MIRA
INFORM REPORT
|
Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FLEET MANAGEMENT
INDIA PRIVATE LIMITED |
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Registered Office : |
602, Great
Eastern Galleria, Sector 4, Nerul, Navi Mumbai – 400706, Maharashtra,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.11.1998 |
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Com. Reg. No.: |
11-117092 |
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CIN No.: [Company
Identification No.] |
U35110MH1998PTC117092 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03754C |
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PAN No.: [Permanent
Account No.] |
AAACF3504B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
The subject is
engaged in the business of promote, establish, develop, maintain, organise,
undertake, manage, operate, conduct and run in India or abroad, training
centres, classes, consultancy and management service centres for imparting
all kinds and types of services in the areas of marine and shipping including
fleet management for ships and vessels, airlines, airways and airplane and
other air moving vehicles, horecrafts like vehicles and whether for
industrial, commercial, vehicles and other kinds of multimodal vehicles and
whether for industrial, commercial civilian, defence, scientific purpose or
otherwise, in the areas of building, maintenance, repairing, operations,
staffing, managing, technical, human resources development and related areas,
in affiliation, tie-up, association or collaboration of any institute,
university etc and for that purpose to award degree certificates, training
completion certificates, qualification certificates, achievement certificates
or any other type of recognition to the participants to acknowledge their
achievement or completion of training. |
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 : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company having moderate track. Company’s profitability is
under severe pressure. It has some accumulated losses. Payments are reported
as slow but correct. The company can
be considered normal for small business dealings at usual trade terms and
conditions, with slight caution initially.
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LOCATIONS
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Registered Office : |
602, Great
Eastern Galleria, Sector 4, Nerul, Navi Mumbai – 400706, Maharashtra,
India |
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Tel. No.: |
91-22-27631811 |
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Fax No.: |
91-22-27620264 |
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E-Mail : |
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Website : |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr Pradeep
Tukaram More |
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Designation : |
Director |
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Address : |
New Heaven
Co-operative Housing Society, 1-76, 2:1, Sector -4, Nerul (West), Navi Mumbai
- 400706, Maharashtra, India |
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Date of Birth/Age : |
13.04.1971 |
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Date of Appointment : |
05.06.2004 |
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Name : |
Mr Subbarao
Venkata Visweswara Rao Boyanapalli |
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Designation : |
Director |
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Address : |
401, Vastu
Heights, G-5, Sudervan Complex, Andheri (West), Mumbai – 400053, Maharashtra,
India |
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Date of Birth/Age : |
05.03.1965 |
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Date of Appointment : |
05.06.2004 |
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Name : |
Mr Arun Kumar
Sushil Chandra Goyal |
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Designation : |
Director |
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Address : |
E-37, Sector 4,
Shanti Niketan Co-operative Housing Society Limited, Nerul, Navi Mumbai –
400706, Maharashtra, India |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr Sanjay Shanker
Shesh |
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Designation : |
Director |
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Address : |
103-A-Wing, Amardeep,
Sunder Nagar, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr Mohit Bhardwaj |
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Designation : |
Director |
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Address : |
3-B, 1902, 19th
Floor, Whispering Palms, Lokhandwala Township, Akruli Road, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
05.08.1972 |
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Date of Appointment : |
14.06.2006 |
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Name : |
Mr Romie D
Umrigar |
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Designation : |
Director
appointed in causal vacancy |
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Address : |
5, Sunbim Malkam
Baug, S V Road, Jogeshwari (West), Mumbai – 400012, Maharashtra, India |
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Date of Birth/Age : |
13.04.1960 |
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Date of Appointment : |
13.10.2006 |
KEY EXECUTIVES
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Name : |
Mr Tunu Jayadev
Sahu |
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Designation : |
Secretary |
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Address : |
Flat No C/403,
Vardhaman Vatika, Opposite Tatwagyan Vidyapeeth, Ghodbunder Road, Thane -
400607, Maharashtra, India |
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Date of Birth/Age : |
28.06.1973 |
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Date of Appointment : |
01.08.2005 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr Arun Kumar
Sushil Chandra Goyal |
10 |
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Mr Harindarpal
Singh Banga |
3678180 |
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Mr Pradeep
Tukaram More |
10 |
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Category of
Shareholders |
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Percentage of Holding |
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Foreign
holdings(Foreign Institutional investor(s), Foreign Companie(s), Foreign
financial institution (s), Non-resident Indian(s) or Overseas corporate
bodies or others) |
|
99.99 |
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Directors or
relatives of Director |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The subject is
engaged in the business of promote, establish, develop, maintain, organise,
undertake, manage, operate, conduct and run in India or abroad, training
centres, classes, consultancy and management service centres for imparting
all kinds and types of services in the areas of marine and shipping including
fleet management for ships and vessels, airlines, airways and airplane and
other air moving vehicles, horecrafts like vehicles and whether for
industrial, commercial, vehicles and other kinds of multimodal vehicles and
whether for industrial, commercial civilian, defence, scientific purpose or otherwise,
in the areas of building, maintenance, repairing, operations, staffing,
managing, technical, human resources development and related areas, in
affiliation, tie-up, association or collaboration of any institute,
university etc and for that purpose to award degree certificates, training
completion certificates, qualification certificates, achievement certificates
or any other type of recognition to the participants to acknowledge their
achievement or completion of training. |
GENERAL INFORMATION
|
Auditors : |
|
|
Name : |
Gupta Verma and Associates Chartered
Accountants |
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Address : |
A-103, Rajshree
Accord, Telly Gully Cross Lane, Andheri (East), Mumbai – 400069, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90,00,000 |
Equity Shares |
Rs 10/- each |
Rs 90.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84,37,530 |
Equity Shares |
Rs 10/- each |
Rs 84.375 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
84.375 |
36.782 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
1.023 |
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4] (Accumulated Losses) |
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(2.171) |
0.000 |
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NETWORTH |
|
82.204 |
37.805 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
1.141 |
0.769 |
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TOTAL |
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83.345 |
38.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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78.383 |
26.399 |
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Capital work-in-progress |
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0.000 |
9.525 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
1.710 |
8.932 |
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Cash & Bank Balances |
|
9.419 |
2.058 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
3.175 |
1.215 |
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Total
Current Assets |
|
14.304 |
12.205 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.141 |
9.518 |
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Provisions |
|
0.203 |
0.041 |
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Total
Current Liabilities |
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9.344 |
9.559 |
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Net Current Assets |
|
4.960 |
2.646 |
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MISCELLANEOUS EXPENSES |
|
0.002 |
0.004 |
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TOTAL |
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83.345 |
38.574 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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13.412 |
6.439 |
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Total Income |
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13.412 |
6.439 |
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Profit/(Loss) After Tax |
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(2.711) |
0.420 |
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Expenditures : |
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Interest |
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0.281 |
0.193 |
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Depreciation & Amortization |
|
7.137 |
3.652 |
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Other Expenditure |
|
8.705 |
2.174 |
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Total Expenditure |
|
16.123 |
6.019 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(20.21) |
6.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.11 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.53 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
Business
The subject is engaged
in the business of ship and vessel owners, ship builders, ship breakers,
lightermen, ship agents, ship brokers, ship managers, clearing and forwarding
agents, dubashes and contractors, carriers, transport, cartage, haulage
contractors, wharfingers, dredgers, dock agents, peers and lending agents, ship
and shores merchants and traders, ship merchants, ship husbands, ship
chandlers, stevedores, salvers.
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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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/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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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