MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL WIRENETTING INDUSTRIES |
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Registered Office : |
Post Box No.41, Marudhar Industrial Estate, Satpati Road, Village
Aliyali, Palghar, Thane – 401404, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1983 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Wire Mesh. |
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 15000 |
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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 : |
Management Parted partial details. Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Gopal P Chiluka |
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Designation : |
Marketing Executive |
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Contact No: |
91-9321134005 |
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Date : |
25.10.2008 |
LOCATIONS
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Registered Office/Factory : |
Post Box No.41, Marudhar Industrial Estate, Satpati Road, Village
Aliyali, Palghar, Thane – 401404, Maharashtra, India |
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Tel. No.: |
91-2525-251186 / 2396823 / 23464885 / 23441766 / 56340402 |
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Mobile No.: |
91-9324278215 (Mr. Vimal Singh), 91-9321134005 (Mr. Gopal) |
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Fax No.: |
91-2525-251188 |
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E-Mail : |
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Area : |
20000 sq ft (Office + Factory) |
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Location : |
Owned |
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Branch : |
Post Box No. 3442, Lotus Building, 2nd Floor, 59 Mohd. Ali
Road, Mumbai 400003, Maharashtra, india. |
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Tel. No.: |
91-22-23464884/23464885 |
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Fax No.: |
91-22-23441567 |
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E-Mail : |
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Area: |
450 sq ft |
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Location: |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Vimalsingh Kundilia |
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Designation : |
Proprietor |
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Date of Birth/Age : |
54 years |
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Qualification : |
B. Com |
KEY EXECUTIVES
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Name : |
Mr. Gopal P Chiluka |
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Designation : |
Marketing Executive |
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Name: |
Mr. Sumit Jain |
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Designation: |
Marketing Executive |
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Contact No: |
91-9321134004, 9322668032 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Wire Mesh. |
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Products : |
· Wire Mesh · Vibrating
Screens · Filters · Demister Pads · Perforated
Sheets · Conveyor Belts |
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Exports : |
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Products : |
· Finished Goods · Wire Mesh · Vibrating
Screens |
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Countries : |
· Middle East · South East · Asia · Singapore · Sri Lanka · Thailand |
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Terms : |
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Selling : |
L/C and Credit (30-60 days) |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers · End Users · Aditya Cement · Group of Aditya
Birla Companies · Gujarat Ambuja Group
of Cos. · Hindustan
Newsprint Limited · Indian Rayons
and Industries Limited · Jain Group of
Companies · Kochi Refineries
Limited · Madras
Fertilizers Limited · Tata Chemicals
Limited (Mumbai) · Vikram Group of
Companies · G V G Paper
Mills Limited · Vishnupriya Paper
Mills Limited · The Tamilnadu
Newsprint and Papers Limited · The West Coast
Papers Mills Limited · J K Papers Mills
Limited · Rajalakshmi
Paper Mills Limited · Shri Hari
Krishna Papers Private Limited · Birla Group · Grasim Group · L and T |
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No. of Employees : |
52 |
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Bankers : |
· The Jain
Sahakari Bank Limited Address: Mandvi Branch, Mumbai – 400003,
Maharashtra, India · CITI Bank Address: D N Road Branch, Mumbai,
Maharashtra, India |
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Facilities: |
Overdraft – Rs.4.000 Millions(The Jain Sahakari Bank Limited) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. R T Jain and Company Chartered Accountant |
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Address : |
59, Mohamadali Ropad, 2nd Floor, Lotus Building, Mumbai –
400003, Maharashtra, India |
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Associates/Subsidiaries
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Universal Wire Products. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.3.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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60.000 (Estimated) |
Expected Sales (2008-09) : Rs.80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Grasim Industries Private Limited
·
Reliance Industries Private Limited
·
Essar Industries Private Limited
Profile:
At Subject is
engaged in the manufacturing of stainless Steel Wire Mesh in different grades,
Filters, Demister pad, Perforated Sheets, Conveyor Belts etc. Since its
inception in the year 1983, the concern has grown leaps and bounds with its
quality products with a wide variety to choose from.
They offer a wide a wide variety of Stainless steel Wire Mesh in
different grades, Filters, Demiser Pad, Perforated Sheets, Conveyor Belts,
Vibrating Screens, Crimped Wire mesh, Chain Link Fencing, Square mesh etc.
They manufacture different types of Wire mesh ranging from 02 mesh to
500 mesh. They maintain huge inventory in all the different grades and
specifications to meet customers immediate requirements. They process wide
variety of wire cloth to cater to the needs of their customers. Their products
have found acceptable with various industrial applications such as Sieving,
Filtrations, Separation etc. Their products are served in various industries
including Aeronautics, Agriculture, Atomic Power Stations, Asbestos Industries,
Ceramic Tiles industry Chemical industries, Pharmaceuticals, Rayon industries.
etc.
Quality is given paramount importance at the concern. They are capable of meeting all technical
specification to the entire satisfaction of Their overseas buyers. They also
offer Stainless Steel Wire Meshes in all sizes and grades from 01 mesh to 100
mesh. Continual investment in technology and experienced technocrats add on to
the growth of the concern.
Over the years, the concern has considerably consolidated the market
share in the domestic as well as overseas market through consistent supply of
qualitative products at competitive prices. The concern has maintained export
relations with countries like Middle- East, U.A.E 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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.80.26 |
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Euro |
1 |
Rs.63.08 |
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 |
YES |
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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
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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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