MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JAMINI EXPORTS LIMITED |
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Registered Office : |
C – 184, 3rd Floor, Rastogi Chamber, Madhuban, Vikas Marg,
Delhi – 110 096 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
04.04.2007 |
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Com. Reg. No.: |
161644 |
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CIN No.: [Company
Identification No.] |
U51909DL2007PLC161644 |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Trader of Ferrous and Non Ferrous Metals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 173000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company meeting its smaller commitments
usually in time. Trade relations are fair. The company can be considered good for small to mediocre business
dealings. |
LOCATIONS
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Registered Office : |
C – 184, 3rd Floor, Rastogi Chamber, Madhuban, Vikas Marg,
Delhi – 110 096, India. |
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E-Mail : |
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Website : |
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Administrative Office : |
SF – 46, Ansal Fortune Arcade, Sector – 18, Noida – 201 301, Uttar
Pradesh, India. |
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Tel. No.: |
91-120-4242905/ 4242904/ 2521022/ 4242906 |
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91- 9873002158 |
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Fax No.: |
91-120-2521022/ 4242906 |
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E-Mail : |
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Liaison
Offices : |
Johannesburg,
Dakar, Lagos |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Sarvottam Mukesh Sehgal |
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Designation : |
Managing Director |
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Address : |
Flat No. 660, Sector – 29, Noida – 201 303, Uttar Pradesh, India. |
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Date of Birth/Age : |
17.12.1952 |
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Tel. No.: |
91-120-2451542 |
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Pan No.: |
AUWPS1823R |
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Name : |
Mr. Varun Sehgal |
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Designation : |
Director |
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Address : |
Flat No. 660, Sector – 29, Noida – 201 303, Uttar Pradesh, India. |
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Date of Birth/Age : |
18.09.1982 |
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Tel. No.: |
91-120-2451542 |
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Pan No.: |
BCNPS5973G |
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Name : |
Mr. Swapan Kumar Saha |
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Designation : |
Director |
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Address : |
Village – Mallickpur, Post-Bakta, District – Burdwan, Burdwan – 713
431, West Bengal, India. |
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Date of Birth/Age : |
20.02.1967 |
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Mobile No.: |
91-9811664613 |
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Pan No.: |
BDBPS0379B |
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Name : |
Mr. Josemon Raju |
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Designation : |
Director |
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Address : |
Flat No. G-63, Sector – 20, Noida – 201 301, Uttar Pradesh, India. |
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Date of Birth/Age : |
28.05.1971 |
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Date of Appointment : |
25.06.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Sarvottam Mukesh Sehgal |
245000 |
|
Mrs. Aradhana Sehgal |
1000 |
|
Ms. Yamini Sehgal |
1000 |
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Mr. Varun Sehgal |
1000 |
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Mr. Swapan Kumar Saha |
1000 |
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Mr. Jivan Singh Bisht |
500 |
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Mr. Gokul Prasad Sharma |
500 |
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Total |
250000 |
As on 17.10.2007
|
Names of Allottees |
No. of Shares |
|
Namo Resorts Private Limited |
1890000 |
|
Enernew Software Solutions Private Limited |
1100000 |
|
|
2990000 |
BUSINESS DETAILS
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Line of Business : |
Trader of Ferrous and Non Ferrous Metals. |
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Exports : |
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Countries : |
Africa, Algeria, Tunisia, Morocco,
Senegal, Mali, Gambia, Guinea, Conakry, Ghana, Togo, Nigeria, Cameroon, Congo
Kinshasa and Brazzaville, Burkina Faso, Chad, Sudan, Egypt, South Africa,
Namibia, France, Germany, Italy, Portugal, Switzerland, Sweden, Norway,
Finland, Spain, Austria, Slovak Republic, Creek Republic, China, Vietnam,
Malaysia, Singapore, Hong Kong, Indonesia, Australia and New Zealand : Dubai,
Lebanon, Iran, Oman , Finland and Russia. |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
NA |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Dublish and Associates Chartered Accountants |
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Address : |
House No. D-88, Sector – 30, Noida – 201 301, Uttar Pradesh, India. |
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Sister Concern : |
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Associates : |
Address: Flat No. 660, Sector – 29,
Noida – 201 303, Uttar Pradesh, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- Each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3460600 |
Equity Shares |
Rs.10/- Each |
Rs.34.606
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
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34.606 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
|
|
34.606 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
|
|
5.000 |
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TOTAL BORROWING |
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5.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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39.606 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.520 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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|
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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Sundry Debtors |
|
|
0.045 |
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Cash & Bank Balances |
|
|
0.845 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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34.240 |
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Total
Current Assets |
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35.130 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
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0.172 |
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Provisions |
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|
1.295 |
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Total
Current Liabilities |
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1.467 |
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Net Current Assets |
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33.663 |
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MISCELLANEOUS EXPENSES |
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0.423 |
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TOTAL |
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39.606 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
05.04.2007 to
31.03.2008 |
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Sales Turnover |
|
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8.537 |
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Other Income |
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0.000 |
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Total Income |
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8.537 |
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Profit/(Loss) Before Tax |
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3.501 |
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Provision for Taxation |
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|
-- |
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Profit/(Loss) After Tax |
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3.501 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
|
|
0.536 |
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Payment to Auditors |
|
|
0.035 |
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Insurance Expenses |
|
|
0.022 |
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Depreciation & Amortization |
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|
0.261 |
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Other Expenditure |
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|
4.182 |
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Total Expenditure |
|
|
5.036 |
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KEY RATIOS
|
PARTICULARS |
|
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|
31.03.2008 |
|
PAT / Total Income |
(%) |
|
|
41.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
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41.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
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Current Ratio (Current Asset/Current Liability) |
|
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|
23.95 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
PROFILE
Subject is well established Multimillion Dollar
Transnational Company in India, have been successfully engaged in the
International Trading since 1995. "A decade of liberalization has
redefined business parameters. Subject, has harnessed these winds of change by
offering world class products and services, around the world."
Subject along with its sister concerns, M/s Sarvottam Metals Private. Limited,
M/s Rand India International and M/s Jamini International, having its offices
at 730, Sector - 29 NOIDA - 201 301,India, are well established, under the
Indian Companies Registration Act have been engaged in the International
Trading since 1995. The firm has been engaged in business with the following
countries in Africa: Algeria, Tunisia, Morocco, Senegal, Mali, Gambia, Guinea,
Conakry, Ghana, Togo, Nigeria, Cameroon, Congo Kinshasa and Brazzaville,
Burkina Faso, Chad, Sudan, Egypt, South Africa, Namibia, France, Germany,
Italy, Portugal, Switzerland, Sweden, Norway, Finland, Spain, Austria, Slovak
Republic, Creek Republic, China, Vietnam, Malaysia, Singapore, Hong Kong,
Indonesia, Australia and New Zealand : Dubai, Lebanon, Iran, Oman , Finland and
Russia.
Over the years
this firm has traded primarily in Ferrous and Non Ferrous Metals. Chairperson
of subject, is heading the operations of the firm and also heading the
International Operations of another major Indian Steel Conglomerate. The gross
turn over of which during the last financial year has been around Nine Hundred
Million US Dollars.
The company ;
among its customers, have Suzuki Motors, Toyota, Hyundai, LG, Carriers, Honda
Motors, Bajaj and LML Scooters, Samsung and Kinetic Engineering to name a few.
Trade and Projects Finance Solutions to satisfy their Clients requirements both
the Private and Governmental Sectors.
VISION AND MISSION
Their commitments are admired beyond the
geographical boundaries. Their basic effort is to achieve customer's satisfaction
and deliver their commitment within constraints of stipulated time frame. Their
achievements narrate a story of their determination to succeed and their
passion to go-ahead.
INFRASTRUCTURE
They are centrally located in Noida, Capital's best developed NCR green
belt and hub of Outsource Services : Their Registered office is in Ansals
Fortune Arcade, Sector 18 Noida, India and the company has its liaison offices
in Johannesburg, Dakar and Lagos.
PROMOTER’S PFOFILE
Chairperson of subject,
who is heading the operations of the firm and also heading the International
operations of another major Indian Steel Conglomerate. He has got global
coverage and world-class market knowledge in diverse commodities. He is a
versatile and dynamic personality with high profile academic qualifications.
PRODUCTS AND SERVICES
Chairman of company is heading the
operations of the firm is also heading, the International operations of another
major Indian Steel Conglomerate.
Subject also provides financial supports and International factoring and
forfeiting services through their Local and International connections.
The Company has gone into the Project Financing activities in conjunction with
a consortium of Bankers in India and Overseas where they have executed quite
number of transactions.
The Company offer Professional and Efficient services from the selling point
right to the delivery of goods worldwide
Areas of subject Business Activities Include The Following :
International Traders, Manufacturers and Suppliers of the under
mentioned Items :
- Galvanized
Steel Coils and sheets and corrugated sheets.
- Cold Rolled
Steel coils and sheets.
- TMT
construction Bars; Angles, Hoists etc.
- Seamless
Pipes
- Brass Sheets
and coils.
- Copper Wires
Rods for Copper Electrical Wires
- Aluminum Wire
Rods
- Bright Steel
Alloy Bars for application in the Defense field
- Precision
Tools for the manufacture of Defense Ammunitions.
- Spare part
for the armored vehicles.
- Precision
Metals, like Rhodium, Rhodium Trioxide, Cold
- Potassium
Cyanides, Palladium, Platinum and Platinum Sponge.
- Colour coated
steel sheets and Aluzink.
- Hot Rolled
Coils from Russia, Ukraine and Iran.
- Bentonite
clay exports to Finland and Russia.
- Project
Exports to Tajikistan, in the field of processed foods,
- P.P. Bottle
manufacturing projects.
- Building
Materials and Cement.
- Steel and
Cooper Scrap Traders.
Seamless Pipes.
Unlike welded tubes, Seamless pipes are preferred for applications where
strength, resistance to corrosion, microstructure and product life are
important. They are sold as hot finished pipes. Cold finished Pipes are also
available depending upon the end use applications.
Cold Rolled Steel Products.
Cold rolled coils and sheets are being processed in the 20 Hi Mill,
continuous anneal and pickle line, skin pass mill slitting line and cut to
length lines. Absolute flat sheets are produced after being put through the
Voss leveler. Sheets and cold rolled coils are available in different finishes.
Copper Cathodes
Cathodes are largely used in the manufacture of copper rods for the wire
and cable industry, and copper tubes for consumer durable goods. They are also
used for making alloys such as brass, bronze and alloy steel, and find application
in diverse areas like defence, mint and construction.
Continuous Cast Copper Rods
Cast Copper rods meet all the requirements of international quality
standards. Their excellent surface finish makes it suitable for processing to
enamelled, coated and plated wires. They are available in 8, 11, 12.5, 16 and
19mm diameters.
The homogeneous structure and fine grain size of the Continuous Cast Copper
Rods lead to outstanding drawability. They can be drawn to an ultra-fine wire
with high productivity. The Copper rod is considered suitable for:
- Power and
communication cables
- Strips for
power and distribution for transformers
- Magnet wires
Wire Rods
Aluminium wire rods with continuous casting and rolling process.
Electrical Conductor (EC) wire rods are used for
the production of cables, ACSR and AAC
conductors. Alloy wire rods are used to produce AAAC conductors.
Galvanizing
A highly automated hot dip process in conjunction with controlled temperature
is employed to process the galvanized steel. In order to produce galvanized
steel with excellent resistance to corrosion, rust-free and devoid of any
galvanizing defects, zinc and antimony etc. of highest purity are applied with
proper pre treatment of the substrate and controlled process of galvanizing. To
further enhance the quality of sheets and make it white rust proof a special
chemical treatment is applied on the zinc coated surface. Their wide range
includes both plain and corrugated galvanized sheets and coils.
Other Nature of Supplies:
- Chemicals and
Urea Fertilizer.
- Processed and
Raw Gum Arabic.
- Sugar. Flour
and Food Items.
Areas of Projects
Business Activities:
ENGINEERING,
Civil Infrastructure Construction, Electro-Mechanical and Plumbing. Chemical and
Petrochemical Plants, Electrifications, Power Stations and Water Supply
Projects, Cement Industry, Infrastructure, Schools, Commercial, Residential and
Hotel Buildings, Tele Communication Sector on Turn Key bases.
ENERGY SECTOR,
Oil and Gas Industry, Oil Drilling, Exploration, Concessions and Exploitation,
Marginal Fields. Pipeline Engineering and Construction. Pipeline Laying,
Cleaning and Inspection. Mining And Refining Sector.
ROADS-HIGWAYS, RAILWAYS, PORTS and AIRPORT ENGINEERING and SUPPLIES.
Contractors, Construction and Equipment Suppliers, Railway Locomotives
and Wagons. Ports Handling and lifting Equipment.
SHIPYARD AND SHIP BUILDING INDUSTRY.
Contracts and Supplies, Engineering Assistance.
HOSPITALS and CLINICS TURN KEY CONSTRUCTION PROJECTS:
Mobile Medical Units. Supply of Medical Equipment +Materials and
Pharmaceuticals, Vaccinations, Veterinarian Medicine.
AGRICULTURAL PROJECTS,
Farming and Production, Abattoirs (Slaughter Houses), Meat and By products
processing, Poultry, Fish processing, Cold Stores, Tanneries, Hides and Skins
Processing Projects, Edible Oil Refining and Packaging Projects.
VARIOUS INDUSTRIAL TURN KEY PROJECTS
Implementation with the support of International Suppliers in Various
Areas of activities.
CONSTRUCTION MACHINERY AND EQUIPMENT:
Subject is engaged with several international manufacturers of heavy
construction machinery manufacturers in India, Germany, Sweden, France, Japan,
United Kingdom and USA covering the following items:
Concrete Batching Plants, Concrete Pumps and Trans mixer, Tower Cranes
and lifts, Asphalt Batching Plants and Road Machinery, Man and TATA Trucks,
Tippers and Movers, Forming and Cutting Machinery, Drilling Machinery, Civil
and Electro mechanical Machinery, Porta Cabins etc.
FINANCE ARRANGEMENTS AND PROCUREMNTS:
Subject has its Liaison offices in Johannesburg, Dakar and Lagos and
has, gone into project financing activities in conjunction with a consortium of
Bankers in India and overseas.
Subject is cooperating with a numerous International network and
contacts covering the areas of infrastructure, construction and development
with the necessary financial arrangements from institutions in an International
standard. They are active in financing projects for Governmental and private
sectors.
Also provides Trade and Projects Finance support and International
factoring and forfeiting services and solutions to satisfy their Client's
requirement through their close cooperation with Global Trade Finance, Exim Bank
of India Limited, Bank of Maharashtra Limited, First International Merchant
Bank Malta, and International Finance Corporation, Washington, together with
other financial organizations and institutes in Europe and Asia.
Mr. Hassan A.R. Zuhour, is company, Executive Director, International
Business.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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 |
|