MIRA
INFORM REPORT
|
Report Date : |
08.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
H B
ENGINEERS PRIVATE LIMITED |
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Registered Office : |
1416
Akashdeep Society, Behind Aakashwani, Makarpura Road, Vadodara – 390009,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.08.1995 |
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Com. Reg. No.: |
04-27208 |
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CIN No.: [Company
Identification No.] |
U65910GJ1995PTC027208 |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers
of Cable Trays, Electrodes and M. S. Fabricated Items. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small
Company |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a relatively small company in it’s field. Company’s profitability is
improving. It has been successful in wiping-off its previous losses during
the year 2005-06. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Payments are however
reported as slow but correct. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
1416
Akashdeep Society, Behind Aakashwani, Makarpura Road, Vadodara – 390009,
Gujarat, India |
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Tel. No.: |
91-265-2645380 |
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Fax No.: |
91-265-2658538 |
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E-Mail : |
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Factory
1 : |
104,
GIDC Industrial Estate, Makarpura Road, Vadodara – 390010, Gujarat, India |
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Factory
2 : |
B/h
Plot No 95, GIDC Industrial Estate, Makarpura Road, Vadodara – 390010,
Gujarat, India |
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Tel. No.: |
91-265-2648350 |
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Fax No.: |
91-265-2645802 |
DIRECTORS
|
Name : |
Mr.
Nandish V. Gandhi |
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Designation : |
Director
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Address : |
1416
Akashdeep Society, Makarpura Road, Vadodara – 390009, Gujarat, India |
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Date of Birth/Age : |
17.09.1950 |
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Date of Appointment : |
25.08.1995 |
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Name : |
Mr.
Bharati H. Vadalia |
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Designation : |
Director
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Address : |
16
Divyajyot Society, Makarpura Road, Vadodara – 390009, Gujarat, India |
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Date of Birth/Age : |
18.03.1955 |
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Date of Appointment : |
25.08.1995 |
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Name : |
Mr.
Virendra P Shukla |
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Designation : |
Director
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Address : |
15
Divyajyot Society, Makarpura Road, Vadodara – 390009, Gujarat, India |
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Date of Birth/Age : |
31.05.1953 |
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Date of Appointment : |
25.08.1995 |
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Name : |
Ms.
Swati K Shukla |
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Designation : |
Director
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Address : |
1317,
Akashganga Society, Makarpura Road, Vadodara – 390009, Gujarat, India |
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Date of Birth/Age : |
07.11.1970 |
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Date of Appointment : |
25.08.1995 |
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Name : |
Mr.
Ravindra Prahaladbhai Shukla |
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Designation : |
Director
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Address : |
1492,
Aakashdeep Society, Behind Aakashwani Radio, Makarpura Road, Vadodara –
390009, Gujarat, India |
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Date of Birth/Age : |
09.01.1958 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr.
Sudhir Prahladbhai Shukla |
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Designation : |
Director
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Address : |
D-64,
Kabir Housing Complex, Makarpura Road, Vadodara – 390009, Gujarat, India |
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Date of Birth/Age : |
12.03.1964 |
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Date of Appointment : |
10.01.2007 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Nandish V. Gandhi |
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151 |
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Mr.
Bharati H. Vadalia |
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151 |
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Mr. Virendra
P Shukla |
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150 |
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Ms.
Darshna N. Gandhi |
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1 |
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Mr.
Prakashbhai Vadalia |
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1 |
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Mr.
Ravindra Shukla |
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1 |
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Ms.
Swati K. Shukla |
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150 |
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Mr.
Prahaladbhai Shukla |
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10 |
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Mr.
Hemant N. Vadalia |
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100 |
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Mr.
Nagardas K. Vadalia |
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10 |
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Mr.
Vinubhai J Gandhi |
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10 |
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Mr. M.
Kamlesh Shukla |
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60 |
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Ms.
Varsha N. Gandhi |
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100 |
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Ms.
Kalpana V. Shukla |
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100 |
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Mr.
Sudhir P Shukla |
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10 |
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Mr.
Deepakbhai V. Gandhi |
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10 |
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Ms.
Belaben R. Shukla |
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1 |
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Ms.
Jaylaxmiben Vadalia |
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1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Cable Trays, Electrodes and M. S. Fabricated Items. |
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Product : |
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GENERAL
INFORMATION
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Bankers : |
The
Makarpura Industrial Estate Co-operative Bank Limited 75,
GIDC Makarpura Baroda - 390010, Gujarat, India |
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Banking Relations : |
Satisfactory
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Auditors : |
N. P.
Shah Chartered
Accountants 3rd
Floor, ram Ratan Chamber, Opposite Babul Hospital, Dandia Bazar, Vadodara
- 390001, Gujarat, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
36477 |
Equity
Shares |
Rs. 10/- each |
Rs. 3.648 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.648 |
0.197 |
0.102 |
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2] Share Application Money |
0.000 |
2.790 |
0.000 |
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3] Reserves & Surplus |
1.343 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.006] |
[1.432] |
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NETWORTH |
4.991 |
2.981 |
[1.330] |
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LOAN FUNDS |
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1] Secured Loans |
11.334 |
7.623 |
8.166 |
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2] Unsecured Loans |
3.959 |
4.492 |
5.228 |
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TOTAL BORROWING |
15.293 |
12.115 |
13.393 |
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DEFERRED TAX LIABILITIES |
0.261 |
0.259 |
0.000 |
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TOTAL |
20.545 |
15.355 |
12.063 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.159 |
6.181 |
5.806 |
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INVESTMENT |
0.276 |
0.220 |
0.120 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.435
|
9.147 |
7.420 |
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Sundry Debtors |
9.620
|
8.780 |
4.664 |
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Cash & Bank Balances |
0.072
|
0.014 |
0.077 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.850
|
0.320 |
0.891 |
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Total Current Assets |
27.977
|
18.261 |
13.052 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
12.963
|
9.102 |
6.865 |
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Provisions |
0.904
|
0.205 |
0.049 |
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Total Current Liabilities |
13.867
|
9.307 |
6.914 |
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Net Current Assets |
14.110
|
8.954 |
6.138 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.545 |
15.355 |
12.064 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
5.84
|
7.19 |
[15.27] |
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Current
Ratio (Current
Asset/Current Liability) |
|
2.02
|
1.96 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
H B ENGINEERS PRIVATE LIMITED |
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Presented By |
Mr. Nandish V. Gandhi, Director |
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1) Date and description of instrument creating the change |
Agreement
for Hypothecation of Stock Book Debts Dated 04.11.2004 |
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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 |
Company’s
all moveable Stock in Trade, Raw Materials, Book Debts, Goods and receivables
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.25 % p.a. p.a. Margin 30 % to 50 % on different securities repayment on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
The
Makarpura Industrial Estate Co-operative Bank Limited GIDC
Makarpura Baroda
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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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Corporate
identity number of the company |
U65910GJ1995PTC027208 |
|
Name
of the company |
H B
ENGINEERS PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
1416
Akashdeep Society, Behind Aakashwani, Makarpura Road, Vadodara – 390009,
Gujarat |
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This
form is for |
Creation
of Charge |
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Type
of charge |
Hypothecation
|
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Particular
of charge holder |
The
Makarpura Industrial Estate Co-operative Bank Limited 75,
GIDC Makarpura Baroda - 390010, Gujarat, India |
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Nature
of instrument creating charge |
Hypothecation
agreement |
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Date
of instrument Creating the charge |
27.03.2006 |
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Amount
secured by the charge |
Rs.
5.000 Millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
Margin
Stock 30 % Book debts 50 % plant and machinery int. 12.5 % p.a. |
|
Description
of the property charged indicating whether it is a charged on |
Plant
and Machinery, Book Debts and Stock in trade |
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Particulars
of the property charged |
Stock
and Book Debts and Plant and Machinery at 104 GIDC Makarpura Vadodara |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM
as part of its Due Diligence do provide comments on Corporate Governance to
identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|