MIRA
INFORM REPORT
|
Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIEGHART ENGINEERS AND STEEL DETAILERS PRIVATE LIMITED |
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Registered Office : |
F – 70 – A, Hari Nagar Extention, Jaitpur Road, badar Road, New Delhi
– 110044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.2002 |
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Com. Reg. No.: |
55 - 114670 |
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CIN No.: [Company
Identification No.] |
U74999DL2002PTC114670 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS30031B |
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PAN No.: [Permanent
Account No.] |
AAGCS6445N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Engineering Services. |
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 9750 |
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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. Trade
relations are fair. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sam Venkitesan |
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Designation : |
Director |
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Contact No.: |
91-9818377551 |
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Date : |
21.06.2008 |
LOCATIONS
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Registered Office : |
F – 70 – A, Hari Nagar Extention, Jaitpur Road, badar Road, New Delhi
– 110044, India |
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Tel. No.: |
91-11-26974797/ 29942660 |
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Mobile No.: |
91-9818377551/ 9811603056 |
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Fax No.: |
91-11-26971077 |
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E-Mail : |
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Factory 1 : |
94, Madanpur Khadar, Opp. L Pocket, Sarita Vihar, New Delhi – 110044,
India |
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Branch Office : |
Located at v Kochin |
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Tel. No.: |
91-484-2550206/ 2550291 |
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Mobile No.: |
91-995480112 |
DIRECTORS
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Name : |
Mr. V. Radha Krishnan Nair |
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Designation : |
Chairman Cum Managing Director |
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Address : |
F – 70 – A, Hari Nagar Extention, Jaitpur Road, badar Road, New Delhi
– 110044, India |
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Date of Birth/Age : |
24.10.1954 |
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Date of Appointment : |
21.03.2002 |
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Name : |
Mr. V. Venkitesan |
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Designation : |
Director |
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Address : |
F – 70 – A, Hari Nagar Extention, Jaitpur Road, badar Road, New Delhi
– 110044, India |
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Date of Birth/Age : |
28.10.1958 |
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Date of Appointment : |
21.03.2002 |
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Name : |
Mr. C Y Johnson |
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Designation : |
Director |
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Address : |
C – 32, Sector – 20, Noida, G B Nagar, Uttar Pradesh, India |
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Date of Birth/Age : |
03.05.1961 |
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Date of Appointment : |
21.03.2002 |
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Date of Ceasing : |
02.06.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
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Mr. V. Radha Krishnan Nair |
7000 |
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Mr. V. Venkitesan |
3000 |
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Total |
10000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors. |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Engineering Services. |
GENERAL
INFORMATION
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Customers : |
v Contractor v Consultants |
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No. of Employees : |
22 |
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Bankers : |
v HDFC Bank Sarita Vihar Branch, New Delhi – 110076, India v ICICI Bank v IDBI Bank v Standard
Chartered Bank |
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Facilities : |
Term Loans – Rs. 1.000 million |
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Auditors : |
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Name : |
Dinesh Pandey and Associates Chartered Accountants |
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Address : |
201, Indrajeet Singh Palace, Main Bazar, Delhi Gate, New Delhi –
110002, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,000 |
Equity shares |
Rs. 10/- each |
Rs. 0.600
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.600 |
0.100 |
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2] Share Application Money |
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0.000 |
0.500 |
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3] Reserves & Surplus |
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1.350 |
0.765 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.950 |
1.365 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
2.210 |
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2] Unsecured Loans |
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4.850 |
0.000 |
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TOTAL BORROWING |
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4.850 |
2.210 |
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DEFERRED TAX LIABILITIES |
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0.311 |
0.244 |
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TOTAL |
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7.111 |
3.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.862 |
1.772 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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3.017 |
1.473 |
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Cash & Bank Balances |
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0.685 |
0.751 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.673 |
0.389 |
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Total
Current Assets |
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4.375 |
2.613 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.822 |
0.363 |
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Provisions |
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0.303 |
0.205 |
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Total
Current Liabilities |
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2.125 |
0.568 |
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Net Current Assets |
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2.250 |
2.045 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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7.111 |
3.819 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover (Including Other Income) |
8.709 |
5.043 |
4.148 |
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Total Income |
8.709 |
5.043 |
4.148 |
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Profit/(Loss) Before Tax |
0.979 |
0.434 |
0.462 |
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Provision for Taxation |
0.371 |
0.171 |
0.106 |
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Profit/(Loss) After Tax |
0.608 |
0.263 |
0.356 |
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Expenditures : |
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Depreciation & Amortization |
0.956 |
0.757 |
0.909 |
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Other Expenditure |
6.774 |
3.852 |
3.686 |
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Total Expenditure |
7.730 |
4.609 |
3.686 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.98
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5.21 |
8.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.24
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8.60 |
11.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.24
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8.60 |
11.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.50
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0.31 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.09
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0.42 |
-- |
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Current Ratio (Current Asset/Current Liability) |
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2.06
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4.60 |
-- |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v L and T – New Delhi
v Thermax Limited – Pune
v Midcity Fabricators - US
Trust Seal Acceptance Chart
|
Parameters |
Details |
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Income Tax Registration PAN |
AAGCS6445N |
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Service Tax Registration |
CE/ DL – 1/ SESDPR/ 1119/ 2002 |
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Name of Bank |
HDFC Bank |
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Current Account Number |
Denied |
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Account Since |
2001 |
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Credibility Factors |
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India Mart Client Since |
3 Years |
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Trade Affiliations |
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SSI Registration |
No |
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Export Promotion Council |
No |
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Standards and Certifications |
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Quality Management Systems |
No |
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Environment Management Systems |
No |
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Safety Certificates |
No |
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Product Certificates |
No |
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Other Certificates |
No |
As Per Website Details
Services
v Structural Steel Detailing Services
v Mechanical Detailing for Mechanical Equipments
v Miscellaneous Steel Detailing
v Steel Detailing for Customized Technological Structures
v CAD conversion of Paper Drawings
Structural Steel
Detailing Services
v 3-D Modeling
v Anchor Bolt Plans
v Embedded Material Plans
v Framing Plans
v Shop Drawings
v Decking and Drawings
v Connection Design
v Material List / Advance Material List
v Produce Reports
v CNC / CAM Files
Mechanical Detailing
for Mechanical Equipments
They offer steel detailing for mechanical equipments
v Fired heaters
v Reformers
v Crackers
v Storage Tanks
v Pressure Vessels
v Waste eat recovery system
v Air pre-heat systems
v Material handling system ducting
v Silos and hoppers.
Miscellaneous Steel
Detailing
They offer Detailing service for
miscellaneous steel. They can provide customized detailing service for
v
Stairs
v
Platforms
v
Handrails
v
Ladders
Steel Detailing for Customized
Technological Structures
They offer
detailing services for specialized items –
v
Equipment
Platforms
v
Ducting
v
Stack
v
Compressor
Sheds
v
Reaction
Building Structures
v
Chimney
v
Flare
Supports
v
Gas
Turbine Enclosures
v
Pipe
Supports and Mechanical Equipment for Fabrication Purpose
Projects Accomplished
|
Sr. No. |
Name of the Project |
Quantity (MT) of Steel Detailing Done |
|
1 |
Prairie Crossing Elementary School, Indiana, USA |
700 MT |
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2 |
Bridgewater Falls, School Bldg, USA |
500 MT |
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3 |
Mandurah Catholic College - Gymnasium, Australia |
400 MT |
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4 |
Gulf Cement Co - Loading site for Silo, Dubai |
300 MT |
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5 |
Jebel Ali Cement Plant's Gypsum, Pozolana and Clinker Stockpile |
600 MT |
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6 |
TPC Tanzania 1 x 75 TPH Single Drum Water Tube Boiler - Detailing of
Boiler Structure |
400 MT |
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7 |
Holcim (Lanka) Ltd, Sri Lanka - Roller Press Building - Detailing of
Structural members |
900 MT |
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8 |
Jindal Steel & Power Limited - 1 x 150 TPH Single Drum Water Tube
Boiler - Detailing of Boiler Support Structure |
1200 MT |
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9 |
Kundamkulam Nuclear Power Plant, India - Detailing of structural
members |
1100 MT |
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10 |
India Glycols Limited - Detailing of Structural members for Ethanol
Plant |
750 MT |
|
11 |
Monet Ispat Ltd - 1 x 15 MW Captive Power Plant at Raipur |
1200 MT |
|
12 |
Details of Portals and Access Staircase for 36 Station Buildings for
Delhi Metro Rail Corp Limited, India |
8000 MT |
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 :
The 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.
The Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.79 |
|
UK Pound |
1 |
Rs. 85.04 |
|
Euro |
1 |
Rs. 67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|