MIRA
INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MASIBUS
AUTOMATION AND INSTRUMENTATION PRIVATE LIMITED |
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Registered Office : |
B-30,
G.I.D.C. Electronic Estate, Gandhinagar-382044, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.09.1987 |
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Com. Reg. No.: |
04-9994 |
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CIN No.: [Company
Identification No.] |
U32201GJ1987PTC009994 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM02692E |
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PAN No.: [Permanent
Account No.] |
AAACM9906A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Instrumentation, Process Controls,
Automation and Condition Monitoring |
RATING & COMMENTS
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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
125000 |
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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 reported as 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 Office : |
B-30,
G.I.D.C. Electronic Estate, Gandhinagar-382044, Gujarat, India |
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Head Office : |
Masibus, Gandhinagar (Head Office) Contact Person : Mr. K. Subramaniam B-30, G.I.D.C Electronic Estate,
Gandhinagar – 382044, Gujarat, India |
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Tel. No.: |
91 79 23242950, 23242879, 23242949,
23242913, 2324291 |
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Mobile No.: |
91 9898586470 |
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Fax No.: |
91 79 23242888, 23 |
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E-Mail : |
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Website : |
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Branches : |
Masibus,
Ahmedabad Contact Person : Mr Paresh Patel B/1, Basement, Vraj Bhoomi Complex, B/h
Sanjay Apartments., Opposite C.N. Vidyalaya, Ambavadi, Ahmedabad – 380015,
Gujarat, India Tel. No.:91 79 26563416, 26443573 Mobile No.:91 9898586391 Fax No.:91 79 26407250 E-Mail: masibus@icenet.com Masibus,
Bangalore Contact Person : Mr. Robert K Bose No. 223, First Floor, 4th A Cross, HRBR
Layout, 3rd Block, Kalyannagar, Tel. No.:91 80 25432664 Mobile No.:91 9844023160 Fax No.:91 80 25432082 E-Mail:robert_b@vsnl.com
Masibus,
Chennai Contact Person : Mr. Jitesh Samanta (106),12, New Avadi Road, Kilpauk, Tel. No.:91 44 26441656, 26451925 Mobile No.:91 9840273739 Fax No.:91 44 26451925 E-Mail:masibus222@dataone.in
Masibus,
Kolkata Contact Person : Mr Abhijit Datta P-537, Raja Basanta Roy Road, 2nd Floor,
Room No. 5, Kolkata - 700 029, West Bengal, India Tel. No.:91 33 55399098,55399099 Mobile No.:91 9433039265 Fax No.:91 33 24654837 E-Mail: masibus@giascl01.vsnl.net.in Masibus,
Mumbai Contact Person : Mr. Sohrab Daver 213/214, Veena Industrial Estate, Opp.
Fitwell House, L.B.S Marg, Vikhroli (W), Mumbai – 400083, Maharashtra, India Tel. No.:91 22 25790472,55969089 Mobile No.:91 9892263577 Fax No.:91 22 25778951 E-Mail: masibus@mtnl.net.in Masibus,
New Delhi Contact Person : Mr. Arun Arora Paharpur Business Centre 25,Community
Centre, 3rd Floor, East of Kailash, New Delhi – 110065, Delhi, India Tel. No.:91 11 39528343 ,41639119 Mobile No.:91 9818383815 Fax No.:91 11 41325697 E-Mail:delhi@masibus.com
Masibus,
Pune Contact Person : Mr. Niteen M Vaidya Flat No 7, Kshitij Apartments Road No. 3,
Dahanukar Colony, Kothrud Tel. No.:91 20 25431619, 25420363 Mobile No.:91 9822435127 Fax No.:91 20 25431619 E-Mail: pune@masibus.com,
nmvits@ol24.net Masibus,
Secunderabad Contact Person : Mr. P. Sahu Plot No 11, P & T Colony,
Trimulgherry, Secunderabad - 500 015, Andhra Pradesh, India Tel. No.:91 40 27742599 Mobile No.:91 9440306668 Fax No.:91 40 27742600 E-Mail : hyd@masibus.com Masibus,
Vadodara Contact Person : Mr.Tushar Jani B-302, Arihant Super Market, Opp. State
Bank of India, Above Adani's Super Market, Nr. Lalbaug Railway crossing,
Vadodara - 390 011, Gujarat, India Tel. No.:91 265 3293027, 3093027 Mobile No.:91 9898586390 +91 9898586660 Fax No.:91 265 2303127 E-Mail:baroda@masibus.com |
DIRECTORS
|
Name : |
Mr. K.
Subramaniam |
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Designation : |
Managing
Director |
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Address : |
382/2,
Sector 29, Gandhinagar-382029, Gujarat |
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Date of Appointment : |
21.09.1987 |
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Name : |
Mr.
Vidya K. Subramaniam |
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Designation : |
Director |
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Address : |
382/2,
Sector 29, Gandhinagar-382029, Gujarat |
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Date of Appointment : |
09.09.1994 |
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|
|
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Name : |
Hasmukh
U. Gadhecha |
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Designation : |
Director |
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Address : |
105,
Aalay Flats, Near Vijay Cross Roads, Navrangpura, Ahmedabad-380009, Gujarat |
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Date of Appointment : |
02.04.1990 |
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Name : |
Mrs.
Lata Surendra Shah |
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Designation : |
Director |
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Address : |
2/A,
Sevakunj Society, Paldi, Ahemdabad-380007, Gujarat |
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Date of Appointment : |
21.09.1987 |
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Date of Ceasing : |
31.03.2005 |
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Name : |
Mr.
Domnic Joseph Cordeiro |
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Designation : |
Technical
Director |
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Address : |
A-1/201,
Royal Enclave, Near Asopalav Bunglows, Thaltej, Ahemdabad-380059, Gujarat |
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Date of Appointment : |
01.04.2002 |
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|
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Name : |
Mr.
Sohrab Bezun |
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Designation : |
Director |
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Address : |
C/404,
Tulip Building, Powai, Mumbai-400076, Maharashtra |
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Date of Appointment : |
21.05.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. K.
Subramaniam |
900000 |
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Mrs.
Lata Shah |
67500 |
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Mr.
Gaurav Gadhecha |
88200 |
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Mr. S.
Sunandan |
22500 |
|
Mrs.
Vidya Subramaniam |
630000 |
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Mr.
Surendra Shah |
45000 |
|
Mr.
Manan Shah |
45000 |
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Mr. U.
Gadhecha (HUF) |
181800 |
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Mr.
Hasmukh U. Gadhecha |
112500 |
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Mr. D.
J. Cordeio |
135000 |
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Total |
2250000 |
BUSINESS DETAILS
|
Line of Business : |
Instrumentation, Process Controls,
Automation and Condition Monitoring |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Panaji Branch, Panaji, Goa |
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Banking Relations : |
Satisfactory |
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Auditors : |
A.K.
Shah & Associates Chartered
Accountants 423, 4th
Floor, mSuper Mall, Near Lal Bunglow, C.G. Road, Ahmedabad-380006, Gujarat,
India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity
Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity
Shares |
Rs.10/- each |
Rs.22.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
22.500 |
15.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
12.415 |
15.798 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
34.915 |
30.798 |
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|
LOAN FUNDS |
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1] Secured Loans |
|
19.057 |
13.329 |
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2] Unsecured Loans + Deferred Tax
Liabilities |
|
10.654 |
9.561 |
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TOTAL BORROWING |
|
29.711 |
22.890 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
64.626 |
53.688 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
19.179 |
16.486 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
2.827 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
15.017 |
17.766 |
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Sundry Debtors |
|
47.763 |
32.538 |
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Cash & Bank Balances |
|
1.000 |
6.015 |
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Other Current Assets |
|
0.098 |
0.149 |
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Loans & Advances |
|
2.303 |
1.813 |
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Total Current Assets |
|
66.181 |
58.281 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
17.565 |
15.965 |
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Provisions |
|
5.996 |
5.114 |
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Total Current Liabilities |
|
23.561 |
21.079 |
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Net Current Assets |
|
42.620 |
37.202 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
64.626 |
53.688 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
163.433 |
135.639 |
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|
|
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|
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Profit/(Loss)
Before Tax |
|
11.227 |
9.426 |
|
Provision
for Taxation |
|
2.042 |
1.562 |
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Profit/(Loss)
After Tax |
|
9.185 |
7.864 |
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Export
Value |
|
6.906 |
NA |
|
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|
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Total
Expenditure |
|
149.206 |
126.213 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
5.62 |
5.80 |
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
6.87 |
6.95 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
13.17 |
12.61 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.32 |
0.31 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.52 |
1.43 |
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.81 |
2.76 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
|
Name of the company |
Masibus Process Instruments Private
Limited |
|
Presented By |
Mr. K. Subramaniam, Director |
|
1) Date and description of instrument creating the change |
Guarantee Agreement for Small Industrial Advances (Term Loan) dated 29.04.2004 Guarantee Agreement for small Industrial Advances (Working Capital Finance) dated 29.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Nil |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Corporate Guarantee of Masibus Process Instruments Private Limited in favour of State Bank of India for the Demand Cash Credit of Rs.1.500 millions and Medium Term Loan of Rs.2.060 millions borrowed by Masibus Electronics Private Limited, their Group Company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Nil |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Panaji Branch Panaji, Goa |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Website Details :
Technology keeps subject young even in its 31st year of business operations. They in Masibus have the great advantage to use their net learning of the last 3 decades to take up the customer's problems and pain areas as a challenge and provide them with an integrated solution wherein they perceive a value proposition that brings smiles on customer’s faces.
Their constant endeavor in subject is to look for newer opportunities in the
fields of instrumentation, process controls, automation and condition
monitoring.
With an effort to offer the latest integrated solutions to our customers,
subject has always been keen to add more and more offerings, encompassing the
current trends in technologies through its major divisions of Product, Systems
Solutions & Condition Monitoring.
Products
Division :
A-M Station
AC Transducer
Bar Graph
Indicator
Calibrator
Controller
Datalogger
Flow
Indicators
Humidity
Transmitter
Indicators
Interface
Cards
Isolaters
LD Indicator
Oxygen Probe
PID Controller
Power Products
Scanner
Universal
Transmitter
Microcontroller based Universal
Transmitters which retransmits universal I/P to required voltage
Industry Domain / Automobile
Applications
Paint Shop, Lathe shop,
Heat Treatment, Annealing, Foundry, Heat Treatment, Carburising Furnace
Products
Process Indicators and
Controllers, Large Display Indicator, Calibrator, Isolators, Scanner, Data
logger, Power Meter, Interface Modules, Oxygen Probes + Carbon Potential
Controller
Systems
DAS, Machine
Automation, Furnace Automation, Plantwide EMS
Clientele / Client
List
Chemical
Ø Hindustan
Lever Limited, Nagpur
Ø Aarti
Industries Limited
Ø Grasim
Industries Limited
Ø (Chemical
Division) Nagda.
Textile
Ø Indo
Rama
Ø
Synthesis Butibori
Ø
Nova Petro, Ahmedabad
Ø
Trumac Engi., Ahmedabad
Engineering
Ø
Voltas, Dadra
Ø Ingersoll
Ø Rand
(India) Limited
Ø
Ahmedabad
Ø Electrolux
Kelvinator Limited, Warora
Automobile
Ø
Bajaj Tempo, Pithampur
Ø
Kalyani Brakes Limited, Jalgaon
Ø
Mahindra & Mahindra Ltd
Defence
Ø
Bharat Electronics
Ø
Hindustan Aeronautics Limited
Ø Ministry
of Defence (Govt. of India)
Paper
Ø
Ballarpur Industries Limited
Ø
Star Paper Mills Limited
Ø
Ruby Macons Limited, Vapi
Pharma
Ø
Gland Pharmaceuticals Limited, Hyderabad
Ø
Ranbaxy Laboratories Limited, Mohalli
Ø
Concord Biotech Limited, Ahmedabad
Power
Ø
Reliance Energy Limited
Ø
NTPC Tanda & Ramagundam
Ø
Gujarat Industries Power Company Limited, Baroda
Steel
Ø
Jindal Iron & Steel Company
Ø Tata
Iron and Steel Company Limited
Ø Facor
Steels Limited
Atomic
Ø
Nuclear Fuel Complex
Ø Uranium
Corporation of India Limited
Cement
Ø
L&T Cement, Awarpur
Ø
Aditya Cement
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.44.17 |
|
UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|