MIRA
INFORM REPORT
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Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VESTAL MANUFACTURERS AND TRADERS |
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Registered Office : |
5/538, Shakti Nagar, Industrial Area, Goolar Road, Aligarh – 202001,
Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1977 |
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IEC No.: |
0689000090 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AGRV10247G |
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PAN No.: [Permanent
Account No.] |
AAXPGO999D |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Door Fittings, Window, Curtain Fitting in
Aluminum and Brass |
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 125000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory
track. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Varun Grag son of Mr. Vinod Garg |
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Designation : |
Export Manager |
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Date : |
07.08.2008 |
LOCATIONS
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Registered Office/Factory : |
5/538, Shakti Nagar, Industrial Area, Goolar Road, Aligarh – 202001,
Uttar Pradesh |
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Tel. No.: |
91-571-2522723 |
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Mobile No.: |
91-983731116/9837040072 |
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Fax No.: |
91-571-2520330 |
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E-Mail : |
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Website: |
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Area : |
5000 Sq. ft |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Vinod Garg |
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Designation : |
Proprietor |
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Address : |
Aligarh |
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Date of Birth/Age : |
54 Years |
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Qualification : |
Graduate |
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Experience : |
30 Years |
KEY EXECUTIVES
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Name : |
Mr. Varun Garg |
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Designation : |
Export Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
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Names of Shareholders |
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No. of Shares |
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Proprietor and Family Member |
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25.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Door Fittings, Window, Curtain Fitting in
Aluminum and Brass |
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Export to: |
USA, Canada, Australia, South Africa, United Kingdom, Germany and
Netherlands |
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Terms : |
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Selling : |
Cash & Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
(Office – 23 + Factory – 250) = 273 |
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Bankers : |
Canara Bank, Aligarh |
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Facilities : |
Rs. 20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 25.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 25.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
SUMMARISED RESULTS (Balance Sheet)
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Proprietor’s Capital |
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25.000 |
24.800 |
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Fixed Assets [Net Block] |
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61.300 |
60.220 |
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Investments |
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4.500 |
3.500 |
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Current Assets, Loans & Advances |
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Inventories |
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45.000 |
44.000 |
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Cash & Bank
Balances |
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4.125 |
5.106 |
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Current
Liabilities & Provisions |
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Current
Liabilities |
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72.300 |
72.950 |
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Misc. Exp |
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1.057 |
1.040 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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405.200 |
383.200 |
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Total Income |
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405.200 |
383.200 |
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Profit/(Loss) Before Tax |
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45.000 |
36.700 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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45.000 |
36.700 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
Design Fittings - USA
New Build – USA
As per website details
Profile
Subject is one of the leading manufacturers and
exporter of Architectural Ironmongery products and builders hardware fitting
for more than two and half decades. The main destinations of their Exports
sales are USA, CANADA, Europe, South Africa and Australia. Subject is an ISO
9001-2000 accredited company.
Subject is based in Aligarh (India) the city
renowned for producing above products in the world. Their factory equipped with
modern machines and plants with highly skilled technical staff, thus ensuring
matchless quality products for prestigious buyers.
Subject believes in honesty and fair dealing
and commitments. These qualities helping in business promotions day be day and
present growth of sales achieved is US $ 2 millions annually, which will
further be increased during next years.
Subject research and development wing is so
efficient that any such products could easily be developed in shortest possible
time as this is basic requirement at the moment in this fast changing world,
for facing competition with other manufacturer.
Subject is going to add few new products
keeping in view of the present and tastes of the people, these are from hot
forging processes in brass and wrought iron and newly developed products range
of stainless steel builders hardware.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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 |
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 |
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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