MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
UNION GLASS COMPANY |
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Registered Office : |
792, Chowk Tilak Bazar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1950 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Importers, Exporters and Manufacturers of Glass Bottles |
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 12000 |
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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 concern having satisfactory
track. Proprietor is reported as
experienced and respectable businessman.
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. |
LOCATIONS
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Registered Office : |
792, Chowk Tilak Bazar,
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Tel. No.: |
91-11-23978101/23937471 |
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Mobile No.: |
91-9811575263 |
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Fax No.: |
91-11-23937471/23978101 |
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E-Mail : |
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Website : |
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Area: |
900 Sq. fts. |
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Location: |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Vikram Sahnai |
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Designation : |
Proprietor |
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Mobile No.: |
91-9811575263 |
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Date of Birth/Age : |
27 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
KEY EXECUTIVES
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Name : |
Mr. Shyam Sahni |
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Designation : |
Key Executive |
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Date of Birth/Age : |
57 years |
BUSINESS DETAILS
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Line of Business : |
Importers, Exporters and Manufacturers of Glass Bottles |
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Products : |
v Perfume Mist Spray Bottles: Refillable/Aerosole v Sprayers: Refillable Screw Type/ Aerosole v Miniature Glass Bottles for Aroma Oils and Attars v Pharmaceutical Vials and Seals v Gold and Silver Fancy Bottles v Fancy D-Canters v Cosmetic Containers and Nail Polish Bottles v Aluminium and Plastic Caps v Vial Glass Bottles v Cobalt Blue Colour Bottles v Funnel Type Bottles v Rollon Bottles v Attar Haj Bottle v D-Canters v Gold and silver Bottles |
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Exports to: |
All over the world mainly |
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Imports : |
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Products : |
v
Raw materials v
Glass Bottles |
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Countries : |
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Terms : |
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Selling : |
T.T. only |
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Purchasing : |
L/C, and T. T. |
GENERAL INFORMATION
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Customers : |
Wholesalers and Manufacturers |
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No. of Employees : |
20 |
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Bankers : |
v
Citi Bank, v
Punjab National Bank, Chandi Chowk Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. K. Gupta and Associates Chartered Accountants |
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Associates/Subsidiaries : |
Not divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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22.500 |
20.000 |
Expected Sales (2007-08) : Rs. 25.000 millions
LOCAL AGENCY FURTHER INFORMATION
Subject keeps creating new designs and shapes of bottles to give the cutting-edge to the products of their clients. They try to produce most sophisticated and ahead of the times designs to suit the quality and standard of product.
Subject’s bottles can
provide a fresh, elegant and austere look to all products. It makes sure that
the raw material we use is of the best quality and there is no compromise in
the finish of the final product.
Subject’s
modern machines and a highly qualified staff make sure that the bottles they
make are of a superior quality and are 100% error-free.
Subject employs around 20 persons in its set up.
Subject operates from caption owned office premises of area admeasuring around 900 Sq.fts. which is located in commercial area.
Website details attached
Profile
Established back in the year 1950, subject has a long and glorious history
of producing marvelous and most exclusive glass bottles for the pharmaceutical
and toiletry industry. They are one of the most renowned manufacturers,
exporters and importers of glass bottles. Having a huge experience and
expertise in the field, they have stretched their business to
They keep creating new designs and
shapes of bottles to give the cutting-edge to the products of their clients.
They try to produce most sophisticated and ahead of the times designs to suit
the quality and standard of your product. After all, they understand that the
outer bottle is the first thing that has to capture a consumer's attention. Their bottles can provide a fresh, elegant
and austere look to all your products. They make sure that the raw
material they use is of the best quality and there is no compromise in the
finish of the final product. Their modern machines and a highly qualified staff
make sure that the bottles they make are of a superior quality and are 100%
error-free. They are looking forward to extending their business relations to
every corner of the world.
Primary Competitive Advantages
v Better Quality
v Timely Delivery
v Huge Variety
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. 40.70 |
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1 |
Rs. 80.80 |
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Euro |
1 |
Rs. 54.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
NO |
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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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48 |
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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