MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ARVEE ELECTRICALS AND ENGINEERS PRIVATE LIMITED |
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Registered Office : |
J-281, MIDC Bhosari Industrial Estate, Pune; 411026, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.09.1987 |
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Com. Reg. No.: |
044638 |
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CIN No.: [Company
Identification No.] |
U51505MH1987PTC044638 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of LT Panels |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has huge
accumulated losses. Payments are reported as slow and delayed The company can be considered for small business dealing with slight
caution initially. |
LOCATIONS
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Registered Office /Factory: |
J-281, MIDC Bhosari Industrial Estate, Pune; 411026, |
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Tel. No.: |
91 20 2747 5597 |
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Fax No.: |
91 20 56116982 |
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E-Mail : |
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Website : |
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Office : |
Flat No. 3, 2nd floor, Vidhya Sahakari
Bank Bldg. Plto No. 2, Survey No. 127, |
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Tel. No.: |
91 20 2588 8881 |
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Fax No.: |
91 20 2588 9003 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arun Tiribhuvandas Doshi |
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Designation : |
Managing Director |
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Address : |
1162/5 Shivaji Nagar, |
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Date of Birth/Age : |
06.05.1936 |
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Date of Appointment : |
01.04.1989 |
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Name : |
Ms. Asha Arun Doshi |
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Designation : |
Director |
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Address : |
1162/5 Shivaji Nagar, |
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Date of Birth/Age : |
04.02.1944 |
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Date of Appointment : |
11.09.1987 |
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Name : |
Mr. Narayanchandra Rohinikumar Datta |
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Designation : |
Whole time Director |
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Address : |
Shital Building 48/5, Nr. Vastu Udyog Pimpri Pune; 411018, |
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Date of Birth/Age : |
01.06.1954 |
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Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Arun Tribhuvan Doshi |
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2010 |
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Asha Arun Doshi |
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7010 |
Equity Share break-up:
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Category |
Percentage |
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Directors or
relative of directors |
100.00 |
BUSINESS DETAILS
GENERAL INFORMATION
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Suppliers : |
v Shree Ganesh Glass Arts v Technocrafts Switchgear v Universal Hardware and Tools v Pegasis Multitechs Private Limited v Nikita Metal Processors |
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Customers : |
Sugar Plants
Oil Plants
Steel Plant
4. Cement Plant
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Nirani Cement Plant (Karnataka Co-Generation Plants
Granulation Fertilizer Plant
Foundries
Other Industries
Metallurgy Plant
Avoki Fabrication Private Limited Siddharth Tank & Vessels Private Limited The Indian Sugar Gen Engineering Company Walchandnagar Industries Limited Badami Sugar Mills Limited Sitson India Private Limited Walchandnagar Bilagi Sugar Mills Limited |
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Bankers : |
The Cosmos
Co-operative Bank Limited, 269/270, Shaniwar Peth, Pune;411030, Maharasthra Bank of State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah Parekh and Sabhani Chartered Accountant (Mr. Romi Sabhani, Partner, M No.1842) |
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Address : |
M-12, II Wing, Thakkar House, 2418, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
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5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9020 |
Equity Shares |
Rs. 100/-
Each |
Rs.0.902
Millions |
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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0.902 |
0.902 |
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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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0.749 |
0.749 |
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4] (Accumulated Losses) |
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(9.721) |
(5.167) |
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NETWORTH |
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(8.070) |
(3.516) |
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LOAN FUNDS |
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1] Secured Loans |
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6.903 |
10.939 |
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2] Unsecured Loans |
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6.123 |
4.398 |
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TOTAL BORROWING |
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13.026 |
15.337 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.956 |
11.821 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.938 |
3.850 |
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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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1.101 |
1.101 |
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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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7.375 |
10.294 |
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Sundry Debtors |
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6.404 |
14.035 |
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Cash & Bank Balances |
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0.862 |
0.653 |
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Other Current Assets |
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0.422 |
2.550 |
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Loans & Advances |
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2.458 |
1.687 |
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Total
Current Assets |
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17.521 |
29.219 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.247 |
22.158 |
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Provisions |
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0.357 |
0.191 |
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Total
Current Liabilities |
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18.604 |
22.349 |
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Net Current Assets |
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(1.083) |
6.870 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.956 |
11.821 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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25.111 |
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Other Income |
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1.009 |
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Total Income |
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26.120 |
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Profit/(Loss) Before Tax |
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(4.621) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(4.621) |
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Total Expenditure |
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30.741 |
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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(17.69) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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(17.69) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(20.57) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.57) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(2.30) |
(6.35) |
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Current Ratio (Current Asset/Current Liability) |
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0.94 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
Arvee Electricals
and Engineers Private Limited |
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Presented By |
The Cosmos
Co-operative Bank Limited 269/270, Shaniwar
Peth, Pune;411030 |
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1) Date and description of instrument creating the change |
(Both documents constitutes
single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15.000
Millions |
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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 |
Material under
L/C and Margin Deposit, Movable Property |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 14% P.a |
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5) Name and Address and description of the person entitled to the charge. |
Margin : 15% |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
As Per Web Site:
Profile:
Since 1978, The company. has become a reputed name in LT Panels
Manufacturers & Turnkey Electrical Contractors in
Company has set up a high tech. manufacturing plant with sophisticated
facilities in Bhosari MIDC at Pune, where the company caters the requirements
of industry. With over 22 years of experience, the company has made a major
breakthrough in the field of Turnkey electrical contractors and owns the
responsibility of handling Turnkey contracts of Electrical projects for Sugar,
Cement, Fertilizer, Metallurgical Plants and all other areas. The company is
also involved in the manufacturing of Low Voltage, Power Control Centre (PCC),
Motor Control Centre (MCC), Distribution Boards, Control Panels, Bus-Ducts
& Control desks and also in the Designing, Detail Engineering and drawing
of Electrical Installation.
Being a technically sound company, believes in building long-term relationships
and thus offers lasting values to its customers. Recognized as one of the most
reputed, reliable and organizations in the field of Lt Panel Manufacturers
& Turnkey Electrical Contractors in
Their Strengths:
Rooted in the determination to create a flexible and dynamic
organization that promotes excellence, fosters entrepreneurships and unleashes
innovation, Company strives to achieve this goal by continual improvement in
their process, product quality, services and management system to meet Customer
expectations.
With more than 22 years of experience the company has gained a vast
experience in providing solutions for electrical project & installation.
With unique blend of experience and capabilities the company has been handling
more than 200 turnkey projects for every kind of industry including Sugar,
Cement, Fertilizers and Metallurgical Plants. Exposer to overseas projects in
the Countries such as Zambia, Kenya, Bangladesh, Tanzania, Vietnam, Srilanka,
Lebanon, Nepal, Uganda, Indonesia & Colombia has lead the company to become
leader in the field of Turnkey Electrical Contracts.
The company has always followed the principle of providing quality
services to its most valued customers and thus provides its customers with the
most consistent high quality of electrical control panels & turnkey
electrical installation as per Customer requirements. With the very able and
experienced manpower form the varied field of engineering, manufacturing, and
erection & commissioning, the company believes that it would most probably
achieve its goal.
Over the years, Company has established itself as a reliable source of quality
products. And this was possible only through ethical management, honest work,
open communications and strenuous effort of its people and also with a sincere
desire to reach the position where the company stands today.
Products
Over the years Company has established itself as a reliable source of
quality products. Rigorous quality control is practiced at every stage of
manufacturing to ensure batch to batch consistencies.
1. Power Control Centers (PCC)
Features :
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Tested at CPRI for 50 KA short circuit level.
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Compartmentalized, fully segregated , modular
construction panels. Easy extensibility on either sides.
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Main bus bars at the top Vertical bus bars at the
front or rear.
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Cable entry from bottom or top , as required.
Spacious cable alleys at rear or front side for each panel.
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Can be offered in single or double front design.
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Bus bars and components easily accessible for ease
of maintenance.
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Panel’s electro statically painted after seven tank
surface treatment.
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Electrolytic grade aluminum (E91E)/copper bus bars,
as required. Bus bars provided with heat shrink black sleeve .Colour bands
provided at regular intervals for phase identification.
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Individual phase supports made up for fiber glass
reinforced polyester SMC material having high mechanical strength, are
resistant and anti-tracking properties.
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Shrouds of insulating material for bus bar joints
provided (optional)
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Auxiliary supply buses , for control supply and
panel space hater supply, can be provided.
2. Motor Control Centers (MCC)
Features :
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Tested at CPRI for 50KA short circuit level.
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Compartmentalized , modular construction panel
.Easy extensibility on the either sides. Cable entry from bottom or top , as
required.
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Panels electro statically painted after seven tank
surface treatment.
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Electrolytic grade aluminum (E91E) Copper bus bars
covered with heat shrink black sleeve color bands provided at regular intervals
for phase identification.
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Separate set of vertical bus bars for double front
design.
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Spacious individual cable alley for each vertical
feeder section.
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Complete dust & vermin proof.
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Aux , supply buses for control supply and are space
heater supply , are provided.
3. Busbar Trunking
with plug in boxes
Features :
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Tested at CPRI for short circuit level of LT bus
duct at 50KA
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L.T. Bus duct with interleaved design.
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Rigid construction with folded and bent
M.S>Sheets. Individual sections in convenient length bolted together to form
the entire assembly.
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Designed for indoor and outdoor applications.
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Bus bars of electrolytic grade aluminum (E91E) /
copper, three phase and neutral. Bus bars supports made of fibre glass
reinforced polyester SMC material.
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Bus bars painted with black matt finish.
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Parts the bus duct assembly :
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Straight run –indoor/ outdoor
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Adaptor boxes at PCC and Transformer /Alternators
ends.
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Copper flexible at the PCC, Alternator and
Transformer ends.
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Copper/ Aluminum expansion joints in the straight
run of the bus duct (Optional)
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Phase cross-over chamber (optional)
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Inspection covers are provided
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Epoxy moulded /FRP fire barrier and rubber bellows
can be provided (optional)
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Wall Sealing Assembly.
5. Control Panels with or without process mimic diagrams
6. Control desks / stands for various applications
7. Power and Lighting Distribution boards
9. Off load /On load changeover switches up to
2000amps
10. Cont. & batch type Centrifugal Machine
Panels
11. Auto transformer panels & Soft starter
Panels
Services:
With a unique blend of experiences and capabilities Company offer wide
range of services to its valued customer. For last 22 years the company has
been catering the requirements of its customer and has won several accolades
for the service it provides.
Today the company caters the needs of industry in various fields like
handles the turnkey contracts of Electrical projects for Sugar, Cement,
Fertilizer, Metallurgical Plants and all others areas. The company is also into
manufacturing of Low Voltage, Power Control Centre (PCC), Motor Control Centre
(MCC), Distribution Boards, Control Panels, Bus-Ducts & Control desks and
also in the Designing, Detail Engineering and drawing of Electrical
Installation.
The company has always maintained a good & healthy relationship with
its customer and offer them best valued services that meet or exceed their
expectations.
Projects:
List of various projects executed
turnkey basis.
6.
Granulation Fertilizer Plant
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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|
1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
1 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
22 |
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 |
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