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MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HI-POINT SERVICES (INDIA) PRIVATE LIMITED |
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Registered Office : |
310, Gokul Arcade, Swami Nityanand Road, Vile Parle (East), Mumbai –
400 057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.09.1995 |
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Com. Reg. No.: |
11-93081 |
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CIN No.: [Company
Identification No.] |
U29120MH1995PTC093081 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH04376B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Sales and Service Provider of Gas Detective Equipments. |
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 92000 |
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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. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
310, Gokul Arcade, Swami Nityanand Road, Vile Parle (East), Mumbai –
400 057, Maharashtra, India |
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Tel. No.: |
91-22-28310756 |
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E-Mail : |
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Website : |
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Area : |
550 Sq. ft. |
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Location : |
Owned |
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Service Depot : |
At Marol, Andheri (East), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-28595876 / 28595418 |
DIRECTORS
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Name : |
Mr. Mahesh Nyalchand Shah |
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Designation : |
Director |
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Address : |
1-Darshan 16, Friends Society, 6th Road, JVPD Scheme, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
14.08.1950 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Sanket Mahesh Shah |
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Designation : |
Director |
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Address : |
1-Darshan 16, Friends Society, 6th Road, JVPD Scheme, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
15.08.1981 |
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Date of Appointment : |
30.03.2004 |
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Name : |
Ms. Krupa Mahesh Shah |
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Designation : |
Additional Director |
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Address : |
1-Darshan 16, Friends Society, 6th Road, JVPD Scheme, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
15.07.1985 |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Sharad Nyalchand Shah |
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Designation : |
Additional Director |
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Address : |
404, Unique Apartment, S V Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
12.06.1941 |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Piyush Lalji Patel |
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Designation : |
Additional Director |
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Address : |
C-23, Padam Nagar, Mohan Studio Compound., A K Road, Andheri (East),
Mumbai – 400 099, Maharashtra, India |
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Date of Birth/Age : |
27.02.1967 |
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Date of Appointment : |
30.05.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 01.07.2005)
|
Names of Shareholders |
No. of Shares |
|
Mahesh Nyalchand Shah |
160100 |
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Sanket Mahesh Shah |
53100 |
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Krupa Mahesh Shah |
36800 |
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Total |
250000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Sales and Service Provider of Gas Detective Equipments. |
GENERAL
INFORMATION
|
Bankers : |
Indian Overseas Bank Andheri (West) Branch, G 1/2, Bharat Apartment, Juhu Lane, Andheri
(West), Mumbai – 400058, Maharashtra, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
A N Kothari and Company Chartered Accountants |
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Address : |
8/38, Pirapal Nagar, 2nd Floor, S V Road, Goregaon (West),
Mumbai – 400 062, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.500 |
2.500 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
15.856 |
10.268 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
18.356 |
12.768 |
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LOAN FUNDS |
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1] Secured Loans |
|
40.442 |
18.771 |
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2] Unsecured Loans |
|
19.040 |
4.055 |
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TOTAL BORROWING |
|
59.482 |
22.826 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
77.838 |
35.594 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4.597 |
3.924 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
1.562 |
0.678 |
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DEFERREX TAX ASSETS |
|
0.093 |
0.071 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
5.914 |
8.647 |
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Sundry Debtors |
|
45.077 |
33.102 |
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Cash & Bank Balances |
|
79.219 |
21.432 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
15.631 |
7.787 |
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Total
Current Assets |
|
145.841 |
70.968 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
68.755 |
36.448 |
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Provisions |
|
5.500 |
3.600 |
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Total
Current Liabilities |
|
74.255 |
40.048 |
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Net Current Assets |
|
71.586 |
30.920 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.001 |
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TOTAL |
|
77.838 |
35.594 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
156.865 |
84.176 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
156.865 |
84.176 |
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Profit/(Loss) Before Tax |
|
9.150 |
4.834 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
9.150 |
4.834 |
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Expenditures : |
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Interest |
|
3.338 |
2.093 |
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Depreciation & Amortization |
|
1.102 |
1.184 |
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Other Expenditure |
|
143.275 |
76.065 |
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Total Expenditure |
|
147.715 |
79.342 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
5.83 |
5.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
5.83 |
5.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.08 |
6.45 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.50 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
7.29 |
4.92 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.96 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
HI-POINT SERVICES (INDIA) PRIVATE LIMITED |
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Presented By |
Indian Overseas Bank,
Andheri (West), Mumbai 400 058 |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation for securing Goods/Book Debts dated 18th March, 2004
for securing Cash Credit and Letter of Guarantee Limits totaling Rs.10.000 millions. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1.
Stocks of
Gas/Smoke detectors, accessories, relating to sewerage treatment, plants,
water purifiers etc. 2.
Entire
debtors receivables of the Company. 3.
Entire
current assets of the company including of all inventories and receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit :
Interest (BPLR + 2%) Presently 13%.
Margin 25% against stock, and 50% against Book Debts. 1.
The Borrower
shall at all times during the continuance of the Agreement so long as any
money shall remain due and owing to the Bank ensure and keep insured the
securities to the full extent of their value. 2.
The
Borrowers hereby empower the Bank or any one from time to time authorized by
them to inspect and take possession of the hypothecated goods in case of
default of the payment owned with interest to the Bank. 3.
That on
demand by the Bank borrowers shall pay to the Bank the balance then due to
the Bank together with all further charges and expenses. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Andheri (West) Branch, G 1/2, Bharat Apartment, Juhu Lane, Andheri
(West), Mumbai – 400058, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate identity
number of the company |
U29120MH1995PTC093081 |
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Name of the
company |
HI-POINT SERVICES (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
310, Gokul Arcade, Swami Nityanand Road, Vile Parle (East), Mumbai –
400 057, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Indian Overseas Bank Andheri (West) Branch, G 1/2, Bharat Apartment, Juhu Lane, Andheri
(West), Mumbai – 400058, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation in Form 110-E. |
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Date of
instrument Creating the charge |
23.11.2007 |
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Amount secured by
the charge |
Rs.150.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit :
BPLR – 0.50% p.a. Letter of
Guarantee : As Applicable. Terms of
repayment Repayable on
demand Margin Stock : 25% Book Debts : 40% Performance
Guarantee : 25% Financial
Guarantee : 50% Extent and
operation of the charge The charge is to
operate as security, by way of first charge, for the due repayment of the
credit limit of Rs.150.000 millions together with interests, additional
interests, costs, charges, expenses and all other payable by the Company to
the Bank in terms of sanction. Others Facility : Cash Credit :
Rs.30.000 millions Letter of
Guarantee : Rs.120.000 millions Sub-limit for LG
– Financial : (Rs.50.000 millions) |
|
Particulars of
the property charged |
Hypothecation, by
way of first charge of : ·
All the
stock of spares / accessories used in manufacturing of gas / smoke detectors,
sewage treatment plants etc. ·
All the
present and future book debts of the Company. |
Web Details
An ISO 9001:2000 certified company approved by Lloyd’s
register to quality management system standards bs en ISO 9001:2000 IS/ISO 9001:2000
and accredited to Ukas and Ansi-rab quality management system.
Originally formed in 1985, Subject is now established as a well diversified
Engineering Company. The core line of business for the Company lies in Turnkey
Projects wherein, responsibility includes for Design, Engineering, Integration,
Packaging, Installation and Commissioning of Sewage Treatment Plants (STP) with
Vacuum Toilet System (VTS) packages and Fire and Gas Detection System for
Indian territory.
Major Orders Executed: (STP+VTS)
·
M/s ONGC – 14 nos Omnipure STP.
· M/s GRSE – LSTL, 12nos Omnipure STP with Jets VTS.
· M/s GRSE – FAC, 04 nos Omnipure STP.
·
M/s
MDL – P15A, 06 nos Omnipure STP with Jets VTS
“Plant design as per NSSII SHOCK Calculations”.
· INS Ranvir – VTS & piping onboard ship.
Major Orders Executed (FandG)
·
Revamping of Gas Detection System at ONGC, Hazira: Installation
and Commissioning of 118 IR Point Detectors Model Searchpoint Optima Plus along
with System 57 Control Cards.
·
Revamping of Gas Detection System at ONGC, Hazira: Installation and
Commissioning of 29 IR Point Detectors Model Searchpoint Optima Plus, 9 IR Open
Path Detectors Model Searchline Excel along with System 57 Control Cards.
·
Revamping of Gas Detection System at IOCL, Baroda: Installation and
Commissioning of 147 IR Point Detectors Model Searchpoint Optima Plus.
·
Commissioning of Gas Detection System at Cairn Energy Surat: Commissioning of
98 IR Point Detectors Model Searchpoint Optima Plus, 11 UV/IR Detectors Model
Searchflame 16 along with System 57 Control Cards.
·
Commissioning of Gas Detection System at BPCL, Mumbai: Commissioning of
43 H2S Detectors, Model Apex, 8 HC Detectors Model Searchpoint Optima Plus, 24
HC Detectors Model Digi Optima along with System 57 Control Cards.
Projects with Larsen and Toubro for ONGC Offshore Assets:
·
PRP Project: Commissioning of 70 HC Gas Detectors Model Digi
Optima
·
9-Well Platform Project: Commissioning of 77 Flammable Detectors Model Digi
Optima and Model Apex
·
4-Well Platform Project : Commissioning of 81 HC, H2 and H2S Gas
Detectors Model Searchpoint Optima Plus and Model Apex
Major Orders Under Execution: (STP+VTS+F&G)
·
Ministry of Defense – 18 IN Ships - 40 nos Omnipure STP.
· DPRO – G class 06 nos Omnipure STP.
· M/s GSL – NOPV’s, 06 nos Omnipure STP with Jets VTS.
· M/s GRSE – FAC, 10 nos Omnipure STP.
·
Installation and Commissioning of Gas Detection System with Solar
Control System at British Gas Satellite Platforms, Mumbai High. Installation
and Commissioning of 36 IR Point Detectors Model Searchpoint Optima Plus, 2
Open Path Detectors Model Searchline Excel along with System 57
Control Cards. Project also involves installation and commissioning of
Solar System from Tata BP Solar.
· Commissioning of Gas Detection System at ONGC, NC Platform. Commissioning of 9 IR Point Detectors Model Searchpoint Optima Plus along with System 57 Control Cards.
They represent following Products in INDIA:
· Omnipure - Sewage Treatment Plant.
· Sanilec – Electro Chlorinator.
· Jets - Vacuum Toilet system.
· Honeywell – Fire and Gas Detection System.
· AGI - Wind Speed Direction System.
· Blucher – Push Fit Piping.
Company Offers:
· Turnkey solutions i.e Design, Engineering, Integration, Packaging, Installation and Commissioning.
· Annual Maintenance Contract.
The reputation is based on a strong customer orientation and an impressive record of achievements over the past years. The company strives to produce the best in available technology for the improvement of industrial efficiency and a healthier and safer working environment.
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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 |
|
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 |
|