MIRA
INFORM REPORT
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Report Date : |
07.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
BENGAL
POLY RESINS PRIVATE LIMITED |
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Registered Office : |
9A
Esplanade East, Kolkata – 700069, West Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.09.1986 |
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Com. Reg. No.: |
21-41218 |
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CIN No.: [Company
Identification No.] |
U24119WB1986PTC041218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB00036B |
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PAN No.: [Permanent
Account No.] |
AABCB3344G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject
is engaged in the business of manufacture, refine, process, formulate, buy,
sell, import, export and generally deal in all types of Industrial Chemicals
or any derivatives or compounds thereof epoxy and all other kinds of resins,
chemical products, chemical compounds including laboratory and scientific
chemicals, agricultural chemicals, plastic and plastic chemicals,
photographic chemicals, petro chemicals, fertilizers, calcium carbide and other
chemicals including hydro chloric acid , phenol, all kinds of colours,
resins, paints, pigments, dyestaffs, medicines, pharmaceuticals and for that
purpose or otherwise acquire buy, sell,
import, export all such plant, machinery and equipments which are used
for the manufacture, production, processing of all types of chemicals and
compounds and to deal in the same and to do all acts and things which are
indicated or ancillary to the carrying on the aforesaid business. |
RATING & COMMENTS
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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 : |
USD
25000 |
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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
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Registered Office : |
9A
Esplanade East, Kolkata – 700069, West Bengal, India |
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Tel. No.: |
91-33-22483613 |
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Fax No.: |
91-33-22430751 |
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E-Mail : |
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Corporate
Office : |
27,
Bentinck Street, Orient Cinema Building, Kolkata – 700001, West Bengal, India |
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Tel.
No.: |
91-33-22480229 |
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Fax
No.: |
91-33-22430751 |
DIRECTORS
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Name : |
Mr Madan
Singh |
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Designation : |
Director |
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Address : |
Mohan
Niwas, High Court Colony, Bunglow No 1, Jodhpur – 342001, Maharashtra,
India |
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Date of Birth/Age : |
04.02.1940 |
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Date of Appointment : |
02.09.1986 |
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Name : |
Mr
Binod Chand Kankaria |
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Designation : |
Director |
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Address : |
2A
Queens Park, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
16.01.1952 |
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Date of Appointment : |
18.01.1988 |
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Name : |
Mr
Manohar Kumar Kankaria |
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Designation : |
Director |
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Address : |
2A
Queens Park, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
20.06.1954 |
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Date of Appointment : |
02.09.1986 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No of Shares |
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Mr
Madan Singh |
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500 |
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Mr
Manohar Kumar |
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500 |
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Category
of Shareholders |
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Percentage of Holding |
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Bodies
corporate |
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37.50 |
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Directors
or relatives of director |
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44.73 |
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Other
top 50 shareholders |
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17.77 |
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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 manufacture, refine, process, formulate, buy,
sell, import, export and generally deal in all types of Industrial Chemicals
or any derivatives or compounds thereof epoxy and all other kinds of resins,
chemical products, chemical compounds including laboratory and scientific
chemicals, agricultural chemicals, plastic and plastic chemicals, photographic
chemicals, petro chemicals, fertilizers, calcium carbide and other chemicals
including hydro chloric acid , phenol, all kinds of colours, resins, paints,
pigments, dyestaffs, medicines, pharmaceuticals and for that purpose or
otherwise acquire buy, sell, import,
export all such plant, machinery and equipments which are used for the
manufacture, production, processing of all types of chemicals and compounds
and to deal in the same and to do all acts and things which are indicated or
ancillary to the carrying on the aforesaid business. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State
Bank of India SSI
Branch, Bhowanipore, 39, Shakespeare Sarani, Kolkata – 700017. |
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Banking Relations : |
Satisfactory |
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Auditors : |
R K
Kankaria and Company Chartered
Accountants |
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Tel. No.: |
33,
Brabourne Road, 5th Floor, Kolkata – 700001, West Bengal, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity
shares |
Rs 10/- each |
Rs 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
280,000 |
Equity
Shares |
Rs 10/- each |
Rs 2.800 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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2.800 |
2.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.550 |
2.973 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.350 |
5.773 |
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LOAN FUNDS |
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1] Secured Loans |
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10.829 |
6.737 |
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2] Unsecured Loans |
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0.952 |
1.295 |
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TOTAL BORROWING |
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11.781 |
8.032 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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18.131 |
13.805 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.702 |
1.360 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.388 |
0.754 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.341 |
6.130 |
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Sundry Debtors |
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8.563 |
10.484 |
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Cash & Bank Balances |
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1.511 |
1.060 |
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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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4.021 |
2.777 |
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Total Current Assets |
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23.436 |
20.451 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.872 |
8.366 |
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Provisions |
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0.524 |
0.394 |
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Total Current Liabilities |
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7.396 |
8.760 |
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Net Current Assets |
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16.040 |
11.691 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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18.130 |
13.805 |
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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3.02 |
2.90 |
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Current
Ratio(Current Asset/Current Liability) |
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3.16 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
BENGAL PLOY RESINS PRIVATE LIMITED |
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Presented By |
THE COMPANY |
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1) Date and description of instrument creating the change |
Memorandum
for recording creation of mortgage by deposit of title deeds on 03.01.2006 (In
the office of State Bank of India,
SSI Branch, Bhowanipore, 39, Shakespeare Sarani, Kolkata – 700017) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Overall
Limit : Rs 18.000 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 |
The
scope and benefit of creating mortgage by deposit of title deeds of the
properties of the company as specified in the schedule below is to create
mortgage by deposit of title deeds under section 79 of the transfer of
property act, 1882 and within the meaning of section 58 (f) of the said act secure repayments of the sum of Rs 18.000 Millions granted by
the bank to the company under credit facilities together with interest,
enhanced interest, expenses including the legal costs thereon. Schedule
of properties 1. All
that piece and parcel of the entirely demarcated measuring 20 ˝ decimal of
dag No 98 under R S Khaitan No 756 and land measuring 16 decimal of dag
99/1360 under R S Khaitan No 600 and 601 l R Khaitan No 256 of Mouza Gopalpur.,
Chandigarh, J L No 50, R S No 16, P S Barasat. Sub-Registered Office –
Barasat North 24, Parganas in the name of Bengal Poly Resisn Private Limited
under Deed No 1814, Book No 1, Volume No 26, Page No 132 to 141 for the year
1992. Date of registration 10.03.1992 at the office of the additional
district sub-registrar, Barasat, North 24 Pgs. Bounded
and butted as follows North
by : Land of Bengal Poly Resins Private Limited South
by : Land of others West
by : Part of C S Dag No 104 and Ganganagar Mouza, J L No 49 at present Drain
and public passage through south to north East
by : Part of C S Dag No 98 and 99. 2. All
that piece and parcel of the rayat dakshi swattwa land (Danga) more or less
12 cottah 2, chattak covered with structure situated and lying at Mouza
Gopalpur, Chandigarh, J L No 50, Post Office Ganganagar District North 24
Pgns. The plot no C appertaining to Khaitan No 177 dag no 0231, book no 1,
Volume no 4, Page 115 to 128for the year 1987. date of registration –
13.01.1987 at the office of the additional district sub-registrar barasat,
north 24 Pgs. Bounded
and butted as follows North
by : Public road South
by : by the land of dag No 96 and 97 East
by : land of Gopi Saha and Mussa West
by : By khaitan 3. All
that piece and parcel of Rayat Dakhsli Swattwa Land (Danga) more or less 12
cottah 2 chattak covered with structure situated at and lying at Mouza
Gopalpur, Chandigarh, J L No 50, Post Office Ganganagar District North 24
Pgns. The plot no C appertaining to Khaitan No 177 dag no 96 and 97, in the
name of Bengal Poly Resins Private Limited under Deed No 0235, Book No 1,
volume No 4, page No 147 to 162 for the year 1987. at the office of the
additional district sub-registrar barasat, north 24 pgs. Bounded
and butted as follows North
by : public Road South
by : by the land of dag No 96 and 97 East
by : land of Gopi Saha and Mussa West
by : by khaitan |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
borrower shall not do or allow anything which may prejudice the security. Interest
enhanced, interest, fees, commission, costs, charges, expenses including the legal costs as may be current from
time to time for the credit facilities according to banking norms and RBI
Guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of India SSI
Branch, Bhowanipore, 39, Shakespeare Sarani, Kolkata – 700017. |
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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.44.09 |
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UK
Pound |
1 |
Rs.86.84 |
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Euro |
1 |
Rs.57.21 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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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 |
|
46 |
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 |
|
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 |
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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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