MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
NARHARI ENGINEERING WORKS |
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Registered Office : |
443, Laxmi Plaza, Laxmi Ind. Estate, New Link Road, Andheri (W),
Mumbai – 400 053, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
08.09.1960 |
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IEC No.: |
0388137851 |
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Legal Form : |
Partnership Concern with an Unlimited Liabilities of the Partners |
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Line of Business : |
Manufacturer, Exporter and Supplier of Electric Motors and Control
Panels |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject seems to be a pretty old concern in its field. Mr. Kiran Shah
and Mr. Prakash Shah declined to part with any information. No further
details could be made available. The concern can be considered normal for business dealings. |
LOCATIONS
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Registered Office : |
443, Laxmi Plaza, Laxmi Ind. Estate, New Link Road, Andheri (W),
Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26322411 / 66920933 |
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Fax No.: |
91-22-66920934 |
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E-Mail : |
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Website : |
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Works: |
Shah N.H. Estate, Behind Dena Bank, Manore Road, Palghar – 401404,
Maharashtra, India |
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Tel. No.: |
91-2525-250713 |
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Fax No.: |
91-2525-255123 |
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E-Mail : |
PARTNERS
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Name : |
Mr. Kiran Shah |
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Designation : |
Partner |
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Address : |
401, Kalash, B6 Sundervan Complex, Off New Link Road, Andheri (W),
Mumbai - 400053 |
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Name : |
Mrs. Vandana Shah |
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Designation : |
Partner |
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Address : |
301, Kalash, B6 Sundervan Complex, Off New Link Road, Andheri (W),
Mumbai - 400053 |
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Name : |
Mrs. Hiralaxmi Shah |
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Designation : |
Partner |
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Address : |
Manor Road, Palgar – 401404 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Electric Motors and Control
Panels |
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Products : |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
The Saraswat Co-op Bank Ltd, Palghar |
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Banking
Relations : |
-- |
CAPITAL STRUCTURE
Not Divulged
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Divulged
LOCAL AGENCY
FURTHER INFORMATION
Trust Seal
Acceptance Chart:
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Statutory
Approval |
Details |
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Central Sales Tax Registration |
27350404100c |
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State Sales Tax Registration |
27350404100V |
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Import Export Code |
0388137851 |
Profile:
Subject is of Shah N. H. Group engaged in
diversified activities of construction, manufacture and distribution.
Subject was established in the year 1964 at Andheri, Mumbai (formerly
Bombay) and later shifted to a modern factory established at Palghar which is approximately 100
km away from Mumbai. NEW
is one of the earliest motor manufacturing company in India and was mostly
known for its non-standard range of Brake Motors, Dual and Three Speed Motors,
Hoist Motors, Vibratory Motors, Winged Motors, etc.
Subject ventured in
the challenging field of Naval Motors in the year 1964 and has become the
principal manufacturer of the same in India supplying over 3000 motors so far. These
are operational for a wide range of applications on Aircraft Carriers,
Frigates, Destroyers, Corvettes, Landing Ship Tanks, Fast Attack Crafts,
Missile Boats, Submarines, etc.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
RATING
EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<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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