MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
INDO RUB
INDUSTRIES |
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Registered Office : |
Baldev Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKI00378A |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer and
Trader of Rubber Hose Pipes |
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 20000 |
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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. Partners are
reported as experienced and respectable businessmen. Trade relations are
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 / Factory : |
Baldev Nagar, |
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Tel. No.: |
91-124-4118882 /
84 / 4118811 |
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Mobile No.: |
91-9810008882 |
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Fax No.: |
91-124-4118811 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. ft
[Owned] |
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Factory : |
Village Dhorakalan Industrial Area, Dinola, Gurgaon |
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Area : |
2 Acre [Owned] |
PARTNERS
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Name : |
Mr. Baldev Raj
Makhija |
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Designation : |
Partner |
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Address : |
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Date of Birth/Age : |
66 Years |
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Qualification : |
Intermediate |
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Experience : |
28 Years |
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Name : |
Mrs. Neelam
Makhija |
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Designation : |
Partner |
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Address : |
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Date of Birth/Age : |
41 Years |
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Qualification : |
Graduate |
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Experience : |
8 Years |
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Name : |
Mrs. Manju
Makhija |
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Designation : |
Partner |
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Address : |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Graduate |
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Experience : |
5 Years |
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Name : |
Mr. Parveen Makhija |
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Designation : |
Partner |
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Date of Birth/Age : |
Around 45 Years |
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Qualification : |
Graduate |
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Experience : |
Around 20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader
of Rubber Hose Pipes |
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Products : |
Industrial Hoses, Hydraulic Hoses & all kind of Special Hoses. |
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Brand Names : |
"INDO" & "INDO-MAKSSON" |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30
days) and L/C |
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Purchasing : |
L/C, Credit and
Cash (30 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
51 |
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Bankers : |
Bank of |
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Facilities : |
Credit Limit –
Rs. 10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V P Batra & Company
Chartered
Accountant |
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Address : |
Jhandewalan
Extention, |
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Memberships : |
GIA, Chamber of Commerce |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000
Millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
78.300 |
67.800 |
48.700 |
LOCAL AGENCY FURTHER INFORMATION
Trade
References
v
Steel Authority of
v Riico Auto
Industrial, Gurgaon
As Per
Website Details
Subject is a large progressive
organization with a successful history engaged in manufacturing of Rubber Hoses.
Their culture finds expression in expansion through new technologies and
epitomizes corporate excellence and uncompromising value systems, high
technology and leadership.
They bring this vast array of
experience and know-how to bear in the design, engineering, and manufacturing
of corrosion-resistant Hoses. Their product profile enlists
Hydraulic Hoses, Water Delivery, Suction, Car-Washing, Welding, Air, Pneumatic,
Hot Water, Steam, Sand Blast, Cement Grouting, Brewery and Food Grade, Carbon
Free/Heat Resistant, Petrol Pump, Oil Suction/Discharge, Chemical, LPG Hose and
special purpose Hoses.
They house sophisticated plant and
machinery to produce Rubber Hoses with complete quality control. Committed to
innovation and advance, they command an International reputation for their
rigid quality control as well as adherence to the specifications stipulated
with R&D facilities and talent in line, they are poised for explosive
growth and have stayed well ahead of markets by virtue of the futuristic outlook,
proactive product development and service excellence strategies.
Their quality pledge is to
"meet or exceed the needs of their customers". Their quality
system is not a program; it's a process that is planned for, continuously
improved, and managed by each employee. They also aim to minimize the
possibility of generating defective products by pursuing a policy of continued
technological up-gradation.
'INDO,
'INDO-MAKSSON' is not a new name as it is serving the industries for last 25
Years. INDORUB INDUSTRIES has been granted ISO 9001-2000, Certification besides
holding Certification Mark Licences from Bureau of Indian Standards apart
meeting high quality standards laid down by the BIS, ASTM/BS/DIN etc.
They have a well-equipped Laboratory to insure quality control at levels of
production.
They
have a dedicated team of professional people who have vast experience in
dealing with International and Domestic markets. With their diverse backgrounds
and experience , their customers would be benefited by their TEAM who is
committed to look after their needs and requirements with professional
expertise and efficiency.
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.39.34 |
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1 |
Rs.80.17 |
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Euro |
1 |
Rs.55.51 |
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 |
- |
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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 |
NO |
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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. |
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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