MIRA
INFORM REPORT
|
Report Date : |
03.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SANMAR
HOLDING LIMITED |
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Registered Office : |
9,
Cathedral Road, Chennai – 600086, Tamil Nadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.02.1979 |
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Com. Reg. No.: |
18-007711 |
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CIN No.: [Company
Identification No.] |
U65993TN1979PLC007711 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES00962D |
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Legal Form : |
Closely
Held Public Limited Liability Company. |
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Line of Business : |
Subject
is engaged in the business of
investment and underwrite , invest the capital and other moneys of the
company in the purchase or upon the security of shares, stocks, debenture
stocks, bonds, obligations, mortgages and securities of any kind issued or
guaranteed by any company constituted or carrying on business in India or
bonds, obligation, mortgages and securities issued or guaranteed by any
government state, commissioners, trust, municipal, local port, firm or person
or other authority or body of whatever nature, whether in India or elsewhere
to acquire and hold any such shares, stocks, debentures, debenture stocks,
bonds, mortgages, obligation and other securities by original subscription,
syndicate participation, tender purchase, exchange or otherwise and to
subscribe for the same either conditionally or otherwise and to subscribe for
the same either conditionally or otherwise and to guarantee the subscription
or otherwise take, hold, deal in and convert stock, shares and securities of all
without securities upon such terms and conditions. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD11750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
9,
Cathedral Road, Chennai – 600086, Tamil Nadu, India |
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Tel. No.: |
91-44-28128722 |
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E-Mail : |
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Website : |
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DIRECTORS
|
Name : |
Mr N
Sankar |
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Designation : |
Chairman
cum Managing Director |
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Address : |
194 T
T K Road, Chennai – 600018, Tamil Nadu, India |
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Date of Birth/Age : |
19.11.1945 |
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Date of Appointment : |
06.10.1980 |
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Name : |
Mr
Vijay Sankar |
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Designation : |
Director |
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Address : |
194 T
T K Road, Chennai – 600018, Tamil Nadu, India |
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Date of Birth/Age : |
26.12.1972 |
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Date of Appointment : |
11.11.1991 |
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Name : |
Mr K S
Narayanan |
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Designation : |
Director |
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Address : |
194 T
T K Road, Chennai – 600018, Tamil Nadu, India |
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Date of Birth/Age : |
30.01.1919 |
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Date of Appointment : |
11.11.1991 |
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Name : |
Mr P U
Arvind |
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Designation : |
Director |
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Address : |
C-1,
‘Srinivas’, New No 8, Bazullah Road, T Nagar, Chennai, tamil Nadu, India |
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Date of Birth/Age : |
26.06.1958 |
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Date of Appointment : |
02.06.2003 |
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Name : |
Mr
Chandra Sankar |
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Designation : |
Director |
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Name : |
Mr N
Kumar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr P U
Arvind |
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Designation : |
Secretary |
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Address : |
C-1,
‘Srinivas’, New No 8, Bazullah Road, T Nagar, Chennai, tamil Nadu, India |
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Date of Birth/Age : |
26.06.1958 |
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Date of Appointment : |
02.06.2003 |
MAJOR SHAREHOLDERS
|
Names
of Equity Shareholders |
No. of Shares |
Percentage of Holding |
|
SHL
Securities (Alpha) Limited |
9994 |
99.94 |
|
N
Sankar , C/o SHL Securities (Alpha) Limited |
1 |
0.00 |
|
P U
Arvind, C/o SHL Securities (Alpha) Limited |
1 |
0.00 |
|
S
Subramanian, C/o SHL Securities (Alpha) Limited |
1 |
0.00 |
|
Mr M
Raman, C/o SHL Securities (Alpha) Limited |
1 |
0.00 |
|
Mr S
Sankaran, C/o SHL Securities (Alpha) Limited |
1 |
0.00 |
|
Mr
Vijay Sankar, C/o SHL Securities (Alpha) Limited |
1 |
0.00 |
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Total |
10000 |
100.00 |
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Names of Preference Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr N
Shankar |
2060000 |
80.15 |
|
Mr
Vijay Sankar |
510000 |
19.84 |
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Total |
2570000 |
100.00 |
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Names of Debenture Holders |
No. of Shares |
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SHL
Securities (Alpha) Limited |
400 |
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BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of
investment and underwrite , invest the capital and other moneys of the
company in the purchase or upon the security of shares, stocks, debenture
stocks, bonds, obligations, mortgages and securities of any kind issued or
guaranteed by any company constituted or carrying on business in India or
bonds, obligation, mortgages and securities issued or guaranteed by any
government state, commissioners, trust, municipal, local port, firm or person
or other authority or body of whatever nature, whether in India or elsewhere
to acquire and hold any such shares, stocks, debentures, debenture stocks,
bonds, mortgages, obligation and other securities by original subscription,
syndicate participation, tender purchase, exchange or otherwise and to
subscribe for the same either conditionally or otherwise and to subscribe for
the same either conditionally or otherwise and to guarantee the subscription
or otherwise take, hold, deal in and convert stock, shares and securities of
all without securities upon such terms and conditions. |
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Products : |
Investment |
GENERAL
INFORMATION
|
Bankers : |
Grindlays
Bank p.l.c. 19,
Rajaji Salai, Chennai - 600001 |
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Banking Relations : |
Satisfactory |
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Auditors : |
Price
Waterhouse and Company Chartered
Accountants |
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Address : |
32,
Khader Nawaz Khan Road, Chennai – 600086, tamil Nadu, India |
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Subsidiaries : |
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Holding Company |
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Associates : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
15000 |
Equity
Shares |
Rs 100/- each |
Rs 1.500 Millions |
|
25,70,000 |
7%
Cumulative Redeemable Preference Shares |
Rs 3.40/- each |
Rs 8.738 Millions |
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Total |
|
Rs 10.238
Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity
Shares |
Rs 100/- each |
Rs 1.000 Millions |
|
25,70,000 |
7%
Cumulative Redeemable Preference Shares |
Rs 3.40/- each |
Rs 8.738 Millions |
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Total |
|
Rs 9.738 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
9.738 |
9.738 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2956.532 |
2680.990 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2966.270 |
2690.728 |
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LOAN FUNDS |
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|
|
|
1] Secured Loans |
|
0.000 |
300.000 |
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2] Unsecured Loans |
|
0.040 |
0.040 |
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TOTAL BORROWING |
|
0.040 |
300.040 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
2966.310 |
2990.768 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.151 |
0.874 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
2905.489 |
2811.814 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.192 |
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Sundry Debtors |
|
79.407 |
85.547 |
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Cash & Bank Balances |
|
0.419 |
1.509 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
67.628 |
183.073 |
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Total Current Assets |
|
147.454 |
270.321 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
6.679 |
6.708 |
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Provisions |
|
80.105 |
85.533 |
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Total Current Liabilities |
|
86.784 |
92.241 |
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Net Current Assets |
|
60.670 |
178.080 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
2966.310 |
2990.768 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
178.129 |
85.164 |
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Profit/(Loss)
Before Tax |
|
136.223 |
32.207 |
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Provision
for Taxation |
|
(0.144) |
0.831 |
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Profit/(Loss)
After Tax |
|
136.367 |
31.376 |
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Total
Expenditure |
|
41.906 |
52.957 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
|
|
76.55 |
36.84 |
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Net
Profit Margin(PBT/Sales) |
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|
76.47 |
37.81 |
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Return
on Total Assets(PBT/Total Assets} |
|
|
92.28 |
11.87 |
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Return
on Investment (ROI)(PBT/Networth) |
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|
0.04 |
0.01 |
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Debt
Equity Ratio(Total Liability/Networth) |
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|
0.02 |
0.14 |
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Current
Ratio(Current Asset/Current Liability) |
|
|
1.69 |
2.93 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
SANMAR HOLDINGS LIMITED |
|
Presented By |
MR P U ARAVIND,SECRETARY |
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1) Date of Present Issue |
Issued
and allotted on 20.04.2004 |
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2) Amount of present issue: |
Rs
233.883 Millions |
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3) Name and Address of the trustees (if any) for the debenture holder |
Indian
Overseas Bank, Central Office Merchant
Banking Department, 762, Anna Salai, Chennai - 600002 |
|
|
31.03.2006 |
31.03.2005 |
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SECURED
LOANS |
|
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|
Term
Loan from a financial institution secured by equitable mortgage of specific
land and building of subsidiary companies |
0.000 |
300.000 |
|
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|
300.000 |
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UNSECURED
LOANS |
|
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|
400
Zero coupon fully convertible unsecured debentures of Rs 100/- each |
0.040 |
0.040 |
|
|
0.040 |
0.040 |
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|
Fixed Assets
- Furniture and Fittings
- Office Equipments
- Intangible Assets
Leasehold Rights
|
Name of the company |
SANMAR HOLDINGS LIMITED |
|
Presented By |
MR T V PADMANABHAN, DIRECTOR |
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1) Date and description of instrument creating the change |
There
is no instrument creating the charge. The charge created by deposit of title
deeds (Equitable mortgage) relating to the property owned by the company. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
22.500 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 |
Equitable
Mortgage by deposit of Title Deeds over building situated at 8, Cathedral
road, Chennai – 600086 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
NA |
|
5) Name and Address and description of the person entitled to the charge. |
Grindlays
Bank p.l.c. 19,
Rajaji Salai, Chennai – 600001 |
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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 |
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.44.14 |
|
UK Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|