MIRA
INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
KARAN SOLUTIONS
PRIVATE LIMITED |
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Registered Office : |
B – 7 Kumar Castle,
1979, Convent Street, Opposite St. Anne’s High Scholl, Pune – 411001, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
24.03.1998 |
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Com. Reg. No.: |
11-114129 |
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CIN
No.: [Company
Identification No.] |
U30107MH1998PTC114129 |
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TAN No.: (Tax Deduction & Collection
Account No.) |
PNEK05317E |
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PAN No.: (Permanent Account No.) |
AACCK1688B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Trader, Dealer, Distributor,
Assembler, Importer and Exporter of Computer, Peripherals, Software, Hardware
and related Electronics and Electrical Items. |
RATING
& COMMENTS
|
MIRA’s Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20000 |
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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 company having satisfactory track records. Directors are reported
as experienced, respectable and having satisfactory means of their own. Their
trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be
considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
B – 7 Kumar Castle,
1979, Convent Street, Opposite St. Anne’s High Scholl, Pune – 411001 |
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Tel. No.: |
91-20-26340998 |
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E-Mail : |
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Factory 1 : |
B – 7 Kumar Castle,
1979, Convent Street, Opposite St. Anne’s High Scholl, Pune – 411001 |
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Tel. No.: |
91-20-26340998 |
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Location
: |
Owned |
DIRECTORS
|
Name : |
Mr. Rahul Mahendra Shah |
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Designation : |
Director |
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Address : |
335, Sachapir
Street, Pune-411001, Maharashtra, India |
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Date of Birth/Age : |
15.05.1973 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mrs. Rita Shirish Shah |
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Designation : |
Director |
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Address : |
335, Sachapir
Street, Pune-411001, Maharashtra, India |
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Date of Birth/Age : |
11.11.1971 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. Shirish Mahendra Shah |
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Designation : |
Managing
Director |
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Address : |
335, Sachapir
Street, Pune-411001, Maharashtra, India |
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Date of Birth/Age : |
16.12.1969 |
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Date of Appointment : |
31.031998 |
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Name : |
Mr. Prakash Lalsingh Chauhan |
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Designation : |
Director |
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Address : |
13A, Kalpana
Housing Society, Yerawada, Pune-411013, Maharashtra, India |
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Date of Birth/Age : |
02.01.1968 |
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Date of Appointment : |
31.03.1998 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No.
of Shares |
|
Mr. Rahul M. Shah |
150 |
|
Mrs. Rita S. Shah |
150 |
|
Mr. Shirish M. Shah |
5300 |
|
Mr. Prakash L. Chauhan |
1000 |
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Total |
6600 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer, Trader, Dealer, Distributor,
Assembler, Importer and Exporter of Computer, Peripherals, Software, Hardware
and Related Electronics and Electrical Items. |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
v
Bank of Maharashtra, Camp Branch, Pune-411001,
Maharashtra, India v
ICICI Bank Limited, Pune,
Maharashtra, India |
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Facilities
: |
Cash credit – Rs.
1.800 Millions ICICI Bank Limited
- Subject enjoys term loan facility of Rs. 0.027 million from its bankers |
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Banking
Relations : |
Satisfactory |
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Auditors : |
D. N. Shah Chartered
Accountant |
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Address: |
A5, Yashodeep Co-Operative Society,
Raman Baug Colony, Navi Peth, Pune-411030, Maharashtra, India |
CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
10,000 |
Equity Shares |
Rs.100/- each |
Rs.
1.000 Millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
6600 |
Equity Shares |
Rs.100/- each |
Rs.
0.660 Millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.660 |
0.660 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.957 |
2.732 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
3.617 |
3.392 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.470 |
1.158 |
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2] Unsecured Loans |
|
3.805 |
1.177 |
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TOTAL BORROWING
|
|
5.275 |
2.335 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL
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8.892 |
5.727 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
|
0.833 |
0.866 |
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Capital
work-in-progress
|
|
0.000 |
0.000 |
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INVESTMENT
|
|
0.000 |
0.000 |
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DEFERREX TAX
ASSETS
|
|
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES
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Inventories
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5.462 |
1.194 |
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Sundry Debtors
|
|
10.724 |
5.596 |
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Cash & Bank
Balances
|
|
0.204 |
0.194 |
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Other Current
Assets
|
|
0.000 |
0.000 |
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Loans &
Advances
|
|
0.225 |
0.112 |
Total
Current Assets
|
|
16.615 |
7.096 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current
Liabilities
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2.235 |
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Provisions
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Total
Current Liabilities
|
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8.556 |
2.235 |
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Net Current Assets
|
|
8.059 |
4.861 |
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MISCELLANEOUS
EXPENSES
|
|
0.000 |
0.000 |
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TOTAL
|
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8.892 |
5.727 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
120.149 |
119.442 |
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Profit/(Loss)
Before Tax |
|
0.490 |
0.655 |
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Provision
for Taxation |
|
--- |
--- |
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Profit/(Loss)
After Tax |
|
0.490 |
0.655 |
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Total
Expenditure |
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119.659 |
118.787 |
KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
PAT / Total Income
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0.40 |
0.54 |
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Net
Profit Margin(PBT/Sales)
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|
0.40 |
0.54 |
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Return
on Total Assets(PBT/Total Assets}
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2.80 |
8.22 |
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Return
on Investment (ROI)(PBT/Networth)
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|
0.13 |
0.19 |
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Debt Equity Ratio(Total Liability/Networth)
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|
3.82 |
1.35 |
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Current Ratio(Current Asset/Current Liability)
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|
1.94 |
3.17 |
LOCAL
AGENCY FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
|
Name of the company |
KARAM SOLUTIONS PRIVATE LIMITED |
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Presented By |
Mr. Shirish M. shah |
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1) Date and description of instrument
creating the change |
03.09.1999 Hypothecation of
Stock and Book Debts Deed. |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.0.500 millions |
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3) Short particular of the property
charged. If the property acquired is subject to charge, date of the acquired
of the property should be given |
Hypothecation of
Stock, Book Debts, Furniture and Fixture, Office Machinery. |
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4) Gist of the terms and conditions
and extent and operation of the charge. |
As per Deed copy
attached. |
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5) Name and Address and description
of the person entitled to the charge. |
Bank of Maharashtra Khudamurad,
628/629, Sachapir Street,
Camp, Pune-411001,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications
specifying the terms and conditions or the extent of operations of the charge
in which modification is made and the details of the modification. |
NA |
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Name of the company |
KARAM SOLUTIONS PRIVATE LIMITED |
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Presented By |
Mr. Shirish M. shah |
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1) Date and description of instrument
creating the change |
Deed of
hypothecation for cash credit facility dated 03.09.1999 for Rs.0.500 millions
executed by the company in favour of Bank of Maharashtra, Camp Branch, Pune-411001. |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Cash Credit
Rs.0.500 millions |
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3) Short particular of the property
charged. If the property acquired is subject to charge, date of the acquired of
the property should be given |
First charge by way
of hypothecation of current assets of the company stores and spares and bills
receivable, book debts and all other movables excluding such movables as may
be permitted by the Bank in its present and future wherever situated. |
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4) Gist of the terms and conditions
and extent and operation of the charge. |
Rate of interest @
15.5% p.a. All other terms and
conditions as per hypothecation deed dated 03.09.1999 |
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5) Name and Address and description
of the person entitled to the charge. |
Bank of Maharashtra Camp, Pune-411001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of
hypothecation dated 09.06.2002 for Rs.1.400 millions executed by the company enhanced
to Rs.3.000 millions wide hypothecation deed dated 15.03.2002. |
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7) Particulars of modifications
specifying the terms and conditions or the extent of operations of the charge
in which modification is made and the details of the modification. |
Earlier charge of
Rs.0.500 millions + Rs.1.400 millions has now been modified to Rs.3.000 by
hypothecation deed dated 15.03.2002. |
|
Name of the company |
KARAM
SOLUTIONS PRIVATE LIMITED |
|
Presented By |
Mr. Shirish M. shah |
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1) Date and description of instrument
creating the change |
Deed of hypothecation for cash credit
facility dated 03.09.1999 executed by the company in favour of Bank of
Maharashtra, Camp Branch, Pune-411001. |
|
2) Amount secured by the charge/amount
owing on the securities of charge |
Cash Credit Rs.0.500 millions |
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3) Short particular of the property
charged. If the property acquired is subject to charge, date of the acquired
of the property should be given |
First charge by way of hypothecation
of current assets of the company stores and spares and bills receivable, book
debts and all other movables excluding such movables as may be permitted by
the Bank in its present and future wherever situated. |
|
4) Gist of the terms and conditions
and extent and operation of the charge. |
Rate of interest @ 15.5% p.a. All other terms and conditions as per
hypothecation deed. |
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5) Name and Address and description
of the person entitled to the charge. |
Bank of Maharashtra Camp Brach, Pune-411001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
A fresh deed of hypothecation dated
29.06.2000 for Rs.1.400 millions was executed by the company in favour of
Bank of Maharashtra, Camp Branch, Pune. |
|
7) Particulars of modifications
specifying the terms and conditions or the extent of operations of the charge
in which modification is made and the details of the modification. |
Earlier charge of Rs.0.500 millions
registered with ROC vide Serial No.6 on 30.09.1999 is now modified for
Rs.1.400 millions. |
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.44.17 |
|
UK Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
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 |
|
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 |
|
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 |