MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
INJECTO PLAST PRIVATE LIMITED |
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Registered Office : |
D-3/A, Panki Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.10.1996 |
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Com. Reg. No.: |
020772 |
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CIN No.: [Company
Identification No.] |
U25201UP1996PTC020772 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI00021A |
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PAN No.: [Permanent
Account No.] |
AAACI3534J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of plastic injection moulding components and
knitting accessories. |
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 470000 |
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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 Office : |
D-3/A, Panki Industrial Estate, |
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Tel. No.: |
91-512-2691221 |
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Fax No.: |
91-512-2691249 |
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E-Mail : |
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Website : |
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Area: |
200 sq. mtrs. |
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Location: |
Owned |
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Head Office/ Factory: |
+
Plot No. 485 - B, Phone No: 91 - 5112 - 2220006 (3 lines) / 282001 To 09 Fax No :91 - 5112 – 2220205 / 282149 +
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Branch: |
Plot No. 43A (NP), SIDCO Industrial Estate, Ambattur,
Chennai – 600 098, Tel. No. 91-44-26230894 / 26244931 Fax No. 91-44-26246869 |
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Sales Contacts: |
Moulding
Product: Moulding
Product: |
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Chennai Works & Office: |
F 12-14 Sipcot Industrial Estate, Pennalur
Post, Irrugattukottai, Sriperumbudur Ph: 91-44-47100992/993 |
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Gurgaon Office: |
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Group Branch Offices: |
B-3/18 Safdarjung
Enclave, Phone: 91-11-2616 3281 Mumbai: F -38, Phone: 91-22-2218 4449 544, 9th cross, 7th
Main, Sadhasivnagar, Phone: 91-80-2334 0429 Ahmedabad: 60, Trivenipark
Bungalow, Auda Staff Society, Opposite Surdhara Bungalow, Drive –in,
Ahmedabad – 380052, Gujarat, India |
DIRECTORS
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Name : |
Mr. Arun Kumar Shah |
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Designation : |
Managing Director |
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Address : |
Flat No. 205, |
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Date of Birth/Age : |
17.04.1962 |
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Qualification : |
B. E. (Chem.) |
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Experience : |
12 years |
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Name : |
Mr. Ram Prakash Shah
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Designation : |
Director |
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Address : |
Flat No. 205, |
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Date of Birth/Age : |
30.01.1940 |
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Name : |
Mr. Alok Kumar Lohia |
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Designation : |
Director |
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Name : |
Mr. Amit Kumar Shah |
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Designation : |
Director |
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Address : |
113/91, Swaroop Nagar, |
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Date of Birth/Age : |
03.11.1963 |
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Name : |
Mr. Atul Seksuria |
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Designation : |
Director |
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Address : |
802, Sector 15, |
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Date of Birth/Age : |
27.06.1962 |
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Name : |
Mr. Subodh Prahladka |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Pawan K. Verma |
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Designation : |
Key Executive |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of plastic injection moulding components and
knitting accessories. |
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Products : |
+ Thermoplastic & thermoset injection moulded precision components + Accessories and moulded article like automotive parts, electrical and electronic components, household, kitchen, medical, telecommunication, wires and cables and computer components. |
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Exports: |
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Products : |
v
Plastic Component/ assembly v
Engineering Thermoplastic and Thermoset Injection v
Moulded parts and assemblies |
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Countries : |
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Imports : |
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Products : |
v
Polymers v
Testing and measuring equipments and moulds v
Accessories of circular v
Knitting Machine v
Injection Machine |
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Countries : |
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Terms : |
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Selling : |
Contract, Cash, L/C and Credit (30 days) |
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Purchasing : |
Contract, Cash, L/C and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
v
Lohia Starlinger Limited, v
Maruti Udyog Limited, v
Climate Systems ( v
DCM Daewoo Limited, v
G.E.C. Alsthon Limited, v
I.T.I. Industries Limited, v
Singer India Limited, v Climate Systems India Limited v Ford Motor Company v Maruti Udyog Limited v Visteon Automotive Systems v Daewoo Motor India Limited v
Delphi Automotive Systems ( v MICO Bosch v PHC Manufacturing v Lucas TVS v ITI Limited v Hawkins India Limited v TTK Prestige Limited v ICBT Grou v TTL (Howell Group) v Magentti Mareli |
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No. of Employees : |
238 (Factory: 210; Office: 30; Other: 8) |
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Bankers : |
State Bank of Industrial Finance Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anil Parikh and Garg Chartered Accountants |
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Address : |
33, Anand Bazar, Swroop Nagar, |
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Certification: |
v
ISO 9002 v
QS 9000 v
TS 16949 |
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Collaborators : |
Memminger, IRO |
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Associates/Subsidiaries : |
+ Lohia Starlinger Limited + Threads India Limited + Lohia Precision Works + Lohia Machinery Manufactures + Lohia Packaging Machines + Precitex Components Manufacturing Company + LML Limited +
Animex Engineering Private Limited, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3200000 |
Equity Shares |
Rs. 10.00 each |
Rs. 32.000 millions |
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80,000 |
Preference Shares |
Rs. 100.00 each |
Rs. 8.000 millions |
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Total |
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Rs.
40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3200000 |
Equity Shares |
Rs. 10.00 each |
Rs. 32.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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32.000 |
32.000 |
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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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85.595 |
64.716 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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117.595 |
96.716 |
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LOAN FUNDS |
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1] Secured Loans |
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68.621 |
75.979 |
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2] Unsecured Loans |
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2.473 |
3.206 |
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TOTAL BORROWING |
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71.094 |
79.185 |
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DEFERRED TAX LIABILITIES |
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10.240 |
11.008 |
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TOTAL |
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198.929 |
186.909 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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115.784 |
110.060 |
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Capital work-in-progress |
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8.927 |
4.406 |
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INVESTMENT |
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18.228 |
1.660 |
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DEFERREX TAX ASSETS |
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0.000 |
.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.786 |
32.188 |
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Sundry Debtors |
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72.894 |
65.090 |
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Cash & Bank Balances |
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0.958 |
2.502 |
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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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13.836 |
15.508 |
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Total
Current Assets |
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123.474 |
115.288 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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61.913 |
37.251 |
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Provisions |
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5.571 |
7.254 |
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Total
Current Liabilities |
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67.484 |
44.505 |
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Net Current Assets |
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55.990 |
70.783 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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198.929 |
186.909 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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As per last Balance Sheet |
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42.850 |
NA |
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Add: Transferred from Profit and Loss
Account |
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20.000 |
NA |
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Total (A) |
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62.850 |
NA |
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Profit and Loss Account |
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22.745 |
21.866 |
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Total |
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22.745 |
21.866 |
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Reserve and Surplus (A + B) |
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85.595 |
64.716 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.18 |
1.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.83 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
The company is in trade terms with:
+
E.I.
+
Bayer A.G.,
+
+
Escorts Limited,
+ Hero Honda Limited
Website details attached:
Subject is a part of the renowned Lohia Group, is engaged in the manufacture of high performance, high tech moulding using engineering Thermoplastic and Thermoset material on injection and blow moulding process. Subject was set up in 1988 with the objective of supplying engineering plastic mouldings to the group companies, which are engaged in manufacturing machinery for textile yarn process and flexible packaging for Indian as well as Global market. Subject has experience and capabilities to process following polymers:
Nylon
- 4.6, 6, 66, 11, 12 (with or without glass filling)
Delrin
(POM) - 100, 500, 900 (with or without glass filler)
PBT /
PET/ PPS/PPA (with or without glass filling)
PPO
(NORYL)
Polycarbonate
(with or without glass filling)
PU - Thermoplastic
(TPU)
PU -
Two component cast system
Hytral
and Arnitel (TPE)
Santoprene
(TPR)
ABS,
HIP, PS, PP COMOUND
Phenolic
Moulding Compound (With glass, cellulose or wood flour).
Presently
to cater the customers requirement Subject has two manufacturing plants first
at
Company History
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1988 |
Inception of the company |
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1989 |
Commercial production commenced |
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1990 |
Production of over 100 different items stabilized |
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1991 |
Commenced export to Europe, 30% of production |
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1992 |
Started Hot PU cast system |
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1994 |
Entered the Auto Component segment |
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1996 |
Won Best Supplier Award for 1995 from CSI (Ford) |
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1997 |
Awarded the coveted ISO - 9002 certification by DNV |
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1998 |
Established white goods assembly line near |
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1999 |
Inaugurated new state-of-the-art injection moulding facility at
Chennai |
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QS-9000 certification for Injectoplast, |
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Established CVJ and R and P Boot manufacturing facility at
Injectoplast, |
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2000 |
QS-9000 certification for Injectoplast, Chennai |
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2001 |
Presence in Europe and U.K by establishing agency and warehouse |
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2002 |
Presence in |
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2003 |
TS 16949 certification for Injectoplast, |
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Starts New Plant at Sriperumbdur –Chennai |
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Recognized by CSI under their Zero Defect Supplier Program for the
Year 2003 |
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2004 |
Overall Best Performance Award by C.S.I |
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2005 |
T.S. Certification and 100 PPM launch at Chennai |
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2006 |
ISO 14001 Certification for |
Lohia is a well -
known group with
Lohia
Starlinger
Lohia
packaging Machines
Lohia
Europe GmbH
Injectoplast
Threads
India Limited
Precitex
Components Manufacturing
Hargovind
Bajaj Research and Development Centre
Press Release
Best Supplier of the Year Award (2006-07)
Sep-3-2007
“Best Supplier
Award 2006-07”
An “Annual Supplier Meet”
was organized by Delphi Automotive
Systems Limited. at Hotel Best Supplier of the year 2006-07 award and
was honored specifically for its commendable performance in terms of –
v
Quality
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Delivery and
v
New Product Development
Subject is in business with Delphi for more than 10 years,
supplying different types of CVJ (Constant Velocity Joint) boots made of TPE
(ThermoPlastic Elastomers) used in drive shafts of various vehicles like M800,
Alto, Indica, Zen Estilo, Tata small car, GM Theta etc. The list goes on with
various upcoming new projects for Maruti, Tata, and Mahindra
Subject is committed to fulfill all the expectations of the and in future we will try our best to maintain this honor.
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. 39.31 |
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1 |
Rs. 80.12 |
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Euro |
1 |
Rs. 55.76 |
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 |
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
|
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 |
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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 |
|
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 |
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<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 |
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