MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESSAR INDUSTRIES |
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Registered Office : |
4, Byrappa Lane, 100 Feet Road, Jalahalli Cross, Bangalore – 560057,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1986 |
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IEC No.: |
0704006677 |
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PAN No.: [Permanent
Account No.] |
AGDPS5939H |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Designers and Manufacturers of
Material Handling Devices. |
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 35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payment are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr.K.C.Narayan |
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Designation : |
Account Officer |
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Contact No.: |
91-9900264396 |
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Date : |
03.10.2008 |
LOCATIONS
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Registered Office : |
4, Byrappa Lane, 100 Feet Road, Bangalore 560057, Karnataka, India |
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Tel. No.: |
91-80-41272460/28396175/23411966 |
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Mobile No.: |
91-98451-63731 |
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Fax No.: |
91-80-28397020 |
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E-Mail : |
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Website : |
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Area : |
10000 sq.ft. |
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Location : |
Rented |
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Head Office : |
#160/3 , 2nd Floor (Above ICICI Bank ATM), Mukund Building,
D.Rajgopal Road, Sanjeev Nagar, Bangalore-560094,Karnataka ,India. |
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Tel. No.: |
91-80-23411966 / 41686974 |
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Fax No.: |
91-80-23414997 |
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Factory: |
568/A, Vadivu Nagar,Podanur Chettipalyam Road, Coimbatore-641111,Tamil
Nadu. |
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Area : |
20000 sq.ft. |
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Location : |
Rented |
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Head Office : |
No. 21, ANUGRAHA, Near Venkateswara School, RMV II Stage, Bangalore –
560094, Karnataka. |
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Tel No: |
91-80-23411966/23414997 |
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Area : |
6000 sq.ft. |
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Location : |
Rented |
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Branches: |
No.4, Bairappa Lane, Jalahalli Criss, Bangalore-560057, Karnataka. |
SOLE PROPRIETOR
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Name : |
Mr. A. M. Sharief |
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Designation : |
Proprietor |
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Age : |
59 Years |
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Qualification : |
B.E. |
BUSINESS DETAILS
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Line of Business : |
Designers and Manufacturers of Material Handling Devices. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash (20 to 30 %) |
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Purchasing : |
Against Invoice |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
v Aspinwall & Co Limited v Friends & Friends Company Limited. v Visakhapatnam Port Trust v Chennai port trust v New Mangalore Port trust v Tuticorin Port Trust v United Shippers Limited v The Great Eastern Shipping Co. Limited v PSTS & Sons Private Limited. v Hasan Hajee & Company v Halar Maritime Agencies v Jindal Vijaynagar Steel Limited v Jindal Stainless Limited. v Nilkanth Concast Limited. v Kudremukh Iron & Steel Company Limited v Graphite India Limited. v Wheel & Axle Plant v South India Corporation Limited v Gujarat
Heavy Chemical Limited v Cheenai / Vishakapatnam
Port Trusts v Jindal
Vijayanagar Steel Limited v Tamilnadu
Cements Limited v Ispat Industries
Limited v Grindwell Norton
Limited v New Mangalore
Port rust v Sri Ganesh
Shipping Agency v Gujarat Heavy
Chemicals Limited v Shivpra Cranes v The Acme
Manufacturing Company Limited v Trafalgar House
Constructuring India Limited v Nilkanth Comcast
Limited v Wheel and Axle
Plant |
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No. of Employees : |
32 |
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Bankers : |
v State Bank Of
Travancore, Residency Road, Bangalore – 560025 v HDFC Bank Limited
,R.T.Nagar ,Bangalore -560032 |
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Facilities : |
Rs.7.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sriniwas Rao and Company Chartered Accountants Bangalore |
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Memberships : |
ISO : 9001:2000 Certified |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.7.000 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs.7.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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40.000 |
45.000 |
Expected Sales (2008-09) : Rs.80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS:
Engineers, system designers and manufacturers of bulk and coil handling
systems. Grab Buckets : Nglerope, Four rope Electro Mech, Hydraulic mine cars,
Charging Buckets, Ladles, Vertical Coil Tons, Electrode Tons Slab Tons, Billet
Tons, Ingot Tons, Hydraulic Coil Tilter, Plate Clamps, Lifting Beams, Container
Spreaders etc.
ESSAR INDUSTRIES:
Subject established in the year 1986, is engaged in the field of Design,
Engineering, Manufacture & supply of Material Handling & Lifting Equipment
and systems. their product range has wide applications covering Ports and all
most all industrial sectors like, Iron & steel Aluminum, Cement, Paper,
Chemicals, Ports, Foundry, Construction & mines etc..
Subject has executed contracts through leading Government, Quasi-Government,
Multinationals, Reputed Indian Companies etc.... Subject undertakes Design,
Engineering, Manufacture and Supply of special handling equipments and systems
for customer's specific requirements, intricate areas and environment.
TRADE REFERENCES:
v
JUNDAL VIJAYANAGAR STEEL LIMITED
v
GUJARAT HEAVY CHEMICALS LIMITED
v
SHIVPRA CRANES
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Additional
Requirement of Indiamart for Trust-Seal |
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Service
Tax No. : AGDPS5939H
ST001 |
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Excise
Registration No.:
AGDPS5939H XM001 |
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VAT
/ TIN :
29780054297V |
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IEC
Code : 0704006677 |
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PAN
/ TAN :
AGDPS5939H |
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Bank
Name :
STATE BANK OF TRAVANCORE, HDFC BANK |
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Bank
Address :
Residency Road Branch ( State Bank of Travancore) Malleshwaran Branch (HDFC
Bank) |
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Bank
A/c. No.:
67001575357 ( State Bank of
Travancore) 00412000013374 (HDFC Bank) |
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Account
Since :
2005 ( State Bank of
Travancore) 1 year (HDFC Bank) |
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In
case of any affiliations / memberships / certifications : |
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Name
: ISO |
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Type
: 9001 :
2000 |
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Expiry
Date : 2009 |
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They
Manufacture
- Cranes
- Grabs
- Coil Lifters
- Steel Coil Handling
- Coil Tong
- Electrode Lifting Tong
- Battery Operated Lifting Table
- Transfer Car
- Scissor Lift
- Sheet Pack Lifter
- Up and Down Ender
- Material
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.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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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
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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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