MIRA
INFORM REPORT
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Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
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Name : |
HEAVY VEHICLE FACTORY |
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Registered
Office : |
Avadi, Chennai-600054, Tamilnadu |
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Country : |
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Year of
Establishment : |
Not Divulged |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Ministry of Finance |
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Line of Business
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Manufacturer of Transportation Equipment |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well established part of Ministry of Defense,
Government of India. No financial details can be available. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be usually correct and as per commitments. The subject can be considered 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
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 : |
Avadi, Chennai-600054, Tamilnadu, India |
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Tel. No.: |
91-44-26843000 |
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Fax No.: |
91-44-26841824 |
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E-Mail : |
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Website : |
MANAGEMENT
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Name : |
Mr. M.S.N. Rao |
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Designation : |
Senior General Manager |
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Additional General Managers : |
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Joint General Managers : |
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Deputy General Managers : |
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Works Managers : |
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Assistant Works Managers : |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transportation Equipment |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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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 : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Divulged
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
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1] |
Year of Establishment |
No |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
No |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
No |
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10] |
Designation of contact
person |
No |
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11] |
Turnover of firm for last
three years |
No |
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12] |
Profitability for last
three years |
No |
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13] |
Reasons for variation
<> 20% |
----- |
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14] |
Estimation for coming
financial year |
No |
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15] |
Capital in the business |
No |
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16] |
Details of sister
concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details
(if applicable) |
No |
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21] |
Market information |
----- |
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22] |
Litigations that the firm
/ promoter involved in |
----- |
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23] |
Banking Details |
No |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking
account |
----- |
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26] |
Buyer visit details |
----- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if
applicable |
No |
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29] |
Last accounts filed at
ROC |
No |
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30] |
Major Shareholders, if
available |
No |
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31] |
PAN of Proprietor/Partner/Director,
if available |
No |
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32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
WEBSITE DETAILS:
INTRODUCTION
Subject, Avadi, Chennai is one of the 40
Ordnance Factories under Ordnance Factory Board of Ministry of Defence and is
located at the outskirts of Chennai.
This Factory has been at the forefront of
Battle Tank Manufacturing in their country and is a Heavy Engineering
Manufacturing Facility of Ordnance Factory Board. The Factory is
headed by a Senior Central Government Officer of SAG / HAG Rank who is assisted
by a team of Gr-A and Gr-B Officers,
Non-Gazetted Officers, Non Industrial Employees and Industrial
Employees IEs. The Factory also has on its strength few medical officers and
paramedical employees for manning captive Hospital run by HVF.
POWERS AND DUTIES OF ITS OFFICERS AND EMPLOYEES:-
The Factory is headed by a General Manager of
Sr.SAG/SAG Level who reports to Ordnance Factory Board through Addl.
Director General, Armoured Vehicles. All other officers, staff and
industrial employees are subordinate to the General Manager and report to the
General Manager through a proper chain of command. The Factory is responsible
for manufacturing of state of art Battle Tanks for Indian Armed Forces.
PROCEDURES FOLLOWED IN THE DECISION MAKING PROCESS:-
Being an Engineering Factory, most of the
technical decisions in the shop floor are taken by technically qualified
Officers and Staff of Mechanical/Production/Chemical/Metallurgy/Electrical
Engineering etc. disciplines. The financial and administrative
decisions are as per various laid out guidelines of Government of India and
other directives given by Ministry of Defence and Ordnance Factory Board.
NORMS FOR DISCHARGE OF FUNCTIONS:-
The Officers, Staff and Workmen of HVF
discharge their duties and responsibilities as per the functional requirements
of their work area viz, production engineering, maintenance management,
quality control, administration sections etc. The norms followed are the same
as is being followed in any Heavy Engineering Manufacturing Facility and is
also subjected to rules and regulations of Government of India and Ordnance
Factory Board.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 56.01 |
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1 |
Rs. 86.89 |
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Euro |
1 |
Rs. 67.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.