MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ASSOCIATED BRAKES LIMITED |
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Registered Office : |
Plot No. B – 7, MIDC Chakan, Village Mahalunge, Taluka Khed, Pune –
41501, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.2006 |
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Com. Reg. No.: |
11-128851 |
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CIN No.: [Company
Identification No.] |
U31904PN2006PLC128851 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA08575A |
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PAN No.: [Permanent
Account No.] |
AAFCA8402N |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers of fully machined painted assembled aluminium die cast
parts of automobiles and other applications. |
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 2000 |
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Status : |
New Company |
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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 promoted by Bagla Group. The flagship company
of the Group is Aurangabad Electricals Limited, which is a well reputed company.
Directors are reported as experienced,
respectable and having satisfactory means of their own. Their trade
relations are fair. Payments are reported as slow but correct. In view of strong promoters, the company can be considered for small
to mediocre business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. B – 7, MIDC Chakan, Village Mahalunge, Taluka Khed, Pune –
41501, Maharashtra, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raj Narayan Bagla |
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Designation : |
Director |
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Address : |
Gut No. 40, Golwadi, Paithan Road, Aurangabad – 431005, Maharashtra,
India |
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PAN No.: |
AEJPB5816J |
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Date of Birth/Age : |
15.02.1926 |
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Date of Appointment : |
04.08.2006 |
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Other Directorship : |
Aurangabad Electricals Limited CIN No.: U31909PN1985PLC037539 Aurangabad Motor Manufacturers Private Limited CIN No.: U34300MH1991PTC061007 BG LI-In Electronics Private Limited CIN No.: U31200MH1999PTC130298 BG-DAE-LIN Electronics Private Limited CIN No.: U31909MH2005PTC151679 Waluj Investments and Trading Company Private Limited CIN No.: U67110PN1993PTC074896 Aurangabad Wheels and Rims Private Limited CIN No.: U34300PN2003PTC017753 Haryana Auto Comp Private Limited CIN No.: U34300HR2006PTC036013 |
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Name of Partnership firm : |
Aurangabad Sales and Service Gut No. 65, Village Chitegaon, Taluka Paithan, Aurangabad – 431105,
Maharashtra, India |
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Name : |
Mr. Rishi Kumar Bagla |
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Designation : |
Director |
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Address : |
Gut No. 40, Golwadi, Paithan Road, Aurangabad – 431005, Maharashtra,
India |
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PAN No.: |
AFRPB1406M |
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Date of Birth/Age : |
21.06.1960 |
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Date of Appointment : |
04.08.2006 |
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Other Directorship : |
Aurangabad Electricals Limited CIN No.: U31909PN1985PLC037539 Aurangabad Motor Manufacturers Private Limited CIN No.: U34300MH1991PTC061007 BG LI-In Electronics Private Limited CIN No.: U31200MH1999PTC130298 Deccan Carbon Products Private Limited CIN No.: U21098MH1991PTC060509 Waluj Investments and Trading Company Private Limited CIN No.: U67110PN1993PTC074896 Aurangabad Wheels and Rims Private Limited CIN No.: U34300PN2003PTC017753 Haryana Auto Comp Private Limited CIN No.: U34300HR2006PTC036013 Manshi Electronics Private Limited CIN No.: U51395MH2004PTC146495 Gran Electronics Private Limited CIN No.: U32100MH2004PTC144083 |
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Name of Partnership firm : |
Aurangabad Sales and Service Gut No. 65, Village Chitegaon, Taluka Paithan, Aurangabad – 431105,
Maharashtra, India |
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Name : |
Mr. Muneesh Chawla |
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Designation : |
Director |
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Address : |
A 702, Ambience Island, NH – 8, Gurgaon – 122002, Haryana, India |
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PAN No.: |
AAPPC2996Q |
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Date of Birth/Age : |
05.01.1967 |
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Date of Appointment : |
04.08.2006 |
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Other Directorship : |
Aurangabad Electricals Limited CIN No.: U31909PN1985PLC037539 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Raj Narayan Bagla |
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10000 |
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Rishi Kumar Bagla |
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10000 |
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Mamta Bagla |
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10000 |
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Neha Bagla |
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9990 |
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Devanshi Bagla |
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9990 |
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Muneesh Chawla |
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10 |
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Anil Mali |
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10 |
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Total |
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50000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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99.98 |
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Other top fifty shareholders |
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0.02 |
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Total |
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100.00 |
List of Allottee as on 17.11.2007
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Names of Allottee |
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No. of Equity
Shares Allotted |
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OMR Holding SPA |
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27,67,500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of fully machined painted assembled aluminium die cast
parts of automobiles and other applications. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharad Shah and Company Chartered Accountants |
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Address : |
1184/4, Gokulnagar B, Fergusson College Road, Shivajinagar, Pune –
411005, Maharashtra, India |
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Associates/Subsidiaries : |
Aurangabad Electricals Limited CIN No.: U31909PN1985PLC037539 Aurangabad Motor Manufacturers Private Limited CIN No.: U34300MH1991PTC061007 BG LI-In Electronics Private Limited CIN No.: U31200MH1999PTC130298 BG-DAE-LIN Electronics Private Limited CIN No.: U31909MH2005PTC151679 Waluj Investments and Trading Company Private Limited CIN No.: U67110PN1993PTC074896 Aurangabad Wheels and Rims Private Limited CIN No.: U34300PN2003PTC017753 Haryana Auto Comp Private Limited CIN No.: U34300HR2006PTC036013 Deccan Carbon Products Private Limited CIN No.: U21098MH1991PTC060509 Manshi Electronics Private Limited CIN No.: U51395MH2004PTC146495 Gran Electronics Private Limited CIN No.: U32100MH2004PTC144083 |
CAPITAL STRUCTURE
As on 22.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
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 |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.500 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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0.492 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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0.492 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.121 |
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Provisions |
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Total
Current Liabilities |
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0.121 |
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Net Current Assets |
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0.371 |
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MISCELLANEOUS EXPENSES |
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0.129 |
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TOTAL |
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0.500 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.24 |
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Current Ratio (Current Asset/Current Liability) |
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4.07 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.35 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.57.62 |
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 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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24 |
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. |
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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