MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
RANE ELASTOMER PROCESSORS |
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Registered Office : |
26 and 27, Agarwal Industrial Estate, S. V. Road, Dahisar [East],
Mumbai 400068, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1971 |
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IEC No.: |
0390007854 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR01319D |
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PAN No.: [Permanent
Account No.] |
AAAFR2225A |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners |
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Line of Business : |
Manufacturer and Exporter of Precision Rubber Parts |
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 4900 |
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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 concern having satisfactory
track records. Partners are reported
as experienced and respectable businessman.
Trade relations are reported as fair.
Business is active. Payments
are reported as usually correct and as per commitments. The Concern can be considered good for normal business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
26 and 27, Agarwal Industrial Estate, S. V. Road, Dahisar [East],
Mumbai 400068, Maharashtra, India |
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Tel. No.: |
91-22-28488241 / 28488684 |
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Fax No.: |
91-22-28489414 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Vipul N. Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
37 Years |
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Qualification : |
B.Sc. |
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Experience : |
15 Years |
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Name : |
Mr. Kiran S. Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Name : |
Ms. Rasila R. Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
64 Years |
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Name : |
Mr. Paresh M. Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Diploma Engineering |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Precision Rubber Parts |
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Exports : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Dock Fenders |
Nos. |
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1200 |
GENERAL
INFORMATION
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Customers : |
Ř Wholesalers Ř Retailers Ř End Users Ř OEM’s |
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No. of Employees : |
20 [In Office 4 + In Factory 16] |
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Bankers : |
Ř Konkan Prant
Sahakari Bank Limited Ř Co-operative Bank
of Ahmedabad Limited Ř State Bank of
India Ř Bank of Baroda,
Kandivali, Mumbai Ř Axis Bank
Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhavesh Kumar S. Sheth and Company Chartered Accountants |
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Address : |
149, Jawahar Nagar, Goregaon [West], Mumbai |
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Tel. No.: |
91-22-28791920 |
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Fax No.: |
91-22-28791920 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.249 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.249 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.249 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.249 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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10.261 |
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TOTAL BORROWING |
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10.261 |
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DEFERRED TAX LIABILITIES |
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3.143 |
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TOTAL |
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14.653 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.738 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.050 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.700 |
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Sundry Debtors |
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14.201 |
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Cash & Bank Balances |
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0.276 |
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Deposits |
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2.348 |
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Loans & Advances |
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1.241 |
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Total
Current Assets |
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21.766 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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9.015 |
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Net Current Assets |
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12.751 |
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MISCELLANEOUS EXPENSES |
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0.114 |
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TOTAL |
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14.653 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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29.522 |
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Profit/(Loss) Before Tax |
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0.833 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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0.833 |
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Earnings in Foreign Currency : |
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5.784 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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0.118 |
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Payment to Auditors |
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0.027 |
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Postage and Telegram |
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0.187 |
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Brokerage and Commission |
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0.149 |
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Repairs and Maintenance |
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0.175 |
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Food for factory staff |
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0.026 |
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Interest |
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1.445 |
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Insurance Expenses |
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0.024 |
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Depreciation & Amortization |
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0.404 |
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Other Expenditure |
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26.134 |
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Total Expenditure |
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28.689 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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2.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
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15.43 |
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Current Ratio (Current Asset/Current Liability) |
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2.41 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
For
the past 25 years subject has been a leading quality rubber product
manufacturer of India. The concern’s major products include compression moulded
and extruded articles produced from different types of rubber.
Subject is managed by a group of highly skilled professionals who
have more than 25 years of experience in manufacturing rubber products.
PROFILE
Subject was established 30 years ago for the manufacturer of Precision
Industrial Rubber Products.
Subsequently, the company diversified into Rubber Engineering with the
manufacture of SILICONE RUBBER SLEEVING AND TRANSPARENT TUBING, KEY PADS,
RUBBER PROFILES, DIAPHRAGMS. ‘O’ RINGS, GASKETS, RUBBER DOCK FENDER, RUBBER
PADS, RUBBER SPONGE GASKET AND SO ON AS PER CUSTOMER REQUIREMENTS.
Many of these products are also regularly exported to various countries
like GERMANY, HOLAND, SOUTH AFRICA, MALAYSIA, SAUDI ARABIA, SRI LANKA, ISRAEIL,
GREECE, SINGAPORE and they are getting REPEAT ORDERS from their SATISFIED
VALUED CUSTOMERS from these counties due to their Superior quality.
Being member of NATIONAL AGENCIES LIKE AIRIA : [All India Rubber
Industries Association] CAPEXIL : [Chemical and Allied Products Export Promotion
Council], EEPC : [Engineering Export Promotion Council], FIEO : [Federation of
Indian Export Organization], NSIC : [The National Small Industries Corporation
Limited] MUMBAI AND IRMRA : [Indian Rubber Manufacturer’s Research Association]
keeps them abreast of the technological and marketing developments all over the
world, thus enabling them to keep their commitment to excellence and made them
capable to manufacture all types of rubber parts as per party’s requirements.
QUALITY CONTROL
Subject makes no compromises when it comes to quality. Strict
quality control measures are adopted at every stage of the manufacturing
process. The products are also tested in various Government recognised
laboratories and even checked by internationally reputed inspection agencies
while executing export orders. Subject also has an inhouse Testing Laboratory
to assure the quality of the products as per different International Standards
like the ASTM, DIN, BS, and IS.
RANE’S SPECIALTY
PRODUCTS
- SILICONE
SLEEVINGS : High Voltage, High Temperature Resistance
- SILICONE
TUBINGS : Medical & Food Grade
- DOCK FENDERS
PRODUCT
APPLICATION SHEET
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PRODUCTS |
APPLICATIONS |
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SHEETS MOULDED AND CALENDERED SHEETS AND Sponge Sheet, Electrical Insulation |
Used as car mats, insulation, dust, sealing, packing, Gasketing in
Automobile, Laboratory, Hospitals, Airports and Power Plants, Electricity
Board. |
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MOUNTING AND
PADS Anti Vibration, Shock Vibration pad and Engine Mountings |
Used in all engines in Automobiles, Marine Generator, Diesel Engines
to absorb the shock and vibration and also used by Power plants Railway Heavy
Engineering Units. |
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SILICONE
SLEVINGS High Voltage, High Temp. Resistant Silicone Sleevings |
Used for insulation purpose in Electronic and Refrigeration
Industries. Used in Carona Treatment
Plant also. |
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SILICONE TUBES Medical and Food grade SILICONE TUBINGS |
Used in disposable and Pharmaceutical Industries also used in
cardiovascular Surgery. |
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DOCK FENDERS Hollow, Cylindrical, Square, Rectangular, D shape V/ W shaped, Cell
type, Cone type etc. |
Used on berth, jetties, oil rigs, ferry boats and also on ships by
ship builders, Ship repairers by ports, dockyards to absorbs the shock and to
prevent damage to Jetty as well as ships. |
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MISCELLANEOUS
INDUSTRIAL PRODUCTS Oil Seals, O Rings, Chevron Packing, Gaskets Profiles, Beadings,
Square sections Aluminum Silicone Rubber Bonded Sheet |
Used by all industries to resist heat, cold oil, grease, chemicals
leakages etc. and for specific applications. Used for Hot Die Stamping |
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DIAPHRAGMS |
Used in Pumps, Valves – Control Valves Diaphragm Valves etc. – Actuators etc. |
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OUR LATEST
PRODUCTS |
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1. Protective Rubber Guards |
Used as protection to columns, lading bays to protect from damages. |
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2. Silicone Rubber Nipples |
For Baby Feeding Bottles |
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3. Construction
Profile/Beeding From EPDM/NEOPRENE/SILICONE RUBBER |
To be used for fixing glasses in aluminum sliding windows. |
RUBBERS/ELASTOMERS
GENERALLY PROCESSED
- Natural
Rubber/ Ebonite
- Neoprene
- Nitrile
- EPDM
- Hypalon
- Butyl
- Polyurethene
- Silicone
- Viton
- SBR/PBR
- Poly Acrylic
INDUSTRIES RANE SERVES
Aerospace, Defence, Telecommunications, Transport, Medical, Electronics,
Dairy, Irrigation.
DOCK FENDERS
Subject has pleasure in presenting its catalogue on
one of its valued products: DOCK FENDERS.
Subject LAUNCHED ITS COMMERCIAL PRODUCTION OF DOCK
FENDERS in 1979, using EXTRUSION and MOULDING processes. It is a matter of
pride that within such a short time span.....
Subject has developed capability to manufacture all
types of DOCK FENDERS like SQUARE / D / CYLINDRICAL / ARCH / 'M' / CELL type
FENDERS, Cone Fenders, Leg Fenders, etc.
Subject's DOCK FENDERS PLAY ACTIVE ROLE IN MANY
PORTS AND HARBOURS all over the world.
Subject provides all services in the field of DOCK
FENDERS under one roof. This includes consultancy, designing, manufacturing,
testing and installation.
OTHER MOULDED AND EXTRUDED PRODUCTS:
Ř
Moulded & Calendared Sheets, Sponge Sheets & Electrical
Insulation Sheets.
Ř
Shock Vibration, Engine MOUNTINGS & Anti Vibration PADS.
Ř
Oil seals, "O" rings, Packings, Diaphragms, Silent blocks,
Bushings, U Seals and Chevron Packings etc. All types of moulded products.
Ř Dam gate Seals,
L.P.G. tubing’s, Cords, Squares, Profiles, Beading etc. all types of extruded
products.
SILICONE RUBBER PRODUCTS:
Subject is a pioneering Indian company in the field
of Silicone Rubber Products due to ability to produce the high quality products
that meet today's requirements
Their experience in a wide variety of Polymer processing and
specialisation in difficult applications and high performance compounds makes
them a key supplier for a broad range of Cables, Extrusions and Moulded
products like Tubing’s, Sleevings, Corona Treater Sleeves, Profiles, Sheets,
Cords, Gaskets, Sponge (Profiles/Sheets) etc.
Subject’s industrial products have achieved high
level of acceptability by a large range of industries. This is the result of
continuos effort on the part of subject
to improve upon the quality of the product and also due to its non
compromising attitude on quality and reliability. Subject’s clients include industrial houses from the following
fields:
Agriculture ~ Appliances
Aerospace ~ Automotive
Defence ~
Telecommunications
Transport ~ Medical
Electronics ~ Dairy
FACILITIES TO
CATER THE NEEDS
Ř
Kneader
Ř
Mixing Mills
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Extruders
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HAV and 5 Boilers
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Vulcanizes
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Hydraulic Press battery of Hand Press Calendar, Industrial Oven
Ř
Tool Room Facilities and in house Testing Facilities
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 39.48 |
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UK Pound |
1 |
Rs. 77.44 |
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Euro |
1 |
Rs. 57.75 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
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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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 |
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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 |
|
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 |
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