MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIRMAL GLASSTECH INDUSTRIES |
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Registered Office : |
G – 818-Y, Road No. -14, On Main N H No. 11, Vishwkarma Industrial
Area, Q Jaipur – 302 013, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1978 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporters of Glass Industries Components, IS Machines
Spares, Veriables and SPL Purpose. |
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 18000 |
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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. Trade relations are fair. Business is active. Payments
are reported as 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 / Factory: |
G – 818-Y, Road No. -14, On Main N H No. 11, Vishwkarma Industrial
Area, Q Jaipur – 302 013, Rajasthan, India |
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Tel. No.: |
91-141-2332121/ 2333219 / 2330076 |
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Mobile No.: |
91-9829050202 |
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Fax No.: |
91-141-2330266 / 2594255 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.mtrs |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Nirmal Mundra |
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Designation : |
Proprietor |
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Date of Birth/Age : |
33 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Glass Industries Components, IS Machines
Spares, Veriables and SPL Purpose. |
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Exports : |
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Products : |
Glass Industries Components |
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Countries : |
UK, Germany, Ireland , Israel, USA, Italy, Spain, Middle East |
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Imports : |
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Products : |
Machinery |
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Countries : |
Korea |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit (60 Days), Sight |
GENERAL
INFORMATION
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Customers : |
Local Customers, End Users |
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No. of Employees : |
24 ( 6 in Office and 18 in Factory) |
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Bankers : |
Central Bank of India, S C Road, Jaipur |
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Facilities : |
Limit Rs. 10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kalani and Company Chartered Accountants |
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Address: |
Jaipur |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.500 millions |
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Borrowed : |
---- |
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Total : |
Rs. 4.500 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 |
20.000 |
18.500 |
16.800 |
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Profit/Loss for the year |
0.950 |
0.800 |
0.600 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Hindusthan National Glass, Bahadurgarh
· American Soursing , USA
· BDF, Italy
WEBSITE DETAILS:
Concern Profile:-
Established in
1978, the concern is dedicated entirely to the manufacture of Spare Parts
for I.S. Glass Container forming Machines and associated equipments. Their
components are used in Glass Industries and by I.S. Machine suppliers.
The concern has an
excellent reputation for its vast range of standard and special variable
equipments for I.S. 6,8,10 and 12 S.G. , D.G. , T.G. and Q.G. Machine, Mould
Holder Arms, Mould Holder Inserts, Neck Ring Arms, Neck Rings, Baffle and Blow
HD Arms, Lock Rings, Take out Tong Arms and Tong Head,
Funnel Arms, Mould
checking Gauges, Bottle Quality checking Gauges, Furnace spare Parts,
Inspection Fixtures and other various spares etc. Over 1550 different parts are
manufactured in house, including the main components of various I.S.
Mechanisms.
They use Modern
Machinery and special purpose machines and testing equipments right from the
Raw material stage to finished products .
They can also
undertake any type of development/ manufacturing of Engineering Equipments
Products:
The concern are
engaged in the design, manufacture, assembly and repair of spare parts,
variable equipment and precision assemblies for use on IS Machines in the glass
container forming industry.
Products are
supplied throughout the world and can be supplied as industry standards, custom
designed or customer specials.
The concern employs
a committed and dedicated technical service and design team serving the glass container
industry
Information:
The concern has an excellent reputation for its vast
range of standard and special variable equipments for I.S. 6,8,10 and 12 S.G.,
D.G., T.G. and Q.G. Machine, Mould Holder Arms, Mould Holder Inserts, Neck Ring
Arms, Neck Rings, Baffle and Blow HD Arms, Lock Rings, Take out Tong Arms and
Tong Head, Funnel Arms, Mould checking Gauges, Bottle Quality checking Gauges,
Furnace spare Parts and other various spares etc.
Over 1550 different parts are manufactured in house, including the main components of various I. S. mechanisms.
They use Modern
Machinery and special purpose machines and testing equipments right from the
Raw material stage to finished products.
They can also
undertake any type of development/ manufacturing of Engineering Equipments.
Their Unit is
equipped with the Modern facilities and latest equipments, like :-
1. DESIGN DEPARTMENT :-
Design
Department is equipped with the latest CAD/CAM systems. which is
connected with their Machines DRO, they are able to design and manufacturer
components repeatedly with total precision. Modifications to excisting parts or
completely new designs can be executed rapidly.
2. MATERIALS :-
They are using
highest Quality and Main manufactures sttels, some of which are specially
rolled. They are also have their own Pattern-Making facility.
3. MACHINES :-
All the Machines
are installed of best available indeginious Machinery in India likewise
H.M.T., Praga and Kirloskar Ltd. This enables them to produce
parts economically and efficiently in large or small quantities.
4. FACTORY - SHED :-
Their Factory is
built in a Area of 3600 Mtrs. On Prime Location of Prestigious Vishwakarma
Industrial Area of Rajasthan with a covered Area of 5000 Sq. feet R.C.C.
Construction. A green Belt of 2000 Sq. Feet Lawn and Green Trees maintain to
take care of environment requirements .
5. OFFICE - BLOCK :-
Office - Block is
of 2500 sq. feet built dup ground floor and equipped with latest office
equipment. All the Inventory, Stores, Sales, Purchase and Accounts are
computerised.
6. STAFF and LABOUR :-
Having a team of 2
technical staff and 8 Office Staff with a rich experience of 35/20 years. Having a team of 42 I.T.I.Trained and experienced
Team of Labour, Who are the master of their subjects with a experience of 8/15
years.
7. POWER GENERATION :-
They have installed
their own Capative Power Plant, which is sufficient to take care of their power
requirement.
8. MANAGERIAL SKILLED :-
The Company is
headed by Mr. P.C. Mundra ( Chief - Executive) who had a experience of 39 years
of Engineering Industries out of 121/2 years worked as Chief Production
Controller and 4 Years worked as a Purchase Manager in a well known Birla
Organisation at Jaipur. (N.B.C. Bearing Co.) and 3 Years worked as a General
manager with a Bearing Industry in Bharuch. for the last 20 years in the Area
of Glass Industries is looking after the entire working of the Unit.
9. FUTURE PLANS :-
They have a planning
to set up a separate Unit for manufacturing Critical Parts of I.S. machines
like : Neckring Holders, Mold- Holder, Take-out Tong Arm Assy , Quick
Change Cartridge, Blow HD and Baffle Arms, for which already procured
2000 Sq. Mtrs. Land and development work is going on. There they had planned to
putting up complete C.N.C. Machining shop to manufacturer International STD.
Material to catter Indeginious and as well as export market requirements
ensure that they maintain quality and remain competetive.
10. VESATILITY :-
Over 850 different
parts are manufactured in house, including the main components of various I.S.
Mechanisms.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.55 |
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UK Pound |
1 |
Rs.76.85 |
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Euro |
1 |
Rs.57.87 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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 |
NO |
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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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50 |
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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