|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTRAL ORGANIZATION FOR MODERNIZATION OF WORKSHOPS |
|
|
|
|
Registered
Office : |
Railway Offices Complex, Tilak Bridge, New Delhi – 110002 |
|
|
|
|
Country : |
|
|
|
|
|
Year of
Establishment : |
1979 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Government Organization |
|
|
|
|
Line of Business
: |
They are Modernizing Indian Railway Workshops. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established under the Ministry of Railways, Government of
India. The organization was formed for the modernization of Indian Railway Workshops
and was funded through world bank credits. Business is active. Payments are reported as regular and as per
commitment. The subject can be considered for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-11-23379683
LOCATIONS
|
Registered Office : |
Railway Offices Complex, |
|
Tel. No.: |
91-11-23379683 |
|
Fax No.: |
91-11-23378159/ 23370347 |
|
EPBX No.: |
91-11-23378883/
23370509/ 23378076 |
MANAGEMENT
|
ADMINISTRATION: |
|
|
Name : |
Mr. Vindhyachal Singh |
|
Designation : |
Chief
Administrative Officer |
|
Tel. No.: |
91-11-23379447 |
|
Fax No.: |
91-11-23370902 |
|
E-Mail : |
|
|
|
|
|
TECHNICAL: |
|
|
Name : |
Mr. H.K. Kala |
|
Designation : |
Chief
Mech. Engineer |
|
Tel. No.: |
91-11-23379502 |
|
Fax No.: |
91-11-23370344 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. D.K.
Nayak |
|
Designation : |
CME (P) |
|
Tel. No.: |
91-11-23379735 |
|
Fax No.: |
91-11-23379735 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. R.K.
Rai |
|
Designation : |
Chief Elect. Engineer |
|
Tel. No.: |
91-11-23379812 |
|
Fax No.: |
91-11-23379812 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Atul
Agarwal |
|
Designation : |
CME (PCM) |
|
Tel. No.: |
91-11-23370854 |
|
Fax No.: |
91-11-23370854 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Happy
Walia |
|
Designation : |
Deputy CME-1 |
|
Tel. No.: |
91-11-23370529 |
|
Fax No.: |
91-11-23378159 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Rajesh
Malik |
|
Designation : |
Deputy CME-II |
|
Tel. No.: |
91-11-23370769 |
|
Fax No.: |
91-11-23370769 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr.
Saurabh Endley |
|
Designation : |
Deputy CME-IV |
|
Tel. No.: |
91-11-23379501 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Onkar Singh |
|
Designation : |
Deputy CME-III |
|
Tel. No.: |
91-11-23370393 |
|
Fax No.: |
91-11-23370393 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr.
Jagdish Kumar |
|
Designation : |
Deputy CEE |
|
Tel. No.: |
91-11-23370518 |
|
E-Mail : |
|
|
|
|
|
STORES: |
|
|
Name : |
Mr. Rajender Singh |
|
Designation : |
Controller of Stores |
|
Tel. No.: |
91-11-23379741 |
|
Fax No.: |
91-11-23370347 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. K.
Choudhary |
|
Designation : |
COS-II |
|
Tel. No.: |
91-11-2379707 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Satya
Parkash |
|
Designation : |
Deputy COS-II |
|
Tel. No.: |
23378324 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Rajesh Bansal |
|
Designation : |
Deputy COS-I |
|
Tel. No.: |
91-11-23378536 |
|
E-Mail : |
|
|
|
|
|
ACCOUNTS: |
|
|
Name : |
Mrs. Kiran
Singh |
|
Designation : |
FA and CAO |
|
Tel. No.: |
91-11-23379737 |
|
Fax No.: |
91-11-23378932 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. P.K.
Sinha |
|
Designation : |
FA
and CAO-II |
|
Tel. No.: |
91-11-23379349 |
|
Fax No.: |
91-11-23379349 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. V.K.
Malik |
|
Designation : |
Deputy
FA and CAO |
|
Tel. No.: |
91-11-23378423 |
|
Fax No.: |
91-11-23378932 |
|
E-Mail : |
BUSINESS DETAILS
|
Line of Business : |
They are Modernizing Indian Railway Workshops. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Divulged |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
WEBSITE DETAILS:
PROFILE
Subject was established under the Ministry of Railways by the Govt. of India for modernizing Indian Railway workshops. The modernization project was funded through World Bank credits. Since its establishment in 1979 subject has assisted in modernizing Indian Railways Production Units and maintenance workshops. This has involved purchasing over 9900 machines valued at Rs.8970 million. It has thus emerged as a specialized organization in the fields of manufacturing and maintenance technologies.
Subject is in a position to offer its services to those needing modernization
or up gradation of their manufacturing/maintenance activities. Subject provides
professional advice and a single window service in planning and procurement of
machine tools and allied equipment.
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 Subject came into existence in 1978 to implement the
modernisation programme
Subject is now the designated organisation of Indian Railways for selection,
procurement and induction of modern workshop technologies and M and P.
ACTIVITIES
· GUIDE RAILWAY CUSTOMERS IN SELECTION OF MANUFACTURING TECHNOLOGIES AND M and P
· PREPARE DETAILED TECHNICAL SPECIFICATIONS FOR PROCUREMENT OF M and P.
· PROCUREMENT OF M and P AND COMMISSIONING AT SITE
· COORDINATE TURNKEY WORKS ASSOCIATED WITH M and P
· TRAINING OF WORKSHOP PERSONNEL IN OPERATION AND MAINTENANCE OF MACHINES.
· COORDINATE WARRANTY SERVICES WITH VENDORS
· UNDERTAKE INDUSTRIAL ENGINEERING AND LAYOUT STUDIES
· CONVERSION /RECONDITIONING OF MACHINES AND MANUFACTURING LINES
· DESIGNING STANDARD PROCESSES, LAYOUTS AND FACILITIES FOR OVERHAUL/ MAINTENANCE OF CRITICAL SUBASSEMBLIES.
· PROMOTING INDIGENIZATION OF M and P ITEMS
· SUPPORT ROLLING STOCK TOT PROJECTS LIKE LHB COACH, GM DIESEL LOCO AND ABB LOCO BY PURCHASING SPECIAL PURPOSE M and P.
SERVICES:
Subject is uniquely placed for providing
consultancy in designing and execution of projects for manufacturing repair and
maintenance facilities. Pecifically it can provide:
· Professional advice for all aspects related to manufacturing, maintenance and repair facilities.
· Techno economic and feasibility studies.
· Contract planning and administration.
· Project management.
· Man-power planning and training in maintenance and operation of equipment.
· Post project appraisal.
· Procurement of all type of sophisticated plant and machinery to suit special requirement and also for general purposes.
WEBSITE OF INDIAN
RAILWAYS
|
Railway Board |
- |
|
|
|
|
|
|
Zonal Railways |
|
|
|
Central Railway |
- |
|
|
Eastern Railway |
- |
|
|
Northern Railway |
- |
|
|
North Eastern Railway |
- |
|
|
North Frontier. Railway |
- |
|
|
Southern Railway |
- |
|
|
South Central Railway |
- |
|
|
South Eastern Railway |
- |
|
|
Western Railway |
- |
|
|
Kolkata Metro |
- |
|
|
East Central Railway |
- |
|
|
North Western Railway |
- |
|
|
East Coast Railway |
- |
|
|
South Western Railway |
- |
|
|
North Central Railway |
- |
|
|
West Central Railway |
- |
|
|
South East Central Railway |
- |
|
|
|
|
|
|
Production Units |
|
|
|
Integral Coach Factory |
- |
|
|
Rail Coach Factory |
- |
|
|
Diesel Locomotive Works |
- |
|
|
Chittaranjan locomotive Works |
- |
|
|
Wheel & Axle Plant |
- |
|
|
Diesel Component Works |
- |
|
|
|
|
|
|
Central Organisations |
|
|
|
CORE |
- |
|
|
RDSO |
- |
|
|
IRCOT |
- |
|
|
IRWO |
- |
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 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.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.