MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
I – CON INDUSTRIES |
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Registered Office : |
M-100115 MIDC, Ambad, Nashik – 422 005, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment |
1995 |
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Legal Form : |
Partnership concern with an unlimited liability of the partner. |
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Line of Business : |
Manufacturer of Wooden Crates and Wooden Pallets. |
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 12500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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. Business is active. No complaints have been
heard. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Muneer |
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Designation : |
Key Executive |
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Date : |
05.12.2008 |
LOCATIONS
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Registered Office/Factory: |
M-100115 MIDC, Ambad, Nashik – 422 005, Maharashtra, India. |
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Tel. No.: |
91-253-2384305 |
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Fax No.: |
91-253-6604898 |
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E-Mail : |
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Area : |
3500 Sq.ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mrs. Shamiya sadiq |
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Designation : |
Partner |
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Date of Birth/Age : |
36 Years |
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Qualification : |
HSC |
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Name : |
Mrs. Jameela A.K. |
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Designation : |
Partner |
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Date of Birth/Age : |
64 Years |
KEY EXECUTIVES
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Name : |
Mr. Muneer |
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Designation : |
Key Executive |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wooden Crates and Wooden Pallets. |
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Products : |
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Terms : |
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Selling : |
On Credit (15 – 60 days) |
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Purchasing : |
On Credit (15 – 60 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
Around 35 |
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Bankers : |
Bank of Baroda, Satpur Branch |
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Facilities : |
Overdraft facilities of Rs.2.000 mIllions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
R.P. Shah and Company |
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Chartered Accountant |
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Associates/Subsidiaries : |
Near to I-Con Activity: Manufacture of Machine Items
H118, MIDC, Nashik Activity: Wire drawing, Fabrication and
Machine Shop. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.500 Millions (estimated) |
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Borrowed : |
-- |
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Total : |
Rs.2.500 Millions (estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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35.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Crompton
Switch Gear Division
- C G Lucy Switch
Limited – Nashik
- Arti
Enterprises – Ambad, Nashik
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AAACA4074DXM001 |
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VAT / TIN : 27410252359V |
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PAN / TAN : AAACA4074D |
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Bank Name : Bank of Baroda |
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Bank Address : Satpur Branch |
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Bank A/c. No.: 11360400005739 |
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Account Since : 14 Years |
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In case of any affiliations / memberships / certifications : |
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Name : NIMA – Nashik Industrial
Manufacturer Association |
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AS PER WEBSITE
PROFILE:
Incepted in the year 1985, subject name to be reckoned
with in the sphere of manufacturing a wide assortment of wooden packaging materials
comprising of pallets, boxes, crates and planks. Made of solid pine, rubber and
jungle wood imported from New Zealand and Kerela has helped us to offer concern
clients with a range that stands high in quality and durability.
With an experience of more than a decade, concern skilled professionals are
adept at comprehending the unique requirements of clients from every field and
accordingly develop a gamut that meets their expectations and purpose of
application. With state-of-the-art facilities and latest techniques they are
able to offer the best of wooden products at the most competitive prices.
Consistent quality, on-time delivery and ethical business practices have helped
us to etch a formidable reputation for ourselves. They are continually striving
to improvise concern methodology and manufacture wooden pallets that are an
innovative solution for the packaging industry
PRODUCT
PORTFOLIO:
They
offer an exhaustive range of wooden boxes, planks, crates, pallets and others
that address to the packaging requirements of an assortment of industries. They
make sure in using quality tested raw materials such as pine, rubber and jungle wood imported from New
Zealand and Kerela. Also, the use of top quality nails and GI sheets has
helped to offer a range that is durable
and sturdy.
Concerncomprehensive
range of products comprise of Wooden
Pallets, Euro Pallets, Wooden Euro Pallets, Wooden Crates, Wooden Boxes,
Plywood Boxes, Pine Wood Boxes and Wooden Planks. Every product
is designed and developed with care and precision. It has been widely
appreciated and used by clients owing to the following advantageous features:
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Protection against termites and other hazards
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Reduce risk of man-handling
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Minimize crushing
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Lateral divisions facilitates the separation of items
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Ensures safety of valuable items
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Eliminates risk arising from cartons
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Can be re-used
Further, they possess the ability to tailor make our range on the parameters of
size, shape and design to meet the varied requirements
of concern valuable clients.
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.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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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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