MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PROCESS MASTERS EQUIPMENT ( |
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Registered Office : |
P .No. 37 / 1, Block F – 2, MIDC, Pimpri, Pune - 411018, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.07.2006 |
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Com. Reg. No.: |
128708 |
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CIN No.: [Company
Identification No.] |
U29295PN2006PTC128708 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP10462E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Fruits and Vegetables processing
machines |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 13400 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and in the establishing itself. Directors are
however reported as experienced and respectable businessmen. Trade relations
are reported as fair. Payments are reported as usually correct and as per
commitments. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
P .No. 37 / 1, Block F – 2, MIDC, Pimpri, Pune - 411018, |
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Tel. No.: |
91-20-27443648 |
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Mobile No.: |
91-9822841126 , 9822841127 |
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Fax No.: |
91-20-27443647 |
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E-Mail : |
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Website : |
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Area : |
8000sq.fts |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Uday More |
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Designation : |
Director |
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Address : |
D – 12, Ayodhyanagari, |
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Date of Birth/Age : |
27.02.1968 |
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Qualification: |
Mech. Eng |
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Tel No. : |
91-20-27443648 |
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Fax No. : |
91-20-27443647 |
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E-Mail : |
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Income Tax PAN: |
ABFPM7250A |
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Name : |
Mr. Sharad Rawale |
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Designation : |
Director |
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Address : |
D – 103, Ashiyana, Pimpri, Pune – 411018, |
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Date of Birth/Age : |
07.09.1962 |
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Qualification |
Mech. Eng |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Uday More |
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5000 |
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Mr. Sharad Rawale |
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5000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Fruits and Vegetables processing
machines. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash, Credit (60 days, 90 days) |
GENERAL INFORMATION
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Customers : |
Industrialists |
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No. of Employees : |
50 |
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Bankers : |
Bank of Pimpri Branch |
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Facilities : |
L/C Rs.5.000 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.B. Gandhi and Associates Chartered Accountants |
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Address : |
Pune |
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Tel. No.: |
91-20-24494240 / 24477603 |
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Associates/Subsidiaries : |
Anura Enterprises Address: Akurdi near Chinchwad, Pune Line of Business: Trading of small equipments |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
Not Available
FINANCIAL DATA
[all figures are
in Rupees Millions]
PROCESS
MASTERS
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] Partners Capital |
3.350 |
2.403 |
1.117 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.350 |
2.403 |
1.117 |
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LOAN FUNDS |
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1] Secured Loans |
1.415 |
1.615 |
0.228 |
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2] Unsecured Loans |
1.244 |
0.342 |
0.383 |
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TOTAL BORROWING |
2.659 |
1.957 |
0.611 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.009 |
4.360 |
1.728 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.568 |
3.790 |
0.874 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.030 |
0.030 |
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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 |
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Sundry Debtors |
13.150
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6.764 |
6.442 |
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Loans & Advances |
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Cash & Bank Balances |
0.537
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0.204 |
0.202 |
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Total
Current Assets |
13.687
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6.968 |
6.644 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.246
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6.425 |
5.790 |
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Provisions |
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Total
Current Liabilities |
11.246
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6.425 |
5.790 |
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Net Current Assets |
2.441
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0.543 |
0.854 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.009 |
4.360 |
1.728 |
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PROFIT & LOSS
ACCOUNT
PROCESS
MASTERS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
11.449 |
17.934 |
8.428 |
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Other Income |
0.087 |
0.085 |
0.087 |
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Total Income |
11.536 |
18.019 |
8.515 |
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Profit/(Loss) Before Tax |
0.941 |
0.964 |
0.331 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.941 |
0.964 |
0.331 |
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Expenditures : |
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Administrative Expenses |
1.823 |
1.537 |
1.050 |
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Salaries, Wages, Bonus, etc. |
1.352 |
1.370 |
0.915 |
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Managerial Remuneration |
0.793 |
0.732 |
0.308 |
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Interest |
0.411 |
0.207 |
0.130 |
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Depreciation & Amortization |
0.458 |
0.367 |
0.157 |
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Other Expenditure |
12.360 |
12.423 |
7.391 |
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Total Expenditure |
17.197 |
16.636 |
9.951 |
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Sales (2007) : Rs.50.000 millions
Expected Sales (2007-08) : Rs.60.000 millions
KEY RATIOS
PROCESS
MASTERS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
8.15
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5.34 |
3.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.21
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5.37 |
3.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.45
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8.96 |
4.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.40 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.35
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2.67 |
5.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.21
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1.08 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
˛ Vital Products,
˛ Aqua fresh,
˛ Yaman Economical Corporation, Yaman
The
To take over running business of Process
Masters, a partnership firm situated at and having Registered office at 7 / 1, F – 2 Block, Pimpri, Pune – 411018
along with all assets and liabilities as a going concern and to carry on in
India or elsewhere the business to manufacturer, produce, assemble, alter
acquire, build, construct, covert, commercialized, design, develop, erect,
equip, established, fabricated, install, hire,, let on hire, lease, repair,
maintain, modify, market, import, export, buy, sell, resale exchange, services,
turn to account and to act as agent, broker,, finance, stockiest, supplier,
promoter, consultant, engineer, collaborator, to undertake turnkey project and
to deal in all types of Food, pulp processing equipments.
Website Details Attached:
Company Details:
Subject is a well established manufacturer and exporter of superior
quality fruits & vegetables processing machines that have set a benchmark
with their exemplary features. Their strength lies in their dedicated team
which comprises of experienced engineers and technocrats, along with competent
sales representatives. They work in close co-ordination with their clients to
understand the requirements and provide machines that meet their
specifications. Besides, they also engage in research to understand the
dynamics of the food processing industry in a better way, to design products
that can efficiently undertake the modern industrial challenges.
They strive to offer machines that are durable, reliable and energy-efficient,
besides being sturdy and simple to operate. With their years of experience and
expertise, they have successfully consolidated themselves as a preferred name
to do business with.
Strengths
Precision
Precision is the focal point of their manufacturing process. Every single piece
of their product range is engineered to close tolerances so that not only does
the equipment work flawlessly but also functions with the highest degree of
efficiency. Each level of the manufacturing process is closely monitored; from
conceptual stage and designing to the procurement of the right raw material and
final commissioning. Their products are put thorough various quality assurance
tests to ensure efficiency, negligible downtime, easy maintenance and
functional reliability.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.34 |
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1 |
Rs.83.08 |
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Euro |
1 |
Rs.55.80 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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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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27 |
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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