MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MAHARASHTRA METAL WORKS PRIVATE LIMITED |
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Registered Office : |
D / 19, Ansa Industrial Estate , Ground Floor, Mumbai – 400 072, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.07.1996 |
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Com. Reg. No.: |
101451 |
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CIN No.: [Company
Identification No.] |
U28900MH1996PTC101451 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM11006C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Tin containers for packing of Liquid Pesticides
Products. |
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 16000 |
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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
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Registered Office/ Factory : |
D / 19, Ansa Industrial Estate , Ground Floor, Saki-Vihar Road, Mumbai
– 400 072, Maharashtra, India |
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Tel. No.: |
91 – 22 – 2847 1190 / 91 / 92 |
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Mobile No.: |
91 – 9820051015, 9820062823, 9819644677 |
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Fax No.: |
91 – 2847 4240 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Nizaraci B. Vasaya |
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Designation : |
Director |
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Address : |
B – 1002, |
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Date of Birth/Age : |
45 years |
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Qualification : |
B. Com. |
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Experience : |
18 years |
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Name : |
Mr. Sokataci B. Vasaya |
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Designation : |
Director |
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Address : |
B – 1002, |
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Date of Birth/Age : |
42 years |
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Qualification : |
B. com. |
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Experience : |
18 years |
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Name : |
Mr. Nissar Vasaya |
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Designation : |
Managing Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Mr. N. B. Vasaya |
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50.00 |
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Mr. S. B. Vasaya |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Tin containers for packing of Liquid Pesticides
Products. |
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Products : |
v
Tin and Plastic Container v
OTS Food Can v
Pesticide Can v
General Can |
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Exports : |
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Products : |
v
Tin Containers v
Tin Can |
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Countries : |
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Imports : |
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Products : |
Tin Plate Sheets |
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Countries : |
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Terms : |
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Selling : |
L/C, and advance |
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Purchasing : |
L/C, and Cash |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Metal Tin Containers |
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Pcs |
50000 / Per day |
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HDPE Containers |
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Pcs |
25000 / Per day |
GENERAL INFORMATION
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Customers : |
v
Wholesalers v
Retailers v
End Users |
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No. of Employees : |
185 (Office: 10; Factory: 175) |
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Bankers : |
Development Credit Bank Andheri West Branch, Mumbai – 400 058, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parag K. Shah and Company Chartered Accountants |
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Address : |
Malad West Branch, Mumbai, |
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Tel. No.: |
91 – 22 - 2888 7842 |
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Associates/Subsidiaries : |
Pramod Wollen and Silk Industries Private Limited Address: Chandivali, Mumbai – 400 072, Line of Business: Printing |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4940 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.494 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4940 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.494 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.494 |
0.494 |
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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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3.604 |
3.020 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.098 |
3.514 |
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LOAN FUNDS |
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1] Secured Loans |
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2.183 |
5.214 |
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2] Unsecured Loans |
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17.491 |
21.740 |
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TOTAL BORROWING |
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19.674 |
26.954 |
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DEFERRED TAX LIABILITIES |
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0.544 |
0.590 |
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TOTAL |
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24.315 |
31.058 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.768 |
8.189 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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28.335 |
36.866 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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28.335 |
36.866 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.998 |
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Provisions |
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Total
Current Liabilities |
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19.788 |
13.998 |
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Net Current Assets |
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8.547 |
22.868 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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24.315 |
31.058 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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131.496 |
102.603 |
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Other Income |
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0.371 |
0.356 |
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Total Income |
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131.867 |
102.959 |
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Profit/(Loss) Before Tax |
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1.282 |
0.848 |
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Provision for Taxation |
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0.699 |
0.310 |
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Profit/(Loss) After Tax |
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0.583 |
0.538 |
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Expenditures : |
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Cost of Goods Sold |
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107.323 |
78.799 |
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Direct Expenses |
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11.148 |
8.674 |
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Administration, Selling and Other Expenses |
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10.210 |
13.229 |
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Depreciation |
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1.904 |
1.409 |
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Total Expenditure |
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130.585 |
102.111 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.44 |
0.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.97 |
0.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.91 |
1.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.63 |
11.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.43 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
Rallis India Limited, Turbhe Naka, Navi Mumbai [Mr.
Jitendra Dubey (Tel No.: 91 – 22 – 6793 1403)]
Ghorda Chemicals Limited, Bandra (West), Mumbai
[Mr. Ramesh (Tel No.: 91 – 22 – 2655 2339)]
Website details attached:
Introduction
They started their company in adherence to the fast emerging consumption
of Tin Containers for packing of
Liquid Pesticides Products. Their company is well renowned as one of the
specialist and leading manufacturer of Round and Rectangular integrated neck
type and open top tin containers made from prime quality tin plate.
Productions
The tin containers manufactured by them are as per standards of ISI
specification and ISO series for export, which would be suitable for packing of
any products. They have also started manufacturing HDPE Bottles of all categories required for packing of Liquid
Pesticide Products and are already supplying the same HDPE Bottles to leading
Pesticides manufacturers across the Nation. They have their own separate unit
which manufactures components of Tin Container like integrated Tops, Bottoms
and Lids etc. This enables us to offer the optimum quantity with quality in
competitive prices.
Production Process
They have one of the most modern and sophisticated machinery involved in their
production activity. They have their own printing unit equipped with the latest
fully automatic machinery giving the best output. Every process of fabrication
and manufacture up to the final product is looked after by their highly skilled
technical team. Proof testing facilities comply with sampling standards of ISI
Specifications.
Infrastructure
The complete production activity of their company is divided into three
departments -printing, component manufacturing and fabrication. The finished
tin containers are applied with Rust proof preventives on the top, on the
bottom seaming line and the welding area which prevents from being rusted.
List of Machinery Installed for Tins
- Fully Auto Food Can Body Maker
- Automatic Metal Cutting Machine
- Fully Automatic Welding Machine
- Rolling Machine
- Body Forming Machine
- Flanging Machine
- Automatic Seaming Machine
- Tin Containers Drying Oven
- Power Press
List of Machinery Installed for HDDPE
Bottles
- Blow Moulding Machine
- Injection Moulding Machine
Quality & Clients
Every process of the production level is efficiently checked by their group
of expert Engineers and Quality Control Supervisors to maintain their quality
norms. Each container is finally dipped in water by filling pressurized air to
detect leakage in the containers. Hence, they offer Tin Containers and HDDPE Bottles which are 100% leak proof and apt
for storage to their prestigious clients based in the Domestic and
International markets. They are engaged in exporting their range to places like
Primary
Competitive Advantages
They offer product range at best quality and
within committed time-frames.
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. 40.33 |
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1 |
Rs. 82.63 |
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Euro |
1 |
Rs. 55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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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45 |
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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