MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
F AND G VERTICAL DIVISION OF WADHAWAN HOLDINGS PRIVATE LIMITED |
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Registered Office : |
Madhava, C-4, E Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.2002 |
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Com. Reg. No.: |
135601 |
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CIN No.: [Company
Identification No.] |
U74999MH2002PTC135601 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of real estate development. |
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 509620 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a part of a medium sized Wadhawan Group. We spoke to Dr. Rajesh
Ingle, who was found non-cooperative. The only thing he confirmed is that F
and G Vertical is a unit of Wadhawan Holdings Private Limited, that too after
a lot of pursuasion and follow-ups. The company has increased its capital
during 2005-06. No further details could be made available. The company can be considered for small to mediocre business dealing
on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
Madhava, C-4, E Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra |
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Tel. No.: |
91-26591222 |
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Corporate Office 1: |
6th Floor, Dheeraj Arma, Anant Kanekar Marg, Bandra (E),
Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-26583333 |
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Corporate Office 2: |
51-A, Gopal Maision Turner Road, Bandra (W), Mumbai – 400050,
Maharashtra |
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Tel No.: |
91-22-26518228 |
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Fax No.: |
91-22-22651822 |
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Factory: |
Warden House, 2nd Floor, Sir P.M.Road, Fort, Mumbai, Maharashtra |
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Tel. No.: |
91-22029900/22047092/22047093 |
DIRECTORS
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Name : |
Mr. Ashok Kumar Gupta |
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Designation : |
Director |
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Name : |
Mr. G.P.Kohil |
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Designation : |
Director |
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Name : |
Mr. R.P.Khosla |
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Designation : |
Director |
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Name : |
Mr. R. S. Hugar |
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Designation : |
Director |
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Name : |
Mr. Sarang Wadhawan |
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Designation : |
Director |
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Name : |
Mr. Waryam Singh |
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Designation : |
Director |
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Name : |
Mr. Kapil Rajesh Wadhawan |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
22-23, The Palace Sea View Society, 48, Pali Hill, Bandra (W), Mumbai
– 400050, Maharashtra |
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Date of Birth/Age : |
18.10.1973 |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mr. Rakeshkumar Kuldipsingh Wadhawan |
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Designation : |
Chairman |
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Address : |
Sea view Palace, 48, Pali Hill, Bandra (W), Mumbai – 400050,
Maharashtra |
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Date of Birth/Age : |
14.10.1952 |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mrs. Aruna Wadhawan |
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Designation : |
Additional Director |
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Address : |
22-23, The Palace Sea View Society, 48, Pali Hill, Bandra (W), Mumbai
– 400050, Maharashtra |
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Date of Birth/Age : |
07.11.1951 |
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Date of Appointment : |
28.03.2006 |
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Name : |
Mr. Krishnakurar Ponniah |
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Designation : |
Additional Director |
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Address : |
Maharashtra Housing Board, Building No. 10, Room No.117, Ambernath (W)
Thane – 421501, Maharashtra |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
28.03.2006 |
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Directorship in
other companies |
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Name : |
Wadhawan Food Retails Private Limited |
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Designation: |
Director |
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CIN of Company: |
U52190MH2005PTC155413 |
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Name : |
Wadhawan Hospitality and Investments Private Limited |
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Designation: |
Director |
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CIN of Company: |
U55101MH2005PTC155408 |
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Name : |
Wadhawan Retail Ventures Private Limited |
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Designation: |
Director |
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CIN of Company: |
U74140MH2005PTC157245 |
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Name : |
Wadhawan Consolidated Holding Private Limited |
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Designation: |
Director |
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CIN of Company: |
U65990MH1984PTC033926 |
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Name : |
Wadhawan Realtors Private Limited |
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Designation: |
Director |
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CIN of Company: |
U51100MH1983PTC031068 |
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Name : |
JST Reatly Private Limited |
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Designation: |
Director |
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CIN of Company: |
U74999MH2002PTC138390 |
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Name : |
Wadhawan Realtors Private Limited |
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Designation: |
Director |
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CIN of Company: |
U51100MH1983PTC031068 |
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Name : |
Dish Hospitality Private Limited |
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Designation: |
Director |
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CIN of Company: |
U45201MH2001PTC133300 |
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Name : |
Proficient Realty Private Limited |
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Designation: |
Director |
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CIN of Company: |
U99999MH2005PTC158054 |
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Name : |
Grand Realyu India Private Limited |
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Designation: |
Director |
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CIN of Company: |
U70100MH2006PTC158909 |
KEY EXECUTIVES
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Name : |
Mr. S. Y. Sankhe |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kapil Rajesh Wadhawan |
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5000 |
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Mr. Rakeshkumar Kuldipsingh Wadhawan |
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5000 |
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Mr. Kapil Wadhawan |
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2000 |
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Mrs. Aruna Wadhawan |
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2000 |
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Mr. Dheeraj Wadhawan |
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2000 |
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Wadhawan Consolidated Holding Private Limited |
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32000 |
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Wadhawan Realtors Private Limited |
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32000 |
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Wadhawan Retails Ventures Privated Limited |
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30000 |
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Total |
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110000 |
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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6.94 |
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Directors or relatives directors |
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93.06 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of real estate development. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Chartered
Accountants |
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Name: |
Chartered
Accountants |
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Address: |
203, Capri, Anant Kanekar Marg, Bandra(w), Mumbai – 400051,
Maharashtra |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1010000 |
Equity shares |
Rs.10/- each |
Rs.10.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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60.100 |
0.100 |
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2] Reserves & Surplus |
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67.305 |
0.000 |
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3] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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127.405 |
0.100 |
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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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122.960 |
70.031 |
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TOTAL BORROWING |
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122.960 |
70.031 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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Bank Balance |
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5.939 |
0.000 |
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TOTAL |
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256.304 |
70.131 |
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APPLICATION OF FUNDS |
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INVESTMENT |
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81.274 |
67.962 |
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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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0.000 |
2.043 |
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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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175.050 |
0.000 |
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Total
Current Assets |
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175.050 |
2.043 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.194 |
0.016 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.194 |
0.016 |
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Net Current Assets |
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174.856 |
2.027 |
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MISCELLANEOUS EXPENSES |
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0.174 |
0.122 |
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Profit and Loss Account |
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0.000 |
0.020 |
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TOTAL |
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256.304 |
70.131 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.97 |
700.47 |
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Current Ratio (Current Asset/Current Liability) |
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902.32 |
127.69 |
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, 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.39.36 |
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UK Pound |
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.57.96 |
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 |
2 |
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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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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 |
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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. |
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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