MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
INVICTA INDIA PRIVATE LIMITED |
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Registered Office : |
N – 258- B, Greater Kailash – I, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
19.10.1983 |
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Com. Reg. No.: |
55-16786 |
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CIN No.: [Company
Identification No.] |
U34300DL1983PTC016786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04244C |
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PAN No.: [Permanent
Account No.] |
AAACI0641N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of wide range of Automotive Exhaust Components, Truck Trailer
Components, Hardware Components. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 30000 |
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Status : |
Clear |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
records. It’s trade relations are fair. Payments are usually correct and as
per commitments. The company can be consider good for any normal business
dealings as usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
N – 258- B, Greater Kailash – I, |
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Tel. No.: |
91-11-29247984 / 29232324 |
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Fax No.: |
91-11-29243506 / 29234374 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
A – 123, DDA Shade, Okhla Industrial Area, Phase II, |
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Area : |
Medium Sized |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Gopal Chopra |
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Designation : |
Director |
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Address : |
N-258B, Greater Kailash, Part –I, |
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Date of Birth/Age : |
22.11.1940 |
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Qualification : |
Graduate |
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Experience : |
35 Years |
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Date of Appointment : |
19.10.1983 |
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Name : |
Mrs. Prabha Chopra |
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Designation : |
Director |
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Address : |
N-258B, Greater Kailash, Part –I, |
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Date of Appointment : |
19.10.1983 |
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Name : |
Mrs. Karina Chopra |
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Designation : |
Director |
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Address : |
D-169, Defence Colony, |
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Date of Birth/Age : |
17.07.1966 |
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Date of Appointment : |
20.09.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Gopal Chopra |
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1040 |
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Prabha Chopra |
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510 |
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Mamta Bhatia |
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2 |
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Neha Chamalia |
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2 |
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Meenu Jain |
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2 |
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C K Jain |
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2 |
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D Subodh |
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2 |
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Others |
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500 |
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Total |
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2060 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of wide range of Automotive Exhaust Components, Truck
Trailer Components, Hardware Components. |
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Products : |
Automotive Exhaust Parts, Truck Trailer Components, Hardware Latches
and other Components and Assorted Items |
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Exports : |
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Products : |
Automotive Parts |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit 30 and 60 days, Advance Payment |
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Purchasing : |
Credit 30 and 60 days |
GENERAL INFORMATION
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No. of Employees : |
80 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Charanalia Bhatia and Gandhi Chartered Accountant |
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Address: |
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Associates/Subsidiaries
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,060 |
Equity shares |
Rs. 10/- each |
Rs. 0.260 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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150.000 |
Expected Sales (2007-08) : Rs. 160.000 millions
NOTE:
Last available financials are as per Registry
is for 2001 year.
We took up the matter with top – level
management and hopeful to supplement with latest financials as soon as they
provide.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.206 |
0.206 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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7.399 |
15.270 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.605 |
15.476 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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31.951 |
29.127 |
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TOTAL BORROWING |
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31.951 |
29.127 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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39.556 |
44.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.276 |
6.400 |
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Capital work-in-progress |
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INVESTMENT |
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72.112 |
61.344 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.336 |
1.890 |
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Sundry Debtors |
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1.362 |
5.414 |
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Cash & Bank Balances |
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10.410 |
6.320 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.128 |
7.512 |
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Total
Current Assets |
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18.236 |
21.136 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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56.818 |
43.377 |
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Provisions |
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1.250 |
0.900 |
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Total
Current Liabilities |
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58.068 |
44.277 |
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Net Current Assets |
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[39.832] |
[23.141] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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39.556 |
44.603 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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65.469 |
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Total Income |
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65.469 |
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Profit/(Loss) Before Tax |
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[6.585] |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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[6.585] |
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Total Expenditure |
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72.054 |
KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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[0.10] |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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[0.10] |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[25.81] |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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[0.87] |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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11.84 |
4.74 |
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Current Ratio (Current Asset/Current Liability) |
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0.31 |
0.48 |
LOCAL AGENCY FURTHER INFORMATION
As Per Website Details:
Subject was established in the year 1985 and is a part of the CHOPRA GROUP
OF COMPANIES. It is a leading manufacturer of a wide range of Automotive
Silencer Exhaust components, Truck Trailer components, Hardware components and
also manufactures components as per customers' requirements and specifications.
More than 5000 components
are available in their range of components and the company maintains huge
stocks in its main warehouse in
Mr. Gopal Chopra,
Managing Director of the company has over 20 years of experience in the
manufacturing and export trade. Today the company employs over 300 people and
thanks to the dedication and hard work of the entire team, SUBJECT has a vast
network of customers and distributors in over 50 countries throughout the world
including
A group company
REX CONSOLIDATED, also engaged in similar activities, has obtained ISO 9001
(2000) certification by NQA-QSR certification agency.
Automotive Exhaust Parts
- Body Band
- Exhaust Gaskets
- Exhaust Clamp
They manufacture a big range of exhaust spare part like clamps, rubber
mountings, bodybands, asbestos free gaskets, wire mesh gaskets,sintered
gaskets, flanges, flexible pipes, etc. Sheet metal components are manufactured
in both galvanized mild steel as well as in different grades of stainless steel
(Inox). All these spare parts are available for cars as well as trucks of many
different models for Mercedes, BMW, Volvo, Audi, Ford, Opel, Renault, Volks
Wagon, Citroen, Peugeot, etc.
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Exhaust Flanges
Their prompt communication, deliveries and the quality of their products
have been very well received and appreciated by their customers. Most of the
manufacturers or distributors of exhaust parts in
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Exhaust Bracket
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Exhaust Flexibe Pipe
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Other Exhaust Parts
Truck Trailer Components
- Trailer Dropside Hinge
- Rubber Buffer
- Trailer Locks
Trailer parts manufactured by them include truck trailer parts, vehicle
trailer parts, boat trailer parts, horse trailer parts, etc. The parts include
all kinds of trailer hardware like locks, hinges, latches, handles, brackets,
clamps, antiluce fasteners, wheel chocks, tow balls, etc.
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Lashing Ring
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Wheel Choke
They also manufacture complete jockey wheels, rotating beacon lights,
etc.
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Trailer Mudwing
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Trailer Rotating Light
Base
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Trailer Latch
Hardware Latches and Other Components
- Hardware Latches
- Hardware Latches
- Hardware Latches
They manufacture a very wide range of hardware latches. These latches are
used for industrial, agricultural as well as household applications. Special
packaging in smaller quantities or with bar codings and markings can be
provided if required. Great emphasis is placed on the finish, electoplating and
packaging of these items.
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Hardware Latches
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Hardware Latches
Other hardware items manufactured by them include swing clamps, lifting
handles, rope hooks, fasteners, etc.
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Hardware Latches
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Hardware Latches
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Hardware Latches
Other Assorted Items
- Chain Iron Pulley
- Customised Products1
- Customised Products2
Since the items in their range include sheet metal, cast iron, forged
and turned components, they are capable of manufacturing custom made components
or even dies and tools for their customers.
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Customised Products 3
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Iron Bends
They look upon developing custom made parts as a challenge and relish
taking them on! Many of their customers have been pleasantly surprised with
their sincerity in developing their components with speed, accuracy and
quality.
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Custom Bolt
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Customised Products 4
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.66 |
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1 |
Rs.81.70 |
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Euro |
1 |
Rs.55.05 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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63 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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