulation is applied. The main materials
used are polyurethane foam, EPS, LRB, etc.
Cold Storage
Insulation
They specialize in serving insulating solutions to the cold storage with the help of different insulation material as well as guiding their clients to cost effective solutions, saving their money, space and time. They use materials like EPS, PUF and Nitrile foam.
Hot And Cold
Insulation
They provide insulation solution to different industries like hot as well as cold insulation catering to the hot and cold insulation needs of the industry. They use excellent grade materials like fiberglass, LRB, polyurethane foam, EPS, etc.
Hot And Cold
Insulation
They provide insulation solution to different industries like hot as well as cold insulation catering to the hot and cold insulation needs of the industry. They use excellent grade materials like fiberglass, LRB, polyurethane foam, EPS, etc.
Underdeck Insulation
Under deck Insulation is needed to have work friendly environment in plants, warehouses, where the temperatures can go up to unbearable limits for humans. The under deck insulation and ducting insulation are effective in doing away with such temperatures and makes the conditions friendly for usage. The main materials used are fiberglass, thermocole and nitrile foam.
Core Values
· They maintain a constant confidential record of the documents of their clients.
· They strive to provide the services which are synonymous to international business ethics.
· They adapt the latest technology and improve their services.
· They keep a regular track on those industries which form their client base.
· Besides they also provide periodical checks as a free value added service to their esteemed clients who have been with them over the years.
Energy is one of the most treasured possession in every industry, especially those using heavy machineries and equipments. That is why it is so important to have the right kind of insulation in every machines being used. Non-Conductors is a leader in the service of such thermal insulation to various chemical and allied industries. They are a highly reputed service provider helping you save energy by offering a comprehensive range of thermal insulation services. With the ability of being extremely flexible, they are able to undertake contracts--be it big or small--and with cost effective insulation. Non-Conductors provides highly reliable insulation services to such industries as Pharmaceutical, Chemical, Textile, Cement, Sugar and many others. They have methodized their selves with the correct level of overheads so that their customers are met with cost effective solutions. Their insulation work has ranged from pipes to vessels, tanks, heating and ventilation systems. The work at Non-Conductors is carried out under full range temperatures-- right from -195*C to 500*C-- by making use of a complete range of insulation products such as Glass Wool, Mineral Wool, LRB, Cera Wool, Fiber Glass, EPS, Perlite etc.
They take great pride in claiming that all their services are at par with international quality and always available at competitive prices without any delay. Faster and prompt response to their client's requirement has given them high end client satisfaction. With more than 20 years of experience in this field, they have achieved an unsurpassed track record of providing only the best and the most cost effective thermal insulation services. They make sure that all their clients are completely satisfied by their services and any feedback or suggestion is more than welcome from them. Their services are available at any time of the day with the most effective solution in hand. It is due to these features that Non-Conductors is also now a privileged member of Small Scale Industries (SSI). Their annual turnover for the financial year 2006-07 was Rs 16.500 millions and they had even carried out some successful projects worth Rs. 6.6300 millions. In more recent times, subject has executed a project which is approximately valued at Rs 8.700 millions.
Quality Assurance
Quality is the main USP of their company which has helped in garnering immense trust and support of their clients. The products that are provided as well as installed are of top notch quality thereby ensuring complete safety from any kind of hazards. Extreme care is taken while working under full range temperatures to make sure that no accidents take place inside the factory or even outside while using them. All the national and international standards are taken into consideration while checking the quality. They have a team of highly qualified quality control inspectors who are always vigilant and take extreme caution in maintaining the quality standard at each and every level.
Infrastructure
The infrastructural set up at subject composed of an arsenal of well
qualified workforce and latest cutting of the edge machineries. Their workforce
consist of dedicated and sincere service providers who have an in depth
knowledge and vast experience of this industry. The machines being used are of
latest and the most sophisticated technology. These machines are constantly
updated to make sure that there is no wear and tear of them. They keep their
selves abreast with all the latest happenings of this industry to stay ahead of
their competitors. By working with great caution, they have been able to attain
100% safety record. Their working environment is very much congenial and
suitable for their workers to work in. They are functioning at low operating
and maintenance costs in order to come up with the most cost-effective
solutions. Owing to such efforts, they have gained a reputation of being the
most reliable service provider of thermal insulations to some very high profile
clients.
Clients
Subject has gained some very reputable clients and has provided them with only
the most dependable, reliable and cost effective solutions. Some of their major
clients include:
· Dishman Pharmaceuticals and Chemicals., Sanad
· Unimark Remedies Limited., Bavla and Vapi
· Cadila Healthcare Limited. (Fine Chemicals Division)
· G.H.C.L. Sutrapada
· HLL, Chorwad
· Cethar Vessels
· Solaris Chemtech, Bhuj
·
Excel
Ind. Limited.,
· Torrent Pharmaceuticals Limited., Indrad
· Mecon (I) Limited.
· J.K. Malt Products, Nadiad
· Thermax Limited.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.49 |
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|
1 |
Rs.80.41 |
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Euro |
1 |
Rs.55.76 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
YES |
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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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54 |
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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