MIRA
INFORM REPORT
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Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SURYADIPTA PROJECTS PRIVATE LIMITED |
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Registered Office : |
P. M. Refinery Compound, Opposite Syndicate Bank, Bhayandar East,
Thane – 401105, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.02.1998 |
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Com. Reg. No.: |
11-113542 |
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CIN No.: [Company
Identification No.] |
U28920MH1998PTC113542 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engineering, Procurement and Manufacturer of
Petrochemical, Chemical, Cement, Steel and Special Projects Equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 7000 |
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Status : |
Small company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company undertaking job works. Trade relations
are fair. Business is active. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
P. M. Refinery Compound, Opposite Syndicate Bank, Bhayandar East,
Thane – 401105, Maharashtra, India |
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Tel. No.: |
91-22-28143230 |
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Fax No.: |
91-22-28191733 |
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E-Mail : |
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Website : |
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Factory : |
Retibunder, Ghodbunder, Bhayander (East), Thane : 401 104,
Maharashtra, India |
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Tel. No.: |
91-22-28454944 / 28457367 |
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Fax No.: |
91-22-28457367 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shyamashish Ghoshal |
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Designation : |
Director |
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Address : |
D / 3, Chandresh Regency, Near RNP Park, Bhayander [East], Thane –
401105, Maharashtra, India |
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Date of Birth/Age : |
03.05.1957 |
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Date of Appointment : |
13.02.1998 |
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Name : |
Mrs. Bandana Ghoshal |
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Designation : |
Director |
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Address : |
D / 3, Chandresh Regency, Near RNP Park, Bhayander [East], Thane –
401105, Maharashtra, India |
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Date of Birth/Age : |
14.02.1957 |
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Date of Appointment : |
13.02.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shyamashish Ghoshal |
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500 |
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Mrs. Bandana Ghoshal |
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500 |
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Total |
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1000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Engineering, Procurement and Manufacturer of
Petrochemical, Chemical, Cement, Steel and Special Projects Equipments |
GENERAL
INFORMATION
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Bankers : |
Syndicate Bank Nikisha Arcade, Goddev Phatak Road, Bhayander East, Bhayander - 400105
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gopal Agarwal Chartered Accountants |
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Address : |
C – 2, Shanti Ganga Apartment, Opposite Railway Station, Bhayandar –
401105, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.806 |
0.806 |
0.806 |
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3] Reserves & Surplus |
0.759 |
0.865 |
0.356 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.665 |
1.771 |
1.262 |
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LOAN FUNDS |
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1] Secured Loans |
1.937 |
0.848 |
0.844 |
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2] Unsecured Loans |
2.479 |
0.100 |
0.300 |
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TOTAL BORROWING |
4.416 |
0.948 |
1.144 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
6.081 |
2.719 |
2.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.477 |
1.091 |
1.362 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.361
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4.856 |
4.609 |
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Sundry Debtors |
5.304
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1.571 |
1.711 |
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Cash & Bank Balances |
0.107
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0.345 |
0.457 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.759
|
0.476 |
1.936 |
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Total
Current Assets |
9.531
|
7.248 |
8.713 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.982
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5.262 |
7.389 |
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Provisions |
3.949
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0.362 |
0.286 |
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Total
Current Liabilities |
6.931
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5.624 |
7.675 |
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Net Current Assets |
2.600
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1.624 |
1.038 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.004 |
0.006 |
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TOTAL |
6.081 |
2.719 |
2.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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15.806 |
15.490 |
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Other Income |
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0.944 |
0.161 |
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Total Income |
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16.750 |
15.651 |
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Profit/(Loss) Before Tax |
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0.228 |
0.200 |
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Provision for Taxation |
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0.076 |
0.053 |
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Profit/(Loss) After Tax |
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0.152 |
0.147 |
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Expenditures : |
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Cost of Goods Sold |
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13.704 |
12.407 |
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Administrative Expenses |
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2.415 |
2.756 |
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Depreciation & Amortization |
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0.270 |
0.206 |
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Interest |
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0.132 |
0.080 |
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Other Expenditure |
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0.001 |
0.001 |
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Total Expenditure |
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16.522 |
15.450 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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0.91 |
0.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.44 |
1.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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2.73 |
1.99 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.13 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.82
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3.71 |
6.99 |
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Current Ratio (Current Asset/Current Liability) |
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1.38
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1.29 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28920MH1998PTC113542 |
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Name of the
company |
SURYADIPTA PROJECTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
P. M. Refinery Compound, Opposite Syndicate Bank, Bhayandar East,
Thane – 401105, Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
Syndicate Bank Nikisha Arcade, Goddev Phatak Road, Bhayander East, Bhayander - 400105
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Composite
hypothecation agreement dated 17.11.2007 |
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Date of
instrument Creating the charge |
17.11.2007 |
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Amount secured by
the charge |
Rs. 1.000 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: The rate of
interest @ 14.75 % p.a. being 1.75 % over and above the Bank’s PLR Terms of
repayment : Operating it briskly
to the extent of limit / drawing power fixed and bring it to credit at least
once a year and closing it in time the end of one year. Margin : By operation of
account upto the limit drawing power fixed Extent and
operation of the charge : The bank shall
have first charge on the property / assets secured. |
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Short particulars
of the property charged |
Iron Sheets and
Iron products, Existing machinery all at Ghod Bunder, Bhayander [E] Thane
District |
FIXED ASSETS
- Factory Shed
- Fax Machine
- Furniture and
Fixture
- Office
Equipment
- Machinery
- Motor Car
- Computer
AS PER WEBSITE
Profile
Speciality : A one point manufacturing and supply of all
mechanical items of any project. (Manufacturing, Trail Assembly, Dismantling and
supply in modular form.)
Experience in projects : Fabrication, Chemical,
petrochemical, fertilizers, oil and gas, manufacturing of cement related
equipments , steel , allied projects. And ship units
Some
milestones:
Larsen & Toubro Limited given a chance to fabricate, m/c and
assembly of coolax cooler, weighing 115 mt, size 3.7 x 25 mtr. For Lafarz
Bangladesh
Nicco / NPCIL tapp 3 & 4 given the opportunity to fabricate
d2o up gradation tower, weighing 180 mt and chimney 48 mrt ht.
Hindustan construction co Limited (Hcc) given them the opportunity
to fabricate 800 mt heavy fabrication (loading installation+ other items) for
Mumbai's prestigious project Bandra Worli sea link under Tuv Insp, and
consultant is VSL Australia.
Heavy engineering division of Larsen & Toubro Limited, Mumbai,
gave the opportunity to fabricate more than 300 mt pressure vessel parts, for
their clients (RIL, Petronus, IOCL, Mitshubishi, and many more.)
Construction division of Larsen & Toubro Limited, gave the
opportunity to fabricate and supply modular construction of Reformer, Including
Stack for BPCL Mahul, weighing 450 mt.
Project division of Larsen & Toubro Limited, gave them the
opportunity to manufacture and supply 400 mt structurals for iocl barauni and
ACC WADI projects.
Project division of m/s Flat product gave them the opportunity to
manufacture and supply of continious paint shop project which includes
incinerator, oven, stack, ducting, for their client m/s TUBERIAS PROCARSA,
Francisco, USA. And complete rubber linned tanks for galvenising and pickling
line for Ethiyopia.
ONGC extension platforms weighing 120 mt under eil insp for
supreme offshore.
Project
Chemical
/fertilizer project items :
1. Tanks /vessels as per asme
code.
2. Any other spares /items as per drg.
3. Reformer /heater all items
4. Columns
5. Condensers
6. Column internals
7. Reaction vessel/ kettle /reactors incl agitators.
8. Rubber linned/lead linned tanks/vessels.
9. LPG bullets (explosive certificate awaited
Cement project items :
1. Kiln sections, kiln outer
arrangement except sealing.
2. Mill body (horizontal / vertical)
3. Stacker reclaimer structure.
4. Pre heater items
5. Dust filters
6. Air receivers. Air separator
7. Cooler (folax / coolax / rotary )
8. Bucket elevators, screw conveyors.
9. Various types of Doors/Gates/Dividers/Explosion flaps/Throttle valves etc
10. Special types of hardware's and all type of spares , hard facing.
11. Packing plant complete arrangement.
Steel
plant items :
1. Moving sleeves required on top of
blast furnace.
2. Cradles
3. Trunnions
4. Zinc pot
5. Gear box body.
6. Dust collection system
7. Pickling line tanks
8. Galvanize line tanks
9. Dampers
Any other machinery as per customer drg
Following
jobs can be undertaken with design / detail engg :
1. Storage tanks (non / modular type).
2. Structural.
3. Process tanks /vessels.
4. Accommodation (modular).
5. Pn / hydraulic operated machines.
6. Compact modular process plant except its specific equipments.
Other
Equipments:
1. Plant / project structural .
2. Storage tanks for minerals /food grain/liquid (incl modular type).
3. Prefabricated culverts / bridges.
4. Hot air generators / incinerators / air heaters.
5. Petroleum storage & under ground tanks.
6. Burges (toeing / self propelled ).
7. Boats.
8. Towers.
9. Any mass product custom built items (Fabricated).
10. Boat / burge manufacturing / repairs.
11. Road / Rail tankers.
12. Railway wagon (modular type).
13. Bulk handling systems.
14. Machinery for : Cement / Steel / Associated plants.
15. Panel type (insulated /non insulated) accommodation.
Reformer/ heater project / plant
A. The item their company have executed / regularly
supplying.
( most are of 'htas' design, few 'linde' design)
1. Structural, panels/casings or circular panel/ modular
construction.
2. Stack and its support.
3. Convection section.
4. Cs/alloy (hot/ cold) ducting.
5. Misc struc. For different items/ supports.
6. Header pipes
7. Foundation bolts.
8. Peep / observation / access / safety doors.
9. Catalyst tube / hairepin guides, seal, brase, supp. Etc.
10. Burner flanges./ anchors
11. Pressure and non pr. Parts of pressure equipments, such as catalyst tube
internals of ss 310 / p-11 , p- 22 internals, externals, inconel parts of
separators etc. ( welders are qualified for cs, ss, inconel, alloy steel.)
B. The items they are confident to manufacture and supply.
( they have the manufacturing base, and know manufacturing process)
1. W.h.r. module, inlc. mfg and supply
u bend.
2. Cold collector.
3. Damper doors.
4. Explosion door.
5. Burner piping.
6. Louver dampers with actuators.(they have supplied in cement plant)
7. Silencers.
8. Metallic expansion joints.(they have supplied in cement plant)
9. All other misc items ie: pipe supports, guides, slides , gratings etc
Manufacturing
Facilities& Infrastructures:
Situated: 23 km from Mumbai
international air port / 5 km from Dahishar
Checknaka, Mumbai / 17 km from thane / 1. 5 km from western Express Highway. with water front (jetty) close to Arabian
sea.
Area: 1 acre open fabrication
yard, 5000 sq ft close fabrication shop, machine shop, with jetty having 18 ft
water draft during high tide.
Transportation
size: 6
mtr dia / sq x 16 mtr wide x any length by sea. 6 mtr dia/sq x 6 mtr x 20 mtr
long by road.
Fabrication
capacity: 125 mt per month of structural / tanks.
50 mt per month
of pressure vessels.
Manpower
permanent: 92 including , engineer , supervisors, qualified welders,
fabricators. (manpower can be increased as and required thru local contractors)
Handling
facility:
crane on hire available from 5 toner to 80 toner locally avl in addition they
have gantry.
Turn over (group): last 3 years average Rs. 30 Millions ( Including 7.000 Millions labour)
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 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.39.44 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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. |
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 |
|