MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MAG HARD INSULATION |
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Registered Office : |
B-301 , Parsian Apartment, Opposite , Fidai
Baug , |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1972 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Trader , Exporter, Importer and
contractors for hot cold and acoustic insulation , puff insity , job for
brine insulation , cold storage , false ceiling , under deck, over deck and
co-generation plant. |
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 27200 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track .
Trade relations are fair . Payments are reported as slow but
correct . The concern can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-301, Parsian Apartment, Opposite
Fidai Baug , Mumbai -400058 , Maharshtra |
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Tel. No.: |
91-22-26235272 |
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Fax No.: |
91-22-26245872 |
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E-Mail : |
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Area : |
550sq.ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Suresh Doshi |
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Designation : |
Proprietor |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Post Graduate |
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Experience : |
35 Years |
BUSINESS DETAILS
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Line of Business : |
Trader , Exporter, Importer and
contractors for hot cold and acoustic insulation , puff insity , job for
brine insulation , cold storage , false ceiling , under deck, over deck and
co-generation plant. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C , Cash, Credit |
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Purchasing : |
L/C, Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers: |
Wholesalers, Retailers, and end users |
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Number of Employees : |
8 |
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Bankers : |
Punjab National Bank Andheri West , Mumbai The concern enjoy Cash Credit Rs. 0.300 million from this bank. HDFC Bank Andheri (West) , Mumbai The concern enjoy Cash Credit
Rs.3.500 millions from this bank |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Line of business
same activity.
Line of business
same activity. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.000 millions |
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Borrowed : |
Rs. 3.800 millions |
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Total : |
Rs. 6.800 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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40.000 |
30.000 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
-Excel Industries
Limited , Mumbai
- Vinati
Organics Limited , Mumbai
Web Site Details Attached:
About Them
They are front runner as a
manufacturer and supplier of the insulation material. They offer a complete
range of solutions for insulation like
roof overdeck insulation , duct insulation , pipe insulation , cavity wall insulation
in the shape of slabs , blankets , loose wool and rigid pipe sections.
Insulation
Today insulation means a lot for various
veneus workplaces. To maintain desired temperature , sound and charge,
different insulation need specific attention . they also undertake insulation
jobs. They are relied for the
international quality and endurance.
They are the manufacturer and supplier of the
following:
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Building roll (KBR):
Light weight , no sasgging, no settling – for thermic and acoustic
insulation of all buildings and roofs.
Light in weight , strong and resilient . Easy to handle.
- Clean
liner (KCL) : Used to line air conditioning ducts, wall and ceiling of
acoustically sensitive areas to
provide efficient sound insulation for any verity of the structures and
sensitive facilities as home
theatres
or studios , curtain walls.
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Rigid pipe covering
(K450): Used in thermal insulation ,
copper or plastic pipes operating in temperature up to 230 dedgree c.
free from shot and coarse fiber , light ,damage resistant, easy to
handle , cut and fit.
Rubber
insulation :Used as pipe insulation ,
sheet and rolls which are HCFC free and ODP zero . Ideal for themarl insulation
of , air conditioning and heating systems. t
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Permanent insulation : calcium silicate slabs,
lags and pipe section . these are moulded insulation suitable for efficient thermal saving.
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Puf insulation : Wide
range of polyurethane pipe sections and slabs with outside lamination of craft paper
or aluminium foil in various sizes.
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Ceramic fiber(blanket
) insulation: Refractory fibre needled mat.
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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. 40.64 |
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1 |
Rs. 80.44 |
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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 |
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 |
5 |
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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 |
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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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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