MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CORSENDONK CONSULTANTS PRIVATE LIMITED |
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Registered Office : |
H.No: |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.2004 |
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Com. Reg. No.: |
01-44655 |
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CIN No.: [Company
Identification No.] |
U74140AP2004PTC044655 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDC02001G |
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PAN No.: [Permanent
Account No.] |
AACCC4800D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in business of rendering services such as
Management Advisory services, Financial advisory services, Hotel Management,
Tour operating Management Services, Travel Agent Services. |
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 22000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track records.
Directors are reported as experienced and respectable businessmen. Company’s
profitability is improving and is expected to wipe-off previous losses soon.
Payments are reported as slow but correct. The company can be considered for small business dealings initially at
fully safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
H.No: |
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Tel. No.: |
91-40-23417014 |
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Fax No.: |
91-40-23417014 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Yeldhandi Subhash RamaDevi |
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Designation : |
Managing Director |
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Address : |
A-7, |
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Date of Birth/Age : |
19.05.1972 |
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Date of Appointment : |
19.11.2004 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
19 Bamborda, Verna Salcette, |
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Date of Birth/Age : |
01.02.1964 |
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Date of Appointment : |
19.11.2004 |
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Name : |
Mr. Dominique Nedee |
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Designation : |
Director |
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Address : |
Water Street 6, Oud Turnhout |
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Date of Birth/Age : |
22.02.2006 |
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Date of Appointment : |
19.11.2004 |
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Name : |
Mr. Marie Anne Maes |
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Designation : |
Directors |
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Address : |
Water Street 6, OUD Turnout;2360, |
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Date of Birth/Age : |
05.05.1960 |
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Date of Appointment : |
19.05.2005 |
KEY EXECUTIVES
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Name : |
M/s. A |
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Designation : |
Company Secretary |
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Address: |
1-1-648/1, Opposite Narayana Apartmetns, Near Canara Bank, Gandhi
Nagar, |
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Phone No: |
91-40-27620693 |
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E mail: |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Corsendonk N V |
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118100 |
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Devi Rama Yeldhandi |
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51142 |
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100 |
Equity Share Breakup:
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Category |
Percentage |
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Roeiign holding (Foreign institutional investor(s),
Foreign companies(s) Foreign financial institutional(s), nonresident indianor
Overseas corporate bodies or others |
69.70 |
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Bodies corporate (not mentioned above) |
30.30 |
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Total: |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in business of rendering services such as
Management Advisory services, Financial advisory services, Hotel Management,
Tour operating Management Services, Travel Agent Services. |
GENERAL INFORMATION
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Customers: |
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No. of Employees : |
Around 15 |
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Bankers : |
Unknown |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. D. S. N. V. Prasad Chartered Accountant |
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Address : |
Flat No.202, Sailalitha Apartments, road No.7, Nallakunta, |
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Phone No: |
91-40-276570514 |
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Mobile No: |
91-9246570514 |
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E Mail: |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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456754 |
Equity Shares |
Rs.10/- each |
Rs.4.567
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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4.567 |
0.468 |
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2] Share Application Money |
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1.775 |
1.225 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.762) |
(1.024) |
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NETWORTH |
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5.580 |
0.669 |
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LOAN FUNDS |
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1] Secured Loans |
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0.372 |
0.000 |
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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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0.372 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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5.952 |
0.669 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.941 |
0.355 |
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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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0.263 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.006 |
0.000 |
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Sundry Debtors |
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1.414 |
0.000 |
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Cash & Bank Balances |
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0.106 |
0.255 |
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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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3.946 |
0.187 |
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Total
Current Assets |
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6.472 |
0.442 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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1.725 |
0.127 |
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Total
Current Liabilities |
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1.725 |
0.126 |
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Net Current Assets |
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4.747 |
0.318 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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5.952 |
0.669 |
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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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0.000 |
0.000 |
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Other Income |
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2.670 |
0.000 |
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Total Income |
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2.670 |
0.000 |
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Profit/(Loss) Before Tax |
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0.034 |
(1.025) |
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Provision for Taxation |
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0.035 |
0.000 |
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Profit/(Loss) After Tax |
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(1) |
(1.025) |
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Earnings in Foreign Currency : |
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FOB |
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2.619 |
0.000 |
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Foreign Exchange Inflow |
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0.768 |
0.000 |
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Total Earnings |
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3.387 |
0.000 |
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Expenditures : |
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Director Remuneration |
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0.000 |
319.000 |
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Salaries, Wages, Bonus, etc. |
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0.000 |
105.000 |
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Consultancy Charges |
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0.000 |
106.102 |
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Rates and Taxes |
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0.000 |
84.000 |
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Printing and Stationery |
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0.000 |
23.891 |
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ROC and Pre- Incorporation Exp |
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0.000 |
78.290 |
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Traveling Expenses –directors |
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0.000 |
60.017 |
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Traveling Abroad |
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0.000 |
70.600 |
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Traveling Expenses |
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0.000 |
56.726 |
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Vehicles Hire Charges |
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0.000 |
43.966 |
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Staff Welfare |
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0.000 |
3.229 |
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Bank Charges |
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0.000 |
0.535 |
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Audit Fees |
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0.000 |
7.500 |
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Conveyance |
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0.000 |
3.745 |
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Office Maintenance and Others |
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0.000 |
19.563 |
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Depreciation |
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0.000 |
10.664 |
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Financial Charges |
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0.038 |
0.000 |
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Depreciation & Amortization |
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0.079 |
0.000 |
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Other Expenditure |
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2.402 |
0.000 |
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Total Expenditure |
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2.519 |
992.828 |
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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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(37.45) |
0.000 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.000 |
0.000 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.458 |
129.419 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
1.53 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.30 |
0.18 |
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Current Ratio (Current Asset/Current Liability) |
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3.75 |
3.50 |
LOCAL AGENCY FURTHER INFORMATION
Nil:
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.40.93 |
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1 |
Rs.81.20 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
4 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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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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