MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
CASTWELL INDUSTRIES |
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Registered Office : |
C-18/6, Hingna Road, MIDC Industrial Area, Nagpur – 400028,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.01.2008 |
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Date of Incorporation : |
1981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPC00060E |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturing of Refractory Castables, Refractory Insulating Castable, Refractory Mortar, High Alumina Refractory Cement, Low and Ultra Low Cement Castable, Precaste Prefired Shapes and Premelted Synthetic Slag. |
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 24000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Laxmikant, Purchases Management, of the concern remained non-cooperative
during several attempts. Hence this report is based on indirect sources of
information believed to be never to correct. Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The concern
appears to have steady business. It can be considered normal for business dealings at usual trade terms
and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Laxmikant |
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Designation : |
Purchases Management |
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Date : |
10.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
C-18/6, Hingna Road, MIDC Industrial Area, Nagpur – 400028,
Maharashtra, India |
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Tel. No.: |
91-7104-2236566/ 2234128 |
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Fax No.: |
91-7104-2237666 |
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E-Mail : |
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Area : |
12500 sq. ft. |
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Locations : |
Owned |
PARTNERS
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Name : |
Mr. M. Shiv Kumar |
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Designation : |
Managing Partner |
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Name : |
Mr. M Bala Rao |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Refractory Castables, Refractory Insulating Castable, Refractory Mortar, High Alumina Refractory Cement, Low and Ultra Low Cement Castable, Precaste Prefired Shapes and Premelted Synthetic Slag. |
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Products : |
· Refractory Castables · Refractory Insulating Castable · Refractory Mortar · High Alumina Refractory Cement · Low and Ultra Low Cement Castable · Precaste Prefired Shapes · Premelted Synthetic Slag |
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Imports : |
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Products : |
· High Alumina Bauxite · Miorosilica |
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Countries : |
· Norway · China |
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Terms : |
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Purchasing : |
L/C, Sight |
GENERAL
INFORMATION
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Suppliers : |
· Sima Resourses, China · C.E. Minerals, China · Elkem A.S. Metarials, Norway · Xi Yang Trading (H.K.) Company Limited, Hongkong · Mineral Resources (China) Company Limited, Hongkong · Refcem Private Limited, Bhubaneshwar, Orissa, India · Anuja Ceramics Private Limited, Bhubaneshwar, Orissa, India · Indian Aluminium Company Limited, Belgaum, Karnataka, India |
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Customers : |
· Refinery and Petrochemical Sectors · Steel Industries · Cement Industries · Power
Industries · Lloyd Steels Limited, Lloyds Nagar, Wardha · Jindal Vijaynagar Steel Limited, Bellary, Vijayanagar · Bhilai Steel Plant, Bhilai, Madhya Pradesh · Essar Steel Limited, Hazira, Gujarat · Visakhapatnam Steel Plant, Visakhapatnam, Andhra Pradesh · Cochin Refineries Limited, Kochi, Tamil Nadu · Indian Oil Corporation Limited, Panipat, Haryana · Madras Fertilizers Limited, Chennai, Tamilnadu · Kanoria Chemicals and Industries Limited, Renukot, Uttar Pradesh · National Aluminium Company Limited, Nalco Nagar, Orissa · Hindustan Copper Limited, Taloja, Raigarh, Maharashtra · Rockwool Insulation, Mumbai, Maharashtra · Bridge and Roof Company (India) Limited, Kolkata, West Bengal · Stewarts and Lloyds of India Limited, Kolkata, West Bengal · Petron Engineering Construction Limited, Mumbai, Maharashtra · Ballarpur Industries Limited, Ballarpur, Chandrapur |
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No. of Employees : |
97 (Office – 15 and Factory 82) |
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Bankers : |
· State Bank of India, Hingna Industrial Estate Branch, MIDC Industrial Area, Hingna Road, Nagpur - 440 016, Maharashtra, India |
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Facilities : |
(The concern reported to enjoy some facilities from its banker. Bank relations are satisfactory.) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.6.000 Millions (Estimated) |
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Borrowed : |
- |
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Total : |
Rs.6.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.01.2008 |
31.03.2007 |
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Sales Turnover |
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100.000 |
95.000 |
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LOCAL AGENCY
FURTHER INFORMATION
Nil
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.41.38 |
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UK Pound |
1 |
Rs.80.76 |
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Euro |
1 |
Rs.63.89 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
NO |
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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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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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