MIRA
INFORM REPORT
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Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
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Name : |
HASANALY FAZALALY LOKHANDWALA |
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Registered Office : |
2736, Manek Chowk, Lokhand Bazar, Ahmedabad – 380 001, |
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Country : |
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Year of Establishment : |
1900 |
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Legal Form : |
Not Divulged |
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Line of Business : |
Trader of Architectural Hardware Fittings. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (22) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an old and an established partnership concern having
moderate track. The management was non co-operative and denied to disclose
any information about the concern. Therefore the report is based on indirect
sources of information. Payment terms are not known. The concern can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-operative (Name not Disclosed)
LOCATIONS
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Registered Office : |
2736, Manek Chowk, Lokhand Bazar, Ahmedabad – 380 001, |
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Tel. No.: |
91-79-22147763/ 5396/ 22110039 |
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Fax No.: |
91-79-22145396 |
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E-Mail : |
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Website : |
SOLE PROPRIETOR/PARTNERS
NOT DIVULGED
BUSINESS DETAILS
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Line of Business : |
Trader of Architectural Hardware Fittings. |
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Architectural
Hardware Fittings
Wire Mesh and
Perforated Sheets
Other Products
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GENERAL INFORMATION
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
Not Divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
PROFILE:
The seeds of Subject were sown in 1800's at Nadiad,
but at that time the business was in its premature stage. It was established in
Ahmedabad in the year 1900. Ever since then, it has gained momentum and has
earned its own goodwill and reputation in the market. As the name suggests, it
was established by one of the family members, after whose name the firm came
into existence. "LOKHANDWALA"
indicates the line of the family business.
With the inception
of Hasanaly Fazalaly, it had three sons who together carried on the business
dealing in cement, mill gin stores, cement sheets, GI corrugated sheets, etc.
With a view to expand business, they started dealing in paints for which a new
unit was set up at Lokhand bazaar exactly opposite Subject shop and another
shop was started at chokha bazaar. A factory was established at Amraiwadi in
the name of "Asiatic Bolt and
Engineering Co". To add to the prospective expansion and to its
credit, another shop started functioning at Mumbai in the name of "Allite Trading Co.".
As it was a family
business, at a certain stage the property of the business was distributed
amongst their heirs. The youngest of the three sons got this particular business
premises and since then he managed to carry on the ancestral business to the
best of his efficiency. He also introduced Architectural Fittings made from
brass, aluminium and stainless steel and gave the business a new dimension. He,
with his clear perception and thoughtfulness, was a very foresighted man. When
all the mills in Ahmedabad were shut down, his decision to deal in
Architectural Fittings helped the firm to survive.
Manpower being a
very crucial ingredient of a successful business was also taken care of. The
firm to its advantage, has a very honest and hardworking team of men working
towards a common goal from a very young age. They undergo on the job training,
which enables them to cater to the specific requirements of the clients and also
to render after sales services to the level of complete satisfaction. Employing
young fresh graduates who still continue to work with the firm increased the
manpower strength. Their additional share of zeal and loyalty surely gave a
boost to the business.
It is now 100 years
since the inception of the business. Over this period, Hasanaly Fazalaly has
enjoyed a very good reputation and has earned a highest level of goodwill and
recognition in the market. It has been registered with many government and semi-government
institutions like ONGC, Western Railways, Physical Research, ATIRA, Ahmedabad
Textile Research Association, Space Application Centre, Indian Institute of
Management, etc.
In this world of cut
throat competition, sales promotion has assumed so much of importance that for
a firm which requires no such tools for promoting its sales like employing
sales officer going door to door to the architects and interior designers for
introducing the product and constructing a grand showroom, but existing only on
the basis of its goodwill and credibility is surely an achievement in itself.
The ethical business practices adopted and the relationship of the firm with
its customers are the most highlighting features of Hasanaly Fazalaly and have
awarded it with a unique position in the market.
The firm is still on
the same soil from the day of its establishment, i.e. at Manek chowk, Lokhand
bazaar. But of course, it has witnessed a lot of change in these 100 years. The
firm, irrespective of its simplicity of doing business, has a whole list of
leading architects with whom contacts have been maintained vice versa. This is
how the firm stepped into its maturity stage. No obstacles have been able to
block its way towards development. Although the business suffered severe set
backs thrice due to the communal riots that took place in the years 1942, 1969
and 1985 respectively, during which the shop was looted and burnt. But still
the firm thrives, much because of its hardworking, enthusiastic and determined
manpower, as the saying goes "Where there is a Will, there is a Way".
Recently a new field
has been explored and one more feather has been added to the cap by undertaking
the business of Aluminium Fabrication. Although a new venture, but has been
taken care of to the best of their abilities. It is the spirit of existence and
the passion for the business, which gives it an impetus. Hasanaly Fazalaly has
proved itself time and again and has shown that complete determination,
dedication and hardwork always pays off. All one requires is a strong desire
and willpower to overcome any hurdle in the way towards success.
Projects
Subject,
a firm which was established in 1900, since then it was dealing in paints and
mill gin stores material. It was established at Manek Chowk, Lokhand Bazaar,
from the very beginning and till date they have not changed the business
premises.
They are also dealing in Hardware, i.e. Architectural fittings in brass,
stainless steel and iron. They have a complete range of wire mesh, welded mesh
and perforated sheets.
They have also started Aluminium Fabrication work having an experience for the
last 10 to 12 years. They have done a number of jobs under leading architects.
A few of them are as under:
- Arvind Mills Limited
- Ashok Mills Limited
- Atmaa House
- Abhijeet II
- Saumiya Construction Office
- Gruh Finance
- Nareshbhai Soni's Bunglow
- ICICI Bank
- U S Commercial Office
- Coca Cola factory, Kheda
- Astral Polytechnic
- Sharnam Residential Appartments
- Karma Kaushambi
- Kamlesh Mehta's Office
Besides
these many other projects have also been executed. And a special mention is to
be made regarding the Stainless Steel Fabrication projects, which they have
undertaken. They do look forward for the next venture in this field.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
|
US Dollar |
1 |
Rs.44.30 |
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|
1 |
Rs.72.92 |
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Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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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 |
NO |
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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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22 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.