MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VALETH HIGHTECH COMPOSITES PRIVATE LIMITED |
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Registered Office : |
56, Kazhipattur, Padur Post, Kelambakkam, Chennai – 603 103,
Tamilnadu. |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.03.1990 |
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Com. Reg. No.: |
18923 |
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CIN No.: [Company
Identification No.] |
U17114TN1990PTC018923 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV02266F |
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PAN No.: [Permanent
Account No.] |
AAACV1999E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of advanced composite products and high temperature
textiles. |
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 47812 |
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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 experience 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
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Registered Office : |
S. No. 56, |
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Tel. No.: |
91-44-27475472 / 4423 / 27497105 |
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Fax No.: |
91-44-27475472 / 27474423 / 42116553 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mrs. Asha Peter Valeth |
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Designation : |
Director |
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Address : |
No. 27, I st, |
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Date of Birth/Age : |
27.09.1955 |
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Date of Appointment : |
29.09.2001 |
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Name : |
Mr. Peter Paulose Valeth |
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Designation : |
Chairman-cum-Managing Director |
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Address : |
No. 27, I st, |
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Date of Birth/Age : |
16.11.1946 |
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Date of Appointment : |
21.09.2001 |
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Name : |
Mrs. Rekha Kurian |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of advanced composite products and high temperature
textiles. |
GENERAL INFORMATION
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Bankers : |
Catholic Syrian Bank Limited, 3, 2nd Line Beach, Esplanace, Chennai – 600 001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Babu Chartered Accountant |
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Address : |
Brahmayya and Co., CA’s, 48, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,50,000 |
Equity |
Rs. 10/- Each |
Rs. 4.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,22,000 |
Equity |
Rs. 10/- Each |
Rs. 4.220
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.220 |
4.220 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.733 |
7.868 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
11.953 |
12.088 |
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LOAN FUNDS |
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1] Secured Loans |
12.858 |
1.239 |
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2] Unsecured Loans |
0.380 |
0.498 |
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TOTAL BORROWING |
13.238 |
1.737 |
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DEFERRED TAX LIABILITIES |
1.320 |
1.633 |
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TOTAL |
26.511 |
15.458 |
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APPLICATION OF FUNDS |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
8.322 |
8.658 |
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Capital work-in-progress |
0.367 |
0.000 |
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INVESTMENT |
0.020 |
0.020 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.715
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6.582 |
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Sundry Debtors |
6.753
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8.180 |
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Cash & Bank Balances |
2.067
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1.375 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
8.916
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3.831 |
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Total
Current Assets |
29.451
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19.968 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.649
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13.188 |
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Provisions |
0.000
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0.000 |
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Total
Current Liabilities |
11.649
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13.188 |
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Net Current Assets |
17.802
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6.780 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
26.511 |
15.458 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover (Estimated) |
50.000 |
30.000 |
KEY RATIOS
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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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2.08
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1.23 |
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Current Ratio (Current Asset/Current Liability) |
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2.52
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1.51 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
VALETH HIGHTECH COMPOSITES PRIVATE LIMITED |
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Presented By |
VALETH HIGHTECH COMPOSITES
PRIVATE LIMITED AND CATHOLIC SYRIAN BANK LIMITED ESPLANADA, CHENNAI - 1 |
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1) Date and description of instrument creating the change |
05.07.2002 a) Stamped Agreement of Hypothecation of Goods read along with Stamped Agreement of Hypothecation o Book Debts for the ODH/ODBD Limit of Rs. 2.000 Millions b) Stamped Agreement of Hypothecation of Machinery for the Term Loan of Rs. 13.000 Millions with a detailed list of Machinery, Equipment, and Accessories hypothecation to the Bank. c) Stamped Agreement for the BG Limit of Rs. 30.000 Millions d) Stamped Agreement with DPN for the CP/WAUE Limit of Rs. 15.000 Millions All relate to a single charge. True copies of all the above documents are enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.800 Millions due to the Bank under ODH/ODBD Limit of Rs. 2.000 Millions ; Terms Loan Rs. 1.300 B/G Limit Rs. 3.000 Millions and CP/WAUE Limit of Rs. 1.500 Millions, availed bye the company together with interest, costs and other expenses that may be debited to the company’s account from time to time. |
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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 |
a) All the company’s stocks of raw materials, semi finished and finished goods, described in general terms in the agreement of hypothecation of goods stored in the company’s factory at 56, Kazhiputhur Village, Old Mahabalipuram Road, Padur 603 013 or elsewhere or in transit, both present and future. b) All the company’s book debts, receivables, outstanding, claims etc. both present and future and includes those represented by cheques / drafts purchased by the Bank under CP/WAUE facility. c) All the company’s plant, machineries, equipments, accessories, kept in the company’s factory premises or elsewhere or in transit both present and future and includes in particular items listed out in the enclosure attached to the hypothecation deeds. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest: 15% p.a. for ODH/ODBD payable monthly. Margin: 30% on stocks, 50% on Book debts upto 90 days, 15% cash for B/G Limit. Repayment: Term Loan in 24 months @ Rs 0.065 Millions per month together with interest on monthly basis. Penal Interest 2% extraover 15.5% All other terms and conditions are as per the above agreements. |
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5) Name and Address and description of the person entitled to the charge. |
Catholic Syrian Bank Limited, 3, 2nd Line Beach, Esplanace, Chennai – 600 001 |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
Website Details:
Subject an ISO
9001:2000 company situated near Chennai (
These products are extensively availed in Aerospace, Defence, Petro
Chemicals, Steel, Marine, Effluent treatment, Insulation, etc.
Ever since its institution in 1990, Valeth continues to produce a wide range of technically advanced engineering products. In the present scenario involving rapid changes in material technology, Valeth persists to be an innovative company capable of producing raw materials to products all under one roof. They have ascertained themselves an excellent position to face the challenges of the future.
As a result of the quality that Valeth imparts on its products, it has earned many quality conscious prestigious customers like Indian Defence Services, ISRO, DRDL, ARDE, BHEL, NAL, Indian Air Force, Indian Navy etc., who utilise Valeth's products for their strategic projects.
Their Facilities
Autoclave
moulding
Filament
Winding Machines
Hydraulic
Press
Resin
Infusion System
Vacuum
Assisted Resin Transfer Moudling Machine
Prepreg
Plant
Programme
Controlled Ovens
Tool
Room for Machining
Glass
Fibre Twisting & Doubling Plant
Glass
Cloth Weaving Plant
High
Silica Fabric Processing Plant
All Composites High Speed Planing Boats
All Composites Two Seater Aircraft
Space, Aerospace & Defence Product
High Temperature Textile Products
Advanced Composite Products for Water Treatment Systems
The composite products for various applications are manufactured through different fabrication methods such as CNC Filament Winding, Autoclave process, Pressure Moulding process, Matched Die process, Resin Transfer Moulding process Hand Moulding process etc.,
Filament Wound Products include Composite Pressure Vessels, Pipes and Tanks, Shafts etc from Glass/Carbon fibres. They are being used in various applications such as
Fluid Transmission
Effluent disposal
Dredging pipes
Electrical Switch Gear Components
Water Treatment
Storage Tanks for Petrol, Chemicals, Acids etc.
Ship propeller shaft
Autoclave Moulded Products are mainly used in Aerospace and Defence Applications.
Ablative Motor Tube Lining
Lining for Nozzle Assemblies
Pressure Moulded
and Resin Transfer products, find numerous applications in industries like
Aerospace, Defence, Railways, Petroleum, Construction and so on.
Sheets, Casings, Covers etc.
Railway components such as Sleepers, Doors
& Windows, Toilet Modules, Roof sheets
Structural items such as Channels, Angles.
Gratings. Cable Trays, Pallets etc.
High Temperature
Textile Products
High Silica Textile ISROSIL® is
manufactured under the license from ISRO.
This environmentally approved asbestos free
material consists of amorphous Silica (Min 98% SiO2) with a melting point of
1650ºC. It provides high thermal, electrical and acoustic protection. This
flexible textile product is available in various forms such as
Fabrics
Tapes
Sleevings
Ropes
Threads
Fabrics are available in two thickness
grades namely 0.75mm and 1.2mm. Based on the characteristics content &
usage these fabrics are supplied basically in following forms:
Standard (SNS) - For all industrial and
commercial applications
Pre-Shrunk (With lower shrinkage at high
temperature for Rocket/Missile applications.)
Silicon Rubber coated (For abrasion
resistance and impermeability for fluid & gases)
These fabrics are being used in various industries for insulation and
thermal protection for Nonmetallic Bellows, Wrapping for pipes, cables &
hoses, Vertical strip Furnace Curtains, Seals & Gaskets etc.
Fabricated Insulation Products
are custom-made fabricated components made out of materials like Glass fabrics,
Silica fabrics, Aramid fabrics etc. coated with Silicon rubber/ PTFE/
Vermiculate for thermal protection.
Non - Metallic Expansion Bellows:
Heat Shielding
Welding Blankets
Fire Blankets
Exhaust manifold covers
Protective Bellow Shrouds
Oven/Furnace Curtains
Flame Barriers
Stress Relieving Pads
Hydraulic/Pneumatic line wrap
These Insulation Products find applications In Industries Like
Aerospace, Steel, Chemicals, Processing, Power Plants, Marine Oil And Gas,
Electrical And Electronics, Personal Safety, Foundry/Forging, Basic Metal
Processing etc.
Their engineering division is in a position
to take up design, manufacture and installation of special purpose machineries
such as:
Furnaces and ovens of all types from
laboratory model to Conveyer/Bogie Hearth type for industrial purpose
Auto claves Impregnation plants and other
special purpose machines as per customer's requirement
ISRO's certification turns
out to be one of the greatest acknowledgements that Valeth has received so far.
ISRO, the Indian space Research Organization has appreciated Valeth for
its valuable contribution in the National Space Programme leading to the
successful development of PSLV. The credential carries the signature of Mr.
K. Kasturirangan, the chairman of ISRO.
A National award for successful
productionisation of a technology product for the year 2005 was presented by
the Mr. P.Chidambaram, Honourable Minister of Finance, in a function presided
by Mr. Kapil Sibal, Honourable Minister of Science and Technology, at New Delhi
on 11th May 2005 " Technology Day".
Apart from this, Valeth has been in
the good books of its clients always. A list of its leading clients will throw
light on the recognition it has received so far.
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.40.47 |
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1 |
Rs.80.28 |
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Euro |
1 |
Rs.54.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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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48 |
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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