MIRA
INFORM REPORT
|
Report Date : |
25th
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
NIVEK
AGENCIES |
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Registered Office : |
104, Acharya Commercial
Centre, Dr. C. Gidwani Road, Chembur, Mumbai – 400074, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1991 |
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IEC No.: |
0393006328 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Subject
is engaged in as Traders, Dealers, Importers and Distributors of complete
range of welding consumables, welding equipment and accessories, ferrous and
non ferrous metals, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
40000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed concern having satisfactory track. Proprietor
is reported as experienced and respectable businessman. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
104, Acharya
Commercial Centre, Dr. C. Gidwani Road, Chembur, Mumbai – 400074,
Maharashtra, India |
|
Tel. No.: |
91-22-25582746/25503270/25515523 |
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Mobile No.: |
91-9820147704 |
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Fax No.: |
91-22-25566789/25569513 |
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E-Mail : |
ccg@weldwell.com / nivek@vsnl.net, ccg@weldwell.wipro.net.in |
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Website : |
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Area : |
1000
Sq. ft |
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Location : |
Owned |
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46, Acharya
Nagar, Deonar, Mumbai – 400088, Maharashtra |
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Tel. No.: |
91-22-25515523 |
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Fax No.: |
91-22-25569513 |
SOLE PROPRIETOR
|
Name : |
Mr.
C.C. Girotra |
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Designation : |
Proprietor |
|
Address : |
Bunglow No. 46, Acharya Nagar, W.T. Patil
Marg, Deonar, Mumbai – 400088, Maharashtra, India |
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Date of Birth/Age : |
61 years |
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Qualification : |
B.E. (Mech), M.Sc – Welding Technology |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in as Traders, Dealers, Importers and Distributors of complete
range of welding consumables, welding equipment and accessories, ferrous and
non ferrous metals, etc. |
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|
|
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Products : |
v
Consumable
inserts, special fluxes for applications in one side welding v
Soluble
dam paper in cut sheets and rolls v
Ferrite
meter, backing strips and backing flux |
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|
|
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Agencies Held : |
v
Special
Metals Welding Products Company, U. K. – Inconel Welding v
Consumables v
Kobe
Steel Limited, Japan – Welding Consumables v
National
Panasonic, Japan – Welding Machines v
Kemppi,
Finland – Welding Machines and other brands as per customers demand. v
CMS
Gilbreth Packaging Systems, USA (Soluble dam papers) v
Huntingdon
Fusion Technique Limited, U.K. (Accessories) v
HILCO,
Holland (Speciality consumables) v
MIG-O-MAT
(Micro Plasma Equipment) v
Panasonic
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Imports from : |
U.K.,
U.S.A. Germany, Finland and Japan |
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Terms : |
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Selling : |
Cash
or Credit |
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Purchasing : |
L/C
& Credit |
GENERAL
INFORMATION
|
Distributor: |
v
Special
Metals Company, UK v
Kobe
Steel Limited, Tokyo, Japan v
Matsushita
Industrial Equipment Company Limited, Japan (Through National / Panasonic
India) |
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Customers : |
v
Bharat
Heavy Plate & Vessels Limited, Vishakhapatnam, Andhra Pradesh v
Dodsal
Limited, Mumbai v
G.
R. Engineering Limited, Mumbai v
Haldia
Petrochemicals Limited, West Bengal v
Indo
Gulf Corporation Limited, Jagdishpur v
Jindal
Tractebel Power Company Limited, Karnataka v
Kilburn
Engineering Limited, Mumbai v
Uni
Abex Alloy Product Limited, Thane, Maharashtra v
Vulcan
Eclipse Private Limited, Pune, Maharashtra v
Tata
Projects Limited, Hyderabad, Andhra Pradesh v
Walchandnagar
Industries Limited, Walchandnagar, Maharashtra v
Aflot
Engineers Private Limited, Chennai, Tamilnadu v
Deutsche
Babcock Power Systems Limited, Chennai, Tamilnadu v
Hindustan
Aeronautics Limited, Nasik, Maharashtra v
Kamal
Engineering Corporation Limited, Yamunagar, Haryana v
Larsen
& Toubro Limited, Hazira / Powai / Baroda v
Rashtriya
Chemical Fertiliser Company Limited, Mumbai v
Reliance
Industries Limited, Jamnagar, Gujarat v
Southern
Petrochemicals Corporation Limited, Tuticorin, Tamilnadu v
Thermax
Group Limited, Pune, Maharashtra v
Titanium
Equipment & Anode Manufacturing Company Limited, Chennai, Tamilnadu v
Indian
Farmers Fertiliser Co-operative Limited v
Geecy
Engineering Private Limited, Navi Mumbai, Maharashtra v
Mitsui
Babcock Energy (India) Private Limited, Kolkata, West Bengal Wholesalers,
Retailers and End Users |
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No. of Employees : |
20 |
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Bankers : |
Canara
Bank, Chembur Camp Branch, Mumbai, Maharashtra, India |
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Facilities : |
Credit
Limit – Rs. 6.500 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
N.K.
Kalra And Associates Chartered
Accountants |
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Address: |
Sai
Chambers, R.C. Purav Marg,Chembur Naka, Mumbai – 400071, Maharashtra,
India |
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Tel. No.: |
91-22-25293007/25273009 |
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Fax No.: |
91-22-2293007 |
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E-Mail : |
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Associates/Subsidiaries : |
Weldwell
Speciality Private Limited 103/104,
Acharya Commercial Centre, Dr. C.
Gidwani Road, Chembur, Mumbai – 400074, Maharashtra,
India Acts
as Traders Contact
Person : Mr. C. C. Girotra – Managing Director The
company is engaged in marketing of Arc Welding Consumables namely Electrodes
and Filler Wires for Ferrous and Non ferrous material. Welding Equipment and Accessories are also
marketed in addition to consumables. The
company is the authorised distributor for the welding products of : v
Inco
Alloys International, U.K. v
Kobe
Steel Limited - Welding Products Division, Japan v
Matsushita
Industrial Equipment Company Limited through its subsidiary National
Panasonic India Private Limited v
CMS
Gilberth Packaging USA v
Ampco
Metals, USA Product
Range :
v
The
entire range of Welding Consumables for Ferrous and Non-ferrous v
Metals. v
Welding
Equipment and accessories v
Supply
of pipes, sheets and plates of Exotic metals v
Consumable
Inserts special fluxes for such applications in one side welding v
Soluble
Dam Paper management
:
v
Mr.
C.C. Girotra, the Managing Director of the company is a Post Graduate in
Welding Technology from Cranfield Institute, U.K. v
Mr.
K.B. Jetly, a Technocrat with 12 years experience as a Quality Control
Engineer in Bhabha Atomic Research Centre and Commercial experience of about
15 years as the Managing Partner in ‘Eastwest Engineering & Electronics
Company. v
Dr.
S. Bhattacharya, a Doctorate in Metallurgy with over 30 years experience out
of which 10 year was head Research and Development Department in ESAB India
Limited, is the Technical Consultant to the company. v
Eastwest
Engineering & Electronics Company v
204,
Acharya Commercial Centre, Dr. C. Gidwani Road, Chembur, Mumbai – 400074,
Maharashtra, India v
Marketers
of equipment, accessories and consumable required for NDT such as
Radiography, Magnetic Particle and Ultrasonic testing. v
Annual
Turnover : Rs. 20.000 millions (31.03.2002 |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
11.117 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
11.117 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
|
31.03.2005 |
|
Sales Turnover |
|
|
43.651 |
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Profit/Loss for the year |
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3.513 |
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Import Value |
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14.246 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The
concern is the authorised dealer of D & H Secheron Limited and National Panasonic
India Private Limited – the manufacturer of Welding Equipment.
The
products marketed by the concern are Electrodes, Flux Cored Wires and the
entire range of Welding Equipment to meet the demands of the industries.
Trader, Dealer
and Importer of Welding Wire and Electrodes of Special Metals – UK and Kobe
Steel Limited – Japan
Welding
Equipment of Kemppi – Finland and Panasonic
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.45.73 |
|
UK
Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.58.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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/normal. |
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 |