MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
GNG EXPORTS |
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Registered Office : |
202, Lords, 7/1, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporters of Iron ore, steel Products, machinery and
agro-based products. |
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 1600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Partners 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 concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
202, Lords, 7/1, |
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Tel. No.: |
91-33-22825036 / 1798 |
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Fax No.: |
91-33-22822075 |
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E-Mail : |
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Website : |
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Area : |
1576 Sq. fts. |
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Location : |
Owned |
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Open Spaces: |
All Ports |
PARTNERS
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Name : |
Mr. G N Agarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
59 years |
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Qualification : |
Graduate |
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Name : |
Mr. Pravin Agarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
32 years |
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Qualification : |
MBA ( |
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Name : |
Mr. Vineet Agarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
28 years |
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Qualification : |
MBA ( |
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Name : |
Mrs. Geeta Agarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
50 years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Iron ore, steel Products, machinery and
agro-based products. |
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Exports : |
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Products : |
+
+
Steel Products +
Industrial Machineries +
Garments +
Agro Products |
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Countries : |
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Imports : |
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Products : |
+
Coal +
Coke +
Steel Scrap +
Cotton Metal Scrap +
Pulses +
Polyester Yarns |
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Countries : |
South-East Asia, |
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Terms : |
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Selling : |
L/C (90 days), Cash |
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Purchasing : |
L/C (on Sight), Credit |
GENERAL INFORMATION
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Customers : |
š
End Users š
Trading Partners š
Steel Mills |
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No. of Employees : |
75 – 80 |
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Bankers : |
Union Bank of |
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Facilities : |
C/C and L/C – Rs. 300.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S S Gupta and Company Chartered Accountants |
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Address : |
Kolkata, West |
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Associates/Subsidiaries : |
Nortech Power Projects Limited Address: 602,
Lords, 7/1, Line of
Business: Engineering, Procurement and Commissioning of Projects in Power
Generation and Distribution Sector. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 100.000 Millions |
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Borrowed : |
Rs. 300.000 Millions |
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Total : |
Rs. 400.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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About 2000.000 |
About 1500.000 |
Expected Sales (2007-08) : Rs. 2200.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
š
Sino Steel Trading
Company,
š
š
Swiss
Website details attached:
Profile
Subject, an ISO 9001 company, has its head office
in
Traditional business acumen - A
keen insight into market requirements - The willingness to meet challenges head
on - And taking calculated business risks in new areas - The GNG Group has
had all the necessary ingredients for success, since its inception.
The chief guiding force behind the success of the company is
Mr. G. N. Agarwal, who with his managerial skills, business acumen and strong
values steered the company to its mighty heights.
Products
Their
products range from iron ore,
steel products to industrial machineries to garments to agro products.
The list is exhaustive! As a manufacturer,
supplier and exporter, the Company today stands as a pioneer also in the
field of commodity trading especially in steel and agro products exports and is
fast forging ahead in this field in Indian and International market. They are
the importers of pulses and polyester yarns too. They also find theirselves
extremely competent in sourcing and marketing any kind of commodity in Indian
and International market.
Export markets
Their
products have made a name for itself in the international markets and is fast
making never inroads. Today, they have their markets in the European countries,
Middle East, South East Asia, African countries, CIS countries and North and
Expertise
They have a team of highly qualified and specialized personnel, holding engineering degrees from premier institutes. Qualified Chartered Accountants and MBAs, having vast experience in related fields like international trade and quality control methods have long been associated with the Company. Their highly qualified team proves to be the major strength of the company.
Strengths
They give top priority to total customer satisfaction in respect to quality, price, punctuality and service. It is by the dint of their long-standing relation with suppliers and buyers in the market that the company has a good reputation. They have a comprehensive understanding of international trade and customer expectation and hence cater to it. The success is also attributed to its sound infrastructure capability, financial and logistic strength. The Company has a noteworthy sourcing and mobilizing network, which adds to its strength all the more.
Sister Concern
NORTECH POWER PROJECTS LTD – which specializes in engineering,
procurement and commissioning of projects in Power Generation and Distribution
sector, in
Shipping Details
Subject is quite specific about the minimum order quantity of
its products and it varies from product to product.
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Items |
Minimum Order Quantity |
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Food products |
1000 tones |
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Iron ore |
50,000 tones |
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Fabrics and Garments |
1 container load |
They give stress
on proper estimated production time and make it a point to maintain that. Timely deliveries
are a part of their prompt service.
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. 39.74 |
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1 |
Rs. 80.34 |
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Euro |
1 |
Rs. 56.30 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
6 |
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DEMERIT POINTS |
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- |
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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 |
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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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54 |
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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