MIRA
INFORM REPORT
|
Report Date : |
19.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAMA
CYLINDERS PRIVATE LIMITED |
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Registered Office : |
1711, World Trade
Centre I, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.11.2004 |
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Com. Reg. No.: |
11-149620 |
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CIN No.: [Company
Identification No.] |
U28113MH2004PTC149620 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR17236C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of various types of High Pressure
Seamless Gas Cylinders. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and yet to established itself. It is yet to commence
commercial operation. No payment are available. The
company can be considered for small business dealings with slight caution initially. |
LOCATIONS
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Registered Office : |
1711, World Trade
Centre I, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India. |
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Tel. No.: |
91-22-22162344 |
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Fax No.: |
91-22-22154294 |
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E-Mail : |
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Website : |
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Factory
1 : |
Village
Bhimasar, Taluka Anjar, District – Kutch, Gujarat |
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Factory
2 : |
181,
Maker Tower E, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Tel.
No.: |
91-22-22162344 |
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Fax
No.: |
91-22-22154294 |
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E-Mail
: |
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Website
: |
DIRECTORS
|
Name : |
Mr. Vashu Jaisingh
Ramsinghani |
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Designation : |
Director |
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Address : |
111, Maker
Tower A, Cuffe Parade, Mumbai - 400005 |
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Date of Appointment : |
22.11.2004 |
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Name : |
Mr. Sanjay Shridhar Mande |
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Designation : |
Director |
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Address : |
B – 503,
Neelkanth Cooperative Housing Society, Nr. Makhmali Talao, LBS Marg, Thane –
400601 |
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Date of Appointment : |
22.11.2004 |
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Name : |
Mr. Chhato U. Manatani |
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Designation : |
Director |
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Address : |
B –1/7, Gautam
Arcade, Pant Road, Thane – 400603 |
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Date of Appointment : |
25.11.2004 |
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Name : |
Mr. Amit Vashu Ramsinghani |
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Designation : |
Director |
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Address : |
111, Maker
Tower A, Cuffe Parade, Mumbai – 400005 |
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Date of Appointment : |
25.01.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Vashu Jaisingh
Ramsinghani |
29990 |
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Mr. Sanjay Shridhar Mande |
10 |
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M/s.
Highriee Properties Private Limited |
474250 |
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M/s.
Rama Fininvest India Private Limited |
33500 |
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Mrs.
Manju Vashu Ramsinghani |
27500 |
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Mr. Amit Vashu Ramsinghani |
82500 |
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Mrs.
Sonia Suraj Chhabris |
5000 |
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M/s.
Rama Recycling Private Limited |
82000 |
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M/s.
Rama Chemicals Private Limited |
205000 |
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Total
|
939750 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of various types of High
Pressure Seamless Gas Cylinders. |
GENERAL
INFORMATION
|
Bankers : |
State Bank of India, Commercial
Branch, G.N. Vaidya Marg, Mumbai-400023 State Bankof Bikaner and Jaipur,
Commercial Network Branch, 239, P.D. Mello Road, Fort, Mumbai-400001 Canara Bank, Fort Main Branch,
Warden House, Sir P.M. Road, Fort, Mumbai-400001 |
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Facilities : |
-- |
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Banking Relations : |
Unknown
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Auditors : |
Haribhakti
& Company Chartered
Accountant |
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Address |
42,
Free Press House, 4th Floor, 215, Nariman Point, Mumbai – 400021 Tel. No.:
91-22-22871099/56391101/22871806 Fax.
No.: 91-22-22856237 91-21,
Bombay Mutual Chambers, Ambalal Doshi Marg, Mumbai – 400001 Tel.
No.: 91-22-22652675/56391106/7/22626345 Fax.
No.: 91-22-22656260 E-Mail.:
hbhakti@vsnl.com Website.:
http://www.haribhaktigroup.com |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6500000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 65.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6095600 |
Equity
Shares |
Rs. 10/- Each |
Rs. 60.956 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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60.930 |
6.960 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
140.270 |
130.340 |
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4] (Accumulated Losses) |
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(6.784) |
0.000 |
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NETWORTH |
|
194.416 |
137.300 |
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LOAN FUNDS |
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1] Secured Loans |
|
327.279 |
0.000 |
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2] Unsecured Loans |
|
68.800 |
56.143 |
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TOTAL BORROWING |
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396.079 |
56.143 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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590.495 |
193.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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328.328 |
8.329 |
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Capital work-in-progress |
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56.861 |
58.631 |
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INVESTMENT |
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0.000 |
29.537 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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116.147 |
0.000 |
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Sundry Debtors |
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16.939 |
0.000 |
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Cash & Bank Balances |
|
36.428 |
97.757 |
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Other Current Assets |
|
2.900 |
0.000 |
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Loans & Advances |
|
51.234 |
2.530 |
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Total Current Assets |
|
223.648 |
100.287 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.141 |
3.543 |
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Provisions |
|
0.765 |
0.000 |
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Total Current Liabilities |
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18.906 |
3.543 |
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Net Current Assets |
|
204.742 |
96.744 |
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MISCELLANEOUS EXPENSES |
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0.564 |
0.202 |
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TOTAL |
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590.495 |
193.443 |
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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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2.13 |
0.43 |
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Current
Ratio (Current
Asset/Current Liability) |
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11.83 |
28.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
RAMA
CYLINDERS PRIVATE LIMITED |
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Presented By |
State Bank
of India, Commercial Branch, G.N. Vaidya Marg, Mumbai-23 |
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1) Date and description of instrument creating the change |
Joint deed pf hypothecation Working capital consortium agreement Both above agreements are dated 25.08.2005 and executed for the creation of a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.200.000 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 whole of the current assets of the borrower namely stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery , Bills receivable and book debts and all other movables both present or future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance f the security of these presents be brought into or upon or be stored or be in or about of the borrower’s factories, premises and godowns situated at Village Bhimasar, TalukaAnjar, District Kutch, Gujarat-370240 in the state of Gujarat or whether else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on order or delivery howsoever and where so ever in the possession of the borrow and either by way of substitution or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI As would be determined by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch,
G.N. Vaidya Marg, Mumbai-400023 State Bankof Bikaner and Jaipur, Commercial
Network Branch, 239, P.D. Mello Road, Fort, Mumbai-400001 Canara Bank, Fort Main Branch, Warden
House, Sir P.M. Road, Fort, Mumbai-400001 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Financial
Results
As the
company did not have any business operation during the period under review and
since it is in the process of setting up the project for manufacturer of High Pressure
Cylinders at Kutch. No profit and loss account had been prepared and the entire
expenditure incurred on the project had been shown as incidentals expenditure
pending allocation
Fixed
Assets
v
Land
v
Office
Equipment
v
Motor
Car
v
Furniture
& Fixture
BUSINESS
Subject is engaged as manufacturer of various types of High Pressure Seamless Cylinders for
permanent industrial gases like Oxygen, Acetylene, Carbon dioxide, Hydrogen,
Nitrogen, Argon & Helium.
Subject produces cylinders for compressed
natural gas for usage in the automobiles, for beverage applications, for fire
fighting, for medical oxygen applications and for scuba diving
Foreign
exchange outgo Rs. 32.486 Millions
As per
Website Details
Profile
Rama
Cylinders Private Limited (RCPL), is a
company promoted by Mr. Vashu J. Ramsinghani and his son Mr. Amit V.
Ramsinghani.
The plant has an installed capacity of 3,00,000 nos./year of
high pressure Seamless steel cylinders and allied products such as vessels,
accumulators , tanks and pipes, etc.
Mr. Vashu J. Ramsinghani has considerable experience in the
field of trading of industrial commodities and has set up large industries in
the field of petrochemicals, fertilisers and paper. India's largest private
sector, waste paper based newsprint mill viz. Rama Newsprint & Papers
Limited was also set up by him in Gujarat.
Mr. Amit V. Ramsinghani, son of Mr. Vashu J. Ramsinghani has
acquired a Bachelors degree in the Business Administration from the prestigious
Babson College in Boston U.S.A. specializing in finance and economics. He
subsequently completed his training in the U.S.A. and the Middle East and has
returned back to India. He is keenly involved in the day to day operations.
Product
They can manufacture seamless
steel gas cylinders, seamless pressure vessels, seamless accumulator shells to
specific customer requirements having outside diameter ranging
from 76mm to 406mm length ranging from 300mm to 3000mm and pressures upto 400 bar.
High pressure gas cylinders manufactured from Seamless Steel tubes, in
Manganese steel and Chrome Molybdenum Steel.
These cylinders are with water capacity from 1 to 280 ltrs. The cylinders are
used for Industrial gases like O2, N2, CO2,
Acytelene.
Fire fighting Applications
Medica Gases
Beverages
Scuba diving
On board Compressed Natural Gas Cylinders for Automobiles.
Accumulators
Cascades or large quantity storage of gases
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.44.25 |
|
UK
Pound |
1 |
Rs.86.41 |
|
Euro |
1 |
Rs.58.10 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
21 |
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 |