MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIRMAL WIRES PRIVATE LIMITED |
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Registered Office : |
76, Cotton Street, Kolkata – 700064, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.10.1981 |
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Com. Reg. No.: |
21-34204 |
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CIN No.: [Company
Identification No.] |
U28909WB1981PTC034204 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN00501E |
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PAN No.: [Permanent
Account No.] |
AAACN9805H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of aluminium conductors, industrial
conductors and aluminium stranded conductors. Also supplies galvanized wires, stranded steel wires, earth wires, steel bars and MS electrodes. |
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 54000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Yashwant of the company parted partial details. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Yashwant |
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Designation : |
Key Executive |
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Date : |
02.09.2008 |
LOCATIONS
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Registered Office : |
76, Cotton Street, Kolkata – 700064, West Bengal India |
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Tel. No.: |
91-33-22698863 |
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Mobile No.: |
91-33-9836804004 / 9830516930 |
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Fax No.: |
91-33-22692466 |
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E-Mail : |
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Website : |
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Head Office : |
First Floor “Akik” Building, Opposite Lions hall, Near Mithakhali
Six Road’s, Ahmedabad: - 380006, Gujarat, India |
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Tel. No.: |
91-79-26461131/32/95 |
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Fax No.: |
91-79-26460543 |
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Factory : |
GIDC Vatva, Phase 1, Ahmedabad, Gujarat, India |
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Tel. No.: |
91-79-25831390 |
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Fax No.: |
91-79-25834350 |
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Branches : |
40/161 Sturt Street, South Bank, Melbourne, Victoria ,
Australia |
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Tel. No.: |
00-61-401289565 |
DIRECTORS
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Name : |
Mr. Nirmal Kumar Saraf |
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Designation : |
Managing Director |
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Address : |
BF-256, Salt Lake City, Sector – I, Kolkata- 700064, West
Bengal, India |
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Date of Birth/Age : |
26.01.1959 |
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Date of Appointment : |
19.10.1981 |
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Name : |
Mr. Raman Saraf |
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Designation : |
Director |
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Name : |
Mr. Piyush Saraf |
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Designation : |
Director |
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Name : |
Mr. Ram Autar Saraf |
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Designation : |
Director |
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Address : |
BF-256, Salt Lake Block – BF, Bidhannagar [N], North 24 – Parganas,
Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
02.11.1938 |
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Date of Appointment : |
19.10.1981 |
KEY EXECUTIVES
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Name : |
Mr. Ram Autar Saraf |
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Designation : |
Founder and Chairman |
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Name : |
Mr. Sibaji Datta |
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Designation : |
Marketing |
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Name : |
Mr. Yashwant Maheswari |
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Designation : |
Marketing |
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Name : |
Mr. B.K. Aich |
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Designation : |
Technical |
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Name : |
Mr. Asim Roy |
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Designation : |
Technical |
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Name : |
Mr. Amit Bajaj |
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Designation : |
Production |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Radha Raman Saraf [31.03.2008] |
|
7000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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27.00 |
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Other top fifty shareholders |
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73.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of aluminium conductors,
industrial conductors and aluminium stranded conductors. Also supplies galvanized
wires, stranded steel wires, earth wires, steel bars and MS electrodes. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
80 |
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Bankers : |
Bank of Baroda India Exchange Place Kolkata – 700001, West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok Kumar Duggar and Associates Chartered Accountants |
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Address : |
507, Marshall House, 33/1, Netaji Subhash Road, Kolkata – 700001, West
Bengal, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.300
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.300 |
4.300 |
4.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.464 |
4.845 |
3.827 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.764 |
9.145 |
8.127 |
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LOAN FUNDS |
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1] Secured Loans |
11.008 |
0.000 |
18.078 |
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2] Unsecured Loans |
61.293 |
39.585 |
3.968 |
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TOTAL BORROWING |
72.301 |
39.585 |
22.046 |
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DEFERRED TAX LIABILITIES |
0.094 |
0.116 |
0.158 |
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TOTAL |
83.159 |
48.846 |
30.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.077 |
2.508 |
2.408 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
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 |
37.976
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22.811 |
15.591 |
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Sundry Debtors |
46.231
|
30.396 |
42.153 |
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Cash & Bank Balances |
4.889
|
5.496 |
2.173 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.309
|
3.620 |
1.944 |
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Total
Current Assets |
95.405
|
62.323 |
61.861 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.422
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15.736 |
33.896 |
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Provisions |
2.001
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0.350 |
0.045 |
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Total
Current Liabilities |
15.423
|
16.086 |
33.941 |
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Net Current Assets |
79.982
|
46.237 |
27.920 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.003 |
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TOTAL |
83.159 |
48.846 |
30.331 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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|
200.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.15
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6.09 |
6.89 |
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Current Ratio (Current Asset/Current Liability) |
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6.19
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3.87 |
1.82 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80046317 |
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Corporate
identity number of the company |
U28909WB1981PTC034204 |
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Name of the company
|
NIRMAL WIRES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
76, Cotton Street, Kolkata – 700064, West Bengal India |
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Type of charge |
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Particular of
charge holder |
Bank of Baroda India Exchange Place Kolkata – 700001, West Bengal, India |
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Nature of
description of the instrument creating or modifying the charge |
Integral Part of
Supplemental Composite Agreement of Hypothecation of Goods, Book Debts,
Movable Machinery |
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Date of
instrument Creating the charge |
23.02.2008 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR i.e. 13.25 %
Terms of
Repayment Being a Working
Capital Loan the Bank has sanctioned the said loan on the terms that it will
be repayable on Demand. Margin For obtained cash
credit limit of Rs. 20.000 Millions 25 % on Stock and Book Debts For obtaining
bank guarantee of Rs. 10.000 Millions 20 % Cash Margin Extent and
Operation of the charge For Obtaining
Cash Credit limit of Rs. 20.000 Millions Borrower shall pay interest to Bank
@ Bank’s Prime Lending Rate i.e. 13.25 % p.a. on stock and book debts. For obtaining
bank guarantee of Rs. 10.000 Millions Borrower shall pay commission as per
Bank’s Norms |
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Short particulars
of the property charged |
Entire Stock of
Raw Materials, Stock in process and finished goods and stores and spares both
present and future lying in Borrower’s factory or anywhere else. Book Debts
present and future Plant and
machinery including stores and spares, existing in the Company as well as
acquired in future. All that pieces
and parcels of land admeasuring 95.44 cottahs at Madhyamgram O. S.
Barrakpore, District 24 Pgns under Khatian No. 217 and 218 and Dag Nos 541,
542 and 543 |
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Particulars of
the present modification |
Cash Credit
Facility increased from 6.000 Millions to 20.000 Millions B G Limit
facility increased from 2.000 Millions to Rs. 10.000 Millions |
Profile
NIRMAL Group is one
of the dominant family business houses having a prominent market profile in
India. The foundation of the group was laid in 1947 with modest beginning in
packaging industry. The group has made spectacular growth and expanded its
activities just about every year with premeditated backward, forward and
vertical integration. At present, NIRMAL Group caters to the packaging-related
needs of most reputed corporate houses Domestically and Internationally
The management team of the Nirmal Group consists of committed
techno-commercial personalities having rich experience in various fields. The
arms of the group are strategically spread around the globe with Branch office
in... Australia, and counterparts in China and Hong Kong. All directors are
technically qualified and financially sound, having good business track records
and carrying good reputation among commercial circles. Highly qualified,
experienced and committed executives in respective fields aid the management.
The group’s swift growth can be attributed to the dynamic
leadership of its executives, the efforts of its motivated personnel and the
group’s corporate philosophy of continuous innovation. Today, NIRMAL Group
consist of the following six Private Limited Companies all marching ahead with
time.
- National Bobbin Company Private
Limited (Bobbin & Ring
Spinning & Spirally wounded paper Tube Division)
- Nirmal Tubes & Containers Private
Limited (Paper Tubes & Core Division)
- Shree Bharti Pulp & Paper Products Private
Limited (Fiber Drum & Multi Wall Paper bag division)
- Nirmal Poly Plast Packaging Private
Limited (Gravure-Printed Flexible Laminates divsion)
- Nirmal Exports Inc. (Trading In
Indian Food Products, Spices, Gift articles, Toys and
Chemicals)
Nirmal Group at present operates under the sound guidance
and blessing of its founders. The Groups growth and glory that the management
team and the world notice today are because of the huge efforts put forth by
the three founders their so called GURUS
Shri Vimalbhai Lalbhai Shah.
Shri Abhaybhai Lalbhai Shah
Shri Mahendrabhai Lalbhai Shah
Management
Person Name: Mr.
Prashant V. Shah.
Education: Bachelor
of Commerce (Finance)
Designation: Managing Director, Nirmal Tubes and
Containers Private Limited
Nirmal
Group at present is under the sound leadership and direction of Mr. Prashant
Shah, who is the Managing Director of the company. With his remarkable know-how
in Indian as well as German printing and packaging industry, and his
acquaintance in the field of business and finance in the course of his degree
in commerce, he has been the most visionary person in the company. He is
presently taking care of all the strategic decisions as well as finances of the
group.
Person Name: Mr.
Biren A. Shah.
Education: Bachelor
of Commerce (Economics)
Designation: Director
Bharti Pulp & Paper product Private Limited & National Bobbin Company
Bharti
Pulp and Paper Products Private Limited and National Bobbin Company are under
the competent supervision of Mr. Biren Shah. With his know-how in the field of marketing
and customer relations in the course of his degree in commerce, he has been the
most meticulous individual in the company.
Person Name: Mr.
Manan A. Shah.
Education: Bachelor
of Commerce (Accounting)
Designation: Administration Executive, Nirmal
Group
Mr.
Manan Shah resourcefully manages internal administrative issues of the group.
His qualifications in the course of his degree in general management makes him
an individual with superior administrative tact and ethics.
Person Name: Mr.
Bhavik P. Shah.
Education: Bachelor
of Commerce (Accounting), Diploma in Marketing.
Designation: Director Nirmal
Poly Plast Packaging Private Limited,
Nirmal Exports Inc.
With
wide knowledge in printing industry, and cosmic understanding about laminates
and pouch formations makes Mr. Bhavik Shah a prominent personal for Nirmal Poly
Plast Packaging Private Limited Adding to this Mr. Shah’s qualification in
Marketing and Sales act as an advantage to his profile.
Person Name: Mr.
Bhargav P. Shah.
Education: Bachelor of Commerce
(Accounting),
MBA (Strategic Management),
MIB (International Business Finance),
Diploma in packaging Technology (Paper packaging),
Handling: Nirmal
Exports Inc.& Nirmal Poly Plast Packaging Private Limited
Nirmal Exports at present is under the sound management of
Mr. Bhargav Shah. With his academic qualifications in course of his degree in
Strategic management and International Business. Mr. Shah acts as in
international business development manager for the group, and manages Nirmal
group’s subsidiary office based in Melbourne, Australia.
Person Name: Mr. Hemant
C. Mehta.
Education: Bachelor
of Commerce, MBA (Marketing).
Handling: Nirmal
Tubes & Containers Private Limited
Mr.
Hemant C. Mehta with his academic qualifications in course of his degree in
marketing management and his wide experience in Indian paper packaging industry
has been efficiently managing sales and marketing front of Nirmal tubes and
containers Private Limited
Person Name: Mr. Nitin
N. Shah.
Designation: Executive GM Productions,
Nirmal Tubes and Containers Private
Limited
Mr.
Nitin Shah is productively administering production and Quality Control
division at Nirmal Tubes and Containers
Private Limited With his
enormous experience in paper industry and his technical know-how that he has
gained in the course of his degree in packaging technology makes him an
imperative personnel in the organization.
Approvals
West Bengal State
Electricity Distribution Company Limited
West Bengal State
Electricity Transmission Company Limited
Uttar Pradesh
Power Corporation Limited
Kerala State
Electricity Board
Jharkhand State
Electricity Board
Bihar State
Electricity Board
Damodar Valley
Corporations
National Hydel
Power Corporation
Licenses
IS 280 Specification for
Mild Steel Wire for General Engineering Purpose
IS 2141 Galvanised Strand for
Earthing - Specification
IS 12776 Galvanised Strand for
Earthing - Specification
IS 398 (PART1) (Aluminium Conductors for Overhead
Transmission Purpose)
Part - 1 - Aluminium Stranded Conductor
IS 398 (PART2) Aluminium Conductors for Overhead
Transmission Purpose) Part - 2 - Aluminium Conductor, Galvanised Steel -
Reinforced.
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
|