MIRA
INFORM REPORT
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Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AVTAR FOUNDARY AND WORKSHOP |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1960 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLA11489C |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporters of Steels Bars, Flats and other Rolling
Mills |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 32000 |
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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 concern having
satisfactory track. Partners are 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 : |
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Tel. No.: |
91-1765-255838 / 241217 / 241218/258408 |
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Mobile No: |
91-9814036118 |
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Fax No.: |
91-1765 -255171 |
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E-Mail : |
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Websites: |
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Area : |
3 Acres |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Manjeet Singh |
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Designation : |
Partner |
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Address : |
Godbindgarh |
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Date of Birth/Age : |
37 Years |
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Qualification : |
Graduate |
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Experience : |
27 Years |
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Name : |
Mr. Tajinder Singh |
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Designation : |
Partner |
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Address : |
Godbindgarh |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate |
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Experience : |
22 Years |
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Name : |
Mr. Gurumukh Singh |
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Designation : |
Partner |
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Address : |
Godbindgarh |
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Date of Birth/Age : |
60 Years |
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Qualification : |
Under Graduate |
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Experience : |
40 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Steels Bars, Flats and other Rolling
Mills. |
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Exports : |
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Products : |
Steel Bars, Flats |
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Countries : |
Western Europe, Africa, |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days) Sight. |
GENERAL INFORMATION
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Customers : |
Local and Foreigners, Retailers, End Users |
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Products: |
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Pinion Gear Box ·
Reduction Gear Box ·
Shearing Machines ·
Rolling Mill Stand ·
Gear Coupling (Flexible) ·
Wire Rod Mill |
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No. of Employees : |
150 |
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Bankers : |
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Address; Gobindgarh ·
Punjab National Bank
Address: Gobindgarh |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bassi and Company Chartered Accountants |
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Address : |
Gobindgarh |
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Associates/Subsidiaries : |
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Avtar Roll Forge
Industries
Address: Tel No: 91-1765-256829 / 250607 Fax No: 91-1765 – 255171 E-Mail: info@avatargroup.com Website: www.avatargroup.com
Activity: Rolling mills ·
Avtar Steel and
Agro Industries
Activity: Agro Products |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 8.000 millions |
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Borrowed : |
--- |
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Total : |
Rs. 8.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
120.000 |
97.200 |
87.000 |
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Profit/Loss for the year |
4.520 |
4.450 |
4.300 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
§
Union Forging
§
Inderjit Forging Limited,
WEBSITES DETAILS:
Subject is one of the leading manufacturers and suppliers for Rolling Mills and Steel Plants of Various types and capacity starting from 6" up to 36". Avtar Foundry and Workshop the Parent company of Avtar Group of Industries was established in 1960 and has been serving the industry from the past four decades with their quality products.
Expansion and Diversification of the company has kept pace
with its
·
Mill Stands
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Pinion Stands
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Reduction Gear Box
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Coilers
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Gear Coupling
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Complete Rolling Mill Plant
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Tilting Tables
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Shearing Machines
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Universal Gear Hobbing Machines
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Hot Saws
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Spindle and Couplings
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Wire Rod Mill
The Directors and the Management of the Company are well Technically Qualified and have a valuable experience of 44 Years. The Company has set up its own Design Department where the needs of the Clients are fully incorporated while designing a suitable plant.
Subject has been assessed by International Certification
Services (
Apart from setting up over 327 machines in
With the sole aim of providing quality machines at
competitive prices, the company is quickly gaining ground in the highly
demanding overseas markets. A highly prompt service has led the company to
enjoy an enviable reputation amongst its customers. The vast experience of key
personnel at AVTAR FOUNDRY AND WORKSHOP has significantly helped the
company to increase its share of the global market.
Subject is fully capable of meeting the requirements in Rolling Mill
Machinery and Rolling Mill Parts etc. The company also invites trade inquiries
from concerned business parties.
EXPORTER:-
Ţ
DESCRIPTION
OF MACHINERY
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·
Steel Makers Limited
·
Steel Makers
Redclif.
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Steel Corporation Of Africa
Redclif
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Taswana Steel and Iron Company
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Shattaf Anand Steel Rolling
Sharjah U.A.E
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Nepal Steels Private Limited
Ţ
CUSTOMER
o
Krishana Steel
Jaipur. Rajasthan
o
Eagle Steels
o
Nav Bharat Steel
Mumbai
o
Mahavir Steel Industries Limited
o
Steel Rolling Mill
o
Talent Steel Industries
o
Umargam Metal Rolling Mills
o
Rai Metal Works
o
O.P.T.Rolling Mills
o
Thane Steel Private Limited
Thane
o
Saharash Aluminium Private Limited
o
Santosh Steel Rolling Mills
o
Vaishnav Ispat Private Limited
o
Ban Bro Metals Private Limited
o
Raj Re-Rolls Private Limited
o
Trident Steel Limited
o
Bhushan Industries (P) Limited
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Mahalaxi Steel Inds.,
o
Kakkar Utensils,
Hoshiarpur
o
Perry Egg. and Electronotics
Ahmedabad
o
Goa Steel Rolling Mills Limited
Bicholim
o
Ahmedabad Steel Craft Limited,
Ahmedabad
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Aravali Forging Limited
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South India Steel
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Vishal Rolling Mills (P) Limited
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Punjab Con-Cast Steel Limited
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Shattaf Anand Steel Rolling
Sharjah
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Nepal Steels Limited
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Bhagwati Rolling Mills
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M.R.B. Steel Industries,
Nangloi
o
o
B.C.L. Forgings Limited
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The Madras Motors Limited
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Ajay Forgings Private Limited
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Auto Forge Private Limited
Dewas (M.P)
o
Norma Steel and Alloyz Limited
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Ntm Industries (
Mumbai
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Gauri Shankar Rolling Mills
Birganj (
o
Aar Kay Con-Cast Limited,
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Vandana Ispat Private Limited
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Sharu Steel Limited
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Shree Krishna Rolling Mills
Jaipur
o
Mumbai
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.39.82 |
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1 |
Rs.80.85 |
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Euro |
1 |
Rs.56.22 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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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63 |
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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