MIRA INFORM REPORT

 

 

Report Date :

30.05.2008

 

IDENTIFICATION DETAILS

 

Name :

G S FASTNERS

 

 

Registered Office :

1241/ A/ 18, Beckside Hindustan Tyre, Dhandari kalan Industrial Area – C, Ludhiana -141014, Punjab.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1991

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer , Exporter and Trader of Special type fastners for towers and others

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 22000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Mr. Hardeep Singh Saini , Proprietor confirmed the details

 

Subject is an established concern having satisfactory track record. Trade relations are fair. Payment are usually correct and as per commitment .

 

The concern can be considered normal for business dealings at usual trade terms and condition.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Hardeep Singh Saini

Designation :

Proprietor

Contact No.:

91-9899024323, and 91-11-65476741

Date :

30.05.2008

 

 

LOCATIONS

 

Registered Office :

1241/ A/ 18, Beckside Hindustan Tyre, Dhandari kalan Industrial Area – C, Ludhiana -141014, Punjab, India

Tel. No.:

91-161-6542089

Mobile No.:

91-9876164428

Fax No.:

91-161-2511322

E-Mail :

Gsfastners92@rediffmail.com

Area :

1 acre

Location :

Owned

 

SOLE PROPRIETOR

 

Name :

Mr. Hardeep Singh Saini

Designation :

Proprietor

Date of Birth/Age :

52 years

Qualification :

M.A

Experience :

27 years

Date of Appointment :

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer , Exporter and Trader of Special type fastners for towers and others

 

 

Products :
  • Shear Nuts / Anti-theft Nuts / Break away Nuts
  • Wedge Nuts
  • Nylock Nuts
  • Wheel Nuts
  • Hex Nuts
  • Castle Nuts
  • Square Nuts
  • Step bolts
  • Hex bolts
  • Carriage bolts
  • Anti theft bolts
  • Anchor bolts / foundation bolts
  • Studs
  • Threaded bars
  • Wooden screws
  • Hinges
  • Hot fording items
  • Auto parts
  • All types of turned / Milled jobs

 

 

Exports :

Australia, USA, UK, Germany, Negotiating

 

 

Terms :

 

Selling :

LC / Cash / Credit (60 days)

 

 

Purchasing :

LC / Cash / Credit

 

 

GENERAL INFORMATION

 

Customers :

Local Customers

 

 

No. of Employees :

180  (In Office – 15 and In Factory 165)

 

 

Bankers :

Union Bank of India

G T Road, Miller Ganj , Ludhiana

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Amritpal Singh and Company

Chartered Accountant

Address :

Ludhiana

 

 

Associates/Subsidiaries :
  • Hardeep Singh and Sons , Ludhiana 

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 5.500 millions

Borrowed :

--

Total :

Rs. 5.500 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2008

31.03.2007

31.03.2006

Sales Turnover

45.000

42.500

41.000

 

 

 

 

Profit/Loss for the year

2.108

2.035

1.900

 

 

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 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.42.85

UK Pound

1

Rs.84.74

Euro

1

Rs.67.36

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

NO

TOTAL

 

54

 

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

*

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions