MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SAHAJANAND LASER
TECHNOLOGY LIMITED |
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Formerly Known As : |
SHREEJI LASER
TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
E-30, G. I. D. C.,
Electronics Estate, Sector – 26, Gandhinagar – 382028, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.04.2002 |
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Com. Reg. No.: |
04-40659 |
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CIN No.: [Company
Identification No.] |
U30007GJ2002PLC40659 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS00836D |
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PAN No.: [Permanent
Account No.] |
AADCS4343N |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacture and sale of different kinds of CNC laser machines and laser marking machines. |
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 500000 |
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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 and reputed company. Trade relations are reported as fair. 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 : |
E-30, G. I. D.
C., Electronics Estate, Sector – 26, Gandhinagar – 382028, |
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E-Mail : |
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Website : |
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Corporate
Office / Factory : |
E-30, GIDC Electronics Estate, Sector - 26, Gandhinagar -
382 044, |
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Tel. No.: |
91-79-23226877/23241379 / 80 |
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Fax No.: |
91-79-23241465 |
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E-Mail : |
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Website : |
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Factory [SEZ
WORKS] : |
Plot No. 29 &
58, |
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Tel. No.: |
91-261-2398411/19 |
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Fax No.: |
91-261-2398411/19 |
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Marketing Office : |
48, |
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Branch Office : |
Sahajanand House, 5, Krishnakunj Society, Opposite Sadhna School,
Varachha Road, Surat, Gujarat, India. Phone : 91-261-2568447 – 48 8, Phone : 91-22-55765408 Unit 2, Kingsbury Works Estate, Off Tele : 0044 (0) 208 201 3881 Fax : 0044 (0) 208 201 3882 E-mail : kanti@sahajanandlaser.com :: Sahajanand Laser Technology USA Inc. 1501, W Shady Tele : 001 972 790 7610 Fax : 001 972 786 3135 |
DIRECTORS
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Name : |
Mr. Arvind Lavji
Patel |
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Designation : |
Director |
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Address : |
Plot – 4,
Manichandra Society, Part – I, Thaltej, Ahmedabad – 380054, |
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Date of Birth/Age : |
07.08.1958 |
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Date of Appointment : |
23.04.2002 |
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Name : |
Mr. Dinesh Lavji
Patel |
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Designation : |
Director |
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Address : |
17, |
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Date of Birth/Age : |
13.08.1968 |
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Date of Appointment : |
23.04.2002 |
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Name : |
Mr. Lavji Pragji
Patel |
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Designation : |
Director |
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Address : |
17, |
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Date of Birth/Age : |
23.10.1936 |
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Date of Appointment : |
23.04.2002 |
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Name : |
Mr. Hasmukh
Ratansi Patel |
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Designation : |
Director |
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Address : |
39, Bhagwat Bunglow,
Opposite Sola Vidhyapith, Sola Ghatlodiya, Ahmedabad, |
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Date of Birth/Age : |
29.09.1964 |
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Date of Appointment : |
15.04.2004 |
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Name : |
Ms. Anita Anil
Joshi |
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Designation : |
Director |
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Address : |
8, Kailash Apartment,
9, Dhanlaxmi Society, Maninagar, Ahmedabad – 380008, |
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Date of Birth/Age : |
26.08.1980 |
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Date of Appointment : |
13.01.2005 |
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Name : |
Mr. Ashwin
Jerabhai Babaria |
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Designation : |
Director |
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Address : |
435, Shady Lane, |
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Date of
Birth/Age : |
01.06.1963 |
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PAN No. : |
00359466 |
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Date of
Appointment : |
15.05.2006 |
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Name : |
Mr. Dhirajlal
Jerambhai Babaria |
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Designation : |
Director |
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Address : |
435, Shady Lane, |
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Date of
Birth/Age : |
10.03.1949 |
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PAN No. : |
00358654 |
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Passport No. : |
15488051 |
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Date of
Appointment : |
15.05.2006 |
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Name : |
Mr. Nilesh
Rajanikant Desai |
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Designation : |
Director |
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Address : |
1, Manekbag
Society, |
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Date of
Birth/Age : |
06.07.1960 |
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PAN No. : |
00359542 |
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Income – tax
Pan No. : |
ACMPD1404F |
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Date of
Appointment : |
15.05.2006 |
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Passport No. : |
E1047837 |
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Name : |
Mr. Kanti Ramji
Pindoria |
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Designation : |
Director |
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Address : |
55, |
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Date of
Birth/Age : |
05.06.1962 |
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PAN No. : |
00433455 |
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Income – tax
Pan No. : |
ANAPP8662J |
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Date of Appointment
: |
13.06.2006 |
KEY EXECUTIVES
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Name : |
Ms. Anita Anilkumar Joshi |
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Designation : |
Secretary |
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Address : |
8, Kailash Apartment, 9, Dhanlaxmi Society, Maninagar, Ahmedabad – 380008,
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Date of Birth/Age : |
26.08.1980 |
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Date of Appointment : |
13.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Arvindbhai
Lavjibhai Patel |
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2700000 |
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Mr. Dineshbhai
Lavjibhai Patel |
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150000 |
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Mr. Lavjibhai
Pragjibhai Patel |
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150000 |
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Ms. Jyotsanaben
Arvindbhai Patel |
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150000 |
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Ms. Rekhaben
Dineshbhai Patel |
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150000 |
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Mr. Dhirajlal J.
Babaria |
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850000 |
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Mr. Ashwinbhai J.
Babria |
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850000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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34.00 |
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Directors of relatives of directors |
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66.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of different kinds of CNC laser
machines and laser marking machines. |
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Products : |
Ø CNC laser cutting machine Ø CNC plasma / gas cutting machine Ø CNC laser marking machine Ø CNC laser diamond cutting machine Ø CNC turret punch press machine Ø CNC engraving machine Ø CNC wood router machine Ø CNC PCB drilling machine Ø CNC dot-matrix marking machine Ø CNC Micropositioners |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C [90 days] |
GENERAL INFORMATION
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Suppliers : |
Ø
Cambridge Technology Inc., Ø
TJS Inc., Ø
Cascade Laser Corporation, Ø
Quantronix Corporation, Ø BC Electronics Inc. Ø
Dynaco Corporation, Ø
Acuity Research Inc., Ø
PRC Corporation, Ø
Rodenstock Precision Ø
IPG Laser, Ø
Ø
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Customers : |
Ø
Res Photovaltaic Limited, Ø
E.C.I.L., Ø
Miranda Tools, Ankleshwar, Ø
Phillips India Limited, Pune, Ø
ATIRA, Ahmedabad, Ø Tata Iron & Steel Company Limited, Kharagpur, Madhya Pradesh Ø
Perfect Circle, Ø
Nityanand Engravers, Ø
Ø
National Process, Ahmedabad, Ø
Paddhary Wood Works (Ajanta Clocks), Ø
Cummins Limited, Pune, Ø
Impex Electronics Private Limited,
Gandhinagar, Ø
Birla Kennametals, Ø
Shri Ram Piston & Rings Limited, Ø
Royal Touch Funiture, Ø ITI Limited, Mankapur, Uttar Pradesh Ø
Sachitanand Precision Tooling Centre, Ø
Laser Lab, Ø
Shiv Laser Tech, Ø IP Rings Limited, Chennai, Tamilnadu Ø
Space Application Centre (SAC), ISRO,
Ahmedabad, Ø Wendt India Limited, Hosur, Tamilnadu Ø
Bharat Heavy Electricals Limited, Ø
Ø
Classic Industries, Ahmedabad, Ø Gold Welding Machine : Goldium International, Mumbai Ø Birla Canameter Ø HPL Limited Ø
B C Components India Limited, Pune, Ø Perfect Circle Victor Limited - Now Known As Perfect Circle India Limited Ø Websel SL Energy Systems Limited Ø
Ø
Gujarat Gold Centre, Rakhial, Ahmedabad, |
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Bankers : |
State Bank of Specialised
Commercial Branch, Near Gandhigram Station, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B J Trivedi and
Associates Chartered
Accountants |
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Address : |
Raj Ratna Complex, Navrangpura, Ahmedabad – 380009, |
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Associates/Subsidiaries : |
Ø Sahajanand Software Private Limited Incorporated in the year 2001 Engaged in software development and export Ø Sahajanand Laser Technology Ø Sahajanand Enterprise Ø Shreeji Services Ø
Sahajanand Technocrats |
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Ø
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.119 |
50.327 |
23.858 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
127.119 |
100.327 |
73.858 |
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LOAN FUNDS |
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1] Secured Loans |
51.950 |
48.654 |
9.979 |
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2] Unsecured Loans |
6.700 |
0.000 |
0.002 |
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TOTAL BORROWING |
58.650 |
48.654 |
9.981 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.817 |
0.377 |
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TOTAL |
185.769 |
149.798 |
84.216 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.109 |
36.376 |
26.360 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
104.824
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54.546 |
25.268 |
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Sundry Debtors |
121.826
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75.350 |
59.268 |
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Cash & Bank Balances |
14.164
|
34.605 |
8.815 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
28.917
|
17.992 |
11.496 |
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Total
Current Assets |
269.731
|
182.493 |
104.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
121.701
|
69.141 |
47.096 |
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Provisions |
5.409
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Total
Current Liabilities |
127.110
|
69.141 |
47.096 |
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Net Current Assets |
142.621
|
113.352 |
57.751 |
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MISCELLANEOUS EXPENSES |
0.034 |
0.070 |
0.105 |
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TOTAL |
185.769 |
149.798 |
84.216 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
300.010 |
206.695 |
195.892 |
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Other Income |
3.388 |
2.090 |
[13.153] |
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Total Income |
303.398 |
208.785 |
182.739 |
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Profit/(Loss) Before Tax |
30.328 |
28.910 |
21.246 |
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Provision for Taxation |
3.492 |
2.440 |
0.502 |
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Profit/(Loss) After Tax |
26.836 |
26.469 |
20.744 |
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Earnings in Foreign Currency : |
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Total Earnings |
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NA |
10.421 |
9.911 |
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Imports : |
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Total Imports |
NA |
92.450 |
41.022 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
27.048 |
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Raw Material Consumed |
214.617 |
126.072 |
132.164 |
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Salaries, Wages, Bonus, etc. |
18.019 |
18.599 |
0.000 |
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Managerial Remuneration |
4.574 |
2.419 |
0.000 |
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Payment to Auditors |
0.374 |
0.084 |
0.000 |
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Interest |
6.988 |
2.648 |
1.542 |
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Insurance Expenses |
0.902 |
0.944 |
0.000 |
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Power & Fuel |
1.511 |
1.413 |
0.000 |
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Depreciation & Amortization |
0.000 |
0.000 |
0.740 |
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Other Expenditure |
26.085 |
27.696 |
0.000 |
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Total Expenditure |
273.070 |
179.875 |
161.494 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
8.85
|
12.68 |
11.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.11
|
13.99 |
10.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.69
|
11.49 |
13.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.29 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.46
|
1.17 |
0.77 |
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Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.64 |
2.22 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 48 – A, Arvind Estate, Behind Indica Laboratory,
L. B. S. Road, Bapunagar, Ahmedabad – 380025, Gujarat to the present address
w.e.f. 21.11.2006
FIXED
ASSETS
v
v
v
Plant
and machinery
v
Electrical
Installation
v
Electric
Fitting & Fixtures
v
Furniture
& Fixtures
v
Computer
v
Vehicle
v
Office
Equipment
v
Equipments
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Name of the company |
SHREEJI LASER TECHNOLOGY PRIVATE LIMITED |
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Presented By |
Mr. Dinesh L Patel, Director |
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1) Date and description of instrument creating the change |
03.07.2003. Memorandum of entry to create a joint equitable mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20 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 |
Immovable land plot no. E – 30, Industrial area, GIDC, Sector – 26, Gandhinagar. With intent to create a joint equitable mortgage of all building structure, plant and machinery fixed and now standing thereon or hereafter to be erected or brought thereon. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The limit covered are as under Rs. In Millions Demand Cash Credit Hypo of stock and book debts 10 Letter of credit 10 Bank guarantee limit 2.500 Total limit 20.000 Interest as per credit rating SB – 3 Margin money 25% on raw material 40% on stock in process 40% on finished goods 50% on receivable [cover period 120 days] |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
27.05.2004. Deed of extension of charge by executing a memorandum of entry to create a joint equitable mortgage |
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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. |
Overseas limit increased from Rs. 20 millions to Rs. 29 millions |
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Name of the company |
SHREEJI LASER TECHNOLOGY PRIVATE LIMITED |
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Presented By |
Mr. Arvindbhai L. Patel, Director |
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1) Date and description of instrument creating the change |
27.03.2003 Agreement of loan for overall limits dated 27.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20 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 |
Hypothecation of goods, receivables, movables, plant and machinery of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of goods, receivables, movables, plant and machinery of the company Details of credit facilities Rs. in millions Cash credit [hypo of stocks & Book debts] 10 Letter of credit 10 Bank guarantee [-2.500] Total 20 Margins : @ 25% on raw materials @ 40% on stock in process @ 40% on finished goods @ 50% on receivables @ 25% on letter of credit |
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5) Name and Address and description of the person entitled to the charge. |
Assistant General Manager State Bank of |
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6) Date and brief description of instrument modifying the charge |
14.05.2005 Supplemental general agreement and hypo of goods book debts and other assets dated 14.05.2005 along with others supplemental agreements of even date |
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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. |
Original charge was created by the company by executing deed of hypo dated 27.03.2003 and modified subsequently on 24.05.2004 and more particulars given in annexure attached herewith forming a part of this form |
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Name of the company |
SHREEJI LASER TECHNOLOGY PRIVATE LIMITED |
|
Presented By |
Mr. L. P. Patel, Director |
|
1) Date and description of instrument creating the change |
20.03.2003 Agreement of loan for overall limits dated 20.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20 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 |
Hypothecation of goods, receivables, movables, plant and machinery of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of goods, receivables, movables, plant and machinery of the company Details of credit facilities Rs. in millions Cash credit [hypo of stocks & Book debts] 10 Letter of credit 10 Bank guarantee [-2.500] Total 20 Margins : @ 25% on raw materials @ 40% on stock in process @ 40% on finished goods @ 50% on receivables @ 25% on letter of credit other terms and conditions as per sanction letter attached herewith |
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5) Name and Address and description of the person entitled to the charge. |
Assistant General Manager State Bank of |
|
6) Date and brief description of instrument modifying the charge |
14.05.2005 Supplemental general agreement and hypo of goods book debts and other assets |
|
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. |
The overall limit is increased from Rs. 20 millions to Rs. 29 millions |
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Name of the company |
SHREEJI LASER TECHNOLOGY PRIVATE LIMITED |
|
Presented By |
Mr. Arvind L. Patel, Director |
|
1) Date and description of instrument creating the change |
03.07.2003. Memorandum of entry to create a joint equitable mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20 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 |
Immovable land plot no. E – 30, Industrial area, GIDC, Sector – 26, Gandhinagar. With intent to create a joint equitable mortgage of all building structure, plant and machinery fixed and now standing thereon or hereafter to be erected or brought thereon. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The limit covered are as under Rs. In Millions Demand Cash Credit Hypo of stock and book debts 10 Letter of credit 10 Bank guarantee limit 2.500 Total limit 20.000 Interest as per credit rating SB – 3 Margin money 25% on raw material 40% on stock in process 40% on finished goods 50% on receivable [cover period 120 days] |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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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 |
WEBSITE DETAILS
ATTACHED
SAHAJANAND LASER TECHNOLOGY offers total solutions for a wide range of laser
systems for various industrial applications such as: Cutting, Marking, Micro
machining, Solar cell cutting etc. They also manufacture CNC linear (X,Y, Z)
and rotary positioning systems for inspection and automation purpose.
Foundation
of SAHAJANAND LASER TECHNOLOGY had been laid in 1989 as “Sahajanand
Electronics” by manufacturing textile controls & automation thereof. In
1990, Company had opened
In 1994,
at IMTEX, they introduced Laser system for marking while in the 1996, they
entered in field of CO2 Laser System for cutting application. In 1997,
introduced first high-power CO2 laser system for sheet metal cutting.
Simultaneously, they supplied SPM systems like Laser welding, medical systems
for surgical application.
After a
decade of LASER journey, they are proud to introduce ourselves, SAHAJANAND
LASER TECHNOLOGY, as a special purpose machine-manufacturing group of LASER
systems in
They are
continuously doing R&D activities and as a result of which they have
developed indigenous laser based production range. They have 80% market share
of laser marking systems in
After
nuclear test “Pokhran-2”,
In 70’s,
India was importing laser systems from Israel but now; they export such
machines to Israel and other countries such as Thailand, Srilanka, U.S.A.,
Russia, U.A.E., South Africa, Namibia & Armenia.
It is the commitment of SAHAJANAND LASER TECHNOLOGY to provide hi-tech advance
processing solution at lower cost to the potential customers of all industrial
segments with company’s multi-disciplinary & multi-functional
brains-hearts-hands working cohesively. The synergy created through integral
working of Laser Specialists, Application Engineers, Diamond experts, Software
Specialists, Electronics & Mechanical engineers and Techno-commercial
personnel, results in simplicity, reliability and cost-effectiveness with
higher productivity.
Vision
::
It shall
be their endeavor to be the top most company globally in the highly sophisticated
technical products and services, globally in the new millennium by achieving
supreme quality in all that they do proactively by effective involvement of
each and every member of Sahajanand family to delight ourselves and their
esteemed customers.
It is
their mission to bring innovative products to their customers with on-time
delivery, technical expertise to provide total customer satisfaction and to
improve customer service continuously.
Strength
::
High level
technology business is being boosted by committed - highly motivated & hard
working staff. Lean manufacturing process, ability to respond market need
promptly, competitive price – all are strengthened by their in-house R&D
center.
The company
Under the
dynamic and inspirational leadership of Mr. Arvind Patel and its inspirational
implementations by Mr. Dinesh Patel. Sahajanand Laser Technology set up its
base in Gandhinagar,
Next to
follow was a revolution and an area where excellent application that took shape
to change the face of Indian diamond industry. It was due to their Arvind
Patel’s research and acumen that he was
awarded the prestigious Dr. Vikram Sarabhai Young Scientist Award for his
invaluable contribution in the Industry Application of Laser Technology,
particularly for Diamond industry.
11 years of leadership in the field of Laser Technology application has provided
them ample experience to understand and provide the right kind of solutions for
their customers. Their Laser Marking Machines and CNC systems for diamond
industry are developed and backed by in-house software research and
development.
They develop, design and integrate automation with their standard laser system.
Their team of experts, proffer customer specific solutions, which are flexible
and user friendly. They cost effective, production enhancing and over all
increase the efficiency for their customers. They also train their client’s
operators and provide adequate spares with efficient after-sales services.
Last year they sold over 20 laser marking systems taking their tally to 50 so
far. They have already supplied over 600 systems in the diamond sector similar
to Nd: YAG laser marking systems.
They have exported
their laser systems and CNC solutions to
Their technically qualified manpower is competent enough to provide excellent
after-sales services and Annual Maintenance Services to all their customers.
They maintain floating stocks of spares as they are aware the industries are in
a 24x7x365 operation mode to ensure uninterrupted production for their clients.
Subject is the most experienced,
technologically superior organization and having one of the largest
installation base with 80% market share in industrial and CNC solutions.
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 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.40.36 |
|
|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
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 |
|