MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
WILSON SANDHU LOGISTICS PRIVATE LIMITED |
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Registered Office : |
2 Swarop Chambers, opp. Aaiimport Warehouse Sahar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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CIN No.: [Company
Identification No.] |
U63010MH1993PTC070572 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM04558B |
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PAN No.: [Permanent
Account No.] |
AAACW3666K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in business as Freight Forwarders |
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 434860 |
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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 records.
Directors are reported as experiences 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 : |
2 Swarop Chambers, opp. Aaiimport Warehouse Sahar, |
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Tel. No.: |
91-22-8380830 / 0355 / 8233445 |
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Fax No.: |
91-22-8376886 |
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E-Mail : |
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Location : |
Owned |
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Head Office : |
A – 105, Mithila Apartment, 44 FT, D B Desai Road, Near Jain Temple, J
B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India. |
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Tel. No.: |
91-22-8380830 / 0355 |
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Fax No.: |
91-22-8376886 |
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E-Mail : |
BRANCH :-
Kalambali
Nhava Sheva
Chennai,
Mumbai (city office)
Pune
Secunderabad
Tirupur
Jaipur
Kolkata.
DIRECTORS
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Name : |
Mr. Raghbir Singh Sandhu |
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Designation : |
Managing Director |
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Address : |
Bungalow No. G001 / 002, Arshie Complex, |
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Date of Birth/Age : |
20.04.1957 |
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Date of Appointment : |
29.01.1993 |
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Name : |
Mr. Geetanjali R. Sandhu |
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Designation : |
Director |
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Address : |
Bungalow No. G001 / 002, Arshie Complex, |
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Date of Birth/Age : |
17.01.1965 |
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Date of Appointment : |
29.01.1993 |
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Name : |
Mr. Bakshish Singh Sandhu |
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Designation : |
Director |
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Address : |
Bungalow No. G001 / 002, Arshie Complex, |
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Date of Birth/Age : |
07.08.1964 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Kjell Hakan |
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Designation : |
Director |
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Address : |
Vasaplarsen 3, S – 411 26, |
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Date of Birth/Age : |
01.04.1953 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Nirmal Singh Sandhu |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.12.1967 |
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Date of Appointment : |
23.09.2003 |
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Name : |
Mr. Peter Lonsdale |
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Designation : |
Director |
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Name : |
Mr. Ray Simpson |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Equity
Shares |
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Mr. Bakshish Singh Sandhu |
3,838 |
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TNT Freight Management Holding AB Formerly known as Wilson Logistics
Holding AB |
22,050 |
Eqiuty share breakup (percentage of total equity) as on 31.03.2006
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S. No. |
Category |
Percentage |
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1 |
1 Foreign holdings ( Foreign institutional
investor(s), Foreign companie(s), Foreign financial institution(s),
Non-resident Indian(s) or Overseas corporate bodies or Other |
15.00 |
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2 |
Directors or relatives of directors |
85.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in business as Freight Forwarders. |
GENERAL INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Standard Chartered Bank, 23-25, Development Credit Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Natraj Ramkrishna (Price Waterhouse Coopers) Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,00,000 |
Equity |
Rs. 100/- Each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,47,000 |
Equity |
Rs. 100/- Each |
Rs. 14.700
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 |
14.700 |
14.700 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
94.015 |
62.794 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
108.715 |
77.494 |
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LOAN FUNDS |
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1] Secured Loans |
61.117 |
63.878 |
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2] Unsecured Loans |
0.000 |
0.000 |
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TOTAL BORROWING |
61.117 |
63.878 |
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DEFERRED TAX LIABILITIES |
1.460 |
1.461 |
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TOTAL |
171.292 |
142.833 |
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APPLICATION OF FUNDS |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
33.108 |
31.866 |
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Capital work-in-progress |
0.000 |
0.400 |
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INVESTMENT |
0.183 |
0.183 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
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Sundry Debtors |
319.968
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269.329 |
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Cash & Bank Balances |
92.710
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75.623 |
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Other Current Assets |
2.212
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1.267 |
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Loans & Advances |
46.861
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61.394 |
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Total
Current Assets |
461.751
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407.613 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
304.526
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282.363 |
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Provisions |
19.224
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14.866 |
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Total
Current Liabilities |
323.750
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297.229 |
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Net Current Assets |
138.001
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110.384 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
171.292 |
142.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover(including Other Income) |
231.361 |
180.331 |
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Profit/(Loss) After Tax |
88.824 |
50.399 |
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Total Expenditure |
142.537 |
129.931 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
38.39
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27.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
38.39
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27.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.94
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11.45 |
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Return on Investment (ROI) (PBT/Networth) |
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0.82
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0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.54
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5.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.42
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3.69 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U63010MH1993PTC070572 |
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Name of the company |
WILSON SANDHU LOGISTICS PRIVATE LIMITED |
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Address |
2 Swarop Chambers, opp. Aaiimport
Warehouse Sahar, |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Standard Chartered Bank 23-25, |
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Amount Secure by the charge |
Rs. 45.750 Millions |
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Description of the property charge whether it is a charge on |
Stock in trade, Book debts. |
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Modification charge Charge identification number of the charge to be modified |
80001907 |
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Date of instrument modifying the charge |
20.04.2006 |
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Brief description of the instrument modifying the charge under section 135 |
Agreement of hypothecation of stock and book debts |
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Name of the company |
M/s Wilson Sandhu Logistics ( |
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Presented By |
M/s Wilson
Sandhu Logistics ( |
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1) Date and description of instrument creating the change |
The Borrower (company) has by declaration created the Hypothecation of stock and book debts in favor of the Standard Chartered Bank on05.08.2005 The certified copy of the Agreement of Hypothecation of stock and book debts is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 45.750 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 stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise whatsoever, being movable properties now or at any time hereafter belonging to the borrower or at the borrower’s disposal and now or at any time and from time to time hereafter stored or be stored or brought into or upon or in course of transit to the borrower’s factory or premises or at any other place whatsoever and wheresoever in the borrower’s possession or occupation or at any other premises or place. All the present and future book debts, outstanding moneys receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm company or body corporate or bye the Government Department or office or any Municipal or Local or Public or Semi Government body or Authority or any body corporate or undertaking or project whatever in the public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security for Overdraft, Bank Guarantee and invoice Discounting Facility granted to Charge operate as first and paramount charge in favor of the bank as security for all dues under the terms loan facility. |
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5) Name and Address and description of the person entitled to the charge. |
Standard Chartered Bank 23-25,
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
FIXED ASSETS:
Premises, office equipments, vehicles, furniture and fixtures.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.01 |
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1 |
Rs.81.74 |
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Euro |
1 |
Rs.55.04 |
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 |
YES |
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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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