MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHEEKA PLASTICS |
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Registered Office : |
10/4, Kasi Industrial Estate, Jafferkhanpet, Chennai – 600 083, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of Industrial Plastic Machinery and Importer and Selling
of used injection moulding machine, CNC Machines. |
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 well-published and reputed concern having satisfactory track.
Proprietor is reported as experienced and respectable businessman. Trade
relations are reported as 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/ Factory : |
10/4, Kasi Industrial Estate, Jafferkhanpet, Chennai – 600 083, |
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Tel. No.: |
91-44-32567205 |
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Mobile No.: |
91-9884104477 / 9884704404 |
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Fax No.: |
91-44-24896295 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. fts. (Ground Floor) |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Basheer Mohammed |
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Designation : |
Proprietor |
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Address : |
Chennai |
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Date of Birth/Age : |
39 years |
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Qualification : |
Diploma in Plastic Technology |
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Experience : |
15 years |
KEY EXECUTIVE
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Name : |
Mr. J. Jayaseelan |
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Designation : |
Business Development Executive |
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Mobile No.: |
91-9318909207 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Industrial Plastic Machinery and Importer and Selling
of used injection moulding machine, CNC Machines. |
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Imports : |
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Products : |
v
Plastic Mouldings v
Machineries v
CNC machines |
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Countries : |
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Terms : |
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Selling : |
Cash or Cash against delivery of machines |
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Purchasing : |
Cash or credit (30 days) |
PRODUCTION STATUS
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Particulars |
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Sales
Per Month |
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Plastic Injection Moulding Machine of Different models |
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Rs. 4.000
millions |
GENERAL INFORMATION
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Customers : |
Customers using imported plastic injection moulding machines and
manufactured of owned machine. |
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No. of Employees : |
11 (Office: 6; Factory: 5) |
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Bankers : |
Canara bank Vadapalani Branch, Chennai, |
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Facilities : |
Subject is operating on Current Account only. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Kalanidhi Chartered Account |
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Address : |
Thyagarayar Nagar, Chennai – 600 017, |
CAPITAL STRUCTURE
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Capital Investment : |
Not Available |
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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45.000 |
39.000 |
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Profit/Loss for the year |
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15% of Total
Turnover |
13% of Total
Turnover |
LOCAL AGENCY FURTHER INFORMATION
Trade References
v Selling the machine mostly throughout
Observation Points
Name Board: Sighted
Land Mark: Near o the Jafferkhanpet Bus Stand at Chennai
Office Appearance:
Furnished
Factory Area: Up Market
Note
The office and Factory are in the same
premises. At present the above company is not well doing the business due to
down in plastic industry for the past two years. The other units in this area
are also in the same Category.
Website details attached:
With years of experience and a deep insight into the
know-how of the latest trends of plastic engineering, they have maintained a
strong hold in their arena. They are a manufacturer of a wide range of industrial plastic machinery and plastic components. They are also
renowned as an importer of a variety of high quality plastic products and
components from numbers of techno rich countries like
Their ultimate goal is to satisfy their clients with quality
products, and the increasing number of their clients reflects the fact that
they have achieved it. They have a highly qualified team of skilled engineers
and other workers to manufacture world class products. Quality is checked at
every stage of production and thus they ensure the satisfaction. Besides,
timely delivery, efficient after sales services and emphasis upon customer
satisfaction has made us a reputed name in the market. Few of their major
clients include well known names like Arun Engineering, Mouldwel Product,
Techno Rubber and more.
Products
Subject is a manufacturer and importer of the following categories of products:
- Industrial Plastic Components
- Industrial Plastic Machinery.
Quality
They believe that only by maintaining high quality of products they can extend
the arena of their business. That is why they concentrate upon raising the
quality of their products by every means possible. To avail their customers
with all the latest technologies they also import a huge range of products.
Their ultimate aim is customer satisfaction and to serve them with best quality
products is their motto.
Infrastructure
Their engineers and workers loaded with experience and expertise are able
to manufacture 'second to none' quality products. The factory is equipped with
some of the most sophisticated machinery and they keep a track of all the
latest innovations in the field. Their expert team helps us to maintain the
quality of their products. They import only the best items from the techno rich
corners of this world, which is checked by their team of experts.
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. 39.43 |
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1 |
Rs. 80.44 |
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Euro |
1 |
Rs. 55.66 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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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 |
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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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. |
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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