MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TURRET ART METAL PRIVATE LIMITED |
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Registered Office : |
15 & 16, Shiva Estate, Lake Road, Near Tata Power House, Bhandup [West],
Mumbai – 400078, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
03.10.2000 |
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Com. Reg. No.: |
11-128945 |
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CIN No.: [Company
Identification No.] |
U27300MH2000PTC128945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT13409E |
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PAN No.: [Permanent
Account No.] |
AABCT5554C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of processing, fabrication of
metals of all kinds, fabrication of grill, window doors etc. |
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 2000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
relatively small company having satisfactory track. Directors are reported as
experienced 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 for small business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
15 & 16, Shiva Estate, Lake Road, Near Tata Power House, Bhandup
[West], Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-25964771 / 25964769 |
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Fax No.: |
91-22-25961507 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Arun K. Palange |
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Designation : |
Director |
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Address : |
7, Balkrishna Krupa, Navghar 1st Lane, Mulund [East],
Mumbai – 400081, Maharashtra, India |
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Name : |
Mr. Sunil K. Palange |
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Designation : |
Director |
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Address : |
7, Balkrishna Krupa, Navghar 1st Lane, Mulund [East],
Mumbai – 400081, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sharda K. Palange |
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110 |
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Vijay V. Panchal |
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100 |
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Arun K. Palange |
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1010 |
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Sunil K. Palange |
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510 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of processing, fabrication of metals
of all kinds, fabrication of grill, window doors etc. |
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Products : |
Ø
Ornamental Gates Ø
Railings Ø
Wrought Iron Furniture Ø
Candle Holder Ø
Fireplace Accessories Ø
Wrought Iron Lamp Ø
Metal Handicrafts Ø Miscellaneous |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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MS Grill |
SFT [Qty] |
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4,500.00 |
4,971.00 |
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Lamp Post |
Piece |
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-- |
200.00 |
GENERAL
INFORMATION
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No. of Employees : |
About 10 |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. S. Rathi and Association Chartered Accountants |
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Address : |
Flat No A-101, Ranwal Towers, L.B.S. Marg, Mulund [West], Mumbai –
400080 |
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Tel. No.: |
91-22-25640066 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.300 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.300 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
0.173 |
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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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0.244 |
0.139 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.544 |
0.312 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1.368 |
0.413 |
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TOTAL BORROWING |
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1.368 |
0.413 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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1.912 |
0.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.067 |
0.079 |
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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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0.360 |
0.355 |
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Sundry Debtors |
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0.307 |
0.316 |
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Cash & Bank Balances |
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0.095 |
0.051 |
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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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1.988 |
0.529 |
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Total
Current Assets |
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2.750 |
1.251 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.912 |
0.617 |
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Provisions |
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Total
Current Liabilities |
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0.912 |
0.617 |
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Net Current Assets |
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1.838 |
0.634 |
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MISCELLANEOUS EXPENSES |
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0.007 |
0.012 |
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TOTAL |
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1.912 |
0.725 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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Sales Turnover |
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2.533 |
2.373 |
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Other Income |
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Total Income |
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2.533 |
2.373 |
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Profit/(Loss) Before Tax |
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0.167 |
0.159 |
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Provision for Taxation |
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0.061 |
0.058 |
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Profit/(Loss) After Tax |
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0.106 |
0.101 |
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Expenditures : |
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Depreciation & Amortization |
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0.012 |
0.016 |
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Other Expenditure |
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2.354 |
2.198 |
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Total Expenditure |
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2.366 |
2.214 |
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KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
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4.18 |
4.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.59 |
6.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.93 |
11.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.19 |
3.30 |
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Current Ratio (Current Asset/Current Liability) |
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3.02 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
The name of the
company was changed from TURRET ENGINEERING COMPANY PRIVATE LIMITED to the
present with effect from 6th September, 2004.
The Registered Office of the company has been shifted from 7, Balkrishna
Krupa, Navghar 1st Lane, Mulund [East], Mumbai – 400081, Maharashtra
to the present address.
It will seen from the account that the company has made profit during he
year under report after providing Rs. 0.061 Millions [P. Y. Rs. 0.059 Millions]
for taxation and same was carried to Balance Sheet.
Fixed Assets
Plant and Machinery
Furniture
AS PER WEBSITE
Profile
Meticulously
designed concepts on metals create objects of exclusive artistry and offers
maximum utility for building applications, adorn-rooms, corridors, passages,
staircases, etc. The charisma and opulence exhumed in the final summation of
the products, lures the on-looker to essential possession. Every engineered
piece captures the beauty of God's Creation.
Turret Art Metal
Private Limited is promoted by an artist-turned-entrepreneur, driven with the
prime objective of preserving & promoting the majestic architecture. Their
technocrats have blended the legacy of design and artistry, contemporary and
ancient arts, tradition and culture with modern engineering techniques and idiosyncratic
craftsmanship.
Unique Designs
At Turret Art
metal, they manufacture decorative items with combination metals of Aluminum,
Brass, Bronze, Iron, F. R. P. etc. They have a flair to develop peculiar
designs and possess an ability to produce quality product for every
characteristic home.
Their aim is to
ensure maximum satisfaction for their clients, by designing and constructing
exclusive products with maximum strength and longevity.
Gamut of Products
Their artistically developed products are a hallmark of their quality
and design standards. They are engineered to utmost perfection and elegance.
Developed into perfect size, shape and design, these are a must-have for all
structural requirements.
Note- Minor
alignments in the final installation and summation are done with greatest
detail to ensure artistic blending with the structural outfits.
Perfection in
Designs
Their products are
a unique summation of their diligence and talent. The conceptualized designs
are carefully studied. Then imaginative concepts are employed in matching
member-components and making the joints, so much precisely and incredibly that
the assemblage looks devoid of discrete components, delectable and single-piece
appearance. Hence, the products through their exclusive designs, add a touch of
class and characterizes majestic feel.
Finest Craftsmen
Their endeavor is
to revoke the ancient storehouse of talent, therefore, they have taken special
care in selecting craftsmen. Their artisans have inherited an age-old
hierarchical legacy. They lend their exclusive talent and they blend it with
their contemporary engineering facilities, to create products that are sturdy
as well as exhume elegance and charisma.
Quality Oriented
Manufacturing Process
The type of metal
to be used in the manufacturing is checked and tested for quality, to produce
commodities that are durable. Even the safety factor in the products take their
riveted attention, for which researches are carried out, to understand ways to
ensure safety.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.39 |
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UK Pound |
1 |
Rs.85.16 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
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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30 |
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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