MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
HASTA SHILP / VR PURN CREATIVE |
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Registered Office : |
A- 93, Ganesh Nagar , Shakarpur, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1991 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of tailored, stitched and embroidered
handcrafted products. |
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 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 well established concern having satisfactory track
records. Trade relations are fair.
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 : |
A- 93, Ganesh Nagar II, Shakarpur, |
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Tel. No.: |
91-11-22018244 |
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Fax No.: |
91-11-22018244 |
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E-Mail : |
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Website : |
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Area : |
400 Sq. fts. |
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Location : |
Rented |
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Factory 1 : |
B-19, F-3, Surya Nagar, |
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Tel. No.: |
91-120-4105055 |
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Fax : |
91-11-22018244 |
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Area : |
800 sq. mtrs. |
SOLE PROPRIETOR
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Name : |
Mrs. Sangeeta Khandelwal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Mobile No: |
91-9810209935 |
KEY EXECUTIVES
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Name : |
Mr. Virender Khandelwal |
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Designation : |
Key Executive |
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Date of Birth/Age : |
50 years |
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Qualification : |
Graduate |
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Experience : |
25 years |
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Mobile No: |
91-9810209935 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of tailored, stitched and embroidered
handcrafted products. |
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Products : |
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Brand Name : |
HASTA SHILP |
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Exports : |
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Products : |
DENTRO, Reetirah Resorts, Pole 2 Pole Trading |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
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PRODUCTION STATUS
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Installed Capacity, Actual production, Capacity to increase production by 30 % |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
204(In Office 4, In Factory 200) |
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Bankers : |
Vijaya Bank, Chandni Chowk, ICICI |
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Facilities : |
No Overdraft facility availing. |
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Memberships : |
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Associates/Subsidiaries : |
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Name : |
Hasta Creation |
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Address : |
A- 93, Ganesh Nagar II, Shakarpur, |
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Line of
Business: |
Manufacturers and Exporters of tailored, stitched and embroidered
handcrafted products. |
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Sales Turnover: |
Rs. 1.200 millions |
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No. of
Employees: |
3 |
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Name : |
V.R. Purn Creatives |
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Address : |
93-A, Ganesh Nagar |
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Line of
Business: |
Trading |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.500 million |
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Borrowed : |
- |
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Total : |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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6.000 |
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Profit for the year |
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7 % |
Expected Sales (2007-08): Rs. 10.000 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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1.712 |
1.605 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.712 |
1.605 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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1.712 |
1.605 |
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APPLICATION OF FUNDS |
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0.000 |
0.000 |
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0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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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 |
0.0000 |
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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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0.413 |
0.373 |
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Sundry Debtors |
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1.280 |
1.433 |
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Cash & Bank Balances |
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0.128 |
0.093 |
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Total
Current Assets |
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1.821 |
1.899 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.111 |
0.294 |
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Total
Current Liabilities |
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0.111 |
0.294 |
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Net Current Assets |
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1.71 |
1.605 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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1.712 |
1.605 |
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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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4.467 |
3.667 |
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Total Income |
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4.467 |
3.667 |
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Profit/(Loss) Before Tax |
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0.138 |
0.095 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.138 |
0.095 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1.000 |
1.400 |
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Total Earnings |
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1.000 |
1.400 |
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Expenditures : |
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Cost of Goods Sold |
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4.166 |
3.377 |
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Administrative Expenses |
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0.576 |
0.568 |
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Total Expenditure |
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4.742 |
3.945 |
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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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3.09 |
2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.09 |
2.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.59 |
5.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.06 |
0.18 |
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Current Ratio (Current Asset/Current Liability) |
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16.40 |
6.46 |
LOCAL AGENCY FURTHER INFORMATION
Web site details attached:
Subject is an
eminent manufacturer, & supplier of Christmas
decorations, Christmas ornaments and home decorations. The company is a
small scale enterprise formed in the year 1991. Since then the company has
grown by leaps and bounds due to the patronage of their valued customers,
achieving a sales volume of INR 50-60 lakhs per annum. The company has
established it’s over seas markets in countries like
The company
manufactures tailored, stitched and embroidered handcrafted products like curtains, cushion covers, coasters, silk bed
covers, curtain rings, photo frames, decorative items, lamp shades, wall
hangings, decorative Christmas ornaments and other similar handcrafted objects.
Infrastructure
The secret of
the company's success has been products with superior quality, made with extra
care by skilled craftsmen who have been in the trade for generations. The
company constantly updates its product range according to the market trends and
requirements using the latest technology and software in computer graphics.
Philosophy
With customer satisfaction
as its prime aim the company's management takes extra care to ensure the safe
delivery of the delicate and beautiful hand crafted objects. The company
welcomes small or bulk orders from around the globe.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.53 |
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1 |
Rs. 80.41 |
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Euro |
1 |
Rs. 54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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45 |
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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