MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NARANG MEDICAL LIMITED |
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Registered Office : |
Narang Tower, 46, Community Centre, Naraina Phase – I, New Delhi –
110028 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.2004 |
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Com. Reg. No.: |
55-124816 |
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CIN No.: [Company
Identification No.] |
U33119DL2004PLC124816 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN05770C |
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PAN No.: [Permanent
Account No.] |
AABCN8921H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Exporting of a wide range of Surgical, Medical &
Hospital Instruments, Equipment and Supplies |
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 : |
USD 21000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
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/Factory : |
Narang Tower, 46, Community Centre, Naraina Phase – I, New Delhi –
110028 |
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Tel. No.: |
91-11-41495070 & 30585070 (6 Lines Each), 25892020 |
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Fax No.: |
91-11-41495076, 25892026, 30585080 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Narang Parveen |
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Designation : |
Director |
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Address : |
House No. 7, Road No. 83, West Punjabi Bagh, New Delhi – 110026 |
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Date of Birth/Age : |
13.06.1968 |
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Date of Appointment : |
24.02.2004 |
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Name : |
Mr. Narang Vivek |
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Designation : |
Director |
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Address : |
House No. 7, Road No. 83, West Punjabi Bagh, New Delhi – 110026 |
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Date of Birth/Age : |
05.09.1971 |
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Date of Appointment : |
24.02.2006 |
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Name : |
Ms. Narang Urmila |
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Designation : |
Director |
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Address : |
House No. 7, Road No. 83, West Punjabi Bagh, New Delhi – 110026 |
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Date of Birth/Age : |
02.10.1943 |
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Date of Appointment : |
24.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (24.09.2005) |
No. of Shares |
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Mr. Narang Parveen |
2000 |
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Mr. Narang Vivek |
2000 |
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Ms. Narang Urmila |
2500 |
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Ms. Narang Sonia |
2500 |
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Mr. Narang Vir Raj |
2400 |
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Ms. Narang Monica |
2500 |
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Mr. Veenu Arora |
100 |
31.03.2006
Directors and Relative of director – 100%
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of a wide range of Surgical, Medical &
Hospital Instruments, Equipment and Supplies |
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Products : |
v
Disposable/Surgical Medical
Products v
Orthopaedic Implants and
Instruments v
Anaeathesia Equipments and Products v
Diagnostic Equipments and Products v
Infant Care/Baby Care Equipments v
General Surgical Instruments |
GENERAL
INFORMATION
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Suppliers : |
v Sabharwal’s
Medicals Private Limited v Life Steriware v MRK Hela Thcare v Radical
Instrument v United Surgical
Industries v Anand Medicals
Private Limited v AOV
International v Bajaj
Holographics India Private Limited v Glass Fabrications v Simplex Medical
Device Private Limited v Times Commercial
Corporation v Medi Safe
International v United
Enterprises v Unifreight
Movers Private Limited |
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Customers : |
v Bait Aibatterjee
Medical Co Limited v Chempatex v Fazzini v Inter Equipment v Missionpharma v R P
Pharmaceuticals Private Limited v Sanj Med Medical
Distributors v Shilohmed
Corporation v Unley Trading v Ral Imited v P & T
Trading Private Limited v Tala Trading
Company v I C A
Engineering v L R Instrument v Misr EL Arabia |
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No. of Employees : |
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Bankers : |
v ABN Amro Bank v Bank of India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anil Gupta Chartered Accountant |
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Address : |
819 Vishal Tower, District Centre, Janak Puri, New Delhi – 110058 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.812 |
1.544 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.009) |
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NETWORTH |
5.312 |
2.044 |
0.491 |
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LOAN FUNDS |
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1] Secured Loans |
1.869 |
0.448 |
0.000 |
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2] Unsecured Loans |
0.300 |
0.000 |
0.016 |
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TOTAL BORROWING |
2.169 |
0.448 |
0.016 |
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DEFERRED TAX LIABILITIES |
0.153 |
0.034 |
0.000 |
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TOTAL |
7.634 |
2.526 |
0.507 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.002 |
0.822 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
8.690
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3.827 |
0.000 |
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Sundry Debtors |
15.245
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4.966 |
0.000 |
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Cash & Bank Balances |
2.983
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3.857 |
0.458 |
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Other Current Assets |
2.880
|
0.889 |
0.000 |
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Loans & Advances |
5.215
|
0.666 |
0.016 |
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Total
Current Assets |
35.013
|
14.205 |
0.474 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.403
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12.531 |
0.003 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
31.403
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12.531 |
0.003 |
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Net Current Assets |
3.610
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1.674 |
0.471 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.030 |
0.036 |
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TOTAL |
7.634 |
2.526 |
0.507 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
115.612 |
48.945 |
0.000 |
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Other Income |
5.312 |
1.158 |
0.000 |
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Total Income |
120.924 |
50.103 |
0.000 |
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Profit/(Loss) Before Tax |
7.073 |
2.437 |
(0.009) |
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Provision for Taxation |
2.838 |
0.882 |
0.000 |
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Profit/(Loss) After Tax |
4.235 |
1.555 |
(0.009) |
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Earnings in Foreign Currency : |
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Other Earnings |
NA |
45.143 |
NA |
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Total Earnings |
NA |
45.143 |
NA |
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Expenditures : |
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Purchases made for re-sale |
86.216 |
34.775 |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.870 |
0.750 |
0.000 |
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Managerial Remuneration |
1.800 |
1.500 |
0.000 |
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Payment to Auditors |
0.056 |
0.016 |
0.000 |
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Interest |
0.038 |
0.037 |
0.000 |
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Insurance Expenses |
0.097 |
0.000 |
0.000 |
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Power & Fuel |
0.373 |
0.001 |
0.000 |
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Depreciation & Amortization |
0.154 |
0.065 |
0.000 |
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Other Expenditure |
23.245 |
10.520 |
0.008 |
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Total Expenditure |
113.849 |
47.664 |
0.008 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
3.50
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3.10 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
5.84
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4.86 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.12
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16.21 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.85
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1.19 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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6.32
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6.34 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
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1.11
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1.13 |
158.00 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Almirah
v
Car Honda City
v
Cellular Phone
v
Computer
v
Electronics Scale
v
Furniture
v
UPS
About Narang Medical Limited
Narang Medical
Limited is a professionally managed incorporated and profitable company focused
on manufacturing and exporting of a wide range of surgical, medical & hospital
instruments, equipment and supplies. Narang Medical Limited is widely
recognized as the "India's best source to import" because it provides
quality, fast delivery and buyers' friendly environment.
The company is
currently exporting to more than 80 countries and many importers in Europe sell
their products under their brands.
Year of Inception:
1989
Location:
The company's office in New Delhi, India is Headquarters for Narang
Organization. All factories with state of the art manufacturing facilities are
located at near by states.
Quality:
Conforming to ISO:9001-2000, ISO:13488, CE & WHO: GMP Standards.
Management:
v
R.V. Narang, Founder and Group President
v
Parveen Narang, Director
v
Vivek Narang, Director.
Philosophy:
The company believes in long term relationship and mutual growth as objective.
At Narang Medical Limited, quality is a culture and service a tradition.
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.42.15 |
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UK Pound |
1 |
Rs.84.38 |
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Euro |
1 |
Rs.57.22 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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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 |
|
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
|
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 |
|
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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