MIRA INFORM REPORT

 

 

Report Date :

05.04.2007

 

IDENTIFICATION DETAILS

 

Name :

GANGA WATCHES PRIVATE LIMITED

 

 

Registered Office :

Premises No. 8, “Sai Sangeet”, 1st Floor, Plot No. 368, Linking Road, Khar [West], Mumbai – 400052, Maharashtra

 

 

Country :

India

 

 

Date of Incorporation :

25.10.2005

 

 

Com. Reg. No.:

157031

 

 

CIN No.:

[Company Identification No.]

U33300MH2005PTC157031

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMG11343D

 

 

PAN No.:

[Permanent Account No.]

AACCG4749D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of Watches.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

--

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company and in the process of establishing itself. Directors are however reported as experienced and respectable businessmen. Trade relations are reported as fair. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Premises No. 8, “Sai Sangeet”, 1st Floor, Plot No. 368, Linking Road, Khar [West], Mumbai – 400052, Maharashtra, India

E-Mail :

rasikmittal@rediffmail.com

 

 

Factory :

5 First Floor, Sita Mahal, 24th Road, Linking Road, Khar [West], Mumbai – 400052, Maharashtra, India

 

 

DIRECTORS

 

Name :

Mr. Sunder Menghraj Chainani

Designation :

Director

Address :

A-10/A, Green Park, New Delhi – 110016

Date of Appointment :

25.10.2005

 

 

Name :

Mr. Jagmohan Balmukund Daga

Designation :

Director

Address :

17, Humayun Court, 20-A, Lindsay Street, Kolkata – 700087

Date of Appointment :

25.10.2005

 

 

Name :

Mr. Haresh Sunder Chinani

Designation :

Director

Address :

502, Oxford, 15th Road Indian Bandra [West], Mumbai – 400050

Date of Appointment :

25.10.2005

 

 

Name :

Mr. Sanjay Gowdhrandas Daga

Designation :

Director

Address :

6, Jansutra lane, 3rd Floor, Kolkata – 700007

Date of Appointment :

25.10.2005

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Mr. Sunder Menghraj Chainani

 

500

Mr. Jagmohan Balmukund Daga

 

500

Mr. Haresh Sunder Chinani

 

500

Mr. Sanjay Gowdhrandas Daga

 

500

Total

 

2000

 

 

BUSINESS DETAILS

 

Line of Business :

 

 

 

Products :

 

 

GENERAL INFORMATION

 

No. of Employees :

Manufacturers of Watches.

 

 

Bankers :

Indian Overseas Bank

26-A, Hari Kripa, S. V. Road, Santacruz [West], Mumbai – 400054, Maharashtra, India

 

 

 

Banking Relations :

Satisfactory

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000

Equity Shares

Rs. 10/- each

Rs. 0.300 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs. 10/- each

Rs. 0.100 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Not Available

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Bankers Charges Report as per Registry

 

This form is for

Creation of charge

Corporate identity number of the company

U33300MH2005PTC157031

Name of the company

GANGA WATCHES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Premises No. 8, “Sai Sangeet”, 1st Floor, Plot No. 368, Linking Road, Khar [West], Mumbai – 400052, Maharashtra

Type of charge

Book debts

Movable property

Floating charge

Particular of charge holder

Indian Overseas Bank

26-A, Hari Kripa, S. V. Road, Santacruz [West], Mumbai – 400054, Maharashtra, India

santabr@mummsco.iobnet.co.in

Nature of description of the instrument creating or modifying the charge

Letter of Hypothecation

Date of instrument Creating the charge

18.10.2006

Amount secured by the charge

Rs. 1.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of interest

12.25 % p.a.

 

Terms of repayment

Repayable on demand

 

Margin

Stock – 25 %

Book Debts – 40 %

 

Extent and operation of the charge

The charge to operate as security for the Adhoc CC Limit of Rs. 1.000 Millions together with interest, additional interests, costs, charges, expenses and all other moneys payable by the company to the Bank from time to time in terms of sanction.

Short particulars of the property charged
  • Entire stock of goods, lying or stored form time to time at the company’s premises at B-118, Sai Sangeet Building, Plot No. 365, Linking Road, Khar West, Mumbai – 400052 or wherever else the same may be.
  • All the book debts, outstanding moneys and receivable which are due and owing to the company from time to time. 

 

 

 

 

 

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 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

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

18

 

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions