MIRA
INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Name : |
DEVANG ELECTRICALS |
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Registered
Office : |
46, Vithldas Road, Devakaran Mansion, Ground Floor, Mumbai – 400 002, Maharashtra |
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Country : |
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Year of
Establishment : |
1983 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
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Dealer and Supplier of Electrical Overhead Line High Voltage and Low Voltage
Transmission and Distribution Line materials. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
-- |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
The management denied to disclose any information about the subject company.
The report is made available from indirect source of information. Payment
terms are not known. Initially, subject can be considered for business dealings on a safe
and secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
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Name : |
Mr. Ajmera |
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Designation : |
Proprietor |
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Date : |
06.04.2011 |
LOCATIONS
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Registered Office : |
46, Vithldas Road, Devakaran Mansion, Ground Floor, Mumbai – 400 002,
Maharashtra, India |
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Tel. No.: |
91-22-22058547 / 22016241 |
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Fax No.: |
91-22-22070067 |
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E-Mail : |
devangelectric@vsnl.com |
PROPRIETOR
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Name : |
Mr. Ajmera |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Dealer and Supplier of Electrical Overhead Line High Voltage and Low
Voltage Transmission and Distribution Line materials. |
GENERAL INFORMATION
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Bankers : |
Not Divulged |
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Banking
Relations : |
--- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Not Divulged
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Divulged
LOCAL AGENCY FURTHER INFORMATION
Concern Profile
Subject Established in the year 1983, dealing in Electrical Overhead
Line High Voltage and Low Voltage Transmission and Distribution Line materials.
Supplying the above range of products locally to various State Electricity
Boards, Municipal Corporations, Wind Power Projects, Major Power plants,
Electrical Consultants and Contractors various reputed companies.
After achieving tremendous growth in local market they have started to
feed various requirements to Merchant Exporters and subsequently they feel to
start their own Export Division to make headway in International market.
Accordingly they have started their own merchant Export Department and
successfully completed orders Produced for Export. At present they have
customers in Middle East and African countries and thei continuous efforts to
enter in various other countries.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.44.20 |
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|
1 |
Rs.72.24 |
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Euro |
1 |
Rs.63.09 |
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 |
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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- |
NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.