MIRA
INFORM REPORT
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Report Date : |
10.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PROGRESSIVE AIRELECT SYSTEMS PRIVATE LIMITED |
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Registered Office : |
L-626, Inderlok, Krishna Nagar, Lucknow, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.06.2000 |
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Com. Reg. No.: |
20-25476 |
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CIN No.: [Company
Identification No.] |
U29192UP2000PTC025476 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
LKNP5009E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Service Provider of Air-Conditioning and Electrical Projects. |
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 5000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Efforts are continued for latest financials and if available, it will follow, soon. Trade relations are fair. 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 : |
L-626, Inderlok, Krishna Nagar, Lucknow, Uttar Pradesh |
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E-Mail : |
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Website : |
http://www.progressiveairelect.com (under construction) |
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Area : |
500 Sq.ft. |
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Location : |
Rented |
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Marketing Office : |
C-337, Nirala Nagar, Lucknow, India, |
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Tel. No.: |
91-522-2787295, 2787475, 2788929 |
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Fax No.: |
91-9839126081/9839465981 |
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E-Mail : |
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Customer Service : |
562/26, Ramgarh Colony, Kanpur Road, Lucknow, Uttar Pradesh, India |
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Tel. No.: |
91-522-2431883 |
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Area : |
300 Sq.ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Harpal Singh |
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Designation : |
Director |
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Address : |
L-626, Inderlok, Krishna Nagar, Lucknow, Uttar Pradesh |
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Date of Birth/Age : |
09.08.1955 |
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Qualification : |
Diploma in Electrical Engineering and Diploma in Cap. Power |
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Experience : |
Service and Business 25 years with L & T, Voltas and Carrier |
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Date of Appointment : |
20.06.2000 |
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Name : |
Mrs. Kusum Singh |
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Designation : |
Director |
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Address : |
L-626, Inderlok, Krishna Nagar, Lucknow, Uttar Pradesh |
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Date of Birth/Age : |
30.11.1958 |
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Qualification : |
Graduate |
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Experience : |
Business 10 years |
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Date of Appointment : |
20.06.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Harpal Singh |
7400 |
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Mrs. Kusum Singh |
6000 |
BUSINESS DETAILS
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Line of Business : |
Service Provider of Air-Conditioning and Electrical Projects. |
GENERAL
INFORMATION
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Customers : |
Ø Malvika Steel Limited Ø Helios Industries Limited Ø Army Public School, Lucknow Ø Bandhan Banquet Hall Ø Amber Hotel, Lucknow Ø Bennett Coleman and Company Ø Jagran Prakashan Ø Akaswani Ø Hindustan Times, Varanasi Ø Hindustan Times, Lucknow Ø Ranbaxy Lab Limited Ø Pfizer Limited Ø Stadmed Private Limited Ø V-Pharma Private Limited Ø Megrita Pharma Ø Pilco Pharma Private Limited Ø DSS Mobile Ø HDFC Bank Limited Ø Bharat Overseas Bank Ø Vysaya Bank Ø Kamla Nehru Memorial Hospital Ø Banaras Hindu University, Varanasi Ø Hindustan Aeronautics Limited Ø Food Corporation of India Ø RTI-CBDT Ø Census Ø NTPC Ø Tissu-Culture Lab Ø Pizza Hut, Lucknow Ø Mc Donald’s, Lucknow Ø Amber Ø Deep Palace Ø Ritz Ø Salwan’s Ø Universal Book Seller Ø Modern News Agency Ø Sati Bhawan Ø Jewel Palace |
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No. of Employees : |
25 |
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Bankers : |
State Bank of Saurashtra, Vidhan Sabha Marg, Lucknow, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sanjay Baijal Chartered Accountants |
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Address : |
D-39, Mahanagar Extension, Lucknow-226007, Uttar Pradesh, India |
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Associates/Subsidiaries : |
Progress India Erectors |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13400 |
Equity Shares |
Rs.10/- each |
Rs.0.134
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.134 |
0.134 |
0.134 |
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2] Share Application Money |
0.000 |
0.000 |
0.062 |
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3] Reserves & Surplus |
0.148 |
0.110 |
0.047 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.282 |
0.244 |
0.243 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.037 |
0.000 |
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2] Unsecured Loans |
0.052 |
0.052 |
0.000 |
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TOTAL BORROWING |
0.052 |
0.089 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.334 |
0.333 |
0.243 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.504 |
0.605 |
0.145 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.247 |
0.511 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.048
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0.956 |
0.214 |
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Sundry Debtors |
0.222
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0.088 |
0.180 |
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Cash & Bank Balances |
0.614
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0.536 |
0.528 |
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Other Current Assets |
0.513
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0.068 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
0.598 |
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Total
Current Assets |
1.397
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1.648 |
1.520 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.741
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2.439 |
1.436 |
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Provisions |
0.083
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0.003 |
0.000 |
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Total
Current Liabilities |
3.824
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2.442 |
1.436 |
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Net Current Assets |
(2.427)
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(0.794) |
0.084 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.011 |
0.014 |
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TOTAL |
0.334 |
0.333 |
0.243 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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1.789 |
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Other Income |
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0.000 |
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Total Income |
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1.789 |
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Profit/(Loss) Before Tax |
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0.046 |
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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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0.046 |
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Expenditures : |
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Administrative Expenses |
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1.473 |
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Total Expenditure |
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1.473 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
2.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
2.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
2.76 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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13.74
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10.37 |
5.91 |
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Current Ratio (Current Asset/Current Liability) |
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0.36
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0.67 |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
Subject is engaged in the business as Service Provider of Air-Conditioning and Electrical Projects.
Subject handled following project successfully :
Clients /Projects Assignment
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Varuna Spinning Mills Company Limited, Kanpur Road, Lucknow |
Designing of electrical Power distribution system. Designing of duel supply/double bus-bar PCC. Designing of motor control center. Designing of captive power generation center. Installation, testing and commissioning of 1000 KVA & 625 KVA D.G. sets. Power cable laying, testing and commissioning. Factory lighting and grid earthing. |
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Shiva Floor Mills, Faizabad Road, Barabanki, India |
Designing of electric power distribution system. Designing of power control centers. Designing of motor control centers. Designing of captive power generation center. Installation, testing and commissioning of PCC, MCC and factory floor lighting. Power cable laying, testing and commissioning. |
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Ranbaxy Laboratories Limited Bagia no.2, Kanpur Road Lucknow, India |
Designing of electrical power. Distribution for their air-conditioned medicine warehouse and regional office. |
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Ayodhya Floor Mills Private Limited Sarojini Nagar, Lucknow, India |
Designing of captive power station for multiple unit diesel generating sets 1365 KVA. |
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Pfizer
Limited Transport Nagar, Lucknow, India |
Electrical load analysis & energy conservation. Implementation of recommendations and record saving in electrical consumption by 7%. |
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Bennett Colman & Company
Limited (The Times of India) Rana Pratap Marg, Lucknow, India |
Designing of 3 phase, 4 wire, 50HZ UPS Power supply distribution system. Designing & providing of isolated earthing system for highly sophisticated editorial center. Design, installation, testing and commissioning of electrical power distribution. |
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Army Printing Press Cantonment, Lucknow, India |
Designing of electrical power distribution. Press and office area electrification |
List of the Architect/Interior Designer with whom subject dealing with :
Ø Architect Plus
Ø Civil Consultants
Ø Satapati
Ø Design Consultants N. D.
Ø Rajesh and Associates
Ø Vision Architect
Ø Mr. Sameer Chaturvedi
Profile
The Company is promoted by Mr. Harpal Singh, a highly experienced entrepreneur in the field of Air-conditioning and electrical projects. The promoter had a vision to provide the best air-conditioning and electrical solutions from the single window and establishing quality service norms in customer care and services.
The journey of pleasant weather started from the day Mr. Harpal Singh joined Dunamatic Engineers Private Limited Lucknow as Executive Director in 1994 and became independent business partner of CARRIER on August 18, 2000 without which continuous technological upgrading, flow of new ideas and inventions were not possible. Since then, subject is offering technologically advanced CARRIER air-conditioning products and best air-conditioning solutions to the people.
The company’s fixed assets of important value include Cars (Fort-Ikon and Maruti-800), Scooters (Bajaj Chetak and Bajaj Classic) and Computers.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.22 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.58.03 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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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 |
NO |
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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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41 |
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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