MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SATHYADEEP ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
A-142, DDA Complex, Okhala IndustrialArea, Phase – II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.07.1985 |
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Com. Reg. No.: |
21378 |
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CIN No.: [Company
Identification No.] |
U72900DL1985PLC021378 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELS24854E |
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PAN No.: [Permanent Account No.] |
AAFCS7577S |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Wire Machinery, Welded Wire Mesh, Wire Drawing and Wire Drawing & Ribbing Plants, Wire Straightening Cutting Machines. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 21876 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-142, DDA Complex, Okhala IndustrialArea, Phase – II, |
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Tel. No.: |
91-11-26488191 |
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Mobile No.: |
91-9810253963 |
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Fax No.: |
91-11-26028412 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
D-16 and 312, Sector – 63, Noida – 201 301, |
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Tel. No.: |
91-120-2403297 |
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Area : |
2000 sq. mt. |
DIRECTORS
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Name : |
Mr. I |
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Designation : |
Managing Director |
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Date of Birth/Age : |
59 years |
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Qualification : |
Diploma in Mechanical Engineering |
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Experience : |
35 years |
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Name : |
Mrs. Usha Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
54 years |
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Qualification : |
Graduate |
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Name : |
Mr. Aditya Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
28 years |
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Qualification : |
B.E. ( Mech ) |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Wire Machinery, Welded Wire Mesh, Wire Drawing and Wire Drawing & Ribbing Plants, Wire Straightening Cutting Machines. |
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Products : |
v Welded Wire Mesh Plants v Wire Drawing and Ribbing Plants v Welded Wire Fabric ( Concrete Mesh ) Lines v Industrial Grating Lines v Wire Straightening and Cutting Machines. |
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Exports : |
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Products : |
All Products |
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Countries : |
v
v
v
v
v
v
v
v
v
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Terms : |
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Selling : |
L/C ( Advance Payment ) |
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Purchasing : |
Credit ( 30 to 60 days ) |
GENERAL INFORMATION
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Customers : |
Traders and Manufacturers |
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No. of Employees : |
42 |
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Bankers : |
The Jammu and Kashmir Bank Limited Noida Branch, |
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Facilities : |
Cash Credit – Rs. 1.500 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Arun K Agarwal and Associates Chartered Accountants |
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Address : |
Noida, |
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Tel. No.: |
91-120-25502611 |
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Associates/Subsidiaries : |
Master Greetings Private Limited Noida, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10 each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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495000 |
Equity Shares |
Rs. 10 each |
Rs. 4.950
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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4.950 |
4.950 |
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2] Share Application Money |
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0.000 |
0.441 |
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3] Reserves & Surplus |
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0.519 |
0.214 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.469 |
5.605 |
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LOAN FUNDS |
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1] Secured Loans |
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3.284 |
8.628 |
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2] Unsecured Loans |
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0.142 |
0.119 |
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TOTAL BORROWING |
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3.426 |
8.747 |
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DEFERRED TAX LIABILITIES |
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0.051 |
0.112 |
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TOTAL |
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8.946 |
14.464 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.289 |
9.999 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.290
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14.822 |
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Sundry Debtors |
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20.201
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1.917 |
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Cash & Bank Balances |
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1.172
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2.091 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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1.514
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1.559 |
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Total Current
Assets |
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24.177
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20.389 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.924 |
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Provisions |
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Total Current
Liabilities |
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25.520
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15.924 |
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Net Current
Assets |
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(1.343)
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4.465 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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8.946 |
14.464 |
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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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Sales and Other Income |
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66.648 |
38.922 |
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Total Income |
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66.648 |
38.922 |
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Profit/(Loss) Before Tax |
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4.692 |
2.373 |
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Provision for Taxation |
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1.566 |
0.904 |
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Profit/(Loss) After Tax |
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3.126 |
1.469 |
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Expenditures : |
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Manufacturing Expenses |
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2.006 |
2.626 |
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Administrative Expenses |
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12.329 |
6.459 |
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Raw Material Consumed |
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34.266 |
28.356 |
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Salaries, Wages, Bonus, etc. |
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1.936 |
1.506 |
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Increase / (
Decrease ) In Stock |
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( 9.526 ) |
3.794 |
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Interest |
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0.771 |
0.623 |
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Total Expenditure |
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41.782 |
43.364 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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5.47 |
3.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.03 |
6.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.61 |
7.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.85 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.29 |
4.40 |
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Current Ratio (Current Asset/Current Liability) |
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0.94 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
v
United Wire Products,
v
Alpha Omega Enterprises,
WEBSITE DETAILS
ATTACHED:
v
Profile
Incorporated in 1985, Subject
is a leading manufacturer and exporter of Quality Welded Wire Mesh Plants,
accessories and special purpose wire machinery. At Sathyadeep they strive to
imbibe the latest techniques so as to achieve maximum production, accuracy and
high quality. Customer satisfaction is their key driving force and their
continuous adherence to it has helped them earn the trust and admiration of
their esteemed customers. They have also earned a name for themselves in the
international market as quality producers of a variety of machines and their
products are in great demand in
Their products range includes Welded Wire Mesh Plants, Welded Wire Fabric
(Concrete Mesh) Lines, Industrial Grating Lines, Wire Drawing & Ribbing
Plants and Wire Straightening Cutting Machine. They also offers various SECO
MODELS for the production of Quality Welded Wire Mesh Fabric for concrete
reinforcement and many other domestic, industrial and general applications.
They ensure that these plants are tailor made in accordance with customer
specifications.
From beginning to the end their expert engineers design and supervise all
construction and assembling of the machines. Their machines are "no
compromise" world class machines designed to yield high quality,
repeatability, and reliability of operation. Their main motive is to deliver
the best quality product to their customers and to continuously work to improve
that quality. We consider quality to be best defined as the value of their product
to their customers.
Systematic cost management and process optimization has enabled them to deliver
fast, flexible and efficient services to their customers. Through years of
development, the subject has grown into an all-round enterprise, integrating
scientific research, production and management together. They have excellent
equipments, perfect craftsmanship and scientific inspection skill. Every
product is strictly inspected according to its international standard. They
sincerely look forward towards establishing good and long term business
relationship with all their clients.
Why They ?
» Their products stand out for
their strength and durability
» Their machinery is sturdy
and has low wear and tear.
» Low maintenance cost of the
machines.
» They customize their
products as per their customers' need and deliver within the time frame
provided by them.
» They stand for values like consistency, uniformity, accuracy to specified
tolerances, and reliable delivery.
They introduce themselves as
manufacturers and exporters of :
» Welded Wire Mesh Plants
» Welded Wire Fabric (Concrete
Mesh) Lines
» Industrial Grating Lines
» Wire Drawing & Ribbing
Plants
» Wire Straightening &
Cutting-off Machines
Their Endeavour :
To incorporate the latest
techniques so as to achieve maximum production, accuracy and high quality.
Sturdy, easy to operate, low
wear & tear, low maintenance cost.
Exported many complete
Concrete Mesh Lines, Welded Wire Mesh Lines, Wire Drawing & Ribbing Plants
& Wire Straightening & Cutting-off Machines to Middle East &
African Countries.
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. 39.38 |
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1 |
Rs. 80.96 |
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Euro |
1 |
Rs. 56.81 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
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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57 |
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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