MIRA
INFORM REPORT
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Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GANESH LOCO COMPONENTS PRIVATE LIMITED |
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Registered Office : |
27-Section 7, New Power House Road, Jodhpur – 342 003, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.09.1990 |
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Com. Reg. No.: |
17-5598 |
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CIN No.: [Company
Identification No.] |
U34109RJ1990PTC05598 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHG01450B |
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PAN No.: [Permanent
Account No.] |
AAACG4453E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Casting Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position is regarded as moderate having good amount of accumulated losses.
Trade relations are fair. Payments are reported as slow at times. The company can be considered good for small to mediocre business
dealings with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. K K Bohra |
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Designation : |
Chief Accountant |
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Contact No.: |
91-9414722382 |
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Date : |
30.08.2008 |
LOCATIONS
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Registered Office : |
27-Section 7, New Power House Road, Jodhpur – 342 003, Rajasthan,
India |
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Tel. No.: |
91-291-2432227 |
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Mobile No.: |
91-9414722382 |
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Fax No.: |
91-291-2433774 |
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E-Mail : |
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Area : |
4800 Sq. ft. |
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Location : |
Owned |
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Factory : |
E-5, Phase II, RIICO Industrial Area, Boranada, Jodhpur – 342 001,
Rajasthan, India |
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Tel. No.: |
91-291-2432227 / 91-2931-281149 |
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Fax No.: |
91-291-2433774 |
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Area : |
4000 Sq. m. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Birbal Bishnoi |
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Designation : |
Director |
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Address : |
27-Section 7, New Power House Road, Jodhpur – 342 003, Rajasthan,
India |
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Date of Birth/Age : |
25.01.1942 |
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Qualification : |
S.S.C. |
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Date of Appointment : |
18.09.1990 |
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Name : |
Mr. Ram Kishore Bishnoi |
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Designation : |
Director |
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Address : |
27-Section 7, New Power House Road, Jodhpur – 342 003, Rajasthan,
India |
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Date of Birth/Age : |
01.05.1966 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.09.1990 |
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Election Commission Identity Card No.: |
RJ/24/184/284445 |
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Name : |
Mr. Bhanwar Lal Bishnoi |
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Designation : |
Director |
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Address : |
319, Section – 7, New Power House Road, Jodhpur – 342 003, Rajasthan,
India |
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Date of Birth/Age : |
10.11.1953 |
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Qualification : |
Middle-School |
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Date of Appointment : |
18.09.1990 |
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Election Commission Identity Card No.: |
RJ/24/184/284421 |
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Name : |
Mr. Surendra Kumar Bishnoi |
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Designation : |
Director |
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Address : |
27-Section 7, New Power House Road, Jodhpur – 342 003, Rajasthan,
India |
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Date of Birth/Age : |
19.01.1977 |
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Date of Appointment : |
03.04.2001 |
KEY EXECUTIVES
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Name : |
M/s Godha Vinita and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Birbal Bishnoi |
38000 |
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Ram Kishore Bishnoi |
20700 |
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Harshad B Desai |
5000 |
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Total |
63700 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
66.00 |
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Others |
34.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Casting Products. |
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Products : |
·
Cast Iron ·
S G Iron / Nodular Cast Iron ·
Steel of all grades and Alloy Steel ·
Stainless Steel ·
Manganese Steel |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Suppliers : |
Gargi Crystal Steelchem Private Limited Hindustan Precision Engineers Adhinath Industries Kohinoor Metal Private Limited |
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No. of Employees : |
35 (In Office 5 and In Factory 30) |
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Bankers : |
·
State Bank of India ·
State Bank of Bikener Industrial Estate, Jaipur Branch, Jodhpur |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehta and Company Chartered Accountants |
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Address : |
Chopasni Road, Jodhpur – 342 003, Rajasthan, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.935 |
0.935 |
0.935 |
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4] (Accumulated Losses) |
(4.044) |
(4.653) |
(5.192) |
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NETWORTH |
(0.609) |
(1.218) |
(1.757) |
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LOAN FUNDS |
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1] Secured Loans |
1.394 |
1.398 |
1.372 |
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2] Unsecured Loans |
1.663 |
1.639 |
0.000 |
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TOTAL BORROWING |
3.057 |
3.037 |
1.372 |
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DEFERRED TAX LIABILITIES |
0.899 |
1.338 |
1.710 |
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TOTAL |
3.347 |
3.157 |
1.325 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.970 |
2.769 |
2.492 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.006 |
0.006 |
0.005 |
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DEFERREX TAX ASSETS |
0.899 |
1.338 |
1.710 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.671
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6.122 |
6.826 |
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Sundry Debtors |
0.841
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1.899 |
1.062 |
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Cash & Bank Balances |
0.152
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0.014 |
0.137 |
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Other Current Assets |
0.000
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0.000 |
0.002 |
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Loans & Advances |
1.021
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0.949 |
0.789 |
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Total
Current Assets |
8.685
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8.984 |
8.816 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.213
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9.940 |
11.698 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
9.213
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9.940 |
11.698 |
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Net Current Assets |
(0.528)
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(0.956) |
(2.882) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.347 |
3.157 |
1.325 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
21.899 |
17.170 |
15.268 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
21.899 |
17.170 |
15.268 |
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Profit/(Loss) Before Tax |
0.695 |
0.539 |
0.513 |
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Provision for Taxation |
0.086 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.609 |
0.539 |
0.513 |
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Total Expenditure |
21.204 |
16.631 |
14.755 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.78
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3.14 |
3.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.17
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3.14 |
3.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.96
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4.59 |
4.54 |
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Return on Investment (ROI) (PBT/Networth) |
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(1.14)
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(0.44) |
(0.29) |
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Debt Equity Ratio (Total Liability/Networth) |
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(20.15)
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(10.65) |
(7.44) |
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Current Ratio (Current Asset/Current Liability) |
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0.94
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0.90 |
0.75 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Ganesh Foundry – Jodhpur
Web Details
An ISO Certified Performer
Being recognized as
a noted figure in the industrial casting sector, Subject is considered to be one of the largest manufacturers,
suppliers and exporters of magnesite, centrifugal casting, steel casting,
stainless steel components, and magnesia.
Established in
1991 with a humble setup, they have climbed the steps of success fast,
exporting 70% of the produce. With a brilliant team of experienced
professionals including talented designers and engineers, the company casts a
futuristic intuition for manufacture of a premium quality range. This offering
of integrated solutions has spread the repute in the global market.
They are engaged
in the production of Diesel and Electric locomotive spares in various grades
for Indian and foreign Railways. These include C.I., S.G.C.I., steel and alloy
steel castings, viz. expressor cylinder lines, turbo G.I. casings (inner and
outer), axle box housings, etc. The company holds specialization in
manufacturing of expressor inter coolers, after coolers and fabrications of
gear case assly.
They identify and
expand the market opportunities with expert knowledge, which involves combining
technologies to develop a new product. In all the endeavors, they are backed by
the sister concerns-- Ganesh Foundry (an ISO 9001:2000 certified unit), Ganesh
Engineering Corp., and HRB Engineering.
Subject is Head-Set...
- To assure high quality products at
extremely competitive prices to maximize the clients' satisfaction
- To cater them with customized products
- To achieve higher levels of customer
satisfaction with the experts working in close coordination with them
- To continually upgrade the quality of
products and adhere to the international standards.
Infrastructure
- An efficient workforce comprising of
designers, engineers, quality controllers, export documentation experts,
and other professionals who hold more than 15 years of experience. Thus,
they are able to produce products in accordance with the highest quality
level and efficiency standards
- A strong production capacity and an
ability to meet large orders with precision and timely deliveries. They
have a wide range of products with items weighing from .500 grams to 700
kgs.
- Procuring of quality raw materials
including fine grain, high purity ferrous and non-ferrous metals as per
specified quality standards (Indian and International) adopted in the
production unit
- An advanced testing laboratory
installed for checking all the aspects of product quality. It includes
technologically advanced instruments such as spectrometer, online
analyzer, tensile m/c, hardness tester, microscope and air compressor
- Stringent quality control measures
enabling supreme product quality along with scheduled delivery of orders
with zero defect.
A detailed view of
the production facilities includes the following:
- Melting furnace (Induction power melt
medium frequency core less induction with a capacity of 500 kg., melting
rate- 500 kg./hr. and one tonne respectively)
- Molding (We have 2 molding m/c HTML 3
with table size 24*24 production of 35 mold box/hr. and hand molding with
pneumatic rammers)
- Sand preparation (It is done with the
help of muller m/c- 4nos.)
- Core making (Manually in all types of
sand include include silicate, resin sand and no back sand sys.)
- Hand molding (CO2 hand molding
facility with maximum 750 kg. single piece with pneumatic rammers)
- Cleaning and finishing (Shot blasting
m/c with an output of 200 tonnes/month, heavy duty pedestal grinders,
swing wheel grinders, disc grinders, pencil grinders for removing burrs from
castings)
- Material handling (By 2 nos. overhead
cranes of capacity 3 tonnes)
- Heat treatment (Capacity 2 tonnes
manual (electric treatment))
- Treatment ladles (Specially designed
for Mg treatment for S.G. iron grades)
- Machining facility (Kirloskar lathe- 30
nos., pattern making m/c, drilling m/c, shaper m/c, and one CNC m/c).
Priority to Clients
They, Subject, are committed to
provide the clients with the best products, as per their requirements and
specifications. As a customer oriented organization, they follow all the
requisite rules to have long standing relations with them. Some of the valued
patrons are listed below:
·
Diesel Locomotive Works
·
Diesel Loco Modernization Works
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South East Central Railway
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Central Railway
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Eastern Railway
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South Eastern Railway
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North Western Railway
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North Frontier Railway
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East Central Railway
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North Central Railway
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South Western Railway
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North Eastern Railway
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West Central Railway
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South Central Railway
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Southern Railway
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East Coast Railway
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Northern Railway
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Western Railway
·
Rites Expo-Tech
·
Ircon International Limited
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
|