MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CIRCLIPS INDIA PRIVATE LIMITED |
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Registered Office : |
0-5 / 6, Star Trade Centre, 1st Floor, Sodawala Lane,
Borivali (West), Mumbai – 400092, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.04.1987 |
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Com. Reg. No.: |
11-43097 |
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CIN No.: [Company
Identification No.] |
U28991MH1987PTC043097 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC0989SE |
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PAN No.: [Permanent
Account No.] |
AAACC2950J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Circlips and Sheet Metal Components |
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 30000 |
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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
records. 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 Office : |
0-5 / 6, Star Trade Centre, 1st Floor, Sodawala Lane,
Borivali (West), Mumbai – 400092, |
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Tel. No.: |
91-22-28904550 / 28906636 |
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Fax No.: |
91-22-28901488 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Hansraj S. Thaman |
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Designation : |
Director |
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Address : |
501, |
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Date of Birth/Age : |
05.06.1933 |
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Date of Appointment : |
08.04.1987 |
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Name : |
Mr. Prashant H. Thaman |
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Designation : |
Director |
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Address : |
501, |
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Date of Birth/Age : |
09.11.1966 |
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Date of Appointment : |
01.06.1997 |
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Name : |
Mr. Nirmala H. Thaman |
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Designation : |
Director |
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Address : |
501, |
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Date of Birth/Age : |
02.01.1942 |
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Date of Appointment : |
01.06.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Prashant H. Thaman |
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4878 |
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Mr. Hansraj S. Thaman |
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210 |
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Mr. Rajes Hansraj Thaman |
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110 |
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Mr. Nalesh Hansraj Thaman |
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239 |
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Mr. Bimal Hansraj Thaman |
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210 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Circlips and Sheet Metal Components |
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Products : |
˛
Circlips, E-clips ˛
Snap rings, Dowell Pins ˛
Washers ˛
Shims ˛
Supporting Rings ˛
Disc Washers ˛
Preloading Washers ˛
Spacers ˛
Crescent rings ˛
Plain washers ˛
Wave washers ˛
Spring Dowells ˛
Roll pins ˛
Solid Pins. |
GENERAL INFORMATION
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Bankers : |
Syndicate Bank 19 A, Shivam
Estate, Subhash Lane, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandrashekar Shetty and Company Chartered Accountants |
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Address : |
710, Padmashri, Anant Patil Marg, Dadar (West), Mumbai – 400028, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5655 |
Equity Shares |
Rs.100/-
each |
Rs.0.565
million |
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 |
0.566 |
0.566 |
0.566 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.842 |
6.247 |
4.930 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.408 |
6.813 |
5.496 |
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LOAN FUNDS |
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1] Secured Loans |
5.360 |
6.368 |
5.343 |
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2] Unsecured Loans |
3.150 |
3.150 |
3.193 |
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TOTAL BORROWING |
8.510 |
9.518 |
8.536 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.918 |
16.331 |
14.032 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.254 |
3.337 |
3.029 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
1.788
|
0.844 |
3.590 |
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Sundry Debtors |
16.286 |
16.252 |
11.151 |
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Cash & Bank Balances |
1.341
|
0.703 |
0.245 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.463
|
2.042 |
1.305 |
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Total
Current Assets |
22.878
|
19.841 |
16.291 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.792
|
5.332 |
4.543 |
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Provisions |
2.422
|
1.515 |
0.747 |
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Total
Current Liabilities |
10.214
|
6.847 |
5.290 |
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Net Current Assets |
12.664
|
12.994 |
11.003 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.918 |
16.331 |
14.032 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
56.008 |
49.778 |
35.281 |
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Other Income |
-- |
-- |
0.899 |
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Total Income |
56.008 |
49.778 |
36.180 |
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Profit/(Loss) Before Tax |
2.594 |
2.084 |
0.480 |
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Provision for Taxation |
-- |
-- |
0.176 |
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Profit/(Loss) After Tax |
2.594 |
2.084 |
0.304 |
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Expenditures : |
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Manufacturing Expenses and Materials Cost |
0.000 |
0.000 |
13.434 |
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Administrative Expenses |
0.000 |
0.000 |
7.506 |
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Payment and Benefits to employees |
0.000 |
0.000 |
7.722 |
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Finance Charges |
1.102 |
1.011 |
1.329 |
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Depreciation & Amortization |
0.750 |
1.019 |
0.705 |
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Other Expenses |
51.562 |
45.664 |
0.000 |
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Total Expenditure |
53.414 |
47.694 |
30.696 |
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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 |
(%) |
4.63
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4.19 |
0.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.63
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4.19 |
1.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.56
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8.99 |
2.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.31 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.21
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1.00 |
0.96 |
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Current Ratio (Current Asset/Current Liability) |
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2.23
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2.89 |
3.07 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
CIRCLIPS INDIA
PRIVATE LIMITED |
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Presented
By |
CIRCLIPS INDIA
PRIVATE LIMITED and Syndicate Bank, Malad
East, Branch |
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1) Date and description of instrument creating the change |
No instrument
Letter of Confirmation of Mortgage by deposit of title deeds dt. 13.12.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Creation of security
in the form of mortgage the office premises No. 5 admeasuring 150sq.fts.
built up area situated at 1st Floor, Star Trade Premises Co-Op
Society, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The property
stated above shall form as security for the due repayment of financial facilities
granted / to be granted by the bank |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank 19 A, Shivam
Estate, Subhash Lane, |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
As Per Web
Details:
Company Profile:
Subject are manufacturers of Circlips, E-clips,
Snap rings, Dowell Pins, Washers, Shims, Supporting Rings, Disc Washers,
Preloading Washers, Spacers, Crescent rings, Plain washers, Wave washers,
Spring Dowells, Roll pins, Solid Pins.
They have evolved into one of
All parts can be produced in a wide range of materials and finishes.
Subject has achieved a remarkable position as
manufacturers and exporters of these products.
They manufacture and supply a wide range of Circlips with the latest technology
under the best quality control and technical supervision of experienced
technicians, specifications as per IS, DIN and as per customers requirement
they can develop any size specially required by customers.
Subject located in
Their commitment to manufacturing is absolute. Products are manufactured
with latest technology, infrastructure under the best quality control and
technical supervision of highly qualified/experienced engineers and
technicians. They are proud of their association with many leading companies, various
government bodies and several other ISO and QS organizations.
Special components are also manufactured to any specification supplied
by the client or tailor-made to suit any particular requirements and all types
of metal pressed components.
Their design engineers develop cost-effective tooling solutions to meet individual
requirements. This includes manufacture of precision electronic components with
or without grinding and lapping operation. Providing consistent uniformity of
dimensions is their technique.
APPLICATIONS & QUALITY CONTROL
They cater to the requirements of the
Industrial, Automotive and Hardware industry in
Their aim
is to provide a product and service above and beyond the standards required by
you, the customer. This has been achieved several years running from clients
who have grown accustomed to the superior quality, standards and delivery
performance that they are able to offer.
Subject is committed to quality, insisting on the
best people, the best products and the best systems.
They have been successfully certified their Quality
Management System to conform to Technical Specification ISO/TS 16949:2002
by the prestigious DNV - Pune.
Products Application
The products manufactured by Circlips
Their products are used in the following
industries/applications:
Agri Machines, Automobiles, Earthmovers, Railways, Trailers,
Bearings, Gear Boxes, Motors, Textile Machines, Heavy Vehicles, Diesel Sets,
Pumps, Generators, Engines, Pharmaceutical Equipments, Electronic
Appliances/Engineering, Pistons and Machineries, etc.
Quality Assurance
Quality Standards
Their International/Local Business Divisions assure that they meet specified
quality requirements with relation to DIN, JIS, American, British and Indian
Standards.
Standard Material
Standard material is High Carbon Spring Steel Wire (70C6 or 75C6) and High
Carbon Spring Steel Strip (EN 42J). Order for components in Stainless Steel
material are subject to prior enquiry and quotation. Approved NABL accredited
lab tests are undertaken for each lot of material for chemical and physical
properties. As quality material produce quality products, they procure raw
material only from approved ISO-9000 certified manufacturers.
Special Thickness
Circlips and Rings can be manufactured and supplied in non-standard thickness
subject to prior enquiry and quotation.
Heat Treatment
They have their own Heat Treatment plant consisting of Sekar Hearth Furnace,
Salt Bath Furnace and Electric Muffle Furnace. Different tests are carried out
by qualified engineers to verify the heat-treated products.
Quality System
As a part of TS-16949 activities, they have well defined Quality System.
Quality Manual
They also have a quality manual, which demonstrates the quality system followed
in the organization. It also specifies the company's quality policy and its
objectives, which is clearly communicated and understood within the
organization and reviewed periodically by the top officials.
Quality System Procedure
They have established Quality System Procedures in line with their Quality
Policy. Work instructions, quality records, contract review, document and data
control, product identification and traceability, calibration and control of
inspection, measuring and test equipment are few features of their Quality
System Procedures. Statistical Process Control (SPC) is being used to
continually improve the effectiveness of the Quality Management System.
Quality Management System Audit
Process Audit, Dock Audit and Internal Audit are carried out as per Audit plans
by senior members and reviewed by top officials.
Corrective And Preventative Action
"Seven-Step Problem-Solving Process" tool is used to find out the
root cause of any non-conformity and for implementing permanent solution. Records
of analysis are reviewed by top officials on a quarterly basis.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.73 |
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|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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. |
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 |
|