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MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SURABI BIOMEDICAL INSTRUMENTATION ( |
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Registered Office : |
22, Govinda Swami Layout, Sivananda Colony, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.2003 |
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Com. Reg. No.: |
18-10493 |
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CIN No.: [Company
Identification No.] |
U00331TZ2003PTC010493 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Medical Equipments. |
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 1000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Company’s profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
22, Govinda Swami Layout, Sivananda Colony, |
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Tel. No.: |
91-422-2270484 / 2316455 / 4399716 |
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Fax No.: |
91-422-2270484 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Indralekha Muthuswami |
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Designation : |
Director |
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Address : |
145, |
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Date of Birth/Age : |
15.03.1948 |
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Date of Appointment : |
10.02.2003 |
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Name : |
Mr. A. Muthuswami |
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Designation : |
Director |
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Address : |
145, |
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Date of Birth/Age : |
15.06.1944 |
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Date of Appointment : |
10.02.2003 |
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Name : |
Mr. M. Ravi Ganesh |
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Designation : |
Director |
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Address : |
B12 Hallmark Parsn Sesh Nestle Campus, |
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Date of Birth/Age : |
04.09.1970 |
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Date of Appointment : |
10.02.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Indralekha Muthuswami |
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4000 |
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Mr. A. Muthuswami |
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3000 |
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Mr. M. Raviganesh |
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3000 |
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Total |
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10000 |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Medical Equipments. |
GENERAL INFORMATION
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Bankers : |
v
Corporation Bank v
ICICI Bank Limited v
Indian Overseas Bank v
Kotak Mahindra Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sekhar and Sheela Chartered Accountants |
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Address : |
Mecheri Manor, 2 S. R. Iyear Layout, Near |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.599] |
[0.009] |
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NETWORTH |
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0.401 |
0.991 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1.310 |
1.091 |
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TOTAL BORROWING |
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1.310 |
1.091 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.711 |
2.082 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.493 |
0.485 |
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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 |
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0.223 |
0.005 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.595 |
0.681 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.469 |
0.151 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.144 |
0.118 |
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Total
Current Assets |
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2.208 |
0.950 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.903 |
0.293 |
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Provisions |
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0.012 |
0.000 |
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Total
Current Liabilities |
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1.915 |
0.293 |
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Net Current Assets |
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0.293 |
0.657 |
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MISCELLANEOUS EXPENSES |
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0.702 |
0.935 |
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TOTAL |
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1.711 |
2.082 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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2.969 |
0.840 |
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Installation and Training Charges |
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0.811 |
0.461 |
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Other Income |
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0.101 |
0.000 |
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Total Income |
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3.881 |
1.301 |
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Change in Stock |
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0.914 |
0.681 |
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Profit/(Loss) Before Tax |
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(0.796) |
(0.014) |
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Provision for Taxation |
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(0.206) |
(0.005) |
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Profit/(Loss) After Tax |
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(0.590) |
(0.009) |
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Expenditures : |
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Purchase of Stores and Consumables |
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3.853 |
1.441 |
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Establishment Expenses |
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0.377 |
0.063 |
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Repairs and Maintenance |
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.051 |
0.038 |
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Administrative Expenses |
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1.078 |
0.412 |
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Selling and Distribution Expenses |
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0.183 |
0.008 |
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Depreciation |
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0.049 |
0.034 |
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Total Expenditure |
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5.591 |
1.996 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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15.20 |
0.69
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Net Profit Margin (PBT/Sales) |
(%) |
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26.81 |
1.67
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Return on Total Assets (PBT/Total Assets} |
(%) |
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29.47 |
0.98
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Return on Investment (ROI) (PBT/Networth) |
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1.99 |
0.01
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Debt Equity Ratio (Total Liability/Networth) |
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8.04 |
1.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
3.24 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Ethiroli is a mobile cum hand carried Doppler ultrasound scanner, used to
acquire and display high resolution ultrasound images in B, B/M, pulse wave
Doppler (PWD), power Doppler, directional power Doppler and velocity Modes.
Ultrasound Imaging
is one of the greatest diagnostic inventions for benefit of health and
humanity. It is a non-invasive, non-radioactive examination which immense use
in emergency and chronic ailments.
Its ubiquitous use
has made it the stethoscope for doctors of the 21st Century.
Ultrasound systems
are used under two scenarios:
- Radiology Room scanning using cart
based systems on wheels
- Emergency rooms, bed-side, operating
theater etc. using handheld battery operated systems
Surabi has
realised the need for a dual scenario shared hardware ultrasound system and
invented Ethiroli
Thus Ethiroli can be used as a full-fledged radiology room
scanner or carried in a briefcase for bedside visits, emergency room scanning
etc.
The cornerstone for achieving this capability is the integration of the
entire electronics of a Doppler scanner in a compact notebook sized box - the
'scaner pack'
The scanner pack can be attached to a Laptop PC or a tablet PC and used
as a hand-held scanner with the laptop providing the display, audio (for
Doppler), archiving and annotation facilities.
In the radiology
room the scanner pack can be fitted into the mobile console to make a full
fledged cart based conventional scanner - with a 17" monitor, large
ultrasound keyboard, CD archiving, UPS etc.
The hand-held and
mobile configurations have GUI with similar look and feel. The keyboards and
key positions are also very similar.
This shortens the learning
curve, increases productivity and alleviates knob confusion. Sharing of
information (images, reports) between the two configured.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.30 |
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1 |
Rs.82.97 |
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Euro |
1 |
Rs.55.64 |
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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