MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BHARATH PACKAGINGS |
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Registered Office : |
C-21, Sidco Industries Estate, Hosur;635 126 , Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1991 |
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IEC No.: |
404504806 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEBO4519E |
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PAN No.: [Permanent
Account No.] |
AACEB62931 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer of Corrugated Boxes |
RATING & COMMENTS
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MIRAs 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 53000 |
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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 well-established and reputed concern having satisfactory
track. Partners 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 concern can be considered normal for business dealings at usual
trade terms and conditions |
LOCATIONS
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Registered Office : |
C-21, Sidco Industries Estate, Hosur;635 126 , |
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Tel. No.: |
91-4344-400333 |
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Mobile No.: |
91-9443370024 |
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Fax No.: |
91-4344-276073 |
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E-Mail : |
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Website : |
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Area : |
20000Sq.fts. |
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Location : |
Owned |
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Branches : |
No:36A, II Main, II Cross Kernpanna Layout, |
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Mobile No: |
91-9880203806 |
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Area : |
2000 Sq.ft. |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. D. Govindaraj |
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Designation : |
Partners |
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Address : |
Plot No: 67, |
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Date of Birth/Age : |
40 Years |
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Experience : |
12 Years |
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Name : |
Mr. L.Chandra Lingasamy |
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Designation : |
Partners |
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Date of Birth/Age : |
55 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Corrugated Boxes |
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Imports : |
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Products : |
Paper |
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Countries : |
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Terms : |
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Selling : |
LC, Cash and Credit of 90 days |
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Purchasing : |
Credit 30 to 60 days |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Corrugated Boxes |
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400 tones P.M |
GENERAL INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
Total:90 (Office:15; Factory:75) |
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Bankers : |
State Bank of Opp :Lal No.001, Chandapali |
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Facilities : |
CC Term Laon LC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s M.K. rao and company Chartered Accountant |
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Address : |
Bogalur Housing Board, Hosur |
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Tel. No.: |
91-4344-244536 |
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Associates/Subsidiaries : |
Delta Making Company C-A, Sidco Industrial Estate, Renganayaki Papers Private Limited , bE Zuzuvadi village, , Hosur |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.984 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 4.984 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Partners Capital |
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4.984 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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8.351 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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13.335 |
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LOAN FUNDS |
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1] Secured Loans |
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23.507 |
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2] Unsecured Loans |
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1.601 |
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TOTAL BORROWING |
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25.108 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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38.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.989 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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1.010 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.914 |
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Sundry Debtors |
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24.108 |
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Cash & Bank Balances |
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1.182 |
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Other Current Assets |
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4.415 |
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Loans & Advances |
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2.875 |
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Total
Current Assets |
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39.494 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.284 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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14.284 |
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Net Current Assets |
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25.210 |
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MISCELLANEOUS EXPENSES |
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0.234 |
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TOTAL |
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38.443 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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88.156 |
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Other Income |
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0.476 |
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Total Income |
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88.632 |
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Profit/(Loss) Before Tax |
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1.200 |
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Provision for Taxation |
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0.432 |
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Profit/(Loss) After Tax |
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0.768 |
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Expenditures : |
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Other Expenditure |
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0.000 |
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Total Expenditure |
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0.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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1.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.95 |
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Current Ratio (Current Asset/Current Liability) |
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2.76 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
Mr. B. D. Suresh, Purchase Manager, Sanyo BPL (P) limited
Mr. K. N.Anand, purchase Manager, II Mohan and 40 Exports Private
Limited
Mr. Bipin finance Hewlett Packard Sales (I) Private Limited,
As per Web Site:
An efficient
Packaging system is indispensable part of any business. The quality of the
packaging often create a reputation of the particular product to the customers.
Besides this packaging prevent the product from any damages & misuses"
Company
Profile
Inspired by the above thoughts came into
existence aiming to provide quality packaging materials & services at the
most effective price. Established in 1991, a company is a manufacturer of
Packaging materials including Corrugate Boxes, Pulp Products, Decorative
Items.
In the modern era proving the Quality product, efficient and prompt delivery at
the most effective cost is the key to success. All these traits found strong
roots in Bharath Packagings.
They are known as the 'Complete Packaging
Solutions Provider' through persevering efforts from both the management
and the employees.
Their Diversified and Versatile
Corrugated boxes in Narrow, Broad,
Printed Packing Boxes
Flexo Based Printing
Two Color Offset Printing
Screen-Printing on paper to any size. Punched
Packing Products of any design Laminated Cartons of width 36 and to any length
Trays, Partitions, Buffers and other ancillaries
Pulp Based Moulded Products of any shape to replace
thermocole products
All the products are at an advantage because
not only they are eco-friendly but they also provide the relevant services
besides them.
Services
Their Warehouse of 16,000 Square feet built up area
for finished goods, has given as a unique advantage to serve their customers @
the speed of thought.
They run a fleet of vehicles to serve them as and
when they require.
To make ourselves with their customers, they are in
the process of implementing customized ERP system, which can be web enabled.
Memberships
Indian Institute of Packaging
Federation of Corrugated Box Manufacturers
Association
Hosur Industrial association
- Hosur Small & Tiny Industries Associations.
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 Intl
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 companys 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.40.64 |
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1 |
Rs.80.17 |
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Euro |
1 |
Rs.54.74 |
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 |
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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48 |
This score serves as a reference to assess SCs 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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