MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
WOODMASTER INDIA MACHINES PRIVATE LIMITED |
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Registered
Office : |
St No.7, Bachittar Nagar, Gill Road, Ludhiana-141006, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.05.2004 |
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Com. Reg. No.: |
16-027095 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.000 million |
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CIN No.: [Company Identification
No.] |
U28932PB2004PTC027095 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Woodworking Machines. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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
|
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 PARTED BY
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Name : |
Mr. Nirmal Singh |
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Designation : |
Director |
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Contact No.: |
91-9815627422 |
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Date : |
07.06.2011 |
LOCATIONS
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Registered Office : |
St No.7, Bachittar Nagar, Gill Road, Ludhiana-141006, Punjab, India |
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Tel. No.: |
91-161-2814169/5031422/5034422/2814464/5031400 |
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Mobile No.: |
91-9815627422 (Mr. Nirmal Singh) |
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Fax No.: |
91-161-5134422/2814168/2814464/5031400 |
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E-Mail : |
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Website : |
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Area : |
15000 sq. ft. |
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Location : |
Owned |
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Branches : |
Located At ·
Ludhiana ·
Delhi ·
Pune |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. S Nirmal Singh |
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Designation : |
Director |
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Address : |
16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India |
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Date of Appointment : |
05.05.2004 |
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DIN No : |
00453900 |
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Name : |
Mr. S Iqbal Singh |
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Designation : |
Director |
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Address : |
16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India |
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Date of Appointment : |
05.05.2004 |
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DIN No : |
00453793 |
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Name : |
Mr. S. Varinder Singh |
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Designation : |
Director |
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Address : |
16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India |
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Date of Appointment : |
05.05.2004 |
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DIN No : |
00454040 |
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Name : |
Smt. Kuldeep Kaur |
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Designation : |
Director |
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Address : |
16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India |
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Date of Appointment : |
26.12.2005 |
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DIN No : |
00566243 |
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Name : |
Sh. Bachitter Singh |
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Designation : |
Director |
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Address : |
H. No. 550-16-B, Nanak Puri, Miller Ganj, Ludhianan, Punjab, India |
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Date of Appointment : |
29.05.2010 |
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DIN No : |
03088498 |
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Name : |
Mr. Khushwinder Singh |
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Designation : |
Director |
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Address : |
B-XVI-550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India |
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Date of Appointment : |
29.05.2010 |
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DIN No : |
03088572 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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S Nirmal Singh |
33500 |
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S Iqbal Singh |
33500 |
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S. Varinder Singh |
33000 |
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Total |
100000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Woodworking Machines. |
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Exports : |
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Products : |
·
Machinery |
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Countries : |
·
Europe ·
Italy ·
Belgium ·
Australia |
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Imports : |
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Products : |
·
Components |
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Countries : |
·
Taiwan |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
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Canara Bank ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhakoo and Associates Chartered Accountant |
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Address : |
337/1A, Dr. Sham Singh Road, Civil Lines, Ludhiana-141001, Punjab,
India |
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Tel. No.: |
91-161-2413348 / 2771898 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
3.556 |
4.356 |
4.356 |
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3] Reserves & Surplus |
4.259 |
3.080 |
2.159 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.815 |
8.436 |
7.515 |
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LOAN FUNDS |
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1] Secured Loans |
16.328 |
15.022 |
16.651 |
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2] Unsecured Loans |
3.591 |
1.991 |
0.293 |
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TOTAL BORROWING |
19.919 |
17.013 |
16.944 |
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DEFERRED TAX LIABILITIES |
0.162 |
0.256 |
0.275 |
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TOTAL |
28.896 |
25.705 |
24.734 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.162 |
22.623 |
23.368 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
6.594
|
8.026 |
8.443 |
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Sundry Debtors |
12.806
|
6.373 |
4.959 |
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Cash & Bank Balances |
3.625
|
3.301 |
2.879 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.649
|
2.714 |
3.346 |
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Total
Current Assets |
27.674
|
20.414 |
19.627 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.457
|
8.490 |
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Other Current Liabilities |
13.783
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8.162 |
17.821 |
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Provisions |
0.700
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0.680 |
0.447 |
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Total
Current Liabilities |
26.940
|
17.332 |
18.268 |
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Net Current Assets |
0.734
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3.082 |
1.359 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.007 |
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TOTAL |
28.896 |
25.705 |
24.734 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES AND OTHER
MISCELLANEOUS INCOME |
58.252 |
46.408 |
37.973 |
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PROFIT BEFORE
TAX |
1.796 |
1.629 |
1.312 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
3.78 |
3.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.19 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.33
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4.10 |
4.72 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.18 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
The company achieved sales and other miscellaneous income Rs. 58.252
millions during the year, in comparison to the previous year of Rs. 46.408 millions
and earned net profit (before tax) of Rs. 1.796 millions as compared to Rs.
1.629 millions during the previous year. The accumulated surplus of Rs. 4.259
millions is being carried over to Balance Sheet as at 31.03.2010
FIXED ASSETS
·
3-Wheeler
·
Air Conditioner
·
Attendance Machine
·
Building
·
Camera
·
Car
·
Computer and Software
·
Electric Fitting
·
Fan
·
Fax Machine
·
Furniture and Fixture
·
Generator
·
Inveter
·
Machinery
·
Mobile Set
·
Motor Cycle
·
Pattern
·
Printer
·
Projector
·
Pump
·
Refrigerator
·
Rack
·
Scooter
·
Telephone Set
·
Trolly
·
Tools
·
Vaccum Cleaner
·
Wall Clock
·
Weight Scale
·
Water Filter
TRADE REFERENCE:
·
Design Edge
·
Interior Private Limited
·
Sapna Kitchen
·
DLF
WEB SIDE DETAILS
PROFILE
Subject is a
company formed by the merger of three companies having specialization in three
different fields. The companies are Niranjan singh and Sons (Regd), N. S.
Machine Tools (Regd) and Wood Master (India). The newly formed company will be
manufacturing all most all the machines in wood, panel and bamboo processing
series and will do R and D in wood, panel and bamboo.
Niranjan singh and sons is the parent
company established in 1945 by the founder Late S. Niranjan Singh for the
manufacturing of multipurpose wood working planner machines. It was started in
the north west of the country in the industrial town of Ludhiana in Punjab
state. The company started with the manufacturing of simple wood working
planners and is having the sale tax no. issued in 1960. Now the company is
manufacturing whole range of wood working machines Multipurpose Wood Working
Planners( 8 in 1), Band saws, Chain mortisers, Tennoners, Vertical spindle and
many more in this series.
N. S. Machine tools was established in 1989
for research and development in panel processing machines and now had developed
some of the most advanced machines in this series, some of the machines are
Post Forming machine with PLC control, Panel saw, Edge banding, through feed
edge banding machine. Being a leader in these machines N. S. machine tools is
the only company in India with complete range of panel processing machine being
manufactured in India.
Subject was
established for the research and development purpose and with this the company
had successfully entered into the field of bamboo processing machine. In a
short span of three years Wood master is having almost all the machines in
Primary bamboo processing machines. I.e. parallel splitter, inside knot
remover, out side knot remover slicing machine, Round and square stick making
machine, Polishing machine for stick, Sizing machine etc. Beside primary
processing machine wood master had successfully developed secondary working
machine for bamboo including Double end tennoning machine, Four side planner
with 5th fixed spindle, finger shaping machine, Reference cut machine and is
the only company in India manufacturing these machines.
The team Woodmaster with its engineers technicians and other staff work very
hard and try its level best to supply world class products to its customers.
They hope you will find most of their manufactured products on their web site.
They also manufacture customized machines according to customer’s
specifications and production demands. We wish you good luck and happy surfing.
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 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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--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 |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.