MIRA
INFORM REPORT
|
Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
INDCON BOILERS LIMITED |
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Registered Office : |
D-9/ 6, 1st Floor, Okhla Industrial Area, Phase - I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.07.1990 |
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Com. Reg. No.: |
55-40737 |
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CIN No.: [Company
Identification No.] |
U74999DL1990PLC040737 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04930C |
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PAN No.: [Permanent
Account No.] |
AAACI0050P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers, Buyers, Sellers, Importers, Exporters, Commission
Agents, Fitters, Repairs and Dealers in all kinds of Boiler, Gas Generators,
Blowers, Material handling systems, Air and Gas purification units,
Fabrication of tanks and components, spears and accessories. |
RATING & COMMENTS
|
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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Maximum Credit Limit : |
USD 36300 |
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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 company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered / Head Office : |
D-9/ 6, 1st Floor, Okhla Industrial Area, Phase - I, |
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Tel. No.: |
91-11-26815336/ 26816251/ 65280333/ 65280444 |
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Mobile No.: |
91-9811144667 |
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Fax No.: |
91-11-26815337/ 2273642 |
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E-Mail : |
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Website : |
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Works : |
71, New DLF Industrial
Area, |
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Tel. No.: |
91-129-2273642 / 2279295 / 2254466 / 2254477 |
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Branches : |
Person Concerned: Mr. Srinivas Vege (Regional Manager) Telefax: 91-040-3397792 (Office) Mumbai
Branch Person
Concerned: Mr. Shailesh Verma (Regional Manager) Telephone:
91-22-28371802 (Office), (022) 28222160 (Residence) Gujrat Branch Person Concerned: Mr. S.k. Sinsinwal (Regional Manager) Telefax: 91-265-391070 Chennai Branch Person Concerned: Mr. C.K. Karunakaran Telephone: 91-44-4355267 / 435520 Fax: 91-40-4347272 |
DIRECTORS
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Name : |
Mr. Prabhas Narain Misra |
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Designation : |
Director |
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Address : |
E-438, Greater Kailash Part – II, |
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Date of Birth/Age : |
18.09.1954 |
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Date of Appointment : |
06.07.1990 |
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Name : |
Mrs. Usha Rani Misra |
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Designation : |
Director |
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Address : |
E-438, Greater Kailash Part – II, New |
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Date of Birth/Age : |
03.07.1956 |
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Date of Appointment : |
06.07.1990 |
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Name : |
Mr. Prahlad Narain Misra |
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Designation : |
Director |
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Address : |
249, Aravali Apartment II, Alaknanda, Kalkaji, |
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Date of Birth/Age : |
14.05.1946 |
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Date of Appointment : |
20.12.2000 |
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Name : |
Ms. Divya Misra |
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Designation : |
Director |
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Address : |
E-438, Greater Kailash Part – II, New |
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Date of Birth/Age : |
23.11.1987 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Ms. Mina Misra |
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Designation : |
Director |
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Address : |
187-8, Siddharth Extension, |
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Date of Birth/Age : |
10.03.1979 |
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Date of Appointment : |
01.09.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Prakash Narain Misra |
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19360 |
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Mr. Prabhas Narain Misra |
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3315 |
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Ms. Mamta Misra |
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4010 |
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Ms. Usha Rani Misra |
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10 |
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Mr. Prahlad Narain Misra |
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4560 |
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Ms. Sita Rani Dixit |
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10 |
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Ms. Usha Misra |
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10 |
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Mr. Anuj Misra |
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2000 |
|
Kinergy India Limited |
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8250 |
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Indcon Loeasing Private Limited |
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2510 |
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Manglam Portfolio (Private) Limited |
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10000 |
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Ms. Divya Misra |
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10 |
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Ms. Hina Misra |
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10 |
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Dhiraj Consultants (Private) Limited |
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2500 |
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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46.00 |
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Directors or Relatives of Directors |
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54.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Buyers, Sellers, Importers, Exporters, Commission Agents,
Fitters, Repairs and Dealers in all kinds of Boiler, Gas Generators, Blowers,
Material handling systems, Air and Gas purification units, Fabrication of
tanks and components, spears and accessories.
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Products : |
©
Boiler ©
Gas Generators ©
Blowers, ©
Air and Gas Purification Units ©
Fabrication of Tanks and Components ©
Spears and Accessories |
GENERAL INFORMATION
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No. of Employees : |
About 125 |
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Bankers : |
Punjab and Sind Bank, Okhla, Corporation Bank State Bank of |
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Facilities : |
Secured Loan (Rs.
in millions)
Unsecured Loan (Rs.
in millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raj Har Gopal and Company Chartered Accountants |
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Address : |
412, Ansal Bhawan, 16, K G Marg, |
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Subsidiaries : |
©
Indcon Tanks and Vessels Private Limited ©
Indcon Projects and Equipments Limited ©
Indcon Loeasing Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
61555 |
Equity Shares |
Rs. 100/- each |
Rs. 6.155 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.155 |
4.903 |
4.903 |
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2] Share Application Money |
1.000 |
1.425 |
0.252 |
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3] Reserves & Surplus |
1.912 |
1.860 |
1.826 |
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NETWORTH |
9.067 |
8.188 |
6.981 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.107 |
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2] Unsecured Loans |
2.053 |
6.806 |
9.102 |
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TOTAL BORROWING |
2.053 |
6.806 |
9.209 |
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TOTAL |
11.120 |
14.994 |
16.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.911 |
3.196 |
3.532 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.229 |
0.302 |
0.099 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.175
|
6.955 |
12.792 |
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Sundry Debtors |
6.163
|
8.836 |
7.840 |
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Cash & Bank Balances |
0.871
|
1.933 |
0.540 |
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Loans & Advances |
1.857
|
1.668 |
1.726 |
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Total
Current Assets |
15.066
|
19.392 |
22.898 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.233
|
7.083 |
9.821 |
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Provisions |
0.853
|
0.813 |
0.518 |
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Total
Current Liabilities |
7.086
|
7.896 |
10.339 |
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Net Current Assets |
7.980
|
11.496 |
12.559 |
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TOTAL |
11.120 |
14.994 |
16.190 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
18.780 |
25.434 |
26.943 |
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Other Income |
0.246 |
0.113 |
3.065 |
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Total Income |
19.026 |
25.547 |
30.008 |
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Profit/(Loss) Before Tax |
0.258 |
0.077 |
0.043 |
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Provision for Taxation |
0.000 |
0.058 |
0.036 |
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Profit/(Loss) After Tax |
0.258 |
0.019 |
0.007 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
0.000 |
1.577 |
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Total Earnings |
0.000 |
0.000 |
1.577 |
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Total Imports |
0.000 |
0.000 |
0.000 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
4.556 |
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Administrative Expenses |
0.000 |
0.000 |
2.405 |
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Raw Material Consumed |
8.704 |
8.234 |
19.467 |
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Purchases made for re-sale |
1.063 |
2.754 |
0.000 |
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Consumption of stores and spares parts |
0.081 |
0.047 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.582 |
6.020 |
0.000 |
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Salaries, Wages, Bonus, etc. |
5.014 |
4.719 |
3.099 |
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Managerial Remuneration |
0.000 |
0.000 |
0.015 |
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Payment to Auditors |
0.020 |
0.080 |
0.000 |
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Interest |
0.240 |
0.410 |
0.000 |
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Insurance Expenses |
0.002 |
0.005 |
0.000 |
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Power & Fuel |
0.665 |
0.660 |
0.000 |
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Depreciation & Amortization |
0.285 |
0.336 |
0.397 |
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Other Expenditure |
2.112 |
2.205 |
0.023 |
|
Total Expenditure |
18.768 |
25.470 |
29.962 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.35
|
0.07 |
0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.35
|
0.30 |
0.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.41
|
0.33 |
0.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
2.79 |
3.80 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.45 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
The Company’s Fixed Assets of important value include:
©
Plant and Machinery
©
Car
©
Computers
©
Industrial Plot
©
Building
©
Scooter and Motor Cycle
©
Office Equipments
©
Generator
As Per Web:
Profile
The Company was
incorporated in the year 1990. It deals with Design, Engineering, Manufacture,
Site installation and Commissioning of following equipments :
Steam
Boilers
Hot
water Boilers
Thermic
Fluid Heaters
Pressure
Vessels
During last 11 years, more than 1000 numbers steam boilers have been supplied
in capacity range of 500 to 10,000Kgs/Hr. Boilers have been designed for feed
syocks like oil, gas, coal, wood, rice husk and sugarcane bagasse etc.
Strength of the Company :
Company is headed by Mr.Prabhas Misra who is a qualified engineer (having
passed out from IIT -
Products
©
Rice Husk Fired Fluidised Bed Combustion Boilers
©
Oil / Gas Fired Packaged Boilers
©
Solid Fuel Fired Packaged Boilers
©
Oil / Gas Fired Non-LBR Boilers
©
Thermic Fluid Heaters
Subject also manufacture :
1. Hot Water Boilers
2. Waste Heat Boilers
3. Economizers
4. Dust Collectors
5. Chimneys
6. Stell Fabrication Work
7. Nitrogen Plants
8. Oxygen Plants
9. LPG Bottling Plants
10. ULO/CA Cold Storages
Clients
Bharat Heavy Electricals Limited -
Project Engineering Corpn. India Limited Kathmandu -
Areddy & Pathare Elastics Private Limited -
Kapoor Spinning Milss -
Hindustan Prefab Limited -
Midland Fruit & Vegetables Private Limited -
Merry Thermocol (
Aero Leather Private Limited - Jallandhar.
Haryana Nitrochem Limited, -
Tamal Chemicals Private Limited -
Universal Yarn & Textiles -
Dhanjeet Woolens Private Limited - Gopalganj (U.P).
S.K. Dyeing & Finishing Mills -
Metalex Pipes Limited -
U.P. State Bridge Corporation Limited -
Hi-Vac Wares Private Limited - Bhiwadi
Prakash Industries Limited - Kashipur.
P.M.C. Tyre & Tubes Private Limited -
Sai Beverage Private Limited - Sonepat.
Shri Hari Industries - Bharatpur.
Imperial Industries -
Mokheja Tyres Private Limited - Kashipur.
Sensport International - Noida.
Flex Foods Limited -
U.P. Rajya Dugdh Praishad - Lucknow
Welcome Coir Industries Private Limited Malanpur (U.P)
Tanwell Tanneries Private Limited -
Birla Hostel C/o. Century Pulp & Papers Limited Lalkhuan, District
Haldwani.
J.K. Laboratories Private Limited - Bhilwara.
Almil Pharmaceuticals (
Rohilkhand Agro Private Limited -
Designed Products Private Limited Nodia
Ganon Dunkerley & Company Limited -
Thermo Media - Ballabhgarh
Mahavir Finishing Works, Pali.
Paras Pelt - Pali.
Jagsonpal Pharmaceuticals Limited -
Maa Nhagwati Oils & Fats Private Limited - Jallandhar.
Novex Private Limited -
Raj Cello Private Limited - Modinagar (U.P)
Modern Organics - Kundli.
Dior International Private Limited - Sahibabad.
NLP - Organics Private Limited - Bhiwadi.
Gava Industries - Gadarpur.
Pilkhua Water Proofing
Vinayak Pharmaceuticals - Chandausi.
Ajakson Leathers Punjab Limited - Ropar.
Helix Latex Industries -
Mokheja Tyres Private Limited - Kashipur.
Trac Innovations Private Limited -
Konark Udyog Limited - Murad Nagar (A unit of M/s. Indama Foods Limited).
Kan-Carbon Private Limited - Sampla - Haryana
Aqua Chamunda Private Limited -
Leatherage Bansbari Tannery & Shoe Factory - Nepal
Orient Apparel Limited -
Maharishi Ayurved Pratishisthan - Noida.
Oxide India Private Limited -
Oriental Processors - Noida.
Singh Consultants & Engineers Private Limited -
Asrani Foam Private Limited - Ahmedabad.
Eastern Industries -
United Oil Mill Machinery Private Limited-
Gopal Sons Auto Private Limited -
Modern Finishing Works . - Pali.
Nu-Foam Rubber Private Limited - Gurgaon.
Hindustan Plastics Limited -
Parmatha Industries - Pali.
Flex Foods Limited -
Kabir Carpets Industries - U.P.
Vimal
Mohan Machines Limited -
Kanchan Woolen, Bilwara - Rajasthan.
Nafed Oil Mills - Riwadi.
Bajaj Paper Mills Private Limited
Ashish Cheese Products -
Ashi Private Limited - Rewari.
Ralli Chemicals Private Limited -
Magic Fasteners Private Limited -
Cham Ice & Cold Storages - Porbandar.
Cham Trading Organisation - Porbandar.
Paulbro Leathers Private Limited
Jiwan Foams Private Limited -
Annas International -
Bhirgu Foods Private Limited
Lucky Lab Private Limited - Secunderabad.
Josoka India Limited -
Takur Dass & Company- Bhiwadi.
Vishal Industries -
Sterling Foods & Beverages -
Choksi Muiltimetals Private Limited -
Ruchi Organics Private Limited -
Naveen Engineering -
Nestor Nutritions , Gwahati.
N.B. Ice Cream -
Golden Hoisery -
Indus Diet Specialities Private Limited -
Bharat Strach & Chemicals Limited- Faridabad (A unit of Thaper Group of
Industries).
Himalayan Mineral Water -
Novex Private Limited -
Modern Organics - Kundli.
Veechem Plastics Private Limited - Bhiwadi
Mahavir Thermo Insulators -
Jaquar & Co. Pvt.Limited -
ndo Nippon Foods Limited - Gurgaon.
Milkfed (Cattle Feed Project) - Khann ,
Omega Laboratories Limited
Rolland Rubbers Private Limited - Derabasi.
Indian Institute of Technology - Hauz Khas,
Unitech Prefab Limited - Saket,
Himalayan Drugs Private Limited - New
Capricon Stypack (
Hind Proofing Co. Private Limited -
Bajaj Tyres - Baldi .
Paam Pharmaceuticals (
Misra Handicrafts (I) Private Limited - U.P.
Alcho Chem- Moradanagar,
Hindustan Dyeing & Printing Works,
Punjab Biotech Private Limited -
Alps Industries Limited - Sahibabad.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.40 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.55.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|