MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MARMAN ENGINEERING AND SHIPBUILDING PRIVATE LIMITED |
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Registered Office : |
Marman House, Shipyard, At Zorinto, Post Sancole, Goa-403714 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
24-1857 |
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CIN No.: [Company
Identification No.] |
U35111GA1995PTC001857 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM08712E |
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PAN No.: [Permanent
Account No.] |
AABCM7204L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of |
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 68000 |
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Status : |
Small company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Marman House, Shipyard, At Zorinto, Post Sancole, Goa-403714, |
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E-Mail : |
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Corporate Office : |
817, Raheja Chambers, 213, Nariman Point, Mumbai-400021 |
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Tel. No.: |
91-22-22881772 |
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Fax No.: |
91-22-66306841 |
DIRECTORS
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Name : |
Mr. Suresh V Godbole |
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Designation : |
Chairman and Managing Director |
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Address : |
41, Keshav Smruti, Veer Savarkar Marg, Dadar, Mumbai-400028, |
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Date of Birth/Age : |
28.06.1938 |
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Date of Appointment : |
23.05.1995 |
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Name : |
Mr. Anirudha S Godbole |
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Designation : |
Director |
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Address : |
41, Keshav Smruti, Veer Savarkar Marg, Dadar, Mumbai-400028, |
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Date of Birth/Age : |
15.08.1973 |
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Date of Appointment : |
23.05.1995 |
KEY EXECUTIVES
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Name : |
S D Israni & Company |
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Designation : |
Company Secretary |
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Address : |
8/39, |
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Tel. No.: |
91-22-22046146/ 66347342 |
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Fax No.: |
91-22-22046146 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Suresh V Godbole |
91667 |
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Mr. Anirudha S Godbole |
33333 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ganesh & Ganesh Chartered Accountants (Mr. Pradeep Kulkarni, Partner, M. No.74633) |
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Address : |
G-7, Vaikunth Apartments, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000 |
Equity Shares |
Rs.100/- each |
Rs.12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000 |
Equity Shares |
Rs.100/- each |
Rs.12.500 millions |
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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12.500 |
12.500 |
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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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4.729 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.970) |
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NETWORTH |
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17.229 |
11.530 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
13.708 |
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2] Unsecured Loans |
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27.431 |
17.688 |
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TOTAL BORROWING |
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27.431 |
31.396 |
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DEFERRED TAX LIABILITIES |
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0.220 |
0.000 |
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TOTAL |
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44.880 |
42.926 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.496 |
40.685 |
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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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17.978 |
5.349 |
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Sundry Debtors |
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1.840 |
3.223 |
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Cash & Bank Balances |
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0.076 |
0.089 |
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Other Current Assets |
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0.816 |
0.936 |
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Loans & Advances |
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6.024 |
3.705 |
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Total
Current Assets |
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26.734 |
13.302 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.591 |
10.853 |
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Provisions |
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0.759 |
0.208 |
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Total
Current Liabilities |
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12.350 |
11.061 |
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Net Current Assets |
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14.384 |
2.241 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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44.880 |
42.926 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Total Income |
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19.583 |
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Profit Before Tax |
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6.482 |
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Provision for Tax |
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0.783 |
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Profit After Tax |
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5.699 |
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Total Expenses |
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13.101 |
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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29.10 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.33 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.33 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.38 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.31 |
3.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.16 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
MARMAN
ENGINEERING AND SHIPBUILDING PRIVATE LIMITED |
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
Composite deed of hypothecation for all facilities dated 06.02.2003. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.39.000 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 |
First and exclusive charge and security by way of hypothecation security charge in favour of the bank over the Borrower’s present and future movable plants, machineries, goods stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), stock in trade, goods in process movables in transit, bills receivable and book debts and all of the borrower’s other movable assets and properties both present and future situated or located at any place and now lying, being, affixed or installed at any place at anytime and the borrower’s goodwill and all outstanding monies, claims, receivables, book debts due or become due to the borrower at any time or from time to time, and all of the Borrower’s rights, titles or interest therein. And hypothecation of all steel frames, floors and sections required for barges and ship repair and steel;, fireproof paneling, wood, cable, paints, engines, generators, pumps, air compressors, gearboxes, winches, navigational equipments, LSA/FFA equipments etc. First and exclusive charge and security by way of hypothecation charge over the borrower present and future movable plants, and /or machineries such as, dumb barge under construction, coal handling barge construction etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
interest @ 13.5% p.a. Repayment – EMI of Rs.0.823 millions P.M. commencing form October, 2003, Interest to be paid during the moratorium period, as and when applied. Security to cover principal amount together with interest, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Nariman Point Mumbai-400021 |
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6) Date and brief description of instrument modifying the charge |
Memorandum of record of equitable mortgage dated 12.05.2003. |
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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. |
By present modification – Various credit facilities for Rs.39.0000 millions are further secured by equitable mortgage of immovable property being : Freehold plot of land admeasuring about 3450 Sq. mtrs. bearing two Regn. Nos. viz.7217 and 4967 and the survey No.226/3, 237/1, and 238/1 of the village Sanwale, Tal. Marmugoa, District South Goa known as “Bellanchi Addi” . On or towards north : By River Zuari On or towards East : By bearing S. No.239 On or towards South : By
Cortalim – On or towards West : By Nalah Leasehold land in the foreshore land and the water area admeasuring about 21650 Sq.mts. situated at Sanwale on the Southern Bank of the river Zuari acquired on leases basis from Marmugoa Post Trust On or towards north : River Zuari On or towards East : River Zuari On or towards South : Land S No.238/1 On or towards West : River Zuari Together with the buildings and structures constructed or to be constructed thereon and all the fixtures, fittings. Details of credit facilities : (Rs. In millions)
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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.40.70 |
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1 |
Rs.80.80 |
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Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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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35 |
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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