MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASHOK IRON AND STEEL FABRICATORS PRIVATE LIMITED |
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Registered Office : |
Ashok Udyog Bhavan, 8, Mandvi Plot, Rajkot-360 004,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.08.1999 |
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Com. Reg. No.: |
04-36507 |
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CIN No.: [Company
Identification No.] |
U27209GJ1999PTC036507 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA00696D |
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PAN No.: [Permanent
Account No.] |
AACCA2914L |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Sale of Kerosene Wick Stove and Its Parts |
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 22000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established company having satisfactory track. Trade relations are fair. Payments
are usually correct and as per commitments. Profit margin is under severe
pressure. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
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INFORMATION PARTED
BY
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Name : |
Mr. Ramkumar Barcha |
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Designation : |
Director |
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Contact No.: |
91-9824046666 |
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Date : |
29.04.2008 |
LOCATIONS
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Registered Office/Factory/ Godown : |
Ashok Udyog Bhavan, 8, Mandvi Plot, Rajkot-360 004,
Gujarat, India |
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Tel. No.: |
91-281-2462424/2388088/2386220 |
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Mobile No.: |
91-9824046666 |
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Fax No.: |
91-281-2461888/
2360606 |
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E-Mail : |
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Website : |
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Area : |
25000 Sq. ft
(Including Factory) |
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Location: |
Owned |
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Branches : |
Mumbai 666, Madhavrai Galli, M. J. Market, Mumbai – 400 002,
Maharashtra, India Phone : 91-22-22063955/22080930 Fax : 91-22-27631772 E-Mail : ashokstv@vsnl.com U.K. Office Galaxy Supplies Limited 33, Pevrell Drive, Birmingham, B28 9 Dg, U. K. Phone : 0121 602 0105 - 0121 531 9414 Fax : 0121 568 7174 - 0121 550 4434 E-Mail : bmsamani@cs.com |
DIRECTORS
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Name : |
Mr. Barchha V. Devendra |
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Designation : |
Managing Director
(W.e.f. 31.09.1999) & Chief Executive Officer |
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Address : |
"Shree Ram", 2, Nalanda Society, Kalawad Road,
Rajkot-360 001, Gujarat, India |
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Date of Birth/Age : |
15.07.1941 |
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Tel. No.: |
91-281-2571884 |
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Profile |
He has a natural flair for marketing. He has Constantly Evolved a new strategies
and polices for Marketing. personal touch with each dealer and developing it
into a long term relationship is his trait. He enjoys lot of respect among
all the dealers and is considered as a marketing Guru of Ashok Group. |
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Date of Appointment : |
31.08.1999 |
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Name : |
Mr. Barchha V. Harkishore |
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Designation : |
Whole-Time-Director (W.e.f. 31.09.1999) |
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Address: |
Mira – 1, Nalanda Society, Kalawad Road, Rajkot – 360 001,
Gujarat, India |
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Date of Birth/Age : |
12.01.1944 |
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Date of Appointment : |
31.08.1999 |
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Name : |
Mr. Barchha V. Vinodrai |
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Designation : |
Director (W.e.f. 31.09.1999) |
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Address: |
Vandana, 5/A, Panchvati Society, Rajkot – 360 001,
Gujarat, India |
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Date of Birth/Age : |
27.03.1947 |
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Date of Appointment : |
31.08.1999 |
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Name : |
Mr. Barchha V. Ramkumar |
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Address: |
Mira – 1, Nalanda Society, Kalawad Road, Rajkot – 360 001,
Gujarat, India |
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Designation : |
Director (W.e.f. 31.09.1999) |
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Date of Birth/Age : |
05.01.1973 |
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Date of Appointment : |
31.08.1999 |
KEY EXECUTIVES
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Name : |
M/S K P Rachchh & Company |
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Designation : |
Company Secretary |
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Address : |
317,
Krishna Con-Arch-2, 3rd Floor, Tagore Road, Rajkot, Gujarat, India
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Mobile No,: |
91-9824290889 |
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Tel No.; |
91-281-3013899 |
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E -Mail: |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Sale of Kerosene Wick Stove and Its Parts |
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Products : |
Wick Stoves, Pressure Stoves, S.S. Utensils, Oil
Can-Machineries, Kitchenware Items, Gas Lighters, Graters Beater. , Home
Appliances, Machine Tools Machine Tools Home Appliances, Machineries, Parts
and Spares |
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Imports from : |
Europe & U.S.A |
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Terms : |
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Selling : |
L/C, Cash & Credit (60 Days Maximum) |
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Purchasing : |
L/C, Cash & Credit (45-Days Maximum) |
PRODUCTION STATUS (as on 31.03.2005):-
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Kerosene Wick Stove |
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Nos |
650000 |
129172 |
GENERAL
INFORMATION
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Suppliers : |
v Rose Thermal
Systems Private Limited v Swadia Brothers
Engineer Private Limited v
Graham First Steel Products (India) Limited |
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Customers : |
Wholesalers v
Ashok Stove Private Limited v Bombay
Industries v Dynamic Melt
Industries v Hitech Inv.
Castings Limited v Mega Steel v
Prem Liner |
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No. of Employees : |
115 |
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Bankers : |
v Central
Bank of India, Main Branch, Para Bazaar, Rajkot-360 001 v Central
Bank of India, Ahmedabad v Central
Bank of India, Trivandrum v
State Bank of Saurahstra, Mandvi Plot Branch, Rajkot v
ICICI Bank limited, Jai Hind Press Building, Rajkot
Branch, India v
Central Bank of India, Main Branch Rajkot |
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Facilities : |
Central Bank of India Credit Limits : Rs.4.500 Millions.[C.C. Limits
-W.E.F:11.07.1998.]. Unsecured Loans
are from an Associate : M/S. Vandravandas & Sons.
: Rs.167.455 Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name 1: |
M.M. Thakkar & Company Chartered Accountant |
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Address |
1/1,
Galaxy Commercial Centre, Jawahar Road, Rajkot-360 001, Gujarat, India |
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Tel. No.: |
91-281-2224290 |
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Name 2: |
Mr. Y
C Anadkat Chartered
Accountants |
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Address 2: |
Rajkot-360
001, Gujarat, India |
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Mobile No.: |
91-9825290637 |
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Associates/Subsidiaries : |
“Ashok
Group”- Rajkot, Consists of The Following Companies v Ashok
Home Appliances Private Limited v Ashok
Machine Tools v Ashok
Metal Industries v Ashok
Udyog v Darshna
Udyog v Mira
Udyog Appliances Private Limited v Gita
Corporation v Barchha
Intellectual Property Holdings Private Limited v Shantvan
Developers Private Limited v Vandravandas
and Sons v Vikalpa
Tutorials v Vikalpa
Finvest v Shantvan
School v Ashok
Iron and Steel Fabricators Private.
Limited. v Mira
Udyog Appliances Private. Limited. v Ashok
Home Appliances Private. Limited. v Ashok
Stove Private. Limited. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 millions |
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200000 |
Preference Shares |
Rs. 10/- each |
Rs. 2.000 millions |
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250000 |
Unclassified |
Rs. 10/- each |
Rs. 2.500 millions |
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Total |
Rs.12.500
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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460000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.600
millions |
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168000 |
Preference Shares |
Rs. 10/- each |
Rs. 1.680
millions |
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Total |
Rs. 6.280 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.280 |
6.280 |
6.280 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.020 |
0.020 |
0.020 |
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4] (Accumulated Losses) |
[0.861] |
[2.219] |
0.000 |
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NETWORTH |
5.439 |
4.081 |
6.300 |
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LOAN FUNDS |
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1] Secured Loans |
2.060 |
0.000 |
0.032 |
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2] Unsecured Loans |
12.706 |
14.859 |
16.455 |
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TOTAL BORROWING |
14.766 |
14.859 |
16.487 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.205 |
18.940 |
22.787 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.283 |
4.763 |
5.376 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.334 |
6.371 |
5.333 |
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DEFERREX TAX ASSETS |
1.619 |
1.782 |
1.233 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.171
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7.271 |
9.958 |
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Sundry Debtors |
0.021
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0.436 |
0.135 |
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Cash & Bank Balances |
0.219
|
0.284 |
0.117 |
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Other Current Assets |
0.524
|
0.521 |
0.506 |
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Loans & Advances |
0.317
|
0.251 |
0.311 |
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Total
Current Assets |
9.252
|
8.763 |
11.027 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.279
|
2.734 |
2.101 |
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Provisions |
0.004
|
0.005 |
0.018 |
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Total
Current Liabilities |
2.283
|
2.739 |
2.119 |
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Net Current Assets |
6.969
|
6.024 |
8.908 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.937 |
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TOTAL |
20.205 |
18.940 |
22.787 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
29.996 |
25.181 |
28.855 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
29.996 |
25.181 |
28.855 |
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Profit/(Loss) Before Tax |
1.358 |
0.283 |
(1.517) |
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Provision for Taxation |
0.000 |
0.000 |
0.594 |
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Profit/(Loss) After Tax |
1.358 |
0.283 |
(0.923) |
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Total Expenditure |
NA |
NA |
30.373 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.53
|
1.24 |
[3.19] |
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Net Profit Margin (PBT/Sales) |
(%) |
4.53
|
1.24 |
[5.37] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.09
|
1.31 |
[6.60] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.07 |
[0.24] |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.13
|
4.31 |
2.95 |
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Current Ratio (Current Asset/Current Liability) |
|
4.01
|
3.19 |
5.20 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Mira Udyog Appliances Private Limited, Rajkot
· Marvel Industry, Ahmedabad
· Hero Honds Strips Limited, Gurgaon
FORM 8:-
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Name of the
company |
ASHOK IRON AND STEEL FABRICATIONS PRIVATE
LIMITED |
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Presented By |
Mr. Ram Barchha,
Director |
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1) Date and
description of instrument creating the change |
20.09.2002, Agreement
of hypothecation to se4cure demand cash credit against goods |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 4.500
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All tangible
movable property products, stock in trading and goods whether finished goods
or raw or in process or manufacture and all articles manufactured therefrom
belonging to the borrower. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
PLR +4% per annum |
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5) Name and
Address and description of the person entitled to the charge. |
Central Bank of India Address: Main Branch, MG Road, Rajkot |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
The Salient features of 'Ashok
Group' are briefed as under
Establishment:
M/s. ASHOK METAL INDUSTRIES, RAJKOT (GUJARAT) (1967 A.D.)
The first
unit namely M/s. Ashok Metal Industries was established in the year 1967 to
manufacture New Tins suitable to pack 15 kg Edible Oil / Vanaspati / Milk
Powder etc. It was the first unit to manufacture ISI Quality marked Tins
without the aid of power. It has earned very good reputation among
manufacturers of Edible Oil / Vanaspati / Ghee and Milk Powder. It also manufacturers
agriculture implements and stove parts. To provide specialized services to the
packers of Shudha Ghee, a special division of Tin making unit was established
in the year 1970 under the above name and style.
M/s. ASHOK MACHINE TOOLS, Rajkot.
Ashok Machine Tools :
It
manufactures Tin plant machineries suitable to manufacture rectangular, round
and square Tins to pack edible Oil / Vanaspati / Milk Powder, Shudha
Ghee/Cosmetics, Pesticides etc. without aid of power i.e. manually. It enables
to avail 15% exemption in Central Excise and also boost employment and develop
sound relation in the field of Human Resources Development. It also conserves
electricity and is suitable to install in the Rural Area. To match with time
and advanced technology, the company further widened its product base by
manufacturing Machineries like Power Press, Deep Drawing Press, Shearing
Machinery, Roofing Press, etc. to be operated with the aid of electricity. The
updated workshop equipped with highly technical and qualified Engineers has
made it possible to meet herculean task to install about 300 plants all over
India on turn key basis to manufacture Tin Containers. They extend consultancy
both on technical and administrative side to achieve optimum production with
good marketing and financial discipline. It provides full fledge technical
consultancy to their two main units namely. Now Central Government. has
withdrawn exemption hence they have converted such plant into Automatic
Electric Plant to avail modvat. They have also started manufacturing furniture
making plant (Sheet Metal). As they are manufacturing Kerosene Wick Stove, Gas
Stove and domestic appliances in other associate concern, they have now decided
to add manufacturing food processing machineries hence this idea to start with
Chapati Making and Dosa Making Machine. They do export and market spices in
India. Hence they would prefer to have technical consultancy for spices to get
ourselves equipped with latest technology. They are equipped with latest Lathe
– Milling Machines radial drill, boring machine etc. and are having qualified
engineers to look after their other associate concerns manufacturing Kerosene
Stoves, Gas Stoves, Edible Oil Containers, Grain Containers and other domestic
appliances.
M/s. Ashok Iron and Steel
Fabricators Private Limited, Rajkot. (Gujarat).
M/s. Ashok Stove Private Limited,
Bombay (Maharashtra).
The
Machineries installed in the above units are also made by Ashok Machine Tools.
Hence Ashok Machine Tools is a backbone of 'Ashok' Group which has made it
possible to achieve their ambitious target.
Ashok Iron
and Steel Fabricators Private Limited, Rajkot (Gujarat) and
Ashok Stove Private Limited Mumbai (Maharashtra)'Ashok' was having name
and fame in the Industrial world till 1981.Even Ashok Iron and Steel
Fabricators was also manufacturing tin containers to meet the increasing demand
from Oil Millers.A turning point arose in the year 1981, when mighty Barchha
Brothers thought of diversification in an area unexplored, but primitive and
traditional product i.e. Kerosene Wick Stove. It was a time of fuel
conservation. Government was giving incentives to units which were saving
precious Foreign Exchange. An unique design was developed with a novel device
to conserve fuel and give more heat. The fuel efficiency was increased from 45%
thermal efficiency of a traditional stove to 60%. Theirs are glove named
'Ashok'. The designs and devices are registered and patented also. It was a
challenging job to introduce new domestic product which has no brand image in
domestic world. The price of traditional stove was Rs. 13/- to Rs. 25/- while
their introductory price was Rs. 63/- per stove. They are also equipped with
latest electroplating plant for chrome plating.
DARSHNA UDYOG, RAJKOT (GUJARAT)
Keeping
with the paces and strides of success, Ashok Group developed a Unique and safe
Kerosene Pressure stove which was awarded with ISI mark. The proud
feature being that for the first time in India since 50 years of Independence a
unit was awarded ISI mark for pressure stove of side tank as per
IS:10109. This was perhaps the best gift which Ashok Group gave to its
nation which is celebrating 50 years of Independence. This will surely be
a success in coming times. Now their unit is registered with Director General
Quality Assurance to cater the needs of Defence.
ASHOK HOME APPLIANCES Private
Limited, RAJKOT (GUJARAT)
Keeping in
view the popularity and the spirit of commitment to quality Ashok group has
started manufacturing of Stainless Steel and Aluminum Household
containers of various sizes. The workmanship of absolute class and finish
has at once made it a great success and popular. They have also started
manufacturing Gas Stove for Domestic use.
MIRA UDYOG APPLIANCES PRIVATE
LIMITED. RAJKOT (GUJARAT)
Keeping in
pace with times 'Ashok' Group started an exclusive marketing company which
undertakes the marketing of the entire umbrella of products manufactured by the
'Ashok Group' so that a 'single window model' can be adopted for the
convenience of the consumers at large. Moreover, it has also added other
products for marketing like 'Ashok' Super Stroke Electronic Gas Lighter,
'Ashok' Chilly and Nut Cutter, 'Ashok' Beater and other such household items
under the same umbrella. Strict quality department monitors the purchase
of these products.
SPICES
They also deal in marketing of
various types of spices in the name of “AJOD” such as chilly powder, turmeric
powder, coriander cumin mix powder, garammasala, tea masala, achar masala, chat
masala, kuriya (pickle supplement), rain a kuriya, methi na kuriya, coriander
kuriya, Rai, Methi,Coriander, Cumin etc. They get it manufactured from renowned
quality manufacturer under their strict supervision and market it in India in
own fashion and style. They also commence exporting these spices. In order to
get consistent quality goods they would prefer to manufacture in their close
supervision so that chances of adulteration at any point is avoided. Hence this
proposal to obtain the technical assistance from the reputed organization so
that they may march with the time for requiring latest technical developments.
The Success
Story of "Ashok Group"
Over
the last decade, "Ashok Group" has earned for itself the
distinction of being India's fastest growing stove company with an enviable
reputation for quality and a comprehensive product range suitable to all types
of cooking for various class of people having varied taste that has made it the
No.1 stove Industry in India.
This tremendous achievement did nor happen on its own. It had come up with
flying colors only after dedicated contribution with high reputation and
experience in the filed of Edible oil and packaging Industry coupled with
continuing innovative contribution in sheet metal machineries. It took
dedicated efforts and immense amount of zeal and enthusiasm coupled with
state-of-the art manufacturing facilities. Backward integration was restricted
to the machineries, dies, tools and jigs fixtures. In addition to above, they
are genuinely proud of having a well dedicated team of experienced personnel
fully alive and conscious of technology employed in turning out a class
product.
It is not economically viable to produce key raw-material input i.e. CRCA/
stainless steel as ourselves are procuring the said material with an upper hand
from the newly established units in backward area having latest manufacturing
facilities. This has resulted into ergonomical purchases with the best assured
quality. Last but not the least, a superb dealers network backed by unique
brand image and brand loyalty in the domestic market it is no doubt the largest
selling wick stove in India backed by an efficient team of experts having
futuristic vision. Their business principals, strength and growth through
intense business focus, work closely with customers with commitment and
cordialness.
An innovative marketing idea, coupled with good quality having a background of
sincere, honest and enterprising nature of Barchha brothers yielded a
tremendous and spectacular success.
A vision of growth with latest technology has made them to establish a wining
Blue Flame. It got them honor to be the 1st unit to achieve prestigious ISI
Mark in India. It would not have been possible without Dynamic people, dynamic
product and futuristic vision, a philosophy that has made a group growing at
the speed of light of Blue Flame of stove.
Single minded dedication to provide only the best with safety device to avoid
accident, constant monitoring or consumer needs and ever expanding range of
products has put their company as No. 1 a growth at the speed of light of Blue
flame of stove. In order to avoid risk of putting all eggs in one basket and to
economize the transport cost to cater the need of four states of Southern
India, it was decided to put up a new Plant at Bombay viz. Ashok Stove Private
Limited., To attain absolute perfection 'Ashok' makes all critical components
in house so as to provide the best quality.
It may be found surprising and astonishing to expand a Kerosene Stove Industry
when India is in door step of 21st Century with globalization to provide the
latest technique. It is also a miracle to retain No. 1 as largest manufacturing
of quality Kerosene Stove despite increasing competition and inflow of gas
appliances.
Yes, it is worth appreciating to run an Industry with strong earning potential
with no Marketing executive, no payment collector and no complaint division
still running and growing at the speed of light of Blue Flame which crowns
'Ashok' as the Kitchen King'. It is because of all these efforts Ashok
Group was conferred upon 'The Award of Excellence' for the Best SSI Unit for
the year 1999 by Federation of Gujarat Industries which was presented by Former
Union Minister of Finance Dr. Manmohan singh.
In order to strengthen its image, the company resorts to advertising in
print media - Television, Radio and also sponsorship of social events,
promoting concepts of social marketing.
Engaged in Educational activities by setting up fully
air-conditioned Secondary and Higher Secondary
school under the name "Shantvan School" and also Coaching
Classes under the name "Vikalpa Tutorials"
for educational purpose and also the only institute approved by IRDA
in the saurashtra region for Insurance training for Life and Non-life
insurance.
Vikalpa Tutorials has established itself as a major training institute and have
opened five centers in various parts of Saurashtra and has centers at RAJKOT, JAMNAGAR,
JUNAGADH, BHAVNAGAR, PORBANDAR, BHUJ and GANDHIDHAM.
Vikalpa has also made tie-ups with all the private insurance companies to cater
to their insurance needs and have conducted almost 500 batches and would have
trained more than 25000 agents in this region.
With all the above feathers of
success, Ashok Group has a turnover of 200 million Rupees and a Net worth of
100 Million Rupees.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.40.14 |
|
UK Pound |
1 |
Rs.79.66 |
|
Euro |
1 |
Rs.62.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|