MIRA
INFORM REPORT
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Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
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Name : |
PETS PLASTIC ENGINEERING AND TECHNICAL SERVICE INDIA PRIVATE LIMITED |
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Registered Office : |
F 46 and F 47, 602 105, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.06.2005 |
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Com. Reg. No.: |
056568 |
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CIN No.: [Company
Identification No.] |
U74210TN2005PTC056568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP08441G |
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PAN No.: [Permanent
Account No.] |
AADCP6444P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing consultancy services of trade mark, copyright, patent,
domain registration, design, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 68000 |
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Status : |
Yet to commence commercial operations. |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to commence commercial operation.
Trade relations are reported as fair. Company has incurred some pre-operative
expenses. Payments are reported as slow but correct. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions with slight caution, initially. |
LOCATIONS
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Registered Office : |
F 46 and F 47, |
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E-Mail: |
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Head Office : |
No. 3, |
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Tel. No.: |
91-44-24363633 / 24321277 / 24352923 |
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Fax No.: |
91-44-24348443 / 24321277 / 24352923 |
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Corporate Office : |
No. 2, |
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Tel. No.: |
91-44-24363633 |
DIRECTORS
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Name : |
Mr. Namasivayam Reguraj |
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Designation : |
Director |
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Address : |
539, 2nd Main, RMV 2nd Stage, 3rd
Block, |
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E-Mail: |
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Date of Birth/Age : |
06.08.1942 |
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Date of Appointment : |
10.06.2005 |
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Name : |
Mr. Mellvyn O’Dowd |
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Designation : |
Director |
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Name : |
Mr. Saravanan Parmasivam |
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Designation : |
Director |
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Name : |
Mr. Madhu Sudhan Naidu |
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Designation : |
Director |
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Name : |
Mr. Patrick A. Tooman |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. B. Perumalswamy |
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5000 |
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Mr. Saravanan Paramasivam |
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313190 |
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Mr. N. Reghuraj |
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5000 |
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Plastic Engineering Technical Services Inc. |
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433420 |
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Mr. Madhu Sudhan Naidu |
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270000 |
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Manifolds of |
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689000 |
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Category |
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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 |
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99.00 |
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Directors or relatives of directors |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing consultancy services of trade mark, copyright, patent, domain
registration, design, etc. |
GENERAL INFORMATION
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Bankers : |
Indian Overseas Bank Santhome Branch, Chennai, |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
B. Srinivasan Chartered Accountants |
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Address : |
No. 3, Play Ground, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1026600 |
Equity Shares |
Rs. 10.00
each |
Rs. 10.266 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.266 |
0.150 |
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2] Share Application Money |
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6.892 |
7.415 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.158 |
7.565 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.335 |
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TOTAL BORROWING |
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0.000 |
0.335 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.158 |
7.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.194 |
6.677 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.946 |
0.469 |
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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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0.008 |
0.034 |
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Total
Current Assets |
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0.954 |
0.503 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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0.128 |
0.005 |
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Total
Current Liabilities |
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0.128 |
0.005 |
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Net Current Assets |
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0.826 |
0.498 |
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MISCELLANEOUS EXPENSES |
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2.138 |
0.725 |
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TOTAL |
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17.158 |
7.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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NA |
NA |
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Other Income |
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NA |
NA |
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Total Income |
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NA |
NA |
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Profit/(Loss) Before Tax |
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NA |
NA |
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Provision for Taxation |
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NA |
NA |
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Profit/(Loss) After Tax |
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NA |
NA |
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Expenditures : |
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Pre-operative Expenses |
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Audit Fees |
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0.056 |
0.000 |
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Bank Charges |
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0.001 |
0.001 |
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Consultancy Charges |
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0.386 |
0.021 |
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Custom Duty (Hot Runner System) |
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0.045 |
0.045 |
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Electricity Charges |
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0.021 |
0.001 |
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Fringe Benefit Tax |
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0.014 |
0.005 |
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Hire Charges |
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0.002 |
0.002 |
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Legal Charges |
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0.139 |
0.045 |
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Miscellaneous Expenses |
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0.036 |
0.004 |
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Petrol and Diesel Charges |
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0.139 |
0.037 |
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Postage and Courier |
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0.005 |
0.005 |
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Printing and Stationery |
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0.012 |
0.008 |
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Rent |
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0.064 |
0.028 |
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Repairs and Maintenance |
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0.040 |
0.017 |
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Salary and Wages |
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0.763 |
0.212 |
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Security Charges |
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0.10 |
0.014 |
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Staff Welfare |
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0.005 |
0.003 |
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Subscription |
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0.004 |
0.004 |
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Telephone Charges |
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0.025 |
0.009 |
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Training Expenses |
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0.016 |
0.016 |
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Traveling and Conveyance |
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0.036 |
0.027 |
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Total |
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1.917 |
0.504 |
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Less: Bank FD Interest Received |
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0.094 |
0.094 |
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Total Pre-operative Expenses |
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1.823 |
0.410 |
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Registration and Incorporation Expenses |
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0.315 |
0.315 |
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Total Expenditure |
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2.138 |
0.725 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
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7.45 |
100.60 |
LOCAL AGENCY FURTHER INFORMATION
Nil
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.55 |
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1 |
Rs. 82.06 |
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Euro |
1 |
Rs. 55.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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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 |
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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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16 |
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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