MIRA
INFORM REPORT
|
Report Date : |
29.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALCO
INFOTECH PRIVATE LIMITED |
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Registered Office : |
5
Princep Street, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.11.1997 |
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Com. Reg. No.: |
21-85975 |
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CIN No.: [Company
Identification No.] |
U72200WB1997PTC085975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA04495B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
assemble, import, export, buy sell or otherwise deal in all types of
computers or any other electronic data processor/s of all makes, sizes and
configurations being mainframe, mini computers or micro-computers and to
assemble, import, export, buy sell or otherwise deal in all types of hardware
and other parts and accessories used or related to the computer industry
being printers, monitors, display card, drives, hard and floppy diskette, key
board, mother board, integrated circuits, printed circuit board, digitizers,
modern mouse, plotter, UPS, CVT, virus card, multi media equipment / kits and
also all other electrical, electronic and telecom devices and parts thereof
or any other items consumed or used in the computer industry being stationery,
cabinets, sockets, antiglare screens and all such related items and to
develop, trade, import, export, buy, sell and market any type of software
programmes used by the computer industry |
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
90000 |
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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
|
Registered Office : |
5
Princep Street, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India |
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Tel. No.: |
91-33-22345578/22345579/22345580 |
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Fax No.: |
91-33-22345576 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Ramesh Kumar Kedia |
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Designation : |
Director
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Address : |
113/1B,
Chittaranjan Avenue, Kolkata, West Bengal, India |
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Date of Birth/Age : |
13.05.1953 |
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Date of Appointment : |
26.11.1997 |
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Name : |
Ms.
Usha Devi Kedia |
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Designation : |
Director
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Address : |
113/1B,
Chittaranjan Avenue, Kolkata, West Bengal, India |
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Date of Birth/Age : |
13.10.1960 |
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Date of Appointment : |
26.11.1997 |
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Name : |
Mr.
Pankaj Kedia |
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Designation : |
Director
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Address : |
113/1B,
Chittaranjan Avenue, Kolkata, West Bengal, India |
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Date of Birth/Age : |
13.02.1977 |
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Date of Appointment : |
26.11.1997 |
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Name : |
Ms.
Sumi Kedia |
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Designation : |
Director
|
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Address : |
113/1B,
Chittaranjan Avenue, Kolkata, West Bengal, India |
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Date of Birth / Age : |
04.07.1978 |
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Date of Appointment : |
01.07.2003 |
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E-mail : |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
|
Mr.
Ramesh Kumar Kedia |
|
226710 |
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Ms.
Usha Devi Kedia |
|
220510 |
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Mr.
Pankaj Kedia |
|
639470 |
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Ramesh
Kumar Kedia [HUF] |
|
49310 |
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Ms.
Sumi Kedia |
|
40000 |
BUSINESS DETAILS
|
Line of Business : |
To
assemble, import, export, buy sell or otherwise deal in all types of
computers or any other electronic data processor/s of all makes, sizes and
configurations being mainframe, mini computers or micro-computers and to
assemble, import, export, buy sell or otherwise deal in all types of hardware
and other parts and accessories used or related to the computer industry
being printers, monitors, display card, drives, hard and floppy diskette, key
board, mother board, integrated circuits, printed circuit board, digitizers,
modern mouse, plotter, UPS, CVT, virus card, multi media equipment / kits and
also all other electrical, electronic and telecom devices and parts thereof
or any other items consumed or used in the computer industry being
stationery, cabinets, sockets, antiglare screens and all such related items
and to develop, trade, import, export, buy, sell and market any type of software
programmes used by the computer industry |
GENERAL
INFORMATION
|
Bankers : |
Union
Bank of India Ezra
Street Branch, 55/58, Ezra Street, Kolkata – 700001, West Bengal, India The Federal Bank Limited Burra Bazar Brnach, 33A, Tarachand Dutta
Street, Kolkata – 700073, West Bengal, India |
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Banking Relations : |
Satisfactory
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Auditors : |
K. S.
Bothra & Company Chartered
Accountants, 9/12,
Lall Bazar Street, Mercantile Building, Block ‘E’, 1st Floor,
Kolkata – 700001, West Bengal, India PAN
No. : AADFK7294B |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 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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1] Share Capital |
|
20.000 |
11.760 |
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2] Share Application Money |
|
0.000 |
1.265 |
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3] Reserves & Surplus |
|
3.014 |
2.205 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
23.014 |
15.230 |
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LOAN FUNDS |
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1] Secured Loans |
|
9.115 |
10.032 |
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2] Unsecured Loans |
|
5.525 |
0.000 |
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TOTAL BORROWING |
|
14.640 |
10.032 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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37.654 |
25.262 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.259 |
1.313 |
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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 |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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43.947 |
13.235 |
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Sundry Debtors |
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69.600 |
44.774 |
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Cash & Bank Balances |
|
4.608 |
3.052 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
10.808 |
3.779 |
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Total Current Assets |
|
128.963 |
64.840 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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90.987 |
39.999 |
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Provisions |
|
1.659 |
1.007 |
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Total Current Liabilities |
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92.646 |
41.006 |
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Net Current Assets |
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36.317 |
23.834 |
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MISCELLANEOUS EXPENSES |
|
0.078 |
0.115 |
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TOTAL |
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37.654 |
25.262 |
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KEY
RATIOS
|
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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4.66 |
3.35 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.39 |
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U72200WB1997PTC085975 |
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Name of the company |
ALCO
INFOTECH PRIVATE LIMITED |
|
Address |
5
Princep Street, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal |
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This Form is for |
Creation
of charge |
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Type of Charges |
Book debts, Movable Property, Floating Charge, Others b. If others, specify deposit & other securities held as margin by bank |
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Particular of the charge holder |
Union
Bank of India Ezra Street Branch, 55/58, Ezra
Street, Kolkata – 700001, West Bengal, India E-mail : cbsezrastreet@calgmo.unionbank.com |
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Nature or description of the instrument creating charge |
Composite hypothecation deed [SD – 20] |
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Date of the instrument creating charge |
20.12.2006 |
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Amount Secure by the charge |
Rs. 27.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Cash credit hypothecation limit Rs. 22.500 millions, interest @ BPLR + 1.50% p.a. at monthly rests Letter of guarantee limit Rs. 5.000 milions, Commission : Usual Further Rate of interest & commission are subject to banks credit policy fixed from time to time, RBI directives & FEDAI rules. |
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Particulars of the Property charged |
Hypothecation by way of first charge on [a] all stocks of computers, other peripherals hardware, software of various brands etc stored at Co’s premises at 5, Pricep Street, Kolkata – 72 or elsewhere the same may be kept, stored or lying or are in course of transit. B. All present & future book debts, outstanding, monies receivables, claims, bills [inland / foreign], contracts, engagements, rights & assets c] Deposits & other securities held as margin and a floating charge on Co’s whole of undertaking |
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Name of the company |
ALCO INFOTECH PRIVATE LIMITED |
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Presented By |
Mr. Pankaj Kedia, Director |
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1) Date and description of instrument creating the change |
Agreement for cash credit [Hypothecation of goods] Agreement for Hypothecation of book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500 millions 1. Modification of charge for enhancement of cash credit facility from Rs. 0.200 million to Rs. 0.500 millions has been registered on 28.08.2000 2. Modification of charge for enhancement of cash credit facility from Rs. 0.500 million to Rs. 2.200 millions has been registered on 29.03.2001 3. Modification of charge for enhancement of cash credit facility from Rs. 2.200 millions to Rs. 3.500 millions has been registered on 11.07.2002 4. Modification of charge for enhancement of Cash Credit facility from Rs. 3.500 millions to Rs. 5.000 millions was created on 12.06.2003 5. Modification of charge for enhancement of cash credit facility from Rs. 5.000 millions to Rs. 8.000 millions was created on 15.10.2004 and was registered on 5.11.2004 |
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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 borrower[s] stock of materials which now or hereafter, from time to time during the security shall be brought into, stored or be in or about the borrower[s] showroom or premises at 5, Princep Street, Kolkata – 700072 and 8 Ganesh Chandra Avenue, Kokata – 700013 or wherever else the same may be [including may such goods in course of transit delivery] shall be hypothecated to the bank and its assigns by way of first charge as security for the payment by the borrower to the bank on demand of all moneys at any time payable by the borrower to the bank on demand of all indebtness or liability of the borrower[s[ to the bank 2. the borrower[s] hereby hypothecate and charge to the bank, by way of first charge all the book debts, outstanding, moneys, receivables, claims and bills which are now due and owing or which may at any time hereinafter during continuance of this owing to the borrowers in the course of its business by any person, firms, company or by the government or any local, public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit facility has been granted for one year. The borrower shall pay interest @ 14% p.a. iwht monthly rest. Credit facility has been granted for 12 months |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank Limited Burra Bazar Brnach, 33A, Tarachand Dutta Street, Kolkata – 700073, West Bengal, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of cash credit / overdraft demand loan Agreement for hypothecation of entire fixed assets as additional security Both dated 15.12.2005 |
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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. |
By the above agreements the bank has granted enhancement of cash credit facility from Rs. 8.000 millions to Rs. 9.000 millions. Rate of interest has been reduced to 12.5% per annum later on and is prevailing at present, payable at monthly rests. The credit facility has been granted for one year. |
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.44.27 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|