MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NINA CONCRETE SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Mani Bhuvan, 4th
Floor, 54, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.06.2002 |
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Com. Reg. No.: |
11-136356 |
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CIN No.: [Company
Identification No.] |
U26940MH2002PTC136356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10681G |
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PAN No.: [Permanent
Account No.] |
AABCN6179P |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturers of Asbestos, Cement etc. |
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 47000 |
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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 experienced 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 : |
Mani Bhuvan, 4th
Floor, 54, |
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Tel. No.: |
91-22-/ 56379356/ 56374356/ 23692462/ 2368 3276 |
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Mobile No.: |
98204-00544 |
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Fax No.: |
91-22-2369 1894 |
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E-Mail : |
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Website : |
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Branches : |
Located at : v Pune v v v
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DIRECTORS
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Name : |
Mrs. Hetal Mehul Parikh |
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Designation : |
Director |
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Address : |
Mani Bhuvan, 4th
Floor, 54, |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Kaushal Kirit Parikh |
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Designation : |
Director |
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Address : |
Mani Bhuvan, 4th
Floor, 54, |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Kirit Parikh |
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Designation : |
Director |
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Name : |
Mr. Mehul Parikh |
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Designation : |
Director |
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Name : |
Mrs. Rekha Parikh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
K C Suthar & Company |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mrs. Hetal M Parikh |
55000 |
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Mr. Kaushal K Parikh |
55000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Asbestos, Cement etc. |
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Products : |
v
Cement – Chemicals v
Sand - Fibermesh |
GENERAL INFORMATION
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Suppliers : |
v
J J Lall Private Limited v
Khandelwal Estates Private Limited v
Sanghvi Realty Private Limited v
Godavari Paints Private Limited v
Jaybharat Automobiles Limited |
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Customers : |
v
Mahimtura Consultants Private Limited v
Metropolitan Pre. Chs. Limited v
Claride Chs Limited v
v
Kailash Nagar Chs. Limited |
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No. of Employees : |
20 |
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Bankers : |
v UCO Bank, Chowpatty, Girgaum, Mumbai – 400 007 v
Bank of v City Bank v SBI, Opera House v UCO Bank, Pune |
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Facilities : |
Secured Loans : Car Loan from City Bank UCO Bank (Overdraft) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D Kothary & Company Chartered Accountants |
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Address : |
149, Behram Mahal, 2nd Floor, 534, Dhobi Talao,
Mumbai-400002, |
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Tel. No.: |
91-22-22093344 |
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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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.100 |
1.100 |
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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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10.838 |
2.772 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.938 |
3.872 |
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LOAN FUNDS |
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1] Secured Loans |
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0.596 |
0.354 |
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2] Unsecured Loans |
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6.760 |
0.000 |
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TOTAL BORROWING |
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7.356 |
0.354 |
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DEFERRED TAX LIABILITIES |
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0.014 |
0.000 |
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TOTAL |
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19.308 |
4.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.845 |
0.595 |
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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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0.000 |
0.000 |
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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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6.482 |
1.518 |
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Sundry Debtors |
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21.333 |
11.112 |
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Cash & Bank Balances |
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1.953 |
3.244 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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27.379 |
10.207 |
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Total
Current Assets |
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57.147 |
26.081 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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39.693 |
22.461 |
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Provisions |
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Total
Current Liabilities |
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39.693 |
22.461 |
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Net Current Assets |
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17.454 |
3.620 |
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MISCELLANEOUS EXPENSES |
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0.009 |
0.011 |
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TOTAL |
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19.308 |
4.226 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Total Income |
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211.209 |
91.375 |
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Profit/(Loss) Before Tax |
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13.266 |
4.183 |
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Provision for Taxation |
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5.078 |
1.516 |
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Profit/(Loss) After Tax |
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8.188 |
2.667 |
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Expenditures : |
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Depreciation & Amortization |
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0.386 |
0.163 |
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Other Expenditure |
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197.557 |
91.212 |
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Total Expenditure |
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197.943 |
91.375 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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3.88 |
2.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.28 |
4.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.49 |
15.68 |
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Return on Investment (ROI) (PBT/Networth) |
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1.11 |
1.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.94 |
5.89 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 28th June, 2002 at Mumbai in
The company took over the running business of Nina Industries which was established
in the year 1965 as a partnership concern.
It is a leading concern in the field of waterproofing, external repairs
and rehabilitation.
BUSINESS
The company acts as contractors and marketers of specialised construction
products and systems for the construction industry.
The company takes job of waterproofing, building repairs and
rehabilitation and finishing systems such as external facades.
The contracts are secured by way of tendering.
The company associates itself with leading hotels, corporates, factories
as well as executing jobs for co-operative housing societies.
The company is a sole representative for S. I. Concrete Systems,
Some of the major clients / contractors of the company are as under :
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Meher Apartments,
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Mindspace Project, Malad, Mumbai
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Adhyaru Industrial Estate,
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Astra Zeneca Project at
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LIC, Yogakshema
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Shapoorji Pallonji & Company Limited for SP
Infocity,
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Sobha Developers Private Limited for Infosys
Technologies Limited, Pune,
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Ahluwalia Contracts (
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Umerkhadi Co-operative Housing Society Limited,
Mumbai
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The Resort, Mumbai
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Kashmira Ameeta Housing Society Limited at
Sachivalaya, Mumbai
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Shapoorji Pallonji & Company Limited for Zenith
Infotech Limited, Plot No. 30, Marol Industrial Estate, Mumbai
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Shapoorji Pallonji & Company Limited for Tata
Technologies Limited at Hingewadi, Pune,
v
Atria Commercial Complex at Worli, Mumbai
Subject has been accredited with ISO 9001:2000 Certification for better
quality management systems.
The company’s fixed assets of important value include land, computer,
cycles, fax machine, mobile phone, air conditioner, office equipment, pager,
printer, plant & machinery, projector, refrigerator, sand washing machine,
scooter, steel scaffolding, water pump, tower hoist machine, furniture &
fixture, Xerox machine and motor car.
Director’s Report :
In view of the working capital requirement the
directors regret their inability to declare any dividend on equity shares.
Website Details :
Founded in Mumbai in1965, they are an
ISO 9001-2000 Certified, versatile corporation that specializes in
waterproofing, retrofitting technology system, civil finishing works, exterior
cladding and finishing systems and floor finishes. In addition they offer
v Unbeatable
quality and value due to the efficiency and experience of the management and
staff.
v Unbeatable
service due to the fact that Nina Concrete Systems (P) Ltd. Has a Strong
national presence supported by the their strong infrastructure and resources
v Their
commitments to implement the quality assurance and management systems as per
ISO9001-2000 provision
They have not lost sight of the fact that the continued
success of the company is based on the relationships, integrity and trust which
they continue to develop with their customer they have built their reputation
in the market based on honesty and knowledge.
At subject, their goal is to provide you with the Finest services will
encounter in the industry today. They will not be satisfied until YOU are satisfied.
They recognize that this is a competitive industry and only the finest
providers in the field will earn the trust and future business. They rely
completely on word of mouth advertising. If you are not happy with their
services then they know that they will not be able to count on to spread their
word. As with all successful endeavors, service to the customer is the name of
the game.
Some of the specialized services that
they provide are:
* Water Proofing
* Retrofitting
and Restoration
* Civil Finishing
Works
* Exterior
Cladding and facades
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* Construction
* Floor Finishes
THEIR TEAM
Driving the company forward, in this highly competitive market,
with a quantum growth rate is their extremely capable knowledgeable and
dedicated team headed by the project coordinators who manages a highly
organized team of 5 project managers, 27 project engineers , 25 site
supervisors and nearly 1200 strong work force. Purchase and finance are ably
managed by their accounts and purchase team lead by their finance head. This
strong infrastructure makes us one of the largest, most experienced and
professionally managed companies in the industry.
Their staff and field personnel are fully trained in their
systematic procedures and maintain the highest professional standards. They are
only satisfied when a job is done – and done correctly. Their employees have a
work experience of over 40 years in all fields of construction, restoration and
maintenance.
Founded in Mumbai in1965, they are in an ISO 9001-2000
Certified, versatile corporation that specializes in waterproofing retrofitting
technology system, civil finishing works, exterior cladding and finishing
systems and epoxy Flooring and coating.
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.40.57 |
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1 |
Rs.80.97 |
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Euro |
1 |
Rs.55.19 |
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 |
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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45 |
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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