MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TORSTEEL RESEARCH FOUNDATION IN INDIA |
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Registered Office : |
Chatterjee International Centre, 11th Floor, 33A Jawaharlal
Nehru Road, Kolkata – 700 071, West Bengal |
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Country : |
India |
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Year of Establishment; : |
1967 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALT00856C |
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PAN No.: [Permanent
Account No.] |
AAATT3675L |
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Legal Form : |
Research Foundation |
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Line of Business : |
Providing Torsteel Manufacturing Technology to Indian Entrepreneurs |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a Research Foundation Promoted by Orissa Sponge Iron
Limited. Trade relations are fair. Business is active. No Complaints have
been heard from market sources. The foundation can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Chatterjee International Centre, 11th Floor, 33A Jawaharlal
Nehru Road, Kolkata – 700 071, West Bengal, India |
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Tel. No.: |
91.33.22480722 |
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Fax No.: |
91.33-22480724 |
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Branch : |
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KEY EXECUTIVES
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Name : |
Mr. P. K. Mohanty |
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Designation : |
Key Executives |
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Name : |
Mr. P. R. Raichoudhun |
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Designation : |
Key Executive |
BUSINESS DETAILS
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Line of Business : |
Providing Torsteel Manufacturing Technology to Indian Entrepreneurs |
GENERAL
INFORMATION
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Associates/Subsidiaries : |
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LOCAL AGENCY
FURTHER INFORMATION
Profile
Subject is a well-known institution responsible for developing the
production of high strength reinforcing steel, high strength structural steel, ductile
iron pipe production and coal based sponge iron production in the country.
Subject is the promoter of OSIL.It was started in 1967 basically to transfer
Torsteel manufacture technology to India Entrepreneurs. Through consistent
efforts, within short periods of about three years, Torsteel could be
established through out India as a reinforced concrete structure.
The organisation was indianised in 1976 It is well respected in the
community of Consulting and design engineers and has published or supported the
publication of much technical and design literature, handbooks well as
sponsored basic and applied research over three decades. At present, 26 mini
steel plants/rolling mills are under subject licence in south India for
manufacturing Torsteel. Subject diversified to offer the following services in
the field of civil engineering:
- Consultancy
and Advisory Services
- Proof
checking of Structural Designs
- Structural
Evaluation of Old and New structures
- Restoration
and Rehabilitation of Structures
- Non- destructive
Testing of R.C. and steel structures
- Soil
Investigation and Foundation Designs
- Laboratory
and Field Testing of Building Materials and Components
- Quality
Control /Audit of Constructions
- Dissemination
of technical knowledge
- Training
programmes on computer Applications in civil Engineering
A few of Subject’s Clients have been:
- Central and
State Governments
- Department of
Space
- Military
Engineering Services
- Hindustan
Aeronautics
- Konan
Railways
- Rites India
- Reserve Bank
of India
- Singapore Information
Technology Park
- Major
construction companies etc…
Subject pioneered in the
production of RIBBED TORSTEEL, HIGH STRENGTH STRUCTURAL STEELS HY-TEN, DUCTILE
IRON PIPES, and TOR-KARI.
MATERIAL TESTING:
Subject carrying out laboratory through out the country for tests on
building materials such as cement, aggregate, brick, block, timber, tile,
rebar, structural section, etc. as per relevant Indian Standards.
TECHNICAL SERVICE:
Subject provides metallurgical, technical Engineering, Process engineering,
services. To its leading licensees. subject also provides technical and design
assistance to consulting design assistance to consulting engineers and
consumers with a view to promote rapid and scientific utilization of its
products through its officers located in offices around the Country, including
Calcutta, New Delhi, Mumbai, Chennai, Bangalore and Hyderabad
ORISSA SPONGE IRON LIMITED
OSIL was the result of the TOR group's commitment to promoting
technological advancement in steel making.
BAMRA IRON and STEEL COMPANY LIMITED
M/s Bamra Iron & Steel Company Limited is being promoted by OSIL and
its associates to set up integrated steel plant in the western & backward
district of Orissa.
PRECISION TECHNIK (PRIVATE) LIMITED
A small precision sheet metal working unit which made telecom panels came
up with the idea of using the same technology to produce everything from doors
and windows to car bodies ingenuity that helped us to see beyond the visible.
TORSTEEL LIMITED
Idea to make steel directly available to small customer a
much required idea that will provide even the smallest customer the confidence
of buying steel from a leading steel maker.
BILATI (Orissa) Limited
OSIL along with State Government and M/s Ing. A. Rossi, an Italian company
has set up a state-of-the-art food processing unit in the tribal dominated area
of Keonjhar to process for export in local horticultural products, namely,
tomato, mango, guava, papaya, etc.
ORIQUA LIMITED
Subject and UNITECH have together promoted a prawn hatchery
culture farm in the coastal belt of Orissa. The project is unique in nature and
has technological tie up with Taiwan firm for intensive prawn farming.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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UK Pound |
1 |
Rs. |
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Euro |
1 |
Rs. |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
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PAID-UP CAPITAL |
1~10 |
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OPERATING SCALE |
1~10 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
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--PROFITABILIRY |
1~10 |
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--LIQUIDITY |
1~10 |
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--LEVERAGE |
1~10 |
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--RESERVES |
1~10 |
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--CREDIT LINES |
1~10 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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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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--LISTED |
YES/NO |
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--OTHER MERIT FACTORS |
YES/NO |
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TOTAL |
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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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