MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
BRASSO FORGE |
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Registered Office : |
Plot No. B -394, GIDC, Industrial Estate, Shanker Tekri, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and
Exporter of Turned and Forged Non-Ferrous Metal Components. |
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 20000 |
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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 – established 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 / Factory / Godown Office : |
Plot No. B -394, GIDC, Industrial Estate, Shanker Tekri, |
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Tel. No.: |
91-288-6540496 / 2568727 |
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Fax No.: |
91-288-2560525 |
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E-Mail : |
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Website : |
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Area : |
10000 sq.fts |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Vinod Patel |
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Designation : |
Proprietor |
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Date of Birth/Age : |
52 Years |
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Qualification : |
Graduate |
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Experience : |
32 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Turned and Forged Non-Ferrous Metal Components. |
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Exports : |
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Products : |
All Products |
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Countries : |
South – East Asian Countries, |
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Terms : |
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Selling : |
L/C, Cash, Credit ( 30 Days) |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 |
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Bankers : |
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HDFC Bank
Address: ·
Navanagar Co – operative Bank
Address: |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V H Vyas and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
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United Brass Industries
Address: ·
Pranami Manufacturing Company |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.000 millions |
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Borrowed : |
Rs.2.000 millions |
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Total : |
Rs.5.000 millions |
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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8.000 |
7.000 |
Expected Sales (2007-08) : Rs. 10.000 millions
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAIL:
Brasso Forge
was established in 1987 with the motive to become one of the leading manufacturer and exporter of Turned
and Forged Non-Ferrous Metal Components. Today, they have achieved this
objective and are manufacturing and supplying quality Brass, Copper, Mild Steel, Stainless Steel and Plastic products catering
to Electronics, Electrical, Builders Hardware, Bathroom Fittings and all other
Industrial Sectors in India and across the globe. Their valued clientele
is spread across the
They are currently engaged in manufacturing Turned and Forged components for
Electrical Wiring and Earthing Accessories, Pipe Fittings and Connector Parts,
Electrical Contacts, Battery Terminals, Fasteners with Wall Plugs, Panel
Boards, other Door Hinges and other Hardware Fittings as per International
standards, customer specified drawings or samples. From the very beginning,
their main aim has been to achieve maximum customer satisfaction manufacturing
components of the most superior quality, delivering them on time and at the
most competitive prices. To achieve this, their strong and dedicated management
and workforce has obtained ISO 9001: 2000 certification in 2004 from BVQI which
is one of the leading certification bodies across the globe. This has given
them an international benchmark to operate in the most professional, cost
effective, channelized and systematized environments enabling them to add value
to their products at all stages of production.
Their quality policy has always been minimizing rejections and supplying the
most thoroughly inspected material to their customers. To achieve this they have
developed quality system in which they have laid down strict inspection,
packaging, dispatch and shipments. This has enabled them to reduce errors
in production, minimize rejections and eliminate customer dissatisfaction. They
house all the latest measuring instruments and gauges enabling their team to
control the accuracy and quality demanded. They operate in a huge area which
enables division of work for higher efficiency and productivity.
Also, to keep up with the latest technological development, their team
undertakes research to develop cost effective techniques of production. Also,
they regularly participate in International and Domestic fairs and exhibitions
for equipments and machineries to keep their selves updated on the technology
frontier.
Overall, during these years of their sheer hard working experience, they have
continuously strived to manufacture superior quality products that are
delivered as per schedules or JIT at the most competitive prices enabling their
customers to compete in the highly competitive metal markets all around the
world. They value their customers a lot and understand their needs and thus
have climbed on ratings in their supplier list due to their enriched business
relations with them over the years.
Their USP - Why them?
ISO 9000: 2000 Certified Company
Superior Quality
Most Competitive Prices
Timely Delivery
Customer Focused and Growth Oriented Management
Rapid Communication
On-Going Research and Development
Customer Satisfaction
All Metal Products Under One Roof
Latest Machinery and Equipments.
Their Other Facilities
Heat treatment - annealing
Electroplating
Shot blasting
Polishing, deburring and degreasing
Finish and Plating : Nickle/ Chrome/ Copper/ Tin/ Silver/ Gold/
Brass Colour Yellow and Blue Passivated.
They hereby take
this opportunity to invite customer to make us a part of the business and
develop it for both their mutual benefits
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.39.91 |
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1 |
Rs.79.88 |
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Euro |
1 |
Rs.55.88 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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