MIRA
INFORM REPORT
|
Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
KARNATAKA ABRASIVES |
|
|
|
|
Registered Office : |
Meghnandan’, Sy No. 368/2, Majgaon, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK07599E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAEFK6786H |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Manufacturer of Depressed Centre Wheels, Triple Reinforced Wheels,
Reinforced Cut off Wheels, Straight Wheels,
Swim Frame Wheels, Saw Lapping Wheels, Cup Wheels. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 5868 |
|
|
|
|
Status : |
Small Concern |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small concern having satisfactory track.
Partners are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however reported
as usually correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Meghnandan’, Sy No. 368/2, Majgaon, |
|
Tel. No.: |
91-831-2442589 / 3290392 / 3530 / 2456716 / 0831-2440146 |
|
Fax No.: |
91-831-2442589 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq.fts |
|
Location : |
Owned |
|
|
|
|
Factory : |
Shed No.FM -1 and 2, KKSIDC Industrial Area, Auto Nagar, |
|
Area : |
2700 sq.fts |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. M.J. Saluke |
|
Designation : |
Partner |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
Under Graduate |
|
|
|
|
Name : |
Mr. B B Pasildar |
|
Designation : |
Partner |
|
Date of Birth/Age : |
39 Years |
|
Qualification : |
Mechanical Engineer |
|
|
|
|
Name : |
Mrs. S M Salunke |
|
Designation : |
Partner |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
Under Graduate |
|
|
|
|
Name : |
Mr. Santosh M Salunke |
|
Designation : |
Partner |
|
Date of Birth/Age : |
18 Years |
|
Qualification : |
Pursuing Studies |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Depressed Centre Wheels, Triple Reinforced Wheels,
Reinforced Cut off Wheels, Straight
Wheels, Swim Frame Wheels, Saw Lapping Wheels, Cup Wheels. |
|
|
|
|
Products : |
·
Depressed
Centre (DC) Wheels ·
Triple
Reinforced Wheels ·
Reinforced
Cut Off Wheels ·
Straight
Wheels ·
Swim
Frame Wheels ·
Saw
Lapping Wheels ·
Cup
Wheels, etc. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, Dealers Factories |
|
|
|
|
No. of Employees : |
17 |
|
|
|
|
Bankers : |
The Saraswat Co-operative Bank Limited Address: |
|
|
|
|
Facilities : |
(O/D – Rs. 1.000 million) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. C .S Halbavi and Company Chartered Accoutnant |
|
Address : |
|
|
Tel. No.: |
91-831-2461856 |
|
|
|
|
Associates/Subsidiaries : |
Karnataka Sales Corporation Address: Meghnandan’, Sy No. 368/2, Activity: Trading Industrial Products |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.1.467 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.1.467 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
8.300 |
7.100 |
Expected Sales (2007-08) : Rs. 12.600 millions.
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS:
Grinding wheels have become a very important feature of big scale
ventures. Right from fabrication to cutting hard core materials, they make an
indispensable contribution in the manufacturing process. Karnataka Abrasives, an ISO 9001:2000 certified companies
located in the city of
Since its inception in 1999, Karnataka Abrasives has been known for its high quality durable grinding wheels offered at affordable cost. They understand customer needs and therefore are able to meet their exact requirements. Their superior quality products and prompt delivery schedules have won them a huge base of satisfied customers. Also they value feedbacks and suggestion from their customers and therefore constantly strive to improve their selves. They are a member of the prestigious Chambers of Commerce.
Product
They, at Karnataka Abrasives, offer a wide range of Grinding Wheels. They are a noted manufacturer and trader of the following products:
·
Depressed
Centre (DC) Wheels
·
Triple
Reinforced Wheels
·
Reinforced
Cut Off Wheels
·
Straight
Wheels
·
Swim
Frame Wheels
·
Saw
Lapping Wheels
·
Cup
Wheels, etc.
Product Application
Their products have wide application in varied areas. The DC Wheels are used for fabrication, in ships, bus body building, for polishing, etc. Triple Reinforced Wheel is used in foundries. Reinforced Cut Off Wheels are used for cutting pipes, metallic sheets, in foundries, bus body building. Their ranges of Saw Lapping Wheels are used for sharpening of blades and wood cutting.
Quality
Quality is the essence at Karnataka Abrasives. They follow stringent quality control measures throughout the manufacturing process to come out with flawless products. Only quality raw materials are procured from reliable and reputed suppliers. A team of quality controllers monitors the complete process so that only the best is manufactured.
Infrastructure
They have a sound infrastructure with a complete arsenal of
latest machinery and technical experts. The right combination of highly
experienced personnel and sophisticated machinery helps them in making the
equipments at a very fast pace and with perfection. A congenial working
environment and various facilities offered to their employees have helped them
retain them since their inception. Their spacious storehouse facilitates them
in storing products in bulk, enabling them to cater to any demands of the
market.
Trade Reference:
·
Goa Invest cast Limited,
·
Lamina Foundries Limited,
Mangalore
·
Kaveri Gears Private
Limited, Hubli
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.44 |
|
|
1 |
Rs.82.01 |
|
Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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. |
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 |
|