MIRA
INFORM REPORT
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Report Date : |
20.01.2007 |
IDENTIFICATION DETAILS
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Name : |
UNISOL INDIA PRIVATE LIMITED |
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Registered Office : |
5664, Gali No.78, Regharpura Karol Bagh, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.10.1997 |
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Com. Reg. No.: |
55-90331 |
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CIN No.: [Company
Identification No.] |
U19201DL1997PTC090331 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU01368D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Polyurethane (PU) & Thermo Plastic Rubber (TPR) Soles |
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
350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. 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 : |
5664, Gali No.78, Regharpura Karol Bagh, |
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Tel. No.: |
91-11-2582 2195, 25022195 |
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E-Mail : |
info@unisolindia.com manuj@unisolindia.com , manju@del3vsnl.net.in |
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Website : |
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Area : |
Commercial |
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Location : |
Owned |
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Factory/
Corporate Office : |
A-38, Noida Phase, II
Extn Hosiery Complex, Dist. Gautambudh Nagar, Noida 201 305, Uttar Pradesh |
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Tel.
No.: |
91-120-2567801 to 2567804 |
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Fax
No.: |
91-120-2567805 |
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E-Mail
: |
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Website : |
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Area : |
Industrial |
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Location : |
Owned |
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Branches
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2/43, Contact Person : Mr. Shyam Kasat |
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Tel.
No.: |
91-22-34343340 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr Sudhir Kumar Agarwal |
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Designation : |
Director |
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Address : |
F-27, Sector-41, Noida, Gautam Budh Nagar 201 301, Uttar Pradesh |
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Date of Birth/Age : |
14.02.1948 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Manuj Agarwal |
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Designation : |
Chairman |
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Address : |
E-23, Sector-55, Noida, Gautam Budh Nagar 201 301, Uttar Pradesh |
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Date of Birth/Age : |
15.08.1971 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Ashok Kumar Agarwal |
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Designation : |
Director |
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Address : |
E-23, Sector-55, Noida, Gautam Budh Nagar 201 301, Uttar Pradesh |
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Date of Birth/Age : |
07.1.1943 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Luigi Lucentini (Foreigner) |
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Designation : |
Director |
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Address : |
Via |
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Date of Birth/Age : |
11.07.1953 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Anna Pieroni (Foreigner) |
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Designation : |
Director |
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Address : |
Via |
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Date of Birth/Age : |
09.06.1957 |
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Date of Appointment : |
21.10.1997 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr Sudhir Kumar Agarwal |
10 |
0.000 |
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Mr Manuj Agarwal |
1,224,990 |
24.500 |
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Delta |
2,200,000 |
44.000 |
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Mr Anuj Kumar Agarwal |
195,000 |
3.900 |
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Ms Laxmi Agarwal |
470,000 |
9.400 |
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Mr Ashok Kumar Agarwal |
410,000 |
8.200 |
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Percy P Batliwala |
500,000 |
10.000 |
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Total |
5,000,000 |
100.000 |
BUSINESS DETAILS
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Imports from : |
Europe, |
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Terms : |
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Selling : |
-- |
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Purchasing : |
Cash, L/C and Credit (30 days) |
PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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P.U. Sole |
Pairs |
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3,000,000 |
1,132,582 |
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P.U. Wastage |
Kgs |
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NA |
20,564,557 |
GENERAL INFORMATION
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Customers : |
Ø Liberty Group Ø The Bata Group Ø
Aero Club ( Ø Super House Leather Ø Park Exports Ø Nuova Shoes Ø
R Ø K G Footwear Ø Suri Shoes Ø Ram Exports Ø Bonaventure Shoes Ø Farida Group |
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No. of Employees : |
22 |
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Bankers : |
Ø ICICI Bank Limited, G-31 & 32, Sector 18, NOIDA, District Gautam Budh Nagar, Uttar Pradesh Ø Canara Bank, NOIDA, Uttar Pradesh |
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Facilities : |
The subject is enjoying the following
facilities from ICICI Bank Limited, 9A
First charge in favour of ICICI Bank by way of hypothecation of the subject company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores & spares and such other movables including book-debts, bills, outstanding monies, receivables both present & future. First charge on all of the subject company’s assets including all immovable and movable assets and property situated at Udyog Kendra, Greater Noida First charge by way of equitable Mortgage of Factory Land & Building of the subject company situated at A-38, Phase-II, Extension, Hosiery Complex, Noida (valued at Rs.60 Million) Unconditional and irrevocable personal guarantees of Mr Manuj Agarwal (net worth of Rs.8 Million as on March 31, 2005) The subject has availed the following facilities from Canara Bank as per Hypothecation agreement dated 02.11.2001
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Banking Relations : |
-- |
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Auditors : |
Ravi & Associates, Chartered Accountants (Membership No. 003988) |
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Address : |
L-42 Lajpat Nagar, |
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Joint
Venture : |
DELTA S.P.A. |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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3000000 |
Equity
Shares |
Rs.10/- each |
Rs.30.000 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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50.000 |
30.000 |
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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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41.802 |
26.916 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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91.802 |
56.916 |
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LOAN FUNDS |
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1] Secured Loans |
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17.293 |
13.503 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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17.293 |
13.503 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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109.095 |
70.419 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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106.932 |
57.656 |
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Capital work-in-progress |
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0.000 |
0.154 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.318 |
9.362 |
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Sundry Debtors |
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46.636 |
32.849 |
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Cash & Bank Balances |
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5.465 |
5.347 |
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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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11.735 |
7.019 |
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Total Current Assets |
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77.154 |
54.577 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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66.541 |
37.212 |
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Provisions |
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8.450 |
4.756 |
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Total Current Liabilities |
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74.991 |
41.968 |
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Net Current Assets |
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2.163 |
12.609 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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109.095 |
70.419 |
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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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Current Ratio |
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1.03 |
1.30 |
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Quick Ratio |
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0.85 |
1.08 |
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Debt Equity
Ratio |
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0.19 |
0.24 |
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Current
Liabilities/Networth |
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0.82 |
0.74 |
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Fixed Asset /
Networth |
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1.16 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
Trade References :
NSW India Limited
Website Details :
Subject is
Subject’s
Soles are manufactured in different colours and are available in 1, 2 and 3
colour combinations.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.21 |
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|
1 |
Rs.87.30 |
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Euro |
1 |
Rs.57.34 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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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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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