MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNIVERSAL ENGINEERING SYSTEM |
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Registered Office : |
16, K.K. Gupta Industrial Estate, Opp. Jawahar Talkies, Dr. R.P. Road,
Mulund (W), Mumbai – 400080, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
1980 |
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IEC No. : |
0394065654 |
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PAN No.: |
AHAPP2697M |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Resin Plants, Turn Key Basis, Paint
Making Machinery, High Speed Mixers, Ball- Mills, Sand, Reaction Vessels. |
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 11065 |
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Status : |
Satisfactory |
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Payments Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Atlast, the management cooperated and parted us with the required
information. Subject seems to be an old and established concern in its field. Trade
relations are fair. Business is active. Payments are reported as slow at
times but correct. The concern can be considered good for normal business dealings. |
INFORMATION DECLINED
BY
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Name : |
Mr. L S Purohit |
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Designation : |
Proprietor |
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Contact No.: |
91-989276094 |
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Date : |
01.08.2008 |
LOCATIONS
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Registered Office / Factory : |
16, K.K. Gupta Industrial Estate, Opp. Jawahar Talkies, Dr. R.P. Road,
Mulund (W), Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-25677581 / 67974236 |
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Mobile No.: |
91-9892760940 |
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Fax No.: |
91-22-67974236 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mr. L.S. Purohit |
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Designation : |
Proprietor |
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Address : |
14, Tirupati Apartments, Devidayal Road, Mulund (West), Mumbai – 400
080, Maharashtra, India |
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Age : |
61 Years |
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Qualification : |
B.E. (Mech) |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Resin Plants, Turn Key Basis, Paint
Making Machinery, High Speed Mixers, Ball- Mills, Sand, Reaction Vessels. |
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Products : |
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Exports : |
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Products : |
v Resin Plants |
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Countries : |
v Kenya v Tanzania v Pakistan |
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Terms : |
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Selling : |
L/C against documents |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v End Users Major Customers v Indigo Paints Private Limited - Rajastan. v Swastik Colours - Haryana v Wembley Paints and Chemicals - Bahadurgrah. v Chroma Synthetics - Thane. v Glow Paints Private Limited - Goa. v D.S.V. Chemicals Private Limited - Khopoli v Kedia Electricals Private Limited - Hydrabad. v Bawa Paints Limited - Delhi v Saish Meta Flow Private Limited - Pune v Lona Industries Limited - Mumbai v Soujanya Enterprison - Thane. v Naval Material Research Lab. - Ambernath v Protochem Industries Private Limited - Mumbai. v Malak Paints - Indore v R.R. Paints Private Limited - Bhandup. v Xpro India Limited – Mumbai v Gisco Paints - Jabalpur. v Karna Paints Limited - Haryana. v Cray Valley - High Speed Disperser v Esdee Paints v Insignia Limited - Tanzania v Grand Paints Limited - Kenya. v Pinnade Paints Limited - Kenya. v Blue Ring Products Limited - Kenya. v Bamco Limited - Thailand v Kiboko Paints Limited - Tanzania. v Oxyplast Private Limited - Pakistan |
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No. of Employees : |
Total : 19 (Office : 4, Factory : 15) |
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Bankers : |
v HDFC Bank v State Bank of India Mulund, Mumbai – 400 080, Maharashtra, India |
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Auditors : |
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Name : |
Mulraj Gala and Associates Chartered Accountants |
CAPITAL STRUCTURE
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Proprietor’s Capital : |
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Owned : |
Rs. 2.213 millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.213 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Proprietor’s Capital |
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2.213 |
2.110 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.213 |
2.110 |
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LOAN FUNDS |
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1] Secured Loans |
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0.170 |
0.246 |
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2] Unsecured Loans |
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0.477 |
0.230 |
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TOTAL BORROWING |
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0.647 |
0.476 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.860 |
2.586 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.598 |
0.657 |
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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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1.191 |
1.141 |
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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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0.922 |
0.906 |
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Sundry Debtors |
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(1.491) |
0.225 |
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Cash & Bank Balances |
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0.782 |
0.094 |
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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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1.254 |
0.262 |
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Total
Current Assets |
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1.467 |
1.487 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.304 |
0.702 |
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Provisions |
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0.091 |
0.000 |
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Total
Current Liabilities |
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0.395 |
0.702 |
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Net Current Assets |
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1.072 |
0.785 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.860 |
2.586 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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4.395 |
9.312 |
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Other Income |
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0.178 |
0.283 |
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Total Income |
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4.573 |
9.595 |
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Profit/(Loss) Before Tax |
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0.506 |
1.010 |
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Provision for Taxation |
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0.043 |
0.072 |
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Profit/(Loss) After Tax |
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0.463 |
0.938 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1.104 |
8.566 |
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Other Earnings |
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3.290 |
0.795 |
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Total Earnings |
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4.394 |
9.361 |
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Imports : |
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Raw Materials |
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2.818 |
4.847 |
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Stores & Spares |
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0.004 |
0.003 |
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Total Imports |
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2.822 |
4.850 |
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Expenditures : |
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Cost of Goods Sold |
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3.470 |
0.783 |
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Administrative Expenses |
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0.452 |
0.621 |
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Interest |
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0.063 |
0.037 |
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Depreciation & Amortization |
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0.079 |
0.092 |
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Other Expenditure |
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0.003 |
7.052 |
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Total Expenditure |
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4.067 |
8.585 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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10.12 |
9.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.51 |
10.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.06 |
10.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.18 |
0.33 |
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Current Ratio (Current Asset/Current Liability) |
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3.71 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
Insignia Limited
Name : Mr. Kishan
P. O. Box No. 71449, Dar – E- Salaam, Tanzania
High Chem Pharmaceuticals Limited
Dr, Wadhira
P. O. Box No. 30467, Nairobi, Kenya
Premier Coatings Private Limited
Mr. Jamshedji Ahmed
F – 16, Block 6, PECHS, Karachi, Pakistan
Trust Seal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
Universal Engineering System |
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` |
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Statutory Approvals |
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Legal Status of Firm |
Proprietorship Firm |
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Income Tax Registration |
AHAPP2697M |
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VAT / TIN Registration |
27190025015V dt. 01.04.2006 |
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Import Export Code |
03494065654 |
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Name of Bank |
HDFC Bank |
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Current Account Number |
001580200000093 |
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Account Since |
4 Years |
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Trade Affiliations |
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SSI Registration |
11077119 dt. 05.11.1993 |
As Per Website Details
Machineries / Plants
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1. |
Pug Mixers |
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2. |
Sigma Mixers |
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3. |
High Speed/ Low Speed/ Twin Shaft
Dispersers |
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4. |
Continuous Sand Mill / Pearl Mill / Lab Sand
Mill / Batch Sand Mill / Attriator. |
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5. |
S.S. Limpet Coil Reactors. |
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6. |
S.S. Heat Exchangers. |
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7. |
Pressure Vessels. |
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8. |
Ribbon Blenders. |
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9. |
Solid Material Handling Systems Such As |
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10. |
Screw Conveyor, Bucket Elevator, Belt Conveyor, |
Valves
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1. |
Flush Bottom Valve. |
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2. |
Sample Valve. |
Plants
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1. |
High Vac. Distillation Plants. |
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2. |
Alkyd Resin Plants |
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3. |
Polyester Resin. |
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4. |
Phenol Formadehyde |
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5. |
Pva Emulsion / Textiles / Binder /
Adhesive. |
Manufacturing Range
Project Executed
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a. Twin Shaft
dispersers 1000Lts – 2Nos. |
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a. Sand Mill – Lab |
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a. Sand Mill |
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a. High Speed Stirrer,
5HP Motor |
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a. Pug Mixer – 500Lts.
SS |
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a. Sand Mill |
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a. Sand Mill. |
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Sand Mill. |
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a. Sigma Mixer |
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a. S.S. Ribbon Mixer 10,000Lts. |
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a. Continuous Sand Mill |
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a. Twin Shaft Hydraulic
Disperser |
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a. S.S. Ribbon Blender - 1200Lts. Cap. |
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a. S.S. Ribbon Blender
6000Lts. |
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a. Alkyd Resin Plants – 3 Ton. |
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a. Alkyd Plant 2.5 Ton. |
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a. Ribbon Blender –
2000Lts. |
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a. Alkyd Resin Plant –
1Ton. |
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Polyester Resin Plant 3 Ton |
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High Speed Disperser |
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High Speed Mixer 1000Lts. (3Nos.) Low Speed Mixer 500Lts. (2Nos.) Twin Shaft Disperser 500Lts. (1Nos.) Pearl Mill (1Nos.) |
Project Executed Overseas
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a. S.S. Pug Mixer
1000Lts. |
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a. 3 Ton Alkyd Plant. |
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a. 3 Ton Alkyd Plant |
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a. Powder Blending / Powder filling System. |
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a. Powder, Blender S.S. |
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a. Alkyd Plant 10 Ton. |
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PVA Emulsion Plant -
6Ton |
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Powder Mixing / Conveying System |
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Tin Plant Machinery |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.20 |
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UK Pound |
1 |
Rs. 81.48 |
|
Euro |
1 |
Rs. 64.27 |
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 |
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 |
|
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 |
|
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 |
|