MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
FRIG CRAFTERS PRIVATE LIMITED |
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Registered Office : |
D – 101, Industrial Estate, Rajajinagar, Bangalore-560044, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.09.1993 |
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Com. Reg. No.: |
08-14764 |
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CIN No.: [Company
Identification No.] |
U29306KA1993PTC014764 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Vacuum Cleaners and Electro Mechanical Domestic
Appliances. |
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 7100 |
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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 : |
D – 101, Industrial Estate, Rajajinagar, Bangalore-560044, |
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Tel. No.: |
91-80-23357465/ 23117035 |
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Fax No.: |
91-80-23351071/ 23357465 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. K Vijaykumar |
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Designation : |
Managing Director |
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Address : |
23, Judges Colony, Sanegoravana Halli, Bangalore-560079, Karnataka |
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Date of Birth/Age : |
13.09.1956 |
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Name : |
Mr. K Jayalakshmi |
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Designation : |
Director |
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Address : |
23, Judges Colony, Sanegoravana Halli, Bangalore-560079, Karnataka |
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Date of Birth/Age : |
14.04.1966 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. K Vijaykumar |
1 |
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Mr. K Jayalakshmi |
1 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Vacuum Cleaners and Electro Mechanical Domestic
Appliances. |
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Products : |
v
Bottle and Water Coolers v
Deep Freezers v
Refrigeration Repairs and Services v
Chest Freezer v
Beverage Chiller v
Vertical Two Door v
Vertical Four Door v
Display Cabinet v
Up Right Glass Door v
Pastries Display v
Sweet Display v
Hot Display Counters |
GENERAL INFORMATION
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Customers : |
v
Kamat Group of Hotels v
Golden Palms v
Hotel Taj v
Hotel Taj Residency v
Indoor Restaurant v
San Pedro v
Le-Meridian v
Hotel Gateway v
Kamat Yatri Nivas v
Comfort Inn-Vijay Residency v
Prestige Group v
Motor Industries (Mico) v
Larsen & Turbo company v
v
SIR v
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Bankers : |
Syndicate Bank, Gandhinagar, Bangalore-560009 Hongkong Shanghai Banking Corporation Citi Bank N.A. |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
K Muralidhar & Company Chartered Accountants |
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Address : |
No.9, 1st Floor, |
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Memberships : |
FKCCI, KASSIA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5402 |
Equity Shares |
Rs.100/-
each |
Rs.0.540
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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0.540 |
0.540 |
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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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1.242 |
0.942 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.782 |
1.482 |
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LOAN FUNDS |
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1] Secured Loans |
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3.195 |
3.035 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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3.195 |
3.035 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.977 |
4.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.759 |
4.137 |
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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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0.109 |
0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.508 |
1.878 |
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Sundry Debtors |
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0.911 |
0.677 |
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Cash & Bank Balances |
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0.342 |
0.055 |
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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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0.007 |
0.007 |
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Total
Current Assets |
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3.768 |
2.617 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.659 |
2.244 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.659 |
2.244 |
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Net Current Assets |
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1.109 |
0.373 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.977 |
4.517 |
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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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8.894 |
N.A. |
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Other Income |
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0.000 |
N.A. |
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Total Income |
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8.894 |
N.A. |
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Profit/(Loss) Before Tax |
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0.350 |
N.A. |
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Provision for Taxation |
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0.152 |
N.A. |
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Profit/(Loss) After Tax |
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0.198 |
N.A. |
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Total Expenditure |
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8.544 |
N.A. |
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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2.23 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.94 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.58 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.28 |
3.56 |
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Current Ratio (Current Asset/Current Liability) |
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1.42 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
FRIG CRAFTERS
PRIVATE LIMITED |
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Presented By |
FRIG CRAFTERS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
30.08.2001 Deed of hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.900 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 all the present and future stock of raw materials, Stock in process and finished goods consisting of M S Sheets, S S Sheets, Copper Tubes, Wooden Planks, Compressors, spares, WIP and Finished goods and collateral security of all plant and machineries, equipments etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and other terms and conditions as specified in the agreement repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Gandhinagar, Bangalore-560009 |
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6) Date and brief description of instrument modifying the charge |
23.09.2005 Letter from Bank |
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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. |
Interest rate has been changed from 13% to 12.75% p.a. the limits remains same at Rs.0.900 millions. All other terms , conditions and securities continues. |
Website Details :
Established in the year 1977, their company is a icon
manufacturer and exporter, engaged in designing, fabricating and installing Display Counters,
Refrigerators and Kitchen Equipments for industrial and commercial
purposes. Due to their efficient inputs and result oriented output, they have
managed to establish a strong marketing arm in the industry. Their experience
of more than thirty-five years has provided them the necessary expertise and
extensive knowledge in the field of manufacturing, distributing and selling.
Display
Counters, Refrigerators and Kitchen Equipments have wide applicability and
huge demand due to their premium quality and durability. The sectors where
their products are used can be broadly categorize as:
Retail (Supermarket, Department Store, Convenience Store)
Food Manufacturers
Institute, Resorts, Hotels, Restaurants
Besides their standardized manufacturing they are also
expert in providing customized products as per the customer's specific
requirement. Their focus is to offer the best products, supported by excellent
customer services. To ensure complete satisfactory output they work in close
liaison with the customers which enables them to understand their expectation
in a better way.
Latest technology in their plant results in highest quality
products and improved product presentation. They design products with a view to
increase profitability and ensure a quick return on investment. All their
products are being fabricated with 304
Grade Stainless Steel Sheets and insulation is being carried out with CFC FREE PUF for the better durability
and refrigeration respectively.
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.40.71 |
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1 |
Rs.80.24 |
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Euro |
1 |
Rs.54.63 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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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 |
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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32 |
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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