MIRA
INFORM REPORT
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Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
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Name : |
CENTRAL ORGANISATION FOR MODERNISATION OF
WORKSHOPS |
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Registered
Office : |
Railway Offices Complex, |
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Country : |
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Year of
Establishment : |
1979 |
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Capital Investment
/ Paid-up Capital : |
Not Available |
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Legal Form : |
Government Owned |
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Line of Business
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Providing professional advice and a single window service in planning
and procurement of machine tools and allied equipment. |
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No. of Employees
: |
Not Available |
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established organisation of India Railways under the control
and management of Ministry of Railways, Government of India. The organisation
was established for modernizing Indian Railways Workshops. Payments are
reported to be usually correct and as per commitments. Subject can be considered normal for business dealings at usual trade
terms and conditions. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
Railway Offices Complex, |
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Tel. No.: |
Not Available |
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Fax No.: |
91-11-23378159, 23370347 |
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Website : |
MANAGEMENT
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Administration : |
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Name : |
Mr. P.K. Agrawal |
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Designation : |
Chief Administrative Officer |
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E-Mail : |
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Technical
: |
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Name : |
Mr. S.K. Luthra |
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Designation : |
Chief Mech. Engineer |
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E-Mail : |
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Name : |
Mr. Dwarika Prasad |
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Designation : |
CME (P) |
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E-Mail : |
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Name : |
Mr. A.S. Janghu |
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Designation : |
Chief Elect. Engineer |
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E-Mail : |
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Name : |
Mr. A.K. Agarwal |
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Designation : |
CME (PCM) |
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E-Mail : |
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Name : |
Mr. Happy Walia |
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Designation : |
Deputy CME-1 |
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E-Mail : |
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Name : |
Mr. Rajesh Malik |
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Designation : |
Deputy CME-II |
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E-Mail : |
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Name : |
Mr. Saurabh Endley |
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Designation : |
Deputy CME-IV |
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E-Mail : |
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Name : |
Mr. Onkar Singh |
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Designation : |
Deputy CME-III |
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E-Mail : |
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Name : |
Mr. Jagdish Kumar |
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Designation : |
Deputy CEE |
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E-Mail : |
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Stores : |
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Name : |
Mr. Sushil Kumar
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Designation : |
Controller of Stores |
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E-Mail : |
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Name : |
Mr. C.V. Raman |
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Designation : |
COS-II |
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E-Mail : |
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Name : |
Mr. Satya Prakash |
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Designation : |
Deputy CMM-II |
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E-Mail : |
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Name : |
Mr. Atul Saxena
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Designation : |
Deputy CMM-I |
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E-Mail : |
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Accounts : |
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Name : |
Mrs. Kiran Singh |
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Designation : |
FA and CAO |
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E-Mail : |
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Name : |
Mr. P.K. Sinha |
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Designation : |
FA and CAO-II |
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E-Mail : |
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Name : |
Mr. V.K. Malik |
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Designation : |
Deputy FA and CAO |
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E-Mail : |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
BACKGROUND
At the time of
integration of the Indian Railway system in 1952, there were 41 repair
workshops dealing with periodic overhaul of coaches, wagons and locomotives. Day-to-day
repairs were handled in over 300 repair depots and sick lines.
The last quarter century of planned development of Indian Railways has
witnessed extensive changes in the mode of traction as well as development of
new types of coaches and wagons. Diesel and electric locomotives have
gradually replaced steam locomotives. The number of passenger coaches in
service has almost doubled. The wagon stock holding is roughly 2.5 times
that in 1951. Financial limitations, however, did not permit development
of maintenance facilities compatible with the growth of rolling stock.
Only 5 new workshops have been set up since 1952. The increased
demand for maintenance was largely catered by piece-meal expansion of the
existing facilities. Expenditure on workshops in this period was less
than 2.5% of the total plan outlay on the railways. Nevertheless, to meet
the requirement of new rolling stock, three new production workshops were set
up.
The problems encountered in manufacture and maintenance of the rolling stock is
largely due to obsolescence of machinery and plant, diverse product mix and
layout deficiencies. The situation in respect of machinery and plant is a
source of major concern. The proportion of overage machines in 1979 had
increased to 77% from 47% in 1952. Due to paucity of available
maintenance funds, an agreement was negotiated with the International
Development Association of the World Bank for providing a credit of $95m for
the first phase of workshop modernisation programme expected to be completed by
March 1983. Second and third phases of another 7 years envisage an
estimated expenditure of Rs.4000.000 millions inclusive of IDA Credits.
The unprecedented magnitude of this effort prompted the Indian Railways to set
up a specialist organisation wholly devoted to the furtherance of this
task. Thus the Central Organisation for Modernisation of Workshops
(COFMOW) came into existence in 1978 to implement the modernisation programme
Cofmow is now the designated organisation of Indian Railways for selection,
procurement and induction of modern workshop technologies and M and P.
ACTIVITIES
v Guide railway customers in selection of manufacturing technologies and M and P
v Prepare detailed technical specifications for procurement of M and P.
v Procurement of M and P and commissioning at site
v Coordinate turnkey works associated with M and P
v Training of workshop personnel in operation and maintenance of machines.
v Coordinate warranty services with vendors
v Undertake Industrial Engineering and Layout Studies
v Conversion /reconditioning of machines and manufacturing lines
v Designing standard processes, layouts and facilities for overhaul/ maintenance of critical subassemblies.
v Promoting Indigenization of M and P Items
v Support Rolling Stock TOT Projects like LHB Coach, GM Diesel Loco and ABB Loco by purchasing special purpose M and P.
SERVICES
COFMOW is uniquely
placed for providing consultancy in designing and execution of projects for
manufacturing repair and maintenance facilities. Pecifically it can provide:
v Professional advice for all aspects related to manufacturing, maintenance and repair facilities.
v Techno economic and feasibility studies.
v Contract planning and administration.
v Project management.
v Man-power planning and training in maintenance and operation of equipment.
v Post project appraisal.
v Procurement of all type of sophisticated plant and machinery to suit special requirement and also for general purposes.
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 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.51.43 |
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|
1 |
Rs.79.10 |
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Euro |
1 |
Rs.66.17 |
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 |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.