MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
R SINGH AND ASSOCIATES PRIVATE LIMITED |
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Registered Office : |
37 Rajpur Road, Delhi – 110054 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.02.1984 |
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Com. Reg. No.: |
55-017493 |
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CIN No.: [Company
Identification No.] |
U74899DL1984PTC017493 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR08616G |
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PAN No.: [Permanent
Account No.] |
AAACR1038G |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Engineering 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 189372 |
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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 company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
37 Rajpur Road, Delhi – 110054, India |
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Tel. No.: |
91-11-23910194/ 23941600 |
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Fax No.: |
91-11-23941356 |
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E-Mail : |
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Website : |
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Engineering Office : |
3rd Floor, Virat Bhawan, Commercial Complex, Dr. Mukherjee Nagar Delhi - 110 009, India |
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Tel. No.: |
91-11-27650153/ 27654006 |
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Fax No.: |
91-11-27654007 |
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Branch Office: |
Kolkata 5th Floor, Dimond Chambers, No. 4 Chowringee Lane,
Kolkata-1.
Mumbai A-4, Queen's Park Apartments, Juhu Road, Mumbai – 400049,
India Tel : 91-22-2660 4429 Fax : 91-22-2660 0359 |
DIRECTORS
|
Name : |
Mr. Rabinder Singh |
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Designation : |
Managing Director |
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Address : |
37 Rajpur Road, Delhi – 110054, India |
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Date of Birth/Age : |
19.03.1931 |
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Date of Appointment : |
24.10.2007 |
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Name : |
Mr. Hari Gopal Aggarwal |
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Designation : |
Director |
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Address : |
A-1/116, Sector – 8, Rohini, Delhi, India |
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Date of Birth/Age : |
22.09.1940 |
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Date of Appointment : |
08.02.1984 |
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Date of Ceasing : |
01.03.2005 |
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Name : |
Mr. Din Dayal Kapoor |
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Designation : |
Director |
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Address : |
247 Tagore Park, Delhi – 110009, India |
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Date of Birth/Age : |
07.05.1948 |
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Date of Appointment : |
01.05.1989 |
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Date of Ceasing : |
01.03.2005 |
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Name : |
Mr. Sarbheet Singh Roddey |
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Designation : |
Director |
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Address : |
B-6/147 Sector II, Rohini, Delhi, India |
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Date of Birth/Age : |
21.09.1950 |
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Date of Appointment : |
01.05.1986 |
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Name : |
Mr. Rajesh Singh Ratoo |
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Designation : |
Director |
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Address : |
37 Rajpur Road, Delhi – 110054, India |
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Date of Birth/Age : |
23.02.1962 |
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Date of Appointment : |
22.06.2005 |
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Date of Ceasing : |
15.06.2005 |
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Name : |
Mr. Ram Swarup |
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Designation : |
Director |
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Address : |
7/79, Sector 5, Rajinder Nagar, Shibabad, India |
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Date of Birth/Age : |
10.05.1949 |
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Date of Appointment : |
28.03.2005 |
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Name : |
Mr. Jagan Nath Khetra Pal |
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Designation : |
Directir |
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Address : |
RR-22, Manwali Nagar, Rohak Road, Delhi – 110087, India |
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Date of Birth/Age : |
10.08.1958 |
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Date of Appointment : |
28.03.2005 |
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Name : |
Mr. Arun Kaul |
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Designation : |
Director |
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Address : |
140-C, Pocket 1, Mayur Vihar, Phase – 1, Delhi – 110091, India |
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Date of Birth/Age : |
01.02.1954 |
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Date of Appointment : |
25.06.2005 |
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Name : |
Mr. K R Iyer |
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Designation : |
Director |
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Address : |
A-12, Queen’s Park Apartment, Juhu Road, Mumbai, India |
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Date of Birth/Age : |
21.01.1940 |
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Date of Appointment : |
25.06.2005 |
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Name : |
Mr. Prakash Gajanan Agashe |
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Designation : |
Director |
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Address : |
G-3/C, 125, Shalimar Garden, Ext II, Shibabad, India |
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Date of Birth/Age : |
06.06.1946 |
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Date of Appointment : |
01.03.2005 |
KEY EXECUTIVES
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Name : |
Mamta Jain and bAssociates |
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Designation : |
Company Secretary |
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Address : |
1C/13, Rajnigandha, New Rohtak Road, New Delhi – 110005, India |
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Tel No.: |
91-11-28716329/ 28714562 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
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No. of Shares |
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Mr. Rabinder Singh |
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8400 |
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Mrs. Janki Rabinder Singh |
|
4000 |
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Mr. Ajay Singh |
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1400 |
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Mr. Rajesh Singh |
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1000 |
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Mr. R S Ratoo |
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8200 |
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Mr. Sangita Singh |
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2000 |
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Mr. S K Verma |
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1000 |
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Mr. J N Khetrapal |
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1400 |
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Mr. S S Roddey |
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3600 |
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Mr. Ram Swarup |
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3000 |
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Mr. Arun Kaul |
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3000 |
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Mr. B R Bhangale |
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1000 |
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Mr. S N Kumar |
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1000 |
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Mr. P G Agashe |
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1000 |
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Total |
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40000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Engineering Consultancy Services |
GENERAL
INFORMATION
|
Customers : |
· Laftliz General
Trading FZE USE · Bhuvee Profiles
and Stainless Private Limited · Corporate Ispat
Alloys Limited · Danieli and C
Officine SPA · Focus General
Trading Company, Dubai · Maithan Ispat
and Energy Limited · Nalwa Spoong
Iron Limited · Rolling Mills
and Steel Production Company · JSW Steel
Limited · Welspun Gujarat
Stahi Rohren Limited · Sunflag ironand
Steel limited · Zion Steel
Limited |
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Bankers : |
· Bank of
Maharashtra · State Bank of
India · The Hong Kong and
Shanghai Banking Corporation · Citi Bank NA · ICICI Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Yogesh Aggarwal Chartered Accountant |
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Address : |
101, Delhi Chambers Building, Delhi Gate, New Delhi – 110002, India |
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Name : |
Surender Kumar Jain and Associates Chartered Accountant |
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Address : |
101, Delhi Chambers Building, Delhi Gate, New Delhi – 110002, India |
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Tel No.: |
91-11-23275375/ 23266021 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
2.600 |
2.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.343 |
22.556 |
11.148 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.343 |
25.156 |
13.748 |
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LOAN FUNDS |
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1] Secured Loans |
1.386 |
1.524 |
1.556 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.248 |
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TOTAL BORROWING |
1.386 |
1.524 |
1.804 |
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DEFERRED TAX LIABILITIES |
0.444 |
0.219 |
0.233 |
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TOTAL |
49.173 |
26.899 |
15.785 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.898 |
9.399 |
7.303 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
20.835
|
11.932 |
4.307 |
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Cash & Bank Balances |
16.062
|
8.479 |
6.913 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.762
|
8.060 |
3.210 |
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Total
Current Assets |
50.659
|
28.471 |
14.430 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.024
|
4.136 |
2.448 |
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Provisions |
11.640
|
6.835 |
3.500 |
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Total
Current Liabilities |
14.664
|
10.971 |
5.948 |
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Net Current Assets |
35.995
|
17.500 |
8.482 |
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MISCELLANEOUS EXPENSES |
0.280 |
0.000 |
0.000 |
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TOTAL |
49.173 |
26.899 |
15.785 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
74.066 |
54.083 |
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Other Income |
|
0.527 |
0.345 |
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Total Income |
|
74.593 |
54.428 |
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Profit/(Loss) Before Tax |
|
34.118 |
18.733 |
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Provision for Taxation |
|
11.931 |
7.325 |
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Profit/(Loss) After Tax |
|
22.187 |
11.408 |
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Expenditures : |
|
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Financial Charges |
|
0.090 |
0.057 |
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Depreciation |
|
3.427 |
2.347 |
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Other Expenditure |
|
36.958 |
33.291 |
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Total Expenditure |
|
40.475 |
35.695 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
29.74
|
20.96 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
46.06
|
34.64 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
53.68
|
49.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
0.74 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
0.50 |
0.56 |
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Current Ratio (Current Asset/Current Liability) |
|
3.45
|
2.59 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
·
Subject came into existence in 1968 with a small and
dedicated group of engineers to provide consultancy services to hot rolling
mills.
·
The years of hard work and constant application of
innovative thinking have paid rich dividends. They have since grown with
specialists in diverse areas and disciplines of Iron and Steel Industry.
·
They have provided engineering services to over 180 iron and
steel projects and have to their credit project engineering of the maximum
number of Long Product Mill projects as well as Electric Steel Melt Shop and
Secondary Metallurgy projects in the country. They have engineered steel
projects up to 2 million ton capacity.
·
They have also developed master plant layouts for integrated
steel plants, designed material handling systems and engineered DRI plants
·
They are the only one in the country who has carried out
equipment design comprising basic and detailed engineering of technological and
non technological equipment of hot rolling mills.
·
They have also executed numerous projects based on
second-hand equipment in India and abroad. Re-installation of second-hand
equipment entails modification and up gradation, they provide specifications or
designs for the same.
·
They are presently working with all the 3 European
metallurgical suppliers on various projects: Siemens VAI, SMS Demag and
Danieli.
·
They are empanelled with State Bank of India (SBI) which is
the leading bank in India today funding steel projects.
Areas:
Iron Making
·
DRI Plants
·
Sinter Plants
·
Blast Furnaces
Steel Rolling
· Flat Product Hot Rolling Mills
· Long Product Hot Rolling Mills
· Cold Rolling Mills & Processing Lines
Steel Making
· Electric Arc Furnaces
· Basic Oxygen Furnaces
· Induction Furnaces
· Secondary Metallurgy through Ladle Furnaces, Vacuum Degassing Units, Converters
· Continuous Casting Machines
Material Handlings Systems
· Raw Materials
· In Process Material
· Finished Products
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|