MIRA
INFORM REPORT
|
Report Date : |
25th
January, 2007 |
IDENTIFICATION DETAILS
|
Name : |
AVR
OVERSEAS PRIVATE LIMITED |
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Registered Office : |
B-08 /
402, GD-ITL Tower, Netaji Subhash Place, Ring Road, Pitampura, Delhi – 110
034, India |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.07.2002 |
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Com. Reg. No.: |
55-116181 |
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CIN No.: [Company
Identification No.] |
U51909DL2002PTC116181 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA12872G |
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PAN No.: [Permanent
Account No.] |
AADCA7267M
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business of Exporting, Importring, Buying, Selling, Storing,
Distributing, Piping and / or Transporting and otherwise dealing in all kinds
and classes of petroleum products such as Superior Kerosine Oil,
Petro-Chemicals, compositions, chemicals and chemical products, durgs,
pharmaceuticals and medicines. To
carry on the business of buyers, sellers, importers, exporters, stockist,
dealers, distributors, agents, commission agents and trading of all kinds of
ferrous and non ferrous metal, metal scrap, alloys, drose, ingots, plastic
and PVC, polythene, polystyrene, engineering goods, machine tools, hand
tools, small tools, metals, alloys, iron pipe, fittings, nuts and bolts,
bicycles and accessories thereof, automobiles and its parts, steel and
stainless steel and iron products, ores and scraps, metallurgical residues,
hides, skins, leather goods, hand and machine made, readymade garments , carpets,
rugs, druggets, artificial silk fabrics, cotton, woollen cloth, and all sort
of apparels, dress materials, all kinds of agricultural products, fodder,
bran, fruits, nuts, cashew nuts, kernels, grains, pulses, flour,
confectionery, provisions, alcohol, beverages, perfumes, spirits, spices, and
tea, coffee, sugar and molasses, vegetables and vegetable products, processed
foods and packed foods. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
49000 |
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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 fair. Business is active. Payment are usually correct and as
per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B-08 /
402, GD-ITL Tower, Netaji Subhash Place, Ring Road, Pitampura, Delhi – 110
034, India |
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Tel. No.: |
91-11-27351845 |
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Fax No.: |
91-11-27354044 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Ashu Jain |
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Designation : |
Director
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Address : |
7309 /
1, Prem Nagar, |
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Date of Birth/Age : |
30.01.1971 |
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Date of Appointment : |
02.07.2002 |
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Name : |
Mr.
Vipin Kumar Jain |
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Designation : |
Director
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Address : |
1201, |
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Date of Birth/Age : |
23.11.1966 |
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Date of Appointment : |
02.07.2002 |
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Name : |
Mr.
Rajender Kumar Jain |
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Designation : |
Director
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Address : |
27,
Vasant Vihar Complex, |
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Date of Birth/Age : |
13.04.1945 |
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Date of Appointment : |
02.07.2002 |
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Name : |
Mr.
Devender Kumar |
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Designation : |
Director
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Address : |
Mandi
Sultan Ganj, Baraut, Baghpat, |
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Date of Birth/Age : |
30.08.1960 |
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Date of Appointment : |
01.12.2004 |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Ashu Jain |
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102200 |
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Mr.
Vipin Kumar Jain |
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65000 |
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Mr.
Rajender Kumar Jain |
|
2000 |
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Mr.
Sandeep Gehlot |
|
10 |
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Ms.
Shikha Priya |
|
10 |
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Ms.
Neetu Gehlot |
|
10 |
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Mr.
Ranbir Singh Gehlot |
|
10 |
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Mr.
Pradeep Jain |
|
33010 |
|
Pradeep
Jain (HUF) |
|
10 |
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Ms.
Mayawati |
|
25010 |
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Ms.
Rukmniben Jayantilal Gala |
|
10 |
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Mr.
Vallabji Lalji Nagda |
|
10 |
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Ms.
Bhavana Kushal Gala |
|
10 |
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Mr.
Kiran Kushanl Chand Vira |
|
10 |
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Mr.
Purshotam Vallabram Joshi |
|
10 |
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Mr.
Praful N Shah |
|
10 |
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Mr.
Gaurav Jain |
|
10 |
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Mr.
Shiv Hari Garg |
|
10 |
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Ms.
Shalini Jain |
|
12800 |
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Ms.
Usha Jain |
|
174810 |
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Anand
Sarup (HUF) |
|
10 |
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Ms.
Rashmi Jain |
|
148750 |
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Mr.
Bhavesh Odhavji Hansora |
|
10 |
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Mr.
Dhiraj C Cheda |
|
10 |
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Mr.
Dinesh Laxmichand Maru |
|
10 |
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Ms.
Harsha Narendra Dedhia |
|
10 |
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Mr.
Jayantilal Premji Goda |
|
10 |
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Mr.
Anand Sarup |
|
43210 |
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Ms.
Priyanka Jain |
|
20000 |
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Mr.
Mahesh Chan Jain |
|
234810 |
|
Neptune
Tradelink Private Limited |
|
10 |
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Ms.
Raj Kumari Jain |
|
40000 |
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Gulab
Chand Jain (HUF) |
|
30000 |
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Ms.
Deepa Aggarwal |
|
9000 |
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Mr.
Devender Kumar Aggarwal |
|
8700 |
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Ms.
Uma Aggarwal |
|
22500 |
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Mr.
Anand Kumar Jain |
|
10000 |
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Ms.
Saroj Jain |
|
20000 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business of Exporting, Importring, Buying, Selling, Storing,
Distributing, Piping and / or Transporting and otherwise dealing in all kinds
and classes of petroleum products such as Superior Kerosine Oil,
Petro-Chemicals, compositions, chemicals and chemical products, durgs,
pharmaceuticals and medicines. To
carry on the business of buyers, sellers, importers, exporters, stockist,
dealers, distributors, agents, commission agents and trading of all kinds of
ferrous and non ferrous metal, metal scrap, alloys, drose, ingots, plastic
and PVC, polythene, polystyrene, engineering goods, machine tools, hand
tools, small tools, metals, alloys, iron pipe, fittings, nuts and bolts,
bicycles and accessories thereof, automobiles and its parts, steel and
stainless steel and iron products, ores and scraps, metallurgical residues,
hides, skins, leather goods, hand and machine made, readymade garments ,
carpets, rugs, druggets, artificial silk fabrics, cotton, woollen cloth, and
all sort of apparels, dress materials, all kinds of agricultural products,
fodder, bran, fruits, nuts, cashew nuts, kernels, grains, pulses, flour,
confectionery, provisions, alcohol, beverages, perfumes, spirits, spices, and
tea, coffee, sugar and molasses, vegetables and vegetable products, processed
foods and packed foods. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State
Bank of Commercial
Branch, |
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Banking Relations : |
Satisfactory
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Auditors : |
S
Chand Jain and Company Chartered
Accountants |
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Address : |
39/102,
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity
Shares |
Rs. 10/- |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity
Shares |
Rs. 10/- |
Rs. 10.000 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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|
|
|
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1] Share Capital |
|
10.000 |
10.000 |
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2] Share Application Money |
|
0.000 |
1.335 |
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3] Reserves & Surplus |
|
2.438 |
2.192 |
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NETWORTH |
|
12.438 |
13.527 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
|
0.697 |
1.824 |
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2] Unsecured Loans |
|
17.405 |
33.358 |
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TOTAL BORROWING |
|
18.102 |
35.181 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.031 |
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TOTAL |
|
30.540 |
48.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2.546 |
3.309 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.064 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
|
12.648 |
70.044 |
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Cash & Bank Balances |
|
7.546 |
37.840 |
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Other Current Assets |
|
1.900 |
4.943 |
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Loans & Advances |
|
15.568 |
7.325 |
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Total Current Assets |
|
37.662 |
120.152 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
9.438 |
74.192 |
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Provisions |
|
0.378 |
0.644 |
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Total Current Liabilities |
|
9.816 |
74.836 |
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Net Current Assets |
|
27.846 |
45.316 |
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MISCELLANEOUS EXPENSES |
|
0.084 |
0.115 |
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TOTAL |
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30.540 |
48.740 |
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KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
3.24 |
9.13 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
3.83 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Bankers
Charges Report as per Registry
Name of the Company : AVR Overseas Private Limited
Presented by : -- Company and State Bank of
|
1.
Date and description of the instrument creating
or evidencing the charge |
Hypothecation
agreement for goods and assets dated 18.08.2004 |
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2.
Amount secured by the charge /amount owing on security of the charge |
Rs.
50.000 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be given
|
All
present and future goods, consumables, spares, stores, book debts and all
other movable assets of the borrower including documents of title to the
goods, outstanding monies, receivables including receivables by way of cash incentives/
cash assistance under the cash incentive scheme or any other scheme, claims
including claims by way of refund of excise/ custom duties under the duty
draw back credit scheme or any other scheme, bills, invoices, investments,
and right and the present machinery listed in the schedule hereunto and all
future machinery belonging to or in the possession or under the control of
the borrower or of the bank or of any third party whether in India or
wherever else throughout the world (including all such goods, other movable
assets as may be in course of shipment transit or delivery) (hereinafter
referred to as ‘the said goods and assets’) shall stand hypothecated to the
bank by way of first charge. |
|
4.
Gist of the terms and conditions and extent and
operation of the charge. |
The
above is to secure the following credit facilities: Cash
Credit : Rs. 10.000 millions Letter
of Credit : Rs. 40.000 millions Total Rs. 50.000 millions Rate
of interest @ 12.60% i.e. 2.10% above BPLR or as may be determined by the
bank from time to time. Margin
: Inventory
– 25% Book
Debts – 40% LC –
10% |
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5.
Names, address and description of the persons entitled to charge |
State
Bank of Commercial
Branch, |
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6.
Date and brief description of instrument modifying the charge |
N A |
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7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|