MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDCON ENGINEERING CONSULTANTS PRIVATE LIMITED |
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Registered Office : |
11B-1104, Rustomjee Regency, J. S. Road, Dahisar (West), 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 : |
16.08.2005 |
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Com. Reg. No.: |
155376 |
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CIN No.: [Company
Identification No.] |
U74210MH2005PTC155376 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI07163C |
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PAN No.: [Permanent
Account No.] |
AABCI3952P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides Outsourcing Services in the areas of Engineering,
Design, Protect Management and Consultancy 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 300 |
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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 relatively small constructions and Engineers. Their trade
relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. It can be considered normal for business dealings at usual trade term
and conditions. |
LOCATIONS
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Registered Office : |
11B-1104, Rustomjee Regency, J. S. Road, Dahisar (West), Mumbai –
400068, Maharashtra. |
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E-Mail : |
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Website : |
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Head Office : |
128, Blue Rose Industrial Estate, W. E. Highway, Borivali-East,
Mumbai-400066, Maharashtra, India |
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Tel. No.: |
91-22-285541902 / 28541904 |
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Fax No.: |
91-22-28541902 |
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Mobile No. : |
91-9867508901 |
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E-Mail : |
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Middle East Office : |
ACT Engineering, P.O. Box # 11506, Jubail Industrial City, 31961,
Kingdom of Saudi Arabia |
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Tel. No.: |
+966-3-3416125 |
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Fax No.: |
+966-3-3416028 |
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Mobile No. : |
+966-3-505900276 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rasesh Mukundrai Shah |
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Designation : |
Director |
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Address : |
IIB-1104, Rustomjee Regency, Dahisar-West, Mumbai-400068 |
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Qualification : |
Mechanical Engineering graduate |
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Experience : |
23 Years |
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Date of Appointment : |
16.08.2005 |
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Name : |
Mr. Krovvidi Rama Apparao |
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Designation : |
Director |
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Address : |
Kotauratla, P.O. Kotaurtla- 5301085, Visakhapatnam District, Andra
Pradesh |
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Qualification : |
Mechanical Degree and Master in Business Administration. |
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Experience : |
More than 24 Years |
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Date of Appointment : |
16.08.2005 |
SHAREHOLDING
PATTERN
Equity Share Capital Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject provides Outsourcing Services in the areas of Engineering,
Design, Protect Management and Consultancy Services. |
GENERAL
INFORMATION
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Bankers: |
Not Available |
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No. of Employees : |
Around 30 |
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Auditors : |
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Name : |
P. L. Babaria and Associates Chartered Accountant |
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Address : |
17/18, 1st Floor, Shiv Plaza Shopping Centre, Kandivali
(East), Mumbai-400101, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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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 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.003] |
[0.045] |
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NETWORTH |
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0.097 |
0.055 |
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LOAN FUNDS |
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1] Secured Loans |
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2.463 |
0.011 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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2.463 |
0.011 |
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DEFERRED TAX LIABILITIES |
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0.010 |
0.000 |
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TOTAL |
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2.570 |
0.066 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.591 |
0.000 |
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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
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0.000 |
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Sundry Debtors |
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0.954
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0.000 |
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Cash & Bank Balances |
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1.624
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0.050 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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0.148
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0.000 |
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Total
Current Assets |
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2.726
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0.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.745
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0.004 |
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Provisions |
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0.021
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0.002 |
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Total
Current Liabilities |
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0.766
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0.006 |
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Net Current Assets |
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1.960
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0.044 |
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MISCELLANEOUS EXPENSES |
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0.019 |
0.022 |
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TOTAL |
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2.570 |
0.066 |
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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 (Estimated) |
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9.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.20046 |
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Debt Equity Ratio (Total Liability/Networth) |
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33.29 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
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3.56 |
8.3 |
LOCAL AGENCY
FURTHER INFORMATION
As pr Website
Profile:
Subject provides following services in the domains of Oil
& Gas, Petrochemicals, Refinery, Chemicals, Fertilizers & Steel, from
its offices located in Mumbai, India:
- Engineering and Design
- Project
Management
- Construction
Management
- Specilaized
Consultancy Services
- Inspection
Services
- Technical
Support Services
Subject is specialized in providing multi-discipline engineering and design works in following
disciplines:
- Process
- Civil/Structural
- Mechanical
- Piping
- Instrumentation
- Automation
and Control System
- Electrical
Promoters:
Subject
is promoted by
group of strong Engineering Professionals Mr. Rashesh M. Shah and Rama Apparao Krovvidi, both with more
than 24 years of experience in the field of Project Management, Engineering, Design, Construction
Management and Commissioning experience in Oil and Gas, Petrochemicals and
other Process Industries. Promoters have long (more than 10 years) experience
in theаMiddle East Oil and Gas /
Petrochemical Industries.
Mr. Rashesh M Shah, INDCON's promoter and Managing Director is
an Instrumentation and Control SystemsаProfessional
with more than 23 years of Experience in the fields of Instrumentation, Control
Systems and Process Automation. He worked in Engineering,
Design, Project Management disciplines and Plant Engineering
as well as Consultancy companies.
Oveseas Experience: He has аbout 14
years of Experience inаthe Middle Eastаin Petrochemical, Oil and
Gas, Refinery sectors as Instrument Project and Design Leader. He has executed
several DCS/ESD and Control System upgrade projects as a project leader.
While working with Petrokemya (A SABIC Company
in Saudi Arabia) for about 9 years, Mr. Shah executed several key projects
including Olefins-II Furnace Expansion, Olefins-III Furnaces (Grass root
plant), PVC Debottleneking, PVC and Olefins-I DCS Upgrade Projects, Olefins-III
APC (Advance Process Control), Propane Feedstock Pipeline, Ethane and Propane
Custody Metering and several other Plant Engineering Projects. Heаwas assigned to Technip, The Netherlands
for detailed engineering of Ethylene Furnaces. He was assigned to Mustang, Tampa, USA
for PVC De-bottleneking Project. He was a leader for Hardware FAT at Yokogawa,
Singapore and Software FAT at Oxy-Vinyl, Houston , USA.
While working with Radicon Gulf Consult/SA
Kent/Saudi Engineering Group
for about 5 years, Mr. Shah executed Saudi Aramco Berri Gas DCS Upgrade
Project, Saudi Electric (SCECO) SCADA Project and several other private sector
projects.
Indian Experience: He has aboutа9 years of Experience in India in Steel,
Petrochemicals, Fertilizers and other diverse Industrial sectors as Systems/Automation
Engineer and Instrument Design Engineer.
While working with Larsen and Toubro for
about 5 years in Control and Automation Division, He executed several PLC /
SCADA / Instrumentation projects for steel, power, cement, power and other
process industries. He was responsible from concept to commissioning of these
projects including hardware and software engineering.
While working with Jacob Engineering (Formerly
Humphreys and Glasgow) for about 4 years, He executedаInstrumentation basic
design, cost estimates and detailed engineering of several chemical and
petrochemical projects.
He served on several HAZOP committees,
Plant Investigation committees and Engineering Standard Development Committees. He published several papers
on PLC Automation, Instrumentation Techniques and DCS Execution.
Mr. Rama Apparao
Krovvidi, INDCON's co-promoter, has a mechanical engineering degree plus
masters in Business Administration, with more than 24 years of engineering and project
management experience. He also has extensive experience in stationary equipment
(pressure vessels, heat exchangers, columns, reactors, spherical storage tanks,
atmospheric storage tanks, silos etc., with designs as per several
international standards such as ASME, BS, API, German standards. In addition,
he has god experience in piping and package equipment. He has a long and varied
experience on project schedule control, cost estimation and project management
techniques. He has participated in trouble-shooting and studies. He served on
several HAZOP committees, Plant Investigation committees and Engineering Standard
Development Committees.
Key Skills :
- Specialization in design engineering of all kinds
of stationary equipment, (including very high pressure reactors, very tall
columns, storage tanks and silos) and piping
- Experience in specification, procurement
and installation of several package items
- Familiar with different materials,
including low alloy steels and non-ferrous material
-Experience in participation of Hazop
reviews of process plants
- Worked on several standards committees
- Worked on several procedure committees
- Familiar with ASME Sec VIII Div. 2
analysis and fatigue analysis
-Familiar with process plant requirements
- Experienced in Column / Stack
wind-induced vibration analysis
- Hands on
experience in development of pressure vessel and column design software.
- Experienced in cost estimation
- Experienced in project management
techniques
Overseas Experience: He hasаabout 15 years of Experience inаthe
Middle Eastаin Petrochemical (with engineering and project management experience both in basic chemical
plants, polymer plants, related equipments and packages and in various
Utilities).
While workingаwith Petrokemya (A
SABIC Affiliate Company in Saudi Arabia) for about 12 years and in SABIC Engineering and Project
Management for 3 years, Mr. Krovvidi executed several key projects, many of
them from concept, complete design engineering to execution, including project management. Some of the
critical projects are listed below:
- Noise abatement in polymer plants and
hydrocarbon crackers
- Butene-1 plant de-bottlenecking with,
with revamp/addition of several equipment and piping.
- Deethanizer Unit Revamp in Olefins, which
involves addition of many equipment and upgrade of some existing equipment
- 6,000 m3 Butene-1 storage
unit.
- C3 Unit Revamp in Olefins plant,
involving critical equipment and piping layouts
- New Polishing Unit for Deionized water
- New Suspect Condensate Filtration Unit
for Olefins plant
- Demineralized Water Storage Unit
Enhancement
- Flare System De-bottlenecking &
Revamp
-Propane Cross-Country Pipeline Capacity
Enhancement Project (from concept to Detailed Engineering)
- CFC Phase Out projects (from concept to
partial detailed engineering)
- New grass root high capacity Incinerator
(from concept to detailed engineering)
Indian Experience: He has aboutа10 years of
Experience in India in design and engineering of stationary equipment for Chemical,
Petrochemical, Fertilizer and other diverse Industrial sectors, while working
with Bharat Heavy Plate and Vessels Limited (BHPV), Visakhapatnam and UHDE (now
in ThyssenKrupp group). He was involved in design end detailed engineering of pressure vessels, heat
exchangers, columns, towers, reactors, storage tanks, spheres, silos and allied
equipment. He was also involved in carrying out high end designs like stress
analysis and fatigue analysis to ASME Sec VIII Div.2, design of very high
pressure reactors, using the special self-sealing double cone gaskets, lip seal
gaskets etc.а Instrumental in developing a lot of pressure vessel and its
components and column design software. Carried out Column / Stack wind-induced
vibration analysis
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 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. 42.64 |
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UK Pound |
1 |
Rs. 83.00 |
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Euro |
1 |
Rs. 66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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 |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
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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 |
|
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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