MIRA
INFORM REPORT
|
Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASHOKA PAINTS AND CHEMICALS |
|
|
|
|
Registered Office : |
Near Namastey Chowk, Bhagwat Asharam Marg, Behind Solvex, G. T. Road, Karnal
132001, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Year of Establishment : |
1960 |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturer and Traders of all types of Varnishes, Primer, Cement
Paints and Decorative Synthetic
Paints |
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 16000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed Paint manufacturer in
Northern India. Trade relations are
fair. Payments are usually correct
and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Deepak Luthra |
|
Designation : |
Partner |
|
Contact No.: |
91-9996099000 |
|
Date : |
04.11.2008 |
LOCATIONS
|
Registered Office/Factory : |
Near Namastey Chowk, Bhagwat Asharam Marg, Behind Solvex, G. T. Road,
Karnal 132001, Haryana, India |
|
Tel. No.: |
91-184-2262682 |
|
Mobile No.: |
91-9996099000 |
|
Fax No.: |
91-184-2262683 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq.ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Deepak Luthra |
|
Designation : |
Partner |
|
Age : |
25 Years |
|
Qualification : |
Bachelor Of Information Management |
|
|
|
|
Name : |
Mr. Ashok Luthra |
|
Designation : |
Partner |
|
Age : |
49 Years |
|
Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Varnishes, Primer, Cement Paints and Decorative Synthetic Paints |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Depends ,Cash and Credit |
|
|
|
|
Purchasing : |
Depends, Cash and Credit (60 days) |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
50 (in office 15 + 35 in factory) |
|
|
|
|
Bankers : |
Punjab National Bank, Karnal 132001, Haryana, India |
|
|
|
|
Facilities : |
They enjoy cash credit facilities of Rs. 1.500 Millions from its
bankers. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Behal and Batra Company Chartered Accountant |
|
Address : |
Karnal 132001, Haryana, India |
|
|
|
|
Associates/Subsidiaries : |
Ashoka Coating Private Limited Karnal 132001, Haryana, India Line of Business : Factory under construction |
CAPITAL STRUCTURE
As On 31.03.2006
|
Capital Investment : |
|
|
Owned : |
Rs. 4.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 4.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 (Estimated) |
|
Sales Turnover |
|
|
70.000 |
Expected Sales (2008-09) : Increase By 20%
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
Ø
Jenson and Nicholson Limited, Gaziabad
Ø
Roham and Haas Limited, Outside India.
AS PER WEBSITE
DETAILS:
Concern Profile
Subject was established in the year 1960 and
has emerged as a market leader in the paint and enamel industry. They offer a
gamut of paints and other related products, which are not only superior in
quality but don't burn a hole in the consumer's pocket as well. Their concern
provides full value for the client's money. They are the manufacturers,
exporters and traders of all types of paints, primers, emulsions, enamels,
varnishes, resins, driers and other related products. Paints come in
almost all regular colours and also in some special colors, which are exquisite
and manufactured only by them.
Customer satisfaction is the sole objective of the concern, and they take all
necessary steps to maintain and further improve on the high quality standards
set by them. Their clients get only the best at the most competitive prices in
the industry. They believe in nurturing long term relations with their buyers.
Owing to sheer hard work and dedication, the concern has risen to new heights,
and has successfully carved a niche for itself in the domestic as well as the
international market.
Product Range
Subject is a leading manufacturer, exporter and trader of a wide
range of paints and allied products. Their list includes the following premium
quality products:
|
Synthetic Enamels |
|
||
|
Ultra White |
Base White/White |
P.O. Red |
||
|
Signal Red |
Deep Orange |
All Yellow |
||
|
Bus Green |
Ivory |
Pale Rose |
||
|
Crimson |
Other Shades |
|||
|
Synthetic Air Drying Hammertex |
||||
|
Emerald Green |
Special Deep Blue |
Special Deep Blue |
||
|
All Other Shades |
|
|
||
|
Ashoka Primers |
||||
|
Primer Surfacer Grey |
Cement Primers ( Sol. Base) |
Primer Surfacer White |
||
|
Primer Surfacer White |
Primer Surfacer White (Ind.) |
Primer Surfacer Cellow |
||
|
Pink Wood Primer |
Pink Wood Primer ( Ind.) |
Pink Wood Primer Cellow |
||
|
Red Oxide Metal Primer |
Red Oxide Metal Primer (Ind.) |
Red Oxide Metal Primer (Cellow) |
||
|
Miscellaneous Items |
||||
|
Chassey Red |
Red Oxide Paint |
Black Board Paint |
||
|
Black Japan |
Synthetic Varnish |
Aluminium Paints |
||
|
Industrial Enamel |
||||
|
Water Based Products |
||||
|
Cement Primers |
Acrylic Exterior and Interior Emulsions |
Washable Oil Bound Distemper |
||
|
Synthetic Putty. |
||||
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. 48.99 |
|
UK Pound |
1 |
Rs. 72.14 |
|
Euro |
1 |
Rs. 61.57 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|