MIRA
INFORM REPORT
|
Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MULTITEX FILTRATION ENGIENEERS LIMITED |
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Registered Office : |
217, Hans Bhawan, Singh Zafar Marg, New Delhi – 110002 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18.11.1982 |
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Com. Reg. No.: |
55-14716 |
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CIN No.: [Company
Identification No.] |
U74899DL1982PLC014716 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08634D |
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PAN No.: [Permanent
Account No.] |
AAACM4722G |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
To design, erect, manufacture, commission and supply all types of Industrial
Filtration Equipments, Sterlisers, Air and Fluid Handling Equipments and
Systems, Air and Water Filtration Equipments and to undertake and execute all
types of turnkey projects in the above fields. |
RATING &
COMMENTS
|
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 350000 |
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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
experience 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 / Head Office : |
217, Hans Bhawan, Singh Zafar Marg, New Delhi – 110002, India |
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Tel. No.: |
91-11-23370923/23370479/23311275 / 23316779 / 23715882 / 23715923 / 23316028 |
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Fax No.: |
91-11-23370221/ 23722221 |
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E-Mail : |
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Telex : |
031-62206 |
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Grams : |
FILTERENGG |
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Area : |
350 sq. ft. |
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Location : |
Owned |
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Plants / Warehouse : |
Ø A-89, Sector V, District Gautambudh Nagar, Noida - 201301, Uttar Pradesh Ø A-96, Sector 58, Noida - 201301, Uttar Pradesh Ø Surajpur, Near Greater Noida, Uttar Pradesh |
DIRECTORS
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Name : |
Mr. Adar Kumar Jain |
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Designation : |
Managing Director |
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Address : |
181, Vaishali, Pitampura, Delhi - 110034 |
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Date of Birth/Age : |
18.01.1982 |
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Name : |
Mr. Nitin Jain |
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Designation : |
Whole Time Director |
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Address : |
181, Vaishali, Pitampura, Delhi - 110034 |
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Date of Birth/Age : |
01.12.1995 |
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Name : |
Mrs. Kanchan |
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Designation : |
Director |
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Address : |
181, Vaishali, Pitampura, Delhi - 110034 |
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Date of Birth/Age : |
14.01.2002 |
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Name : |
Mr. Amit Jain |
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Designation : |
Director |
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Address : |
181, Vaishali, Pitampura, Delhi - 110034 |
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Date of Birth/Age : |
24.12.2003 |
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Name : |
Mr. Yas Pal Jain |
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Designation : |
Additional Director |
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Address : |
3A, Ganesh Nagar Extension, Shakarpur, Delhi – 110092, India |
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Date of Birth/Age : |
30.06.1948 |
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Date of Appointment : |
01.08.2006 |
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DIN / PAN No. : |
00945750 |
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Income-tax PAN No. : |
AAFPJ9458A |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Jain Kumar Adar |
|
13046 |
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Mrs. Jain Kanchan |
|
4760 |
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Mr. Jain Dinesh |
|
1500 |
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Mr. Jain Lal Munni |
|
350 |
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Ms. Jain Vati Prabha |
|
1050 |
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Mr. Jain Das Onkar |
|
450 |
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Mr. Jain Nitin |
|
12115 |
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Mr. Jain Amit |
|
7610 |
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Jain A. K. [HUF] |
|
6250 |
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Mr. Jain Adarsh |
|
860 |
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Mr. Jain Vinod |
|
1 |
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Mr. Vijay Laxmi & A. K. Mittal |
|
1 |
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Ms. Laxmi Vijay |
|
325 |
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Mr. Gupta Sunil |
|
64 |
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Mrs. Padmawati |
|
1 |
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Ms. Gupta Niwas Laxmi |
|
1 |
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Ram Pratap Goyal & Radha Goyal |
|
1001 |
|
Frenzy Products Private Limited |
|
4000 |
|
Agarwal Portfolio Services Private Limited |
|
9000 |
|
Jagdamba Finlease Private Limited |
|
6500 |
|
Aggarwal Finlease Private Limited |
|
7500 |
|
Amit Aggarwal & Company |
|
1 |
|
Baij Nath Aggarwal & Company |
|
1 |
|
Om Prakash Suresh Chand [HUF] |
|
1 |
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Ganga Ram Aggarwal & Company |
|
1 |
|
Niranjan Lal Aggarwal & Company |
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1 |
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Mrs. Aggarwal Asha |
|
1 |
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Uphar Steel Limited |
|
1 |
|
Malik Engineer & Manufacturer Company |
|
1 |
|
Niranjan Lal Aggarwal [HUF] |
|
1 |
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T. S. Packaging |
|
2501 |
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Malik Chemicals Process Private Limited |
|
1 |
|
Aseem Builders |
|
2501 |
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Adhunik Systems Private Limited |
|
875 |
|
Adtech Infosys Private Limited |
|
3000 |
|
Agarwal Merchant Bankers Private Limited |
|
1875 |
|
Alishan Securities Cr. Private Limited |
|
1500 |
|
Century Credits Limited |
|
1000 |
|
Elite & Management Services Limited |
|
250 |
|
Esteem Hire Purchase Limited |
|
2250 |
|
G. L. Commercial Limited |
|
875 |
|
Glosil Leasing & Finance Private Limited |
|
1250 |
|
Harnam Securities Private Limited |
|
1500 |
|
Highsky Finance & Corporation Private Limited |
|
10500 |
|
Hiteshi Leasing & Housing Private Limited |
|
875 |
|
Mr. Jai Kishan |
|
1125 |
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Jai Mata Laxmi Fincap Limited |
|
1125 |
|
Kalian Extraction Limited |
|
1750 |
|
KCS Financial Services Limited |
|
1875 |
|
Mr. Lakhi Ram |
|
1250 |
|
Landmark Communication Private Limited |
|
1250 |
|
Mr. Kumar Manoj |
|
1250 |
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Mr. Meharam Export Private Limited |
|
1250 |
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Mr. Fincap Private Limited |
|
1250 |
|
MS Capital Management Services |
|
1000 |
|
NK Garments [GD Moolani] |
|
23106 |
|
NVJ Publication Private Limited |
|
1875 |
|
Oberoi Optics International Private Limited |
|
625 |
|
Parnami Habitat Dev Limited |
|
1250 |
|
Pashupati Exports Private Limited |
|
1875 |
|
Mr. Raj Bala |
|
1250 |
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Mr. Raj Nath Aggarwal |
|
1050 |
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Mr. Rathan Ram |
|
450 |
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Relam Finlease Private Limited |
|
750 |
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Reenu Fincap Private Limited |
|
4500 |
|
Rupyan Fin & Indus Corporation Limited |
|
1500 |
|
Ms. Bala Saroj |
|
1250 |
|
Satellite Markon |
|
4250 |
|
SCS Electronics Private Limited |
|
750 |
|
Mr. Garg Kumar Sham |
|
3500 |
|
S N Electricals |
|
1000 |
|
Stri Cement Prod. Private Limited |
|
4500 |
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Surag Advertisers Private Limited |
|
2500 |
|
Tirupati Silk Mills Private Limited |
|
1750 |
|
Vijau Kumar Gupta [HUF] |
|
2000 |
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VIK Meditronics Private Limited |
|
1250 |
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Vishnu Agro Industries Private Limited |
|
5125 |
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Mr. Aggarwal Lal Kanahya |
|
6339 |
|
Mr. Sadh Kapil |
|
1500 |
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JPJN Financial Services Limited |
|
1000 |
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Spurt Securities Limited |
|
2500 |
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Rahul Finlease Private Limited |
|
1875 |
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Royal Credits Private Limited |
|
1250 |
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MKM Finsec Private Limited |
|
2500 |
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Ethnic Creation Private Limited |
|
1250 |
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Rajkar Electricals & Electronic Private Limited |
|
625 |
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Ms. Priyanka Moolani |
|
1250 |
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Kuberco Sale Private Limited |
|
1250 |
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Nishant Finvest Private Limited |
|
1250 |
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New Generation Fin Private Limited |
|
1250 |
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Polo Leasing Finance Private Limited |
|
1250 |
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Manglam Portfolio Private Limited |
|
1250 |
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Nikhil Builders & Promoters Private Limited |
|
1250 |
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Stearing Securities and Finance Private Limited |
|
1250 |
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Sparrow Marketing Private Limited |
|
1250 |
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Subh Texmark [India] Private Limited |
|
1250 |
|
Mr. Mittal A. K. |
|
283 |
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Mr. Goyal Partap Ram |
|
257 |
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Mrs. Goyal Radha |
|
234 |
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CV Metal Powder [Haryana] Limited |
|
1250 |
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V. R. Traders Private Limited |
|
1250 |
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F. N. S. Consultancy Private Limited |
|
1250 |
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Sh. Gupteshwar Marketing Private Limited |
|
1500 |
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AKG Portfolio Private Limited |
|
1500 |
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Weal Iron & Steel Company Private Limited |
|
1500 |
BUSINESS DETAILS
|
Line of Business : |
To design, erect, manufacture, commission and supply all types of
Industrial Filtration Equipments, Sterlisers, Air and Fluid Handling
Equipments and Systems, Air and Water Filtration Equipments and to undertake
and execute all types of turnkey projects in the above fields. |
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Products : |
Strainers, filters, separators, coalescers, mist eliminators, scrubber, auto back wash filtering system, automatic strainers, scrapper launchers, flow tees, PIG handling systems, gas conditioning skids, automatic strainers, scrapper receivers, insulating joints, PIG Alerts, fuel forwarding & filtering skids, gas reducing & metering skids, oil & gas, centrifugal, lube & fuel oil treatment system, condenser on load tube cleaning system, debris filters, etc. |
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Exports : |
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Countries : |
South Korea, China and South Africa |
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Imports : |
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Countries : |
Italy, U. K. and U.S.A. |
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Terms : |
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Selling : |
Cash, Contract, Others, L/C or Credit (30 days) |
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Purchasing : |
Cash, Contract, Others, L/C or Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
Actual
Production [Qty.] |
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Filter Elements & Spares |
1191.00 |
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Filters, Strainers & Mixed Eliminators |
1674.00 |
GENERAL
INFORMATION
|
Suppliers : |
Ø G. D. Engineering, U.K. Ø Tube Turn, U.S.A. Ø PECO, U.S.A. Ø Beakart, Belgium Ø Raccordi Forgiate, Italy |
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Customers : |
Manufacturers and Government Bodies Ø Hyundai Heavy Industries Company Limited, Korea Ø Enron Oil & Gas International Inc., USA Ø Toyo Engineering Corporation, Japan Ø KSB Pumps, Malaysia Ø Simon India Limited, Saudi Arabia Ø ABB Lummus Crest B.V., Netherlands Ø Humphery & Glasgow, UK Ø Worthington Pumps, Italy Ø Bechtel, UK Ø Bechtel, France Ø Daelim, Korea Ø Siemens, Germany Ø KCC, Abu Dhabi Ø VCK Pipeline Project Ø Jamnagar Refinery Ø Mumbai - Manmad Pipeline Project Ø Santacruz Airport, Mumbai Ø Samsung, Korea Ø NPCC, Abu Dhabi Ø Indira Gandhi International Airport, Palam, New Delhi |
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No. of Employees : |
210 |
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Bankers : |
Ø State Bank of India, Noida, Uttar Pradesh Ø Canara Bank, 5-A, Hearld House, Bahadur Shah Zafar Marg, New Delhi - 110 002 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shashi Verma & Company Chartered Accountants |
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Address : |
E- 20, Lajpat Nagar – III, New Delhi – 110024, India |
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Associates/Subsidiaries : |
Ø Multitex Filters Private Limited, New Delhi - 110 034 - Manufacturing of all kinds of filter elements, cast & forged strainers, mist eliminator / demister pad. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
232992 |
Equity Shares |
Rs. 100/- each |
Rs. 23.299
millions |
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Add : |
Share Application Money |
|
Rs. 7.947
millions |
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TOTAL |
|
Rs. 31.246 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
31.246 |
23.299 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
56.762 |
55.877 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
88.008 |
79.176 |
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LOAN FUNDS |
|
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|
1] Secured Loans |
|
19.331 |
15.638 |
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2] Unsecured Loans |
|
8.896 |
8.244 |
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TOTAL BORROWING |
|
28.227 |
23.882 |
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DEFERRED TAX LIABILITIES |
|
2.093 |
0.202 |
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TOTAL |
|
118.328 |
103.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
17.866 |
12.651 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.004 |
0.004 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
59.420 |
81.073 |
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Sundry Debtors |
|
63.839 |
46.102 |
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Cash & Bank Balances |
|
19.926 |
6.450 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
5.264 |
3.392 |
|
Total
Current Assets |
|
148.449 |
137.017 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
Current Liabilities & Provisions |
|
47.991 |
46.412 |
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Total
Current Liabilities |
|
47.991 |
46.412 |
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Net Current Assets |
|
100.458 |
90.605 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
118.328 |
103.206 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
200.894 |
123.504 |
|
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Other Income |
|
0.924 |
0.921 |
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Total Income |
|
201.818 |
124.425 |
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Profit/(Loss) Before Tax |
|
3.489 |
2.883 |
|
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.489 |
2.883 |
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Earnings in Foreign Currency : |
|
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Export Earnings |
|
66.407 |
26.136 |
|
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Commission Earnings |
|
0.000 |
0.000 |
|
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Other Earnings |
|
0.000 |
0.000 |
|
Total Earnings |
|
66.407 |
26.136 |
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Imports : |
|
|
|
|
|
|
Raw Materials |
|
12.088 |
9.056 |
|
|
Stores & Spares |
|
0.000 |
0.000 |
|
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Capital Goods |
|
0.000 |
0.000 |
|
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Others |
|
0.000 |
0.000 |
|
Total Imports |
|
12.088 |
9.056 |
|
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|
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Expenditures : |
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|
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Manufacturing, Administrative and Other Expenses |
|
68.567 |
53.761 |
|
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Finance Expenses |
|
5.139 |
3.456 |
|
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Raw Material Consumed |
|
123.481 |
63.283 |
|
|
Depreciation & Amortization |
|
1.142 |
1.041 |
|
Total Expenditure |
|
198.329 |
121.541 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
1.72 |
2.31 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.72 |
2.31 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.09 |
1.92 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.03 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.86 |
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.09 |
2.95 |
LOCAL AGENCY
FURTHER INFORMATION
Business :
To carry on the business of Electrical, Mechanical and Civil Engineering
in all their branches in India or any part of the world.
Operations :
During the year under report, the sale of the company increased to Rs.
200.895 millions from Rs. 123.504 millions in the previous year. There was Net Profit before interest,
depreciation and tax amounting to Rs. 9.770 millions as against Profit of Rs.
7.381 millions in the previous year. The accumulated balance in the profit
& loss account is Rs. 7.560 millions, which has been carried forward
[previous year Rs. 6.675 millions]
The company is in trade terms with :
Ø Reliance Industries Limited, Mumbai
Ø Bharat Heavy Electricals Limited, Hyderabad, Andhra Pradesh
Ø Bharat Heavy Electricals Limited, Bhopal, Madhya Pradesh
Ø Bharat Heavy Electricals Limited, Trichy,
Ø Bharat Heavy Electricals Limited, Haridwar
Ø Gas Authority of India Limited, New Delhi
We visited the office of the company where following observations were carried on:
Ø The name board of the company could be sighted. The visibility of the name board is high.
Ø It is easy to locate the office of the company.
Fixed Assets :
Land, Buildings, Flats, Machinery, Computer, Air
Conditioner, Electrical Installation, Generator, Office Equipments, Cycle,
Furniture & Fixtures, Car, Residential Plot and Scooter.
Notes of Accounts :
Investments are long term and are stated at
cost.
Contingent liabilities not provided for in the
accounts :
Guarantees issued by the Bankers on behalf of
the company Rs. 36.905 [previous year Rs. 2.887 millions]
Land of the company is comprised of three
plots acquired from Noida under 99 years lease executed on 3rd
March, 1984, 2nd April, 1986 & 17th February, 1990
respectively.
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.44.27 |
|
UK Pound |
1 |
Rs.85.54 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|