MIRA
INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
LENOVO [INDIA]
PRIVATE LIMITED |
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Registered Office : |
Embassy Golf
Links Business Park, 2nd Floor, Fairwind, 10/3, Intermediate Ring Road,
Bangalore – 560071, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.03.2005 |
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Com. Reg. No.: |
08-35783 |
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CIN No.: [Company
Identification No.] |
U72900KA2005PTC035783 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLR102300E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Seller of “Think- Pad” range of Note-Book Computers |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
-- |
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Litigation : |
Clear |
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Comments : |
Subject is a new
company of strong promoters. Directors are reported as experienced and respectable
businessmen. Their trade relations are reported as fair. No payment are
available, at present. The company can
be considered normal for business dealings at usual trade terms and
conditions, in view of strong promoters. |
LOCATIONS
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Registered Office : |
Embassy Golf
Links Business Park, 2nd Floor, Fairwind, 10/3, Intermediate Ring
Road, Bangalore – 560071, Karnataka, India |
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E-Mail : |
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Website : |
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Factory 1 : |
R. S. No.: 19/1-A,
2-A, Edayarpalayam Village, Cuddalor Main Road, Thavalakuppam, Pondicherry –
605007, Union Territory, South India |
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Tel. No.: |
91-413-2619400 |
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Fax No.: |
91-413-2619428 /
2619400 |
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Area : |
20000 sq. fts.
(Leased) |
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Branches : |
Located at:
Kolkata, Delhi, Chennai and Mumbai |
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Own Service
Centres: |
Located at:
Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune + Warranty
Service Providers all over India |
DIRECTORS
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Name : |
Mr. Gopi Krishnan
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Designation : |
Directors |
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Address : |
61, Redcuffe
Apartments, 147, 4th Main Defence Colony, Indira Nagar, Bangalore
– 560038 |
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Name : |
Mr. Vish Iyer |
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Designation : |
Director |
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Address : |
204, 3rd
Cross, Koramangala Block I, Bangalore - 560034 |
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Name : |
Andreas
Sotiropoulos |
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Designation : |
Director |
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Address : |
68, Townson
Street, NSW, Blakehurst – 2221, AU |
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Name : |
David Dewaine
Miller |
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Designation : |
Director |
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Address : |
4 A, Bukit Sedap
Road, Singapore – 279932, SG |
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Name : |
Mr. Neeraj Sharma
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Designation : |
Director |
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Address : |
162, ST. Bed
Layout, Koramangala, Bangalore – 560034, Karnataka, India |
KEY EXECUTIVES
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Name : |
Mr. Viswanat
Baminee |
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Designation : |
Company Secretary
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Address : |
A 101, CASA Ansal
Apartments, No 18, Bannerghata Road, Bangalore – 560078, Karnataka, India |
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Date of Birth/Age : |
15.09.1966 |
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Date of Appointment : |
18.01.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Subject is a 100%
subsidiary of IBM products Asia Pacific Limited, Hong Kong.
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Names of Shareholders |
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No. of Shares |
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Gopi Krishnan |
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25,000 |
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Vish Iyer |
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25,000 |
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TOTAL |
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50,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Seller of “Think- Pad” range of Note-Book Computers |
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Imports : |
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Countries : |
USA, Singapore,
China/ Far East (Hong Kong / Taiwan) |
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Purchasing : |
DA |
GENERAL INFORMATION
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Suppliers : |
v IBM, USA/ Singapore/ China |
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No. of Employees : |
150 |
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Bankers : |
Citi Bank, M. G.
Road, Bangalore – 560001 |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
Mittal Tower, C
G, 47/6 MG Road, Bangalore – 560001, Karnataka, India |
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Associates/Subsidiaries : |
v
IBM India
Limited v IBM Global Services India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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32696999 |
Equity Shares |
Rs. 10/- each |
Rs. 326.970 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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326.970 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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211.553 |
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4] (Accumulated Losses) |
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(738.906) |
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NETWORTH |
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(200.383) |
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LOAN FUNDS |
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1] Secured Loans |
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19.369 |
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2] Unsecured Loans |
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90.827 |
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TOTAL BORROWING |
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110.196 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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(90.187) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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53.328 |
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Capital work-in-progress |
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1.457 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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131.912 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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846.824 |
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Sundry Debtors |
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1209.958 |
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Cash & Bank Balances |
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653.749 |
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Other Current Assets |
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162.706 |
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Loans & Advances |
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112.314 |
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Total
Current Assets |
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2985.551 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2982.563 |
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Provisions |
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279.872 |
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Total
Current Liabilities |
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3262.435 |
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)Net Current Assets |
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(276.884) |
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ISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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(90.187) |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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10477.766 |
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Total Income |
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10477.766 |
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Profit/(Loss) After Tax |
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(861.418) |
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Expenditures : |
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Interest |
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6.721 |
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Depreciation & Amortization |
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27.773 |
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Other Expenditure |
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11304.690 |
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Total Expenditure |
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11339.184 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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82.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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(1628.09) |
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Current Ratio (Current Asset/Current Liability) |
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0.91 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was
incorporated on 8th March 2005 under the name of “IBM Products India
Private Limited”.
Its name was
changed to “Think Products Private Limited” on 27th April 2005.
Again its name was changed
to present from 13th May 2005.
The Registered
Office of the company has been shifted from Subramanya Arcade, 12 Bannerghatta
Road, Bangalore – 560029, Karnataka, India to the present address w.e.f. 07th
July 2006.
Business:
To manufacture,
assemble, produce, repair, procure, import, sell, hire or let on hire, provide
on lease or hire purchase or on deferred payment or on any other basis, supply,
export, render service, extend customer support or otherwise deal in computers
and computer systems both hardware, and software, including high end micro
computer systems, graphic and other computer displays, features and systems,
including input and output devices, peripherals, network products an software
assemblies and sub assemblies, part / components thereof and related products
and services.
It is believed that
subject has been incorporated to take-over the Note Book (PC) business of IBM.
Subject imports
(75%+) components/ consumables for own use.
It has absorbed
technology from IBM Corporation, USA + IBM India Limited, Bangalore/ India.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.59 |
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UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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