MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
NEW HINDUSTAN TUBES PRIVATE LIMITED |
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Registered Office : |
House No. A 5 / 34 Sector 16, Rohini, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.08.1989 |
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Com. Reg. No.: |
032781 |
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CIN No.: [Company
Identification No.] |
U27201DL1988PTC032781 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKN01289B |
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PAN No.: [Permanent
Account No.] |
AAACN9260C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of CDW, ERW, CR and HR Steel Tubes and Pipe
made up components Oxygen Lancing Pipes. |
RATING & COMMENTS
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MIRAs 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 18496 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Directors are reported as experienced 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 : |
House No. A 5 / 34 Sector 16, Rohini, |
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Tel. No.: |
91-129-2246610 / 2243510 / 2243610 / 4063610 / 406669 |
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Mobile No.: |
91-9811159350 (Mr. Virender Chakarwarty) 91-9811057449 (Mr. Satish Malik) |
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Fax No.: |
91-129-2246610 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Satish Chander Malik |
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Designation : |
Director |
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Address : |
House No. 344, Sector 14, |
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Date of Birth/Age : |
18.02.1949 |
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Date of Appointment : |
12.08.1988 |
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Name : |
Mr. Virender Kumar Chakarvarty |
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Designation : |
Director |
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Address : |
House No. 820, Sector 14, |
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Date of Birth/Age : |
31.03.1956 |
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Date of Appointment : |
12.08.1998 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Virender Kumar Chakarvarty |
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35002 |
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Mr. Satish Chander Malik |
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23335 |
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Mr. Satish Chander Malik HUF |
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11668 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of CDW, ERW, CR and HR Steel Tubes and Pipe
made up components Oxygen Lancing Pipes. |
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GENERAL INFORMATION
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Bankers : |
Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
MLG Associates Chartered Accountants |
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Address : |
63 Sector 15, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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70005 |
Equity Shares |
Rs.10/- each |
Rs.0.700
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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0.700 |
0.700 |
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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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3.924 |
1.867 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.624 |
2.567 |
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LOAN FUNDS |
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1] Secured Loans |
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11.101 |
5.688 |
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2] Unsecured Loans |
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0.476 |
7.296 |
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TOTAL BORROWING |
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11.577 |
12.984 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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16.201 |
15.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.420 |
4.455 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.818 |
7.350 |
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Sundry Debtors |
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19.182 |
14.763 |
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Cash & Bank Balances |
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0.007 |
0.372 |
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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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0.582 |
0.556 |
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Total
Current Assets |
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27.589 |
23.041 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.609 |
11.945 |
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Provisions |
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0.199 |
0.000 |
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Total
Current Liabilities |
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15.808 |
11.945 |
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Net Current Assets |
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11.781 |
11.096 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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16.201 |
15.551 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Sales Turnover |
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30.000 |
25.000 |
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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3.41 |
4.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
Company Details:
An ISO 9001 : 2000
Certified Company
A house of oxygen
Lancing pipe and steel tube.
Subject is an Indian based leading manufacturer and supplier of ERW Steel Tubes
in various shapes and sizes like round, square, rectangular, triangular,
elliptical or any special shapes in HR and CR materials. The lengths of the
pipes differ from 4 meter to 6.5 meter unless specified length is given by the
customers.
Oxygen Lancing
Pipe for Steel Furnaces and Ferro Alloys Plants, Steel Pipes for various
industrial and structural purposes.
The
Pipes produced by the company are applicable for various purposes in the
Automobile Companies and
The
company is profound when it comes to its quality of products and the fulfilling
of commitments. Managed by a technically qualified team of engineers and
designers, the company has a sound infrastructure and production process. The
simple attribute of offering excellent services and flawless products has
enabled New Hindustan Tubes to make a benchmark for others in the domestic and
international market.
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Name of the company |
M/S NEW HINDUSTAN
TUBES PRIVATE LIMITED |
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Presented By |
M/S NEW HINDUSTAN
TUBES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement dated
09.03.1989 registered on 26.04.1989. Charge modified on 26.04.1989,
30.01.1990, 18.07.1991, 25.04.1994, 26.08.1994, 17.11.1994, 21.01.1995,
03.05.1995, 14.03.1997, 28.04.1997, 02.09.1999, 14.03.1998, 29.10.2003 and registered on
07.03.1991, 07.03.1991, 28.12.1992, 23.06.1994, 29.12.1994, 29.12.1994,
03.05.1995, 31.07.1995 10.04.1997, 23.05.1997, 01.10.1999, 04.10.2002 and
05.11.2003 respectively. Charge finally modified as on 20.11.2004 to enhance
the CC Limit to Ts.5.000 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.400 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
stock of raw material work in process and finished goods hypothecation of
machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% on
Cash Credit, Rate of interest 15.5%p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, |
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6) Date and brief description of instrument modifying the charge |
letter evidencing
deposit of title deeds - 20.111.2004 |
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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. |
The enhanced
limit of Rs.5.500 millions comprising of OCC Rs.5.000 millions and SDB / CDF limit of Rs.0.500 millions shall
be collaterally occurred by: Equitable
mortgage of landed properties of the company situated at Northern portion of
plot No. 28. Forming part of Khasra No. 53 / 3 4 / 1, 6, 2, 7, 13. Min 14
Min 15 /1, Mauza Ballabgarh, other condition
remain same |
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Corporate identity
number (CIN) Foreign company registration number |
U27201DL1988PTC032781 |
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Name of the
Company |
NEW HINDUSTAN
TUBES PRIVATE LIMITED |
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Address |
House No. A-5 /
34, Sector 16, Rohini, |
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This form is for |
Creation of
Charges |
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Type of Charge |
Others |
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Particulars of
the charge holder |
Canara Bank
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Amount secured by
the charge |
Rs.0.300 millions |
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Brief of the
principal terms and conditions |
Interest at the
rate of 1.5% below the ongoing PLR subject to minimum of 11.50% per annum
compounded monthly Term of
Repayments Monthly
Installment of Rs.0.009 millions starting form April 2007 Margin As per Stipulated
by the Bank Extent and
Operation of the charge the charge shall
the operative against the vehicle purchase out of this loan granted to the
borrower Other The borrower
shall keep the security under this agreement in good a marketable condition
at their own cost. It shall also keep the vehicle insured against all the
risk as stipulate by the bank |
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Description of
the property charged indicating |
Hypothecation of
One Maruti Swift Car purchased out of this loan amount |
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 Intl
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 companys 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.40.93 |
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1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
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 |
YES |
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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 SCs 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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