MIRA INFORM REPORT

 

 

Report Date :

25.07.2007

 

IDENTIFICATION DETAILS

 

Name :

NOMAX ELECTRICAL STEELS PRIVATE LIMITED

 

 

Formerly Known As :

EASTERN ELECTRICALS

 

 

Registered Office :

51, Dakhin Hatiara, Kolkata 700 059, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007 (Eastern Electricals)

 

 

Date of Incorporation :

1981

 

 

Com. Reg. No.:

114951

 

 

CIN No.:

[Company Identification No.]

U27320WB2007PTC114951

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALE01832F

 

 

PAN No.:

[Permanent Account No.]

AABFE6105H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Transformer Cores.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 40000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern having satisfactory track. Partners 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 concern can be considered normal for business dealings at usual trade terms and conditions.

Subject has been converted into Private Limited Company in July 2007 as confirmed by the management.

 

 

LOCATIONS

 

Registered Office :

51, Dakhin Hatiara, Kolkata 700 059, India

Tel. No.:

91-33-25724120

Mobile No.:

91-9830250263

Fax No.:

91-33-25728874

E-Mail :

easternelectricals@gmail.com

easternelectricals@vsnl.net

Website :

www.transformerlaminationcore.com

www.easternelectricals.com

www.nomax.co.in

Area :

40000 sq. fts. And 30000 sq fts.

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. M Mandal

Designation :

Director

Date of Birth/Age :

48 Years

Qualification :

Under Graduate

 

 

Name :

Mr. Nasir Mandal

Designation :

Director

Address :

Graduate

Date of Birth/Age :

44 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Transformer Cores.

 

 

Products :

Ø       Toroidal transformer cores

Ø       CRGO and CRNGO Slit Coils and Strips

Ø       Stacked Transformer Cores

Ø       CRGO Transformer Cores for Power and Distribution Transformer

Ø       E and I Cores

 

 

Exports :

 

Products :

Transformer Cores

Countries :

Bangladesh

 

 

Imports :

 

Products :

Raw Materials

Countries :

All Over, Europe, America

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C

 

 

GENERAL INFORMATION

 

Customers :

Transformer Manufacturers

 

 

No. of Employees :

30

 

 

Bankers :

Allahabad Bank, CR Avenue Branch

 

 

Facilities :

L/C

 

 

 

Banking Relations :

Satisfactory

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity shares

Rs. 10/- each

Rs. 10.000 millions

 

Issued, Subscribed & Paid-up Capital :

 

Not Available

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

300.000

300.000

 

Expected Sales (2008) : Rs.400.000 millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note:

Subject was a Partnership firm since 1981. But from July 2007, it has become a Private Limited Company.

 

As per website details:

 

Company:

 

Subject has been one of the leading companies in manufacturing Transformer cores since being founded in 1981 

 

Eastern Electrical is based on the criteria of satisfying the needs of quantity and quality transformer cores to its customers. Their investment planning is designed in such a way that it will ensure their service in future.

 

Their facilities have state of the art technology with the modern production processes. Their production of transformer cores are fully compatible with the electro technical standards and comply with the customer demands. They are aware that in the global market priority number one is quality, therefore they designed a quality control department in order to ensure the quality of product to be kept steadily in the maximum.

 

They also offer specially tailored programs such as providing documented core losses and other relevant electric and magnetic properties with their product and assisting the engineering department in developing cores that take maximum advantage of losses and therefore sizes of the best CRGO grades available.

 

In order to give you the opportunity to appreciate their service, they would welcome any inquiry concerning their product listed, so that they may promptly send you their best offer.

 

 

Products:

 

Subject offers the transformer manufacturer industry a number of valuable services based on close 25 years of experience

 

 

Customers:

 

For more than 25 years subject has been one of the leading manufacturers of transformer core in India. Through continuous research they have pioneered a large variety of new methods of transformer core production many of them patented to the great benefit of their customers.

 

It is the most important duty of subject to earn and keep these customers as valuable references.

 

A list of customers is available in request.  

 

 

 

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.40.24

UK Pound

1

Rs.83.04

Euro

1

Rs.55.66

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

60

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions