MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
BARON CHEMICALS AND SYSTEMS PRIVATE LIMITED |
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Registered Office : |
H-5/ 21, Krishna Nagar, New Delhi – 110 051 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.04.2001 |
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Com. Reg. No.: |
55-110427 |
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CIN No.: [Company
Identification No.] |
U24117DL2001PTC110427 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Dealers of Water Treatment Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 755 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations are
fair. Scale of activity is limited. Company’s profitability is low. Payments
are reported as slow at times. The company can be considered for small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
H-5/ 21, Krishna Nagar, New Delhi – 110 051, India. |
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Tel. No.: |
91-11-22418572/ 22056393/ 22095743 |
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Mobile No. : |
91-9810158931/ 9350590482 |
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Fax No.: |
91-11-22023200/ 22094724 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Satya Prakash Verma |
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Designation : |
Director |
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Address : |
F-8/ 30, Block – F, Krishna Nagar, Delhi – 110 051, India. |
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Date of Birth/Age : |
01.01.1935 |
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Date of Appointment : |
17.04.2001 |
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Name : |
Mrs. Preeti Verma |
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Designation : |
Director |
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Address : |
F-8/ 30, Block – F, Krishna Nagar, Delhi – 110 051, India. |
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Date of Birth/Age : |
28.03.1969 |
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Date of Appointment : |
17.04.2001 |
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Name : |
Mrs. Saroj Verma |
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Designation : |
Director |
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Address : |
F-8/ 30, Block – F, Krishna Nagar, Delhi – 110 051, India. |
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Date of Birth/Age : |
18.01.1944 |
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Date of Appointment : |
17.04.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Satya Prakash Verma |
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100 |
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Mrs. Saroj Verma |
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100 |
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Mrs. Preeti Verma |
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10000 |
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TOTAL |
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10200 |
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Equity Share
Break-up (As on 29.09.2007) |
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Percentage
of Holding |
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Directors or Relatives Of Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Dealers of Water Treatment Chemicals. |
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Products : |
·
Cooling Water Treatment Chemicals ·
Boiler Water and Condensate Treatment Chemicals ·
Chiller Water, D.G Internal Water, Hot Water
Treatment Chemicals ·
R.O. Antiscalant (NSF approved) ·
Descaling Chemicals ·
Effluent Water Treatment Chemicals ·
Fuel Additives ·
AMC and Operation Contract for R.O, D.M, MB,
Softeners, Filters and ETP ·
Water Testing Kits and Meters ·
Water Treatment Plants-R.O, D.M, MB, Softeners,
Filters and ETP |
GENERAL
INFORMATION
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Suppliers : |
· Greazol
Suractants · Aquaquest Water
Treatment Chemicals · Unisol India Private
Limited · National Petro
Chemicals · Star Biomed · Rainbow Aqua
Equipments |
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Customers : |
· Riba Textile
Limited · Clariant
Chemicals Limited · Bajaj Hindustan
Distillery · C B Richards
Ells, South Asia · DLF Service
Limited |
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Bankers : |
· Axis Bank
Limited · The Khatri
Co-Operative Urban Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Malik Girish Anand and Company Chartered Accountants |
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Address : |
FF-101, Building No. G11, Sarine Sonia Sadan, Community Center, Vikas
Puri, New Delhi – 110 018, India. |
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Tel. No.: |
91-11-28541462 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- Each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10200 |
Equity Shares |
Rs.10/- Each |
Rs.0.102
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.102 |
0.102 |
0.102 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.049 |
0.083 |
0.065 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.151 |
0.185 |
0.167 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.479 |
0.230 |
0.305 |
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TOTAL BORROWING |
0.479 |
0.230 |
0.305 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.630 |
0.415 |
0.472 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.168 |
0.156 |
0.161 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.411
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0.050 |
0.000 |
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Sundry Debtors |
0.777
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0.404 |
0.000 |
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Cash & Bank Balances |
0.271
|
0.178 |
0.095 |
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Other Current Assets |
0.036
|
0.013 |
0.987 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
1.495
|
0.645 |
1.082 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.996
|
0.410 |
0.790 |
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Provisions |
0.050
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0.000 |
0.000 |
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Total
Current Liabilities |
1.046
|
0.410 |
0.790 |
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Net Current Assets |
0.449
|
0.235 |
0.292 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.024 |
0.019 |
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TOTAL |
0.630 |
0.415 |
0.472 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2.919 |
2.085 |
2.611 |
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Other Income |
0.985 |
0.568 |
0.000 |
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Total Income |
3.904 |
2.653 |
2.611 |
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Profit/(Loss) Before Tax |
0.056 |
0.024 |
0.010 |
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Provision for Taxation |
0.091 |
0.005 |
-- |
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Profit/(Loss) After Tax |
(0.035) |
0.019 |
0.010 |
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Expenditures : |
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Administrative Expenses |
1.778 |
1.191 |
0.792 |
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Purchases made for re-sale |
2.390 |
1.330 |
1.843 |
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Increase/(Decrease) in Finished Goods |
(0.361) |
0.070 |
(0.079) |
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Depreciation & Amortization |
0.041 |
0.038 |
0.045 |
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Total Expenditure |
3.848 |
2.629 |
2.601 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(0.90)
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0.72 |
0.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.92
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1.15 |
0.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.37
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3.00 |
0.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.13 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.10
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3.46 |
6.56 |
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Current Ratio (Current Asset/Current Liability) |
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1.43
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1.57 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
Profile
Subject is a chemical application service provider in India, offering a wide range of complete, safe and cost-effective solutions to manufacturing units across various sectors to make their plant operations smooth, energy efficient, low maintenance cost and highly productive affair.
Subject's customized expert service is being availed by numerous industries
such as steel, glass, cycle, hospitality, sugar, textile, plywood, chemical,
automobile, paper and pulp, pharmaceutical, food and beverages and electronics
and software.
Strengths
Subject has safe and cost-effective solutions for the plant operation problems.
Every plant faces numerous problems caused due to water usage. Water is used
either for industrial cooling or heating systems.
The causes of these problems are hardness in water, corrosion products formed
in the boiler and condensate water, contamination of water in the water feed
and other sources, chemicals used for internal treatment and other dissolved
minerals in the boiler.
The suggested water treatment programs will be versatile enough to address all
these problems. The objective of these programs will be to control water borne
problems faced by the plant within the acceptable limits through mechanical and
chemical means. Subject's expert engineer through latest monitoring technology
and tools will carefully monitor the programs undertaken.
Subject's Competitive
Edge
They can assure you for the following result in the System with their Chemical
Treatment Program.
1. No scaling/Very slight scale - Exact amount of scaling is difficult to
measure. However, assessment may be made by periodic inspection or from
indirectly to Heat Transfer Data i.e. if the Condenser/Heat Exchanger is opened
in quarterly, this opening will increase to one year initially.
2. Microbiological Growth- Count rang is not more than 1 million which is
acceptable as a nationally and an internationally i.e. if the Condenser/Heat
Exchanger is opened in quarterly, this opening will increase to one year
initially. This is measured by laboratory microanalysis.
3. Carbon Steel Corrosion – Corrosion Rate will be less than 5 mile per year
(MPY) which is acceptable as a nationally and an internationally. Standard
Corrosion Rack and Corrosion Coupon measure this.
Customer Satisfaction:-
Subject's
endeavor to provide total solution to its customer's has earned it a reputation
of the preferred service provider to the giants of manufacturing in India.
Mission:
To be the trusted partner by enhancing the profitability
through innovative treatment programs and customized expert services that adds
value and efficiency to plant operation.
Vision:
To be the industry leader by –
Providing customized and innovative products and services consistently on time.
Water treatment products
Cooling water
treatment chemicals
Products> Anti-scalant/
Polymeric Dispersant
Corrosion Inhibitor
Non-oxidizing Biocide (Multi Active Compund)
Benefits> Prevention of Fouling, Scaling and Microbiological growth in cooling water treatment.
Boiler Water
Treatment Chemicals:-
They have fast reactive and non carcinogen products as oxygen scavenger. For condensate treatment, they have Blend of animus which have good distribution ratio to protect Pre-Boiler, Boiler and Condensate systems. They also have DEHA which is the latest developed chemical for the Boiler Water Treatment. They have excellent polymeric dispersant to keep the heating surface free from deposition.
Products> Prevention Anatiscalent/ Polymeric Dispersant.
Pre-Boiler/Condensate corrosion inhibitors
Oxygen scavenger
Benefits>Prevention of corrosion in Pre-Boiler, Boiler and Condensate section and keeping the Boiler free from any deposits
Closed water
treatment chemicals
Products> Anti-scalant/Polymeric Dispersant
Corrosion Inhibitor
Non-Oxidizing Biocide
Benefits >Prevention of Fouling, Scaling, Corrosion and Microbial growth in Chiller Water System,
Glycol Ethylene. Brine Solution and D.G. Internal cooling
R.O. Membrane treatment chemicals
Products>Anti-Scalant
Membrane Cleaner
Biocide
Benefits>Fouling and deposit prevention for operation
of membrane
Fuel Additives
Products>Fuel additive for furnace and boiler
Fuel additive for diesel
engine
Benefits>Fuel
saving up to 3-8% with prevention from Cold End and High Temperature Zone
Corrosion, Clinkers, Un-bumt Carbon Deposition, Sludge setting in Storage Tank
and Soot emissions.
Descaling Chemicals
Products>Online and offline Descaling chemicals.
Effluent water treatment chemicals
Products>Coagulants and Flocculants for Effluent
Treatment
Water treatment plant
Products>Filters - Single, Dual, Multi Media
Activated Carbon Filters - Micron, Ultra and Nano Filters ·
Softener - Industrial and Domestic ·
R.O. - Industrial and Domestic
Dematerializing Plant
Ozonators .
PRODUCTS RANGE:
Cooling Water Treatment Chemicals
·
Quadrasperse Dispersants
·
Antiscalants
·
Corrosion Inhibitors
·
Multi Active Non Oxidizing Biocides
·
Oxidizing Biocides
·
Bio Dispersants/Oil Dispersants.
Closed Water Treatment Chemicals
·
Antiscalants/Polymeric Dispersants
·
Corrosion Inhibitors
·
Non Oxidizing Biocides.
Boiler Water Treatment Chemicals
·
Fast Reactive Oxygen Scavengers (both Sulphite and Amine
Base- DEHA)
·
Polymeric Deposits and Scale Controllers
·
Condensate Treatment
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pH Boosters
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Alkalinity Controllers.
R.O. Membrane Treatment Chemicals
·
Antiscalants
·
Biocides
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Membrane Cleaners.
Descaling Chemicals
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On line Descaling Chemicals
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Off line Descaling Chemicals.
Effluent Water Treatment Chemicals
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Coagulants
·
Flocculants.
Water Treatment Plants
·
Filters (single, dual, multi media and activated carbon
filters - Micron, Ultra and Nano Filters)
·
Softeners (Industrial and Domestic)
·
R.O. (Industrial and Domestic)
·
Demineralizing Plants
·
Ozonaters.
Fuel Additives
·
For Furnace and Boiler
·
For Diesel Engine
SERVICES OFFERED:
They provide all monitoring tools and equipments for on site testing to run the water treatment program efficiently through:
·
Water Testing Kits
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Corrosion Coupon Test Rack
·
Dip Slides (Biological Growth Testing)
·
Dosing Equipments and Systems.
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 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.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|