MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
EROS FOR SANITARYWARES |
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Registered Office : |
Shobheswar Road, Opp. Picnic Centre, P O Box 341, Morbi-363640,
Gujarat |
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Country : |
India. |
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Date of Incorporation : |
01.04.2008 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Manufacturer and Exporter of Sanitarywares Ceramic |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATTHEM |
PROPOSED CREDIT LINE |
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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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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern in its fields. It has yet to establishes it`s
track. No payment records are available. Initially the concern can be considered
for any business dealings on safe and secured trade terms and conditions. |
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LOCATIONS
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Registered Office : |
Shobheswar Road, Opp. Picinc Cednte, P O Box 341, Morbi-363640,
Gujarat |
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Tel. No.: |
91-02822-240440 |
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Mobile No.: |
91-9925445090 (Mr.Kathemhik) |
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Fax No.: |
91-02822-241440 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches : |
Survey No 36, Paiky Morbi, Gujarat. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. K. M. Patel |
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Name : |
Mr. I. K. Patel |
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Name : |
Mr. J. V. Pandit |
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Name : |
Mr. N. D. Vachhani |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sanitaryware Ceramic |
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Products : |
Suites, Pedestal Wash Basin, Wall Hung wash Basin, Counter Wash Basin,
Closets and Ueinals, Pans and Accessories, Ready Concept, Omega Collection, Color
Range and Color Chart |
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Exports : |
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Products : |
Sanitarywares Ceramics |
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Countries : |
Saudi Arabia, U. A. E., Egypt, Iraq, Nigeria etc. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
In Office-13, In factory-450 |
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Bankers : |
HSFC Bank, Ravapar Road. |
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Facilities : |
CC 1Crore |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
M/s Agara S. Company |
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Address : |
Morbi |
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Associates/Subsidiaries /Sister Concerns : |
Well Decor Ceramic |
Expected Sales (2008-09) : Rs. 8.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Immediately after classic comes directly into fashion, unique space will
come into being, accompanying with EROS. Toilets, wash-basins and bidets are exquisite
exhibits of arts : simple and lively lines, delicate arcs, smooth and exquisite
quality, these are elements of outstanding brand, so the design idea
"simple and practical" represents thoroughly. More and more elements
are shown in bathrooms by transition from traditional private space to
household design, from mere space of functions to that of exhibits, in the way
like furniture and art, they satisfy their basic needs and artistic interests.
The art of EROS Ceramics is creative, developing and progressive art.
The creation represents historical changes, creations and developments, each
design represents various skills and technique; the creative development
represents forms, techniques, contents and details; it also renews science and
technology, such as materials, colors, confects and so on. Art of EROS
Ceramics, as a creative, changeable and developing art, follows the permanent
rules of nature. Through history, the creative, developing and progressive
themes are the best companions. "MORBI", the mecca for manufacturers
of quality sanitarywares, glazed tiles, floor tiles and when you talk of
quality "EROS" is the name to reckon with.
Exporting their wares to various countries like Saudi Arabia, U.A.E.,
Egypt, Iraq, Sri Lanka, Bangladesh, Bahrain, Qatar, Yemen, Tanzania, Nigeria,
etc. They feel proud to serve their country by earning foreign exchange.
Now with their even more increased production capacity, they also
introduce their services in the local Indian market.
Specialities of their Sanitarywares:
EROS is equipped with state of the art kilns from leading manufacturers, and it
themes the best raw materials that are available in the world.
EROS ceramics caters to the Global Market, with its product being accpeted by
world wide quality standards.
EROS has a wide range of unique models and colours with around the world
service network.
They at "EROS" strongly believe and guaranteed innovation, quality,
technical superiority, reliability and most of all
value for money.
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 :
Their
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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THEM Dollar |
1 |
Rs.48.82 |
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UK Pound |
1 |
Rs.73.82 |
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Euro |
1 |
Rs.65.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BTHEMINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
- |
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--OTHER ADVERSE INFORMATION |
YES/NO |
- |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
- |
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--EXPORT ACTIVITIES |
YES/NO |
- |
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--AFFILIATION |
YES/NO |
- |
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--Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange |
YES/NO |
- |
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--OTHER MERIT FACTORS |
YES/NO |
- |
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TOTAL |
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20 |
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 |
STATTHEM |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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