MIRA
INFORM REPORT
|
Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MORAKHIA METAL AND ALLOYS PRIVATE LIMITED |
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Registered Office : |
12, 2nd Floor, “B” Wing, Mardia Plaza, Near Panchwati Petrol
Pump, C G Road, Ahmedabad – 380006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.01.1990 |
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Com. Reg. No.: |
04-13215 |
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CIN No.: [Company
Identification No.] |
U27101GJ1990PTC013215 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM00030C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of copper and brass castings, semi-finished
and finished products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 410000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. The company has not filed its 2008 financials with the Government
Registry. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shrinek Morakhia |
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Designation : |
Director |
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Contact No.: |
91-9825005529 |
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Date : |
15.12.2008 |
LOCATIONS
|
Registered Office : |
12, 2nd Floor, “B” Wing, Mardia Plaza, Near Panchwati
Petrol Pump, C G Road, Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-26401873 / 26400695 |
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Mobile No.: |
91-9825005529 (Mr. Shrenik Morakhia [Chief Executive Officer]) |
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Fax No.: |
91-79-26464148 / 26426558 |
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E-Mail : |
Sales and Marketing : morakhia@copperzone.com Purchases : mtrm@copperzone.com |
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Website : |
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Corporate Office : |
145, Kika Street, Gulal Wadi, Mumbai 400 004,
Maharashtra, India |
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Tel. No.: |
91-22-2346 1732 / 2346 2263 |
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Fax No.: |
91-22-2347 2288 |
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Factory : |
Located at Chhatral near Ahmedabad |
DIRECTORS
|
Name : |
Mr. Prakashbhai Sevantilal Morakhia |
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Designation : |
Director |
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Address : |
289, S. V. P. Road, Shree Bhuwan, 5th Floor, Mumbai –
400004, Maharashtra, India |
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Date of Birth/Age : |
19.04.1962 |
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Date of Appointment : |
05.01.1990 |
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Name : |
Mr. Pankajbhai Kantilal Morakhia |
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Designation : |
Whole-time Director |
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Address : |
289, S. V. P. Road, Shree Bhuwan, 5th Floor, Mumbai –
400004, Maharashtra, India |
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Date of Birth/Age : |
14.12.1968 |
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Date of Appointment : |
05.01.1990 |
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|
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Name : |
Mr. Shrenikbhai Ashokbhai Morakhia |
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Designation : |
Director |
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Address : |
289, S. V. P. Road, Shree Bhuwan, 5th Floor, Mumbai –
400004, Maharashtra, India |
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Date of Birth/Age : |
26.01.1973 |
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Date of Appointment : |
25.11.1998 |
SHAREHOLDING
PATTERN
|
Equity Share Breakup
|
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of copper and brass castings,
semi-finished and finished products. |
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Exports : |
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Products : |
Copper and Brass Castings |
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Countries : |
Gulf country, Taiwan, UK, and USA
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Imports : |
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Products : |
Raw Materials, Plant and Chemical |
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Countries : |
China and Germany |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
30 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
R R S and Associates Chartered Accountants |
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Address : |
211, Kamal Complex, Near Stadium Circle, C. G. Road, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4255000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.550 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
42.550 |
14.000 |
14.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
40.890 |
41.500 |
33.932 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
83.440 |
55.500 |
47.932 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
61.615 |
39.851 |
29.619 |
|
|
2] Unsecured Loans |
32.688 |
32.495 |
8.504 |
|
|
TOTAL BORROWING |
94.303 |
72.346 |
38.123 |
|
|
DEFERRED TAX LIABILITIES |
4.737 |
2.235 |
2.547 |
|
|
|
|
|
|
|
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TOTAL |
182.480 |
130.081 |
88.602 |
|
|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
126.552 |
55.381 |
55.099 |
|
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Capital work-in-progress |
0.000 |
7.805 |
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
0.020 |
0.020 |
0.020 |
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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 |
42.897 |
62.108 |
19.227 |
|
|
Sundry Debtors |
57.853 |
35.661 |
38.205 |
|
|
Cash & Bank Balances |
33.920 |
7.151 |
11.328 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
16.910 |
23.147 |
8.342 |
|
Total
Current Assets |
151.580 |
128.067 |
77.102
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
92.161 |
55.167 |
41.528 |
|
|
Provisions |
3.793 |
6.343 |
2.098 |
|
Total
Current Liabilities |
95.954 |
61.510 |
43.626
|
|
|
Net Current Assets |
55.626 |
66.557 |
33.476
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.282 |
0.318 |
0.007 |
|
|
|
|
|
|
|
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TOTAL |
182.480 |
130.081 |
88.602 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 (estimated) |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
630.000 |
580.062 |
292.467 |
381.017 |
|
|
Other Income |
0.000 |
15.391 |
5.141 |
0.000 |
|
|
Total Income |
630.000 |
595.453 |
297.608 |
381.017 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
21.551 |
11.927 |
2.001 |
|
|
Provision for Taxation |
|
4.611 |
4.360 |
0.549 |
|
|
Profit/(Loss) After Tax |
|
16.940 |
7.567 |
1.452 |
|
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|
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Earnings in Foreign Currency : |
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|
|
|
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Total Earnings |
NA
|
28.982 |
31.156 |
9.700 |
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|
|
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Imports : |
|
|
|
|
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Total Imports |
|
0.746 |
1.144 |
0.000 |
|
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Expenditures : |
|
|
|
|
|
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Depreciation & Amortization |
|
4.846 |
4.204 |
4.036 |
|
|
Other Expenditure |
|
569.056 |
281.477 |
374.980 |
|
Total Expenditure |
|
573.902 |
285.681 |
379.016 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.84
|
2.54 |
0.38 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.62
|
4.01 |
0.53 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.75
|
6.50 |
1.51 |
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|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.21 |
0.04 |
|
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|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.28 |
2.41 |
1.71 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
1.58 |
2.08 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MORAKHIA METAL
AND ALLOYS PRIVATE LIMITED |
||||||||
|
Presented By |
Dena Bank,
Mumbai Main Office, Horniman Circle, Mumbai – 400023 |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation [Goods, Book debts and other movable assets to secure multiple
facilities] dated 13th September, 2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Goods : Stock of raw
materials, such as Higher Conductivity Copper Bus Bars, Flats and Strips For
Electrical Application etc. consumable stores and spares, packing materials
etc. both present and future now being or hereafter during the continuance of
this agreement brought into or upon or now or hereafter in course of transit
to any godowns, jathas or place whatsoever and wheresoever in the possession
or occupation of the borrower. Movable and Other
Assets : All the tangible movable properties and assets of the borrower of
whatsoever nature including plant, machinery, tools and accessories, stores,
spares relating to the plant and machinery, furniture, articles, office
equipments, computers and things belonging to the borrower and lying and
being at their premises / factories at Gujarat being movable properties and
capable of passing by delivery, both present and future whether installed or
not and whether now lying loose or inc case and now being or at any time
hereinafter during the continuance of this agreement brought into or upon or
at any time. In course of transit to the factories / premises of the borrower
at 145 Kika Street, Gulalwadi, Mumbai – 4 either by way of substitution or in
addition or other place whatsoever and wheresoever in the possession of
occupation of the borrower. Book Debts : All
the present and future book debts, outstanding, moneys, receivables, claims,
bills, rights to or in movable properties and movable assets and which are
not due, owing payable or belonging to borrower in the course of its business
by any present, firm company or body corporate or by the Government Central
and State of Indian Railways, any Government Deportment or office or any
Municipal or local or public or Semi Government body or authority or any body
corporate or undertaking or project whatever in the Public Sector. |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Details of credit
facilities as under Rs in Millions
Interest /
Commission as per H O / Fedai Rule Security to cover
principal amount together with Interest, costs, charges, expenses etc. |
||||||||
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, Mumbai Main Office, Horniman Circle, Mumbai – 400023 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
90105859 |
|
Corporate
identity number of the company |
U27101GJ1990PTC013215 |
|
Name of the
company |
MORAKHIA METAL AND ALLOYS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
12, 2nd Floor, “B” Wing, Mardia Plaza, Near Panchwati
Petrol Pump, C G Road, Ahmedabad – 380006, Gujarat, India |
|
Type of charge |
|
|
Particular of
charge holder |
Dena Bank, Industrial Finance Branch, 9th Floor, Makers
Towers “E”, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Unattested
Memorandum of Fifth Modification of Hypothecation Agreement. |
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Date of
instrument Creating the charge |
28.12.2006 |
|
Amount secured by
the charge |
Rs. 140.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As may be
stipulated by Bank from time to time Terms of
repayment : On Demand Margin : As may be
stipulated by Bank from time to time Extent and
operation of the charge : The following
credit facilities together with interest, costs, charges, expenses as secured
against the movable properties |
|
Date of latest
modification prior to the present modification |
10.03.2004 |
|
Particulars of
the present modification |
The total amount
secured now stands enhanced from Rs. 87.500 Millions to Rs. 140.000 Millions Thus the charge
now stands to secured at Rs. 140.000 Millions |
Trade References
- Inducto Therm
India Private Limited, Ahmedabad
- Electro Therm
India Limited, Ahmedabad
AS PER WEBSITE
PROFILE
Subject has
flourished into a company fulfilling complete manufacturing and trading activities
of copper and copper based alloy semis. Over the years, the company has
acquired clients in India and abroad, comprising of government undertakings to
multinational corporations.
At Morakhia the
production of non-ferrous alloys semis is not just an activity, it is a
determined and dedicated process of setting newer accomplishments each time.
Using expertise to enhance and innovate is at the core of all product activity.
(Bearing testimony to this are breakthrough products like 70/30 Brass Tubes -
sugar quality, DHP copper tubes and Silver Bearing Copper.) The assurance of
products extends to the services too. Resulting in total commitment to
schedules and adherence to customers' standards.
MANUFACTURING PRODUCTS
COPPER BUS BARS/ FLATS/ STRIPS
Properties: These high
conductivity bus bars, flats and strips come in 4mm to 80mm thickness and 30mm
to 160mm width and weigh up to 110 kgs. each.
Use: Required for
various turnkey projects such as alkali, zinc and copper refinery, calcium
carbide and ferro alloys. Electrical engineering also makes use of these
products extensively.
COPPER RODS & BARS
Copper rods for general engineering High conductivity copper rods
Properties:
Available in square, round, rectangular, hexagonal or any shape from 10mm to
80mm and upto 150mm in cast condition .Products weigh up to 200 kgs.
Use:
Copper rods and bars are used in general engineering and electrical.
COPPER SECTIONS & PROFILES
Properties: of any shape
and size as per the requirement. May weigh upto 80 kgs. per piece and measure a
cross sectional size of upto 125mm.
Use:
Copper sections and profiles are used for power, electrical and allied
equipment.
COPPER PIPES, TUBES
- Copper tubes for general engineering
- Copper tubes for refrigeration and air conditioning
- High conductivity copper tubes
- Cupro nickel tubes
- DHP & DLP Grade Copper Tubes
Properties: In round,
square, rectangular or any other shape according to drawings. Sizes range from
6mm to 90mm OD and thickness from 0.6mm upto 20mm.
Use: Used
in refrigeration and airconditioning, plumbing, hot and cold waterpipes for
heaters, terminal lug manufacturing and so on
BRASS PIPES & TUBES
- Brass tubes for general engineering
- Special high tensile brass for valves
- Free cutting brass rods
- Lead free brass rods and wires
Properties: Available in
63/37 alloy, 70/30 alloy sugar tubes and 85/15 alloys. Sizes vary between 6mm
to 90mm and thickness from 0.6mm upto 20mm.
Use:
70/30 brass pipes are ideal for use in evaporators, juice heaters and vaccum
pans of sugar plants. Other products are for used for manufacturing general
machine parts such as nuts, screws and valves.
SILVER BEARING COPPER
Properties: Available as
strips and flats in EHC, DLP, DHP grades. Silver bearing copper increases the
softening temperature significantly to improve creep resistance.
Use:
Mainly used for making commutator bars, it is also used by electrical and power
industries in manufacture of railway engines, etc.
COPPER FITTINGS
Properties : Available as per order
Use: Mainly
used in chemical industries, engineering
and electricals.
The manufacturing facilities of Morakhia are spread over a vast area in the country, allowing not
only for good capability but also for expansion of infrastructure.
The works are located at Chhatral near Ahmedabad. The unit
is fully equipped with advanced machinery to produce state-of-the-art products.
Besides confirming to international standards of ISS, ASTM, BSS and DIN, the
products are tested in a laboratory within the works. They are further
inspected by independent scrutiny agencies before they are certified and
approved.
Attended to, by a team of qualified and experienced
technical personnel, the unit is committed to continous improvement in quality
through adoption of improved techniques of production.
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.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|