MIRA INFORM REPORT
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Report Date : |
07.04.2007 |
IDENTIFICATION DETAILS
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Name : |
GM FURNISHING PRIVATE LIMITED |
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Registered
Office : |
23/4, Chadha Bhawan, Shakti Nagar, Delhi 110007, India |
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Country : |
India |
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Financials (as
on) : |
31.03.2005 |
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Date of Incorporation
: |
11.04.2001 |
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Com. Reg. No.: |
55-110388 |
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CIN No.: [Company
Identification No.] |
U26102DL2001PTC110388 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
RTKG03377D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Distributor and Supplier of Furnishing Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
USD5000 |
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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 a small company having satisfactory track. Trade relations
are fair. General financial position is satisfactory. Trade relations are
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
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Registered
Office : |
23/4, Chadha Bhawan, Shakti Nagar, Delhi 110007, India |
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E-Mail : |
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Website : |
http://www.gmfurnishing.com
(under construction) |
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Location : |
Commercial |
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Factory/Corporate Office |
Mahindra Compound,
Opposite Lumax Industries, Maruti Industrial Complex, Udyog Vihar, Sector 18,
Gurgaon 122 125, Haryana, India |
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Tel No. : |
91-124-2399146 /
7, 4018519 |
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Fax No : |
91-124-2399148 |
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E Mail : |
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Web Site : |
www.gmfurnishing.com (under
construction) |
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Location |
Owned -
Industrial |
DIRECTORS
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Name : |
Mr Gagan Mathawan |
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Designation : |
Director |
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Address : |
J-9/12 DLF
City-II, Gurgaon 122 002, Haryana |
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Date of
Birth/Age : |
27.05.1970 |
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Date of
Appointment |
11.04.2001 |
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Name : |
Mr Prashant Mathawan |
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Designation : |
Director |
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Address : |
J-9/12 DLF City-II, Gurgaon 122 002, Haryana |
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Date of
Birth/Age : |
07.08.1974 |
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Date of
Appointment |
11.04.2001 |
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Name : |
Mr Virender Mathawan |
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Designation : |
Chairman |
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Address : |
J-9/12 DLF City-II, Gurgaon 122 002, Haryana |
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Date of
Birth/Age : |
22.06.1944 |
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Date of
Appointment |
11.04.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr Gagan Mathawan |
5,000 |
50.00 |
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Mr Prashant Mathawan |
2,500 |
25.00 |
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Mr Virender Mathawan |
2,500 |
25.00 |
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Total |
10,000 |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer, Distributor and Supplier of Furnishing Products. |
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Products : |
·
Sofas ·
Arm Chairs ·
Chairs ·
Waiting Seats ·
Tables ·
Dining Tables |
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Imports from : |
Subject imports
furniture and interior products from Europe |
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Terms : |
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Purchasing : |
On Document against Payment and Clean
Credit: 30 days |
GENERAL INFORMATION
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Bankers |
- HDFC Bank Ltd - ICICI Bank Ltd - Indian
Overseas Bank, DLF Qutab Enclave Phase – II, 15 Dakshin Marg, Gurgaon, Haryana |
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Facilities : |
Car Loan : HDFC
Bank Ltd, ICICI Bank Ltd Cash Credit
facilities: Rs.7 Million as per Hypothecation agreement dated 07.06.2006 from
Indian Overseas Bank. It is secured
against hypothecation of Plant & Machinery, Furniture & Fixtures,
inventories, Book Debts, It is further secured by way of equitable mortgage
of residential plot situated at Plot No. 1531, Sector 15-II, Gurgaon,
Haryana. |
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Auditors : |
M/s Prekshit
Mehta & Company, Chartered Accountants |
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Tel. No.: |
82/84, Tolstoy
Lane, Janpath, New Delhi 110 001 |
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Mobile No.: |
91-11-23321421,
2372 7527 |
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Fax No.: |
91-11-23317296 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs 10/- each |
Rs 0.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs 10/- each |
Rs 0.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.308 |
0.205 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.408 |
0.305 |
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LOAN FUNDS |
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1] Secured Loans |
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1.103 |
1.297 |
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2] Unsecured Loans |
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2.810 |
0.335 |
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TOTAL BORROWING |
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3.913 |
1.632 |
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DEFERRED TAX LIABILITIES |
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0.056 |
0.018 |
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TOTAL |
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4.377 |
1.955 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
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1.141 |
1.747 |
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Capital
work-in-progress |
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0.000 |
0.000 |
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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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7.605 |
3.942 |
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Sundry Debtors |
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6.546 |
3.668 |
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Cash & Bank
Balances |
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1.875 |
2.052 |
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Other Current
Assets |
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0.000 |
0.000 |
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Loans &
Advances |
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0.927 |
0.762 |
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Total Current Assets |
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16.953 |
10.424 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current
Liabilities |
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13.446 |
10.206 |
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Provisions |
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0.292 |
0.034 |
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Total Current Liabilities |
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13.738 |
10.240 |
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Net
Current Assets |
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3.215 |
0.184 |
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MISCELLANEOUS
EXPENSES |
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0.021 |
0.024 |
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TOTAL |
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4.377 |
1.955 |
PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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4.790 |
2.616 |
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Profit/(Loss) Before Tax |
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0.443 |
0.559 |
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Provision for Taxation |
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0.340 |
0.085 |
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Profit/(Loss) After Tax |
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0.103 |
0.474 |
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Total Expenditure |
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3.817 |
1.924 |
KEY RATIOS
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PARTICULARS |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
2.15 |
18.12 |
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Net Profit Margin |
9.30 |
21.48 |
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Return on Total Assets |
0.57 |
3.89 |
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Return on Investment (ROI) |
25.25 |
155.41 |
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Current Ratio |
1.23 |
1.02 |
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Quick Ratio |
0.68 |
0.63 |
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Debt Equity Ratio |
9.59 |
5.35 |
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Current Liabilities/Networth |
33.67 |
33.57 |
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Fixed Asset / Networth |
2.80 |
5.73 |
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Average Collection Days |
501.74 |
514.34 |
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Account Receivables Turnover |
0.73 |
0.71 |
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Inventory Turnover |
0.63 |
0.66 |
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Asset Turnover |
4.17 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
Authorised
Distributor of Moroso Spa, ViaItaly, Via Nazionale, Udine, Italy
Tel. No.:
39-0432-577111
Fax No.: 39-0432-570761
Subject, with its
base in New Delhi the capital state of India, was established in late1990's as
a premium Design and Furnishing Company keeping in view the growing market for
office furniture.
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 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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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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