MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHOKA PAINTS AND CHEMICALS |
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Registered Office : |
Near Namastey Chowk, Bhagwat Asharam Marg, Behind Solvex, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1960 |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners |
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Line of Business : |
Manufacturer and Exporter of Varnishes, Primer, Cement Paints and Decorative Synthetic Paints |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed Paint manufacturer in The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Near Namastey Chowk, Bhagwat Asharam Marg, Behind Solvex, G. T. Road,
Karnal 132001, Haryana, India |
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Tel. No.: |
91-184-2262682 |
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Mobile No.: |
91-9996099000 |
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Fax No.: |
91-184-2262683 |
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E-Mail : |
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Area : |
1500 Sq. mtrs. |
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Location : |
Owned |
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Factory 1 : |
Near Namastey Chowk, Bhagwat Asharam Marg, Behind Solvex, G. T. Road,
Karnal 132001, Haryana, India |
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Area : |
305 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Deepak Luthra |
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Designation : |
Partner |
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Date of Birth/Age : |
24 Years |
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Qualification : |
Graduate |
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Experience : |
2 Years |
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Name : |
Mr. Ashok Luthra |
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Designation : |
Partner |
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Date of Birth/Age : |
47 Years |
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Qualification : |
Graduate |
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Experience : |
16 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Varnishes, Primer, Cement Paints and Decorative Synthetic Paints |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit (60 days) |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Paints products like primer and varnishes |
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As per Demand |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
56 |
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Bankers : |
Punjab National Bank, Karnal 132001, |
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Facilities : |
Limit Rs. 5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Behal and Batra Company Chartered Accountant |
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Address : |
Karnal 132001, |
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Associates/Subsidiaries : |
Ashoka Coating Private Limited Karnal 132001, Line of Business : Factory under construction |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 4.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
100.000 |
98.700 |
98.000 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
DETAILS :
Subject was
established in the year 1960 and has emerged as a market
leader in the paint and enamel industry. They offer a gamut of paints and other
related products, which are not only superior in quality but don't burn a hole
in the consumer's pocket as well. Their company provides full value for the
client's money. They are the manufacturers,
exporters and traders of all types of paints, primers, emulsions, enamels,
varnishes, resins, driers and other related products. Paints
come in almost all regular colours and also in some special colours, which are
exquisite and manufactured only by them.
Customer satisfaction is the sole objective of the company, and they take all
necessary steps to maintain and further improve on the high quality standards
set by them. Their clients get only the best at the most competitive prices in
the industry. They believe in nurturing long term relations with their buyers.
Owing to sheer hard work and dedication, the company has risen to new heights,
and has successfully carved a niche for itself in the domestic as well as the
international market.
Ashoka Paints & Chemicals is a leading manufacturer, exporter and trader of a wide range of paints and allied products. Their list includes the following premium quality products:
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Synthetic Enamels |
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Ultra White |
Base White/White |
P.O. Red |
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Signal Red |
Deep |
All Yellow |
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Bus Green |
Ivory |
Pale Rose |
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Crimson |
Other Shades |
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Synthetic Air Drying
Hammertex |
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Emerald Green |
Special Deep Blue |
Special Deep Blue |
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All Other Shades |
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Ashoka Primers |
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Primer Surfacer Grey |
Cement Primers ( Sol. Base) |
Primer Surfacer White |
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Primer Surfacer White |
Primer Surfacer White ( |
Primer Surfacer Cellow |
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Pink Wood Primer |
Pink Wood Primer ( |
Pink Wood Primer Cellow |
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Red Oxide Metal Primer |
Red Oxide Metal Primer ( |
Red Oxide Metal Primer (Cellow) |
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Miscellaneous Items |
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Chassey Red |
Red Oxide Paint |
Black Board Paint |
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Black |
Synthetic Varnish |
Aluminium Paints |
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Industrial Enamel |
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Water Based Products |
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Cement Primers |
Acrylic Exterior and Interior Emulsions |
Washable Oil Bound Distemper |
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Synthetic Putty. |
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Quality Assessment
Subject stress on high quality in order to keep the clients happy. Stringent quality checks are ensured at all levels starting from production and till the time the goods are dispatched for sale in the market. All batches of finished products are tested individually and are then passed by an in-house laboratory, which is extremely efficient. They pay utmost attention to health and safety of those who use their products and also the environment that they live in. All quality checks conform to the national and international standards.
Infrastructure
Subject has a majestic blend of both man and machine. They are outfitted with
all the state of the art machinery to produce world class paints and other
related products in the most cost effective ways. The Research and development
team is a performance oriented unit. The professionals come up with exquisite
colours for the clients. All the latest advancements and innovations in the
related fields are tracked diligently and changes where ever necessary are
incorporated. A large and spacious warehouse is a boon to the company, as it
helps store large amounts of the produce to meet all kinds of orders within a
stipulated period of time.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.54 |
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1 |
Rs. 80.94 |
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Euro |
1 |
Rs. 56.42 |
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 |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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. |
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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