MIRA INFORM REPORT
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Report Date : |
24.11.2006 |
IDENTIFICATION DETAILS
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Name : |
JEWELEX
BOMBAY PRIVATE LIMITED |
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Formerly Known As : |
JEWELEX
(INDIA) PRIVATE LIMITED |
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Registered Office : |
Plot No. 56-B, Ground
Floor, Seepz, Andheri (East), Mumbai – 4000096, Maharashtra |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22.03.1993 |
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Com. Reg. No.: |
11-71263 |
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CIN No.: [Company Identification No.] |
U36910MH2004PTC148938/U51398MH2004PTC071263 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMJ10170G |
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PAN No.: [Permanent Account No.] |
AABCJ4489J |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
and Exporters of all kinds of diamond studded gold jewellery. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having fine track. Directors are reported as
experienced, respectable and resourceful businessmen. It is a 100% export
oriented unit. Financial position is good. Payments are correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot
No. 56-B, Ground Floor, Seepz, Andheri (East), Mumbai – 4000096, Maharashtra |
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Tel. No.: |
91-22-56938500/26938510/9 |
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Fax No.: |
91-22-28290460/26938511 |
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E-Mail.: |
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Office |
G-29,
G & J Complex III, Seepz, Andheri (East), Mumbai – 400096, Maharashtra,
India |
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Tel. No.: |
91-22-28290699/700/686/56938500/2 |
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Fax No.: |
91-22-28290460 |
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E-Mail : |
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Plant : |
UNIT 1
G-29, G & J Complex III,
Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India Tel. No. 91-22-26938500 Fax. No. 91-22-28290240 UNIT 2
Plot No. 56-B, Ground
Floor, Seepz, Andheri (East), Mumbai – 4000096, Maharashtra Tel. No.
91-22-56938500/26938510 Fax. No. 91-22-28290460/26938511 |
DIRECTORS
|
Name : |
Mr. Piyush S. Kothari |
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Designation : |
Director |
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Address : |
705, Mangal Kunj – B, 2 Mount Pleasant Road,
Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
10/01/1943 |
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Date of Appointment : |
22/03/1993 |
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Name : |
Mr.
Nilesh P. Kothari |
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Designation : |
Director |
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Address : |
10, Ayarvarta, 20, N. D. Road, Mumbai – 400006,
Maharashtra |
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Date of Birth/Age : |
11/02/1961 |
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Date of Appointment : |
22/03/1993 |
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Name : |
Mr.
Ashish S. Kothari |
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Designation : |
Director |
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Address : |
705,
Mangal Kunj – B, 2 Mount Pleasant Road, Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
21/05/1973 |
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Date of Appointment : |
22/03/1993 |
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Name : |
Mr.
Ritesh B. Mehta |
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Designation : |
Director |
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Address : |
3/E/B,
Vaibhav Apartments, S. V. Road, Vile Parle (West), Mumbai – 400057,
Maharashtra |
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Date of Birth/Age : |
16/03/1973 |
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Date of Appointment : |
01/04/2000 |
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Name : |
Mr.
Ketan R. Shah |
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Designation : |
Director |
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Address : |
146/8,
Jawahar Nagar, Road No. 9, 1st Floor, Goregaon (West), Mumbai –
400062, Maharashtra |
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Date of Birth/Age : |
24/02/1972 |
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Date of Appointment : |
01/04/2003 |
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Name : |
Mrs. Akshan Adlakha |
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Designation : |
Director |
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Address: |
A/702, Jalvayu Vihar, Powai, Andheri (East),
Mumbai – 400076 |
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Date of Birth/Age : |
02/04/1976 |
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Date of Appointment : |
01/07/2004 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No of Shares |
|
M/s. Jewelex India Private
Limited |
199998 |
|
Mr. Nilesh P Kothari |
1 |
|
Mr. Anish P Kothari |
1 |
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Total |
200000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of all kinds of diamond studded gold jewellery. |
PRODUCTION STATUS
|
Products |
Unit |
Actual Production |
|
Rings |
Nos. |
0.001 |
|
Pendants |
Nos. |
0.053 |
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Earrings |
Pairs |
0.128 |
GENERAL INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
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Facilities : |
-- |
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Banking Relations : |
Good |
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Auditors : |
M. M. Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B –
Wing, 3rd Floor, 81, Dr. A. B. Road, Worli, Mumbai – 400018,
Maharashtra |
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Tel. No.: |
91-22-24949991 |
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Associates/Subsidiaries
: |
Subsidiary Jewelex Industrial Private
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000 |
Equity
Shares |
Rs.100/-
each |
Rs. 25.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity
Shares |
Rs.100/- each |
Rs. 20.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
20.000 |
20.000 |
20.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1142.091 |
889.860 |
635.197 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1162.091 |
909.860 |
655.197 |
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LOAN FUNDS |
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|
1] Secured Loans |
46.120 |
0.000 |
82.483 |
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2] Unsecured Loans |
101.177 |
124.047 |
140.000 |
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TOTAL
BORROWING
|
147.297 |
124.047 |
222.483 |
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|
DEFERRED TAX LIABILITIES |
5.835 |
5.453 |
4.429 |
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TOTAL
|
1315.223 |
1039.360 |
882.109 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
110.293 |
112.993 |
111.466 |
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Capital work-in-progress
|
1.244 |
1.039 |
0.000 |
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INVESTMENT
|
18.776 |
3.775 |
3.163 |
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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
|
561.835
|
478.937
|
424.862 |
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Sundry Debtors
|
426.284
|
368.734
|
394.028 |
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Cash & Bank Balances
|
41.846
|
26.572
|
8.572 |
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Other Current Assets
|
0.000
|
0.000
|
0.000 |
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Loans & Advances
|
221.530
|
189.546
|
13.640 |
Total Current Assets
|
1251.495
|
1063.789
|
841.102 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
|
66.585
|
142.236
|
73.622 |
Total Current Liabilities
|
66.585
|
142.236
|
73.622 |
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Net Current
Assets
|
1184.910
|
921.553
|
767.480 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
1315.223 |
1039.360 |
882.109 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
1969.493 |
1940.865 |
1742.376 |
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Profit/(Loss) Before Tax
|
284.566 |
257.735 |
239.785 |
Provision for Taxation
|
30.527 |
1.263 |
9.071 |
Profit/(Loss) After Tax
|
254.039 |
256.472 |
230.714 |
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Export Value
|
19.170 |
1949.000 |
1657.828 |
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Import Value
|
14.031 |
1544.200 |
1321.714 |
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Total Expenditure
|
1711.033 |
1683.131 |
1502.590 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
12.89 |
13.21
|
13.24 |
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Net Profit Margin
(PBT/Sales) |
(%) |
14.44 |
13.27
|
13.76 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
20.89 |
21.90
|
25.17 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.24 |
0.28
|
0.36 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.18 |
0.29
|
0.45 |
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Current Ratio
(Current Asset/Current
Liability) |
|
18.79 |
7.47
|
11.42 |
LOCAL AGENCY FURTHER INFORMATION
Business:
Subject is engaged in as
manufacturers and exporters of all kinds of diamond studded gold jewellery.
Generic Names of Principal
Products/Services of the company are:
- Gold Rings
- Earrings
- Pendants
- Diamond Studded Gold and Platinum Jewellery
Directors
Report
During
the year under review, the company has performance well.The Total income was
Rs. 1922.658 millions as compared to Rs. 1937.793 millions for the previous
year. The profitability at Rs. 256.472 millions for the previous year
Further
year board is hopeful and optimistic of performing well during the year.
During
the year the company decided to set up a unit at Jaipur and atomization of land
and other clearances are under
To
sunergies in operations of company the board has decided the company with
Tewelex India Private Limited necessary clearances and other for militias in
this connection are underway
The
company’s fixed assets of important value includes building, land, plant and
machinery, furniture and fixtures, office equipments, computers and vehicles.
Form 8 Particular for creation or modification of
charges
|
Corporation
identity number or foreign company registrations number of the company |
U51398MH2004PTC071263 |
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Name
of the company |
JEWELEX BOMBAY PRIVATE
LIMITED |
|
Address |
124-C Mittal Courtnariman
Point, Mumbai – 400021 |
|
This
Form is for |
Creation Charge |
|
Particular
of the charge holder |
Corporation
Bank, Overseas Branch, Earnest House, Nariman Point, Mumbai – 400021,
Maharashtra |
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Name
or description of the instrument creating charge |
Unattested
deed of hypothecation of movable |
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Date
of the instrument creating charge |
31.05.2006 |
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Amount
Secure by the charge |
Rs.
87.500 Millions |
|
Description
of the property charge whether it is a charge on |
Immovable,
Stock in trade, Book Debts and other |
|
Property
Charge |
Two
wind mills and all other related equipment and systems and accessories |
|
Corporation
identity number or foreign company registrations number of the company |
U51398MH2004PTC071263 |
|
Name
of the company |
JEWELEX BOMBAY PRIVATE
LIMITED |
|
Address |
124-C Mittal Courtnariman
Point, Mumbai – 400021 |
|
This
Form is for |
Modification Charge |
|
Particular
of the charge holder |
Corporation
Bank, Overseas Branch, Earnest House, Nariman Point, Mumbai – 400021,
Maharashtra |
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Amount
Secure by the charge |
Rs.
1080.000 Millions |
|
Description
of the property charge whether it is a charge on |
Immovable,
Stock in trade, Book Debts and other |
|
Property
Charge |
Two
wind mills and all other related equipment and systems and accessories |
|
Modification
charge Charge
identification number of the charge to be modified |
80005108 |
|
Date
of instrument modifying the charge |
16.05.2006 |
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. 44.74 |
|
UK
Pound |
1 |
Rs. 86.68 |
|
Euro |
1 |
Rs. 58.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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
|
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/normal. |
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 |