MIRA INFORM REPORT
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Report Date : |
26.12.2008 |
IDENTIFICATION DETAILS
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Name : |
F HARLEY AND COMPANY PRIVATE LIMITED |
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Registered Office : |
5, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.08.1986 |
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Com. Reg. No.: |
21-41076 |
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CIN No.: [Company
Identification No.] |
U18101WB1986PTC041076 |
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IEC No.: |
0288006046 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALF00147A CALF00093C |
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PAN No.: [Permanent
Account No.] |
AAACF3966D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Air Pollution Control System, Acoustic Cleaning
System, Outdoor Cooling System, Fire Resistant Cloth. |
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 316080 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory.
Payments are reported as correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Namit Shah |
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Designation : |
Managing Director |
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Contact No.: |
91-9831005805 |
LOCATIONS
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Registered Office : |
5, |
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Tel. No.: |
91-33-22897676/ 7344/ 7098/ 7442/ 7425/ 22904098/ 22897741/22848065 |
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Fax No.: |
91-33-22897919 |
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E-Mail : |
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Website : |
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Area : |
9000 sq ft |
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Location : |
Owned |
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Office: |
Jyotech Engg and Mktg Consultants, H49-A, Kalkaji, Tel No: 91-11-6447966
/ 6478668 Fax No: 91-11-6482189 /
6464000 E-Mail: delhi@harleygrp.com Mumbai Churchgate House, 4th Floor, Tel No: 91-22-2047879
/ 8185 Fax No: 91-22-2851819 E-Mail: Mumbai@harleygrp.com Chennai 64, Tel No: 91-44-5385517 Fax No: 91-44-5383995 E-Mail: Chennai@harleygrp.com 635, Sunder Nagar, Near Sai Mandir, Tel No: 91-771-244321 Fax No: 91-771-244321 E-Mail: kerpr@keldindia.com Ahmedabad No.1, Kalpana Colony, Rambagh, Maninagar, Ahmedabad – 380 008 Tel No: 91-79-5461781 Fax No: 91-79-5394912 E-Mail: keahm@keldindia.com “Toral” Opp.S.B.S. Gymkhana Br. Office No.316, Tel No: 91-281-229201 Fax No: 91-281-221205 E-Mail: rajkot@harleygrp.com 85/86, 1st Floor, G.M. Market, Gandhibagh, Tel No: 91-712-764508 /
760896 Fax No: 91-172-778544 E-Mail:
kengp@keldindia.com |
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Factory : |
Shree Hari Complex, P.S. – Sankrail, P.O. Argori, District |
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Tel. No.: |
91-33-26695189 |
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Fax No.: |
91-33-26695189 |
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E-Mail : |
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Area : |
22000 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. M N Shah |
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Designation : |
Chairman |
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Address : |
5B, |
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Date of Birth/Age : |
69 Years |
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Qualification : |
B.Com |
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Experience : |
43 Years |
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Name : |
Mr. Namit Shah |
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Designation : |
Managing Director |
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Address : |
5B, |
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Date of Birth/Age : |
43 Years |
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Qualification : |
MBA |
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Experience : |
16 Years |
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Name : |
Mr. Nirav Shah |
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Designation : |
Deputy Managing Director |
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Address : |
5B, |
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Date of Birth/Age : |
37 Years |
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Qualification : |
B com |
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Experience : |
14 Years |
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Name : |
Mr. Jitendra Nimchand Shah |
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Designation : |
Director |
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Address : |
32, |
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Date of Birth/Age : |
01.10.1943 |
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Date of Appointment : |
01.10.1988 |
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Name : |
Mr. Hareshkumar N Shah |
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Designation : |
Director |
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Address : |
9, |
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Date of Appointment : |
07.11.1988 |
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Name : |
Ms. Vaishali Shah |
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Designation : |
Director |
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Address : |
26, |
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Date of Birth/Age : |
07.05.1970 |
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Date of Appointment : |
01.11.2007 |
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Name : |
Mr. Subrata Maiti |
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Designation : |
Director |
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Address : |
12A/9, |
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Date of Birth/Age : |
01.11.1949 |
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Date of Appointment : |
01.11.2007 |
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Name : |
Mr. Mahendra Amritlal Shah |
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Designation : |
Director |
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Address : |
70/1, |
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Date of Birth/Age : |
10.06.1951 |
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Date of Appointment : |
01.11.2007 |
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Name : |
Mr. Rupande Shah |
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Designation : |
Director |
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Address : |
5B, |
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Date of Birth/Age : |
18.12.1965 |
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Date of Appointment : |
01.11.2007 |
KEY EXECUTIVES
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Name : |
Mr. Namit Shah |
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Designation : |
Managing Director |
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Mobile No. : |
91-9831005805 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Sumanlal N Shah |
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101 |
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Maheschandra N Shah |
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166 |
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Sumanlal N Shah |
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399 |
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Namit Kumar Shah |
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2662 |
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Nilesh Shah |
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200 |
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Kokila Shah |
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200 |
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Nilesha Shah |
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100 |
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Cleanflo Filters Private Limited |
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4605 |
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Nirav Shah |
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2665 |
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Natwarlal Nimchand Private Limited |
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500 |
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Pallavi Shah |
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1 |
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Shah N Natwarlal |
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1 |
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Total |
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11600 |
As on 05.09.2008
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List of Allottees |
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No. of Shares Allotted |
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Pratik Shah |
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1 |
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Pravina M Shah |
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1 |
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Vinnie Shah |
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1 |
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Ila Shah |
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1 |
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Mina Jitendra Shah |
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1 |
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Purvi Nishith Shah |
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1 |
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Nishith Jitendra Shah |
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1 |
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Jitendra Nimchand Shah |
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1 |
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Ramesh Kumar Kapoor |
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1 |
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Shweta Kapoor |
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1 |
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Vishal Kapoor |
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1 |
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Ashish Kapoor |
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1 |
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Mini Kapoor |
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1 |
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Vailshali Shah |
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1 |
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Gautam Madhukant Udani |
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1 |
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Aparna G Udani |
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1 |
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Hemal G Udani |
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1 |
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Dipak Madhukant Udani |
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1 |
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Total |
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18 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Bodies corporate |
36.00 |
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Directors or relatives of directors |
64.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Air Pollution Control System, Acoustic Cleaning
System, Outdoor Cooling System, Fire Resistant Cloth. |
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Products : |
Dust Suppression Wet ·
Chem-jet Dust Suppression System ·
Fundamental concept of DS technique ·
Features of Chem-jet System Dry ·
ADS™ ·
Features of ADS™ system ·
Wind Screen/Fencing Equipments Bag
Equipments ·
Conventional Bag filters Insertable
Filter Units ·
Kompak ·
Kompleat ·
Kompulse Cyclones/Multiclones 'Environmix' Dust Conditioner 'Environmix' Dust Conditioner
Filter Elements ·
Conventional Bag filters ·
Cassette Filter Bags ·
Kompak Bag Filters ·
Kompleat Bag Filters Accessories ·
Bag Cages ·
Expansion Joints ·
Flexible Connections ·
Sonic Horns ·
Venturi Retrofit |
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Agencies Held : |
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Exports : |
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Products : |
Air Pollution Control System |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Others |
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Purchasing : |
Others 60 days |
GENERAL INFORMATION
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Suppliers : |
BWF, The Raring Corporation Nelson |
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Customers : |
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No. of Employees : |
Around 85 |
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Bankers : |
Bank of |
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Facilities : |
Funded: Rs.45.000 millions Non Funded: Rs.55.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Rohit Shukla and Associates |
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Chartered Accountants |
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Address : |
‘B’ Block, 7th |
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Tel. No.: |
91-33-22157918/ 9531 |
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Fax No.: |
91-33-22157918 |
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E-Mail : |
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Associates/Subsidiaries
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NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12500 |
Equity Shares |
Rs.1000/- each |
Rs.12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11638 |
Equity Shares |
Rs.1000/-
each |
Rs.11.638
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.100 |
10.100 |
10.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.116 |
41.572 |
31.458 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.216 |
51.672 |
41.558 |
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LOAN FUNDS |
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1] Secured Loans |
30.623 |
20.933 |
9.846 |
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2] Unsecured Loans |
1.610 |
2.099 |
1.451 |
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TOTAL BORROWING |
32.233 |
23.032 |
11.297 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
95.449 |
74.704 |
52.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.632 |
34.459 |
30.628 |
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Capital work-in-progress |
1.126 |
0.013 |
0.035 |
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INVESTMENT |
4.984 |
2.589 |
1.873 |
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DEFERREX TAX ASSETS |
0.249 |
0.249 |
0.220 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.654
|
10.640 |
6.105 |
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Sundry Debtors |
69.505
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61.882 |
32.110 |
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Cash & Bank Balances |
4.172
|
3.663 |
1.523 |
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Other Current Assets |
12.620
|
0.000 |
0.000 |
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Loans & Advances |
5.473
|
12.549 |
6.114 |
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Total
Current Assets |
105.424
|
88.734 |
45.852 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
43.358
|
41.731 |
20.647 |
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Provisions |
14.608
|
9.609 |
5.106 |
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Total
Current Liabilities |
57.966
|
51.340 |
25.753 |
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Net Current Assets |
47.458
|
37.394 |
20.099 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
95.449 |
74.704 |
52.855 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2008 |
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Sales Turnover |
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|
130.201 |
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Other Income |
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|
2.833 |
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Total Income |
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|
133.034 |
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Profit/(Loss) Before Tax |
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|
10.811 |
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Provision for Taxation |
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|
4.312 |
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Profit/(Loss) After Tax |
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|
6.499 |
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Expenditures : |
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Cost of Goods Sold |
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59.007 |
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Manufacturing Expenses |
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|
11.113 |
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Administrative Expenses |
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|
32.497 |
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Interest |
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|
2.703 |
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Depreciation & Amortization |
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|
1.774 |
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Other Expenditure |
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|
15.129 |
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Total Expenditure |
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|
122.223 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.89
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.30
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.42
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
1.44 |
0.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82
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1.73 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFRENCES:
Mr. Shashank Govindraj (Director)
Promac Engineering Industries Limited
Address: Off
Mr. G. Palani Kumar (Vice President)
Tecpro Systems (Private) Limited
Address: Unit No.2, 1st Floor,
No.25, First
Mr. Kumar Vikram (General Manager)
Minerals, Metals and Bulk Handling Business
Unit
L & T Limited, ECC Division
Address:
Mr. B.B. Dixit (General Manager – Power Plant)
Aditya Birla Nuvo Limited
Address: Unit: Indian Rayon, Veraval 362 266,
District Junagadh,
Sharjah Cement, Tecgates
BWF, The Raring Corporation, Nelson
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80015880 |
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Corporate
identity number of the company |
U18101WB1986PTC041076 |
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Name of the
company |
F HARLEY AND COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5, |
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Type of charge |
Book Debts Movable Property Immovable
Property Others |
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Particular of
charge holder |
Bank of |
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Nature of description
of the instrument creating or modifying the charge |
1. Supplemental Hypothecation Agreement 2. Supplemental Memorandum of Entry |
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Date of
instrument Creating the charge |
09.09.2008 |
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Amount secured by
the charge |
Rs. 106.090
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest and
other charges will be paid as per term and conditions of Sanction Letter, however
the same is subject to charge form time to time. Presently the applicable
rate of interest is 0.25% below BPLR i.e. 13.75% Terms of
Repayment The Working
capital (Rs. 104.500 Millions) shall be repayable on demand Term Loan (Rs.
1.590 Millions shall be repayable as per terms of repayment mentioned in
Sanciton Letter i.e. 72 months. Margin The Borrower has
to maintain appropriate margin as stipulated in the sanction terms, however
the same is subject to change. For term Loan and
Cash Credit : 25% For BG and LC :
10% Cash Margin Extent and
Operation of the charge The security
created under said Hypothecation Agreement shall operate as continuing
security and by way of first charge. The charged goods
shall be kept at the Company’s risk and expenses in good condition dan fully
insured against loss or damage by fire lighting or explosion or theft and
also against loss or damage by riot and civil commotion etc.as may be
required by the Bank in the joint names of the bank and the company. Others The company
hereby declares all the charged assets now existing are absolute property of
and at the sole disposal of the company and free from any prior charge or
encumbrance and undertakes that all future property shall like wise be the
unencumbered and absolute and disposal property of the company. Other terms and
conditions are as per sanction letter, hypothecation agreement and Memorandum |
|
Short particulars
of the property charged |
Compnay
Hypothecation and charges by way of 1st charge a) All stocks of Raw material, Work in
Process, Stores and FG etc. now being and lying in the Factory or any where
else b) All the book debts and other current
assets c) All movable machinery and other fixed
assets d) EMTD over – Land admeasuring 1 Bigha 4.41
Cottahs along with building at 5, Both present and
future |
|
Date of latest
modification prior to the present modification |
17.02.2007 |
AS PER WEBSITE
Background
Subject is a member of the Harley group, was established in
1825, as an English company and is one of the oldest members of the Bengal Chamber
of Commerce and Industry. It was bought over by the present management, the
Shah family in 1967 which has continued its business operations through a
dynamic process of diversified growth while retaining its well established
goodwill and deep rooted values of customer service and high quality of
products and services.
From its predominantly industrial textile oriented business,
the company diversified into the are of engineering - Air Pollution Control
Equipment and Systems in the mid-eighties and has enhanced its technology base
through several technical collaborations with companies in the US and UK,
coupled with continuous internal R and D to bring the latest developments in
the area of industrial dust control to the Indian marketplace and export
markets as well.
With a history it can be proud of the company of, the
company has undergone a backward integsration in the mid-nineties by using its
background in textiles to embrace the field of filtration media through the
processing and manufacturing of filter fabrics, filter bags and innovative
filter cartridges, which add to the company's strength in the area of fabric
filtration for dust control, product collection and flue gas filtration
applications.
Company
The objective is to continuously upgrade the technology base
through the absorption of the latest technology and internal R and D and offer
a comprehensive range of solutions to the customers in the area of Dust Control
and Filtration, backed by a professional and committed service. This is the
contribution in the area of environmental engineering and they hope that the
niche technologies shall serve industry well in meeting a pollution free and a
healthy working environment.
Infrastructure and Capabilities:
The company has a well equipped 15,000 sq.ft. manufacturing
facility with complete testing equipment backed by a modern in-house
laboratory. The well-trained and experienced technical team of engineers brings
together several years of accumulated industry experience which enables them to
offer custom made products and systems that are designed to exceed industry
standards, at a very competitive price. The investments in state-of-the-art
information system as well as computerised operations in several areas enable
them to process activities faster with a high connectivity with the valued
customers.
The Company is engaged in the entire gamut of activities
starting from site surveys, design, engineering, manufacturing, supply,
installation, commissioning an after sales services to be able to deliver a
turnkey system as per the customer's requirements.
Experience
and Track Records:
Pioneers and market leaders in the field of dust
suppression, with over 150 installations, they have more than 15 years of accumulated
experience in both Dust Suppression and Dust Extraction Systems, having
supplied through well reputed OEMs such as LandT, Elecon, TRF, McNally Bharat
and several others. They are approved by major consultants / end users such as
M N Dastur, EIL, DCL, Desein, Humphrey and Glasgow, Mecon, NTPC and TISCO and
have executed several prestigious projects both in the private and public
sector. They have supplied directly to several end user customers in the areas
of power, steal, metallurgical, cement, mining and mineral handling and other
process industries.
Group Profile:
Keld Ellentoft India Private Limited, located
in Chennai manufactures Non Metallic Expansion Joints since 1987 and is well
known in Process Industries as the market leader for quality of product and
service.
Non Metallic Expansion Joints, manufactured from a
combination of temperature / chemical resistant Technical Textiles, are custom
built and are used in process flue gas duct lines to absorb thermal movements,
to handle misalignments as well as to isolate vibrations.
The technology comes from its ten-year technical
collaboration with Keld Ellentoft A/S of
Bringing over a dozen years of experience in the manufacture
of expansion joints and supply to all major core sector engineering plants, has
to its credit an extensive reference list for every application - the company
continues to enjoy its technological leadership in the development, design and
engineering of expansion joints.
Harley Nirafon India Private Limited, an Indo-Finnish joint
venture located in Kolkata, manufactures Acoustic Cleaning Systems since 1996
and has pioneered the introduction and implementation of this technology in the
Indian marketplace.
Acoustic Cleaning Systems create and use sound energy to
remove particulate depositions and promotes material flow in process equipment,
thereby reducing down time and improving plant efficiency in an extremely cost
effective manner. The technology comes from its ongoing technical and financial
collaboration with Nirafon Oy of
In
The company over the last few years has built an impressive reference
list of installations in applications such as Process Boilers, Economisers, Air
Preheaters, ESPs, Bag Filters, Fans, Silos and Hoppers for several customers in
the Process industries
Activity
Profile:
At F. Harley, they provide solutions suggesting new
installations, as well as improvising upon existing installations in the areas
as under:
·
Dust Control
·
Flue Gas Filtration
·
Product Collection
·
Bag Filter Refurbishment (Capacity /
Performance augmentation)
·
Filter Elements / Bags and Accessories
The solutions provided are based on either the customer's
technical specifications, or even customized as per the customer's site
conditions. For
To understand the customer's requirement and to ensure
complete satisfaction at all times, the services commence from site survey's /
studies, in - house analysis and upto a comprehensive after sales program.
The solutions, with the depth of the product range find
applications in a wide variety of industries i.e. Cement, Metallurgical,
Thermal Power, Chemicals and Fertilizers, Paint, Tyre, Pharmaceuticals, Food
Processing for achieving an objective or even more from the same solution, viz.
·
Reducing Emissions For A Better
Environment
·
Reducing Product Loss
·
Reducing Energy Costs
·
Reducing Maintenance Costs and Downtime
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.48.99 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|