MIRA
INFORM REPORT
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Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOODRICH AEROSPACE SERVICES PRIVATE LIMITED |
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Registered Office : |
Sy No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody Village,
Kr Puram,. Hobli, Bangalore – 560 048, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.10.1996 |
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Com. Reg. No.: |
21237 |
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CIN No.: [Company
Identification No.] |
U85110KA1996PTC021327 |
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IEC No.: |
x0796010251x |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG03614C |
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PAN No.: [Permanent
Account No.] |
AAACB8857H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of maintenance services for aircraft safety and evacuation
systems. |
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 427000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established subsidiary of Goodrich Corporation,
USA. Available information indicated high financial responsibility of the company.
Their trade relations are fair. Financial position is good. Payments are
correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms. |
LOCATIONS
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Registered Office : |
Sy No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody
Village, Kr Puram,. Hobli, Bangalore – 560 048, Karnataka |
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Tel. No.: |
91-80-55160700 |
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E-Mail : |
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Website : |
http://www.goodrich.com |
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Corporate Office : |
117 5th Main Industrial , Suburb Yeshwanthpur II stage,
Bangalore – 560 022 |
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Tel. No.: |
91-80-28371665 /8378120 |
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Fax No.: |
91-80-8371664 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Allan Chalmers |
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Designation : |
Additional director |
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Address : |
1455, Briangrove Way, Oldsmar, Florida – 34677, NA, US |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
28.06.2006 |
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Name : |
Mr. James Arthur Mepham |
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Designation : |
Additional director |
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Address : |
9113, Monarchos Way Waxham , NC – 34677, Na |
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Date of Birth/Age : |
03.08.1964 |
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Date of Appointment : |
28.06.2006 |
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Name : |
Mr. Christine Probett |
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Designation : |
Director |
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Address : |
1100, Adella Ave, # 29, Coronado, California – 8612, NA, US |
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Date of Birth/Age : |
04.04.1960 |
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Date of Appointment : |
12.02.2001 |
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Name : |
Mr. Christopher Anil Rao |
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Designation : |
Director |
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Address : |
68, Old # 19, Stephens Road, Fraser Town, Bangalore – 560 005,
Karnataka |
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Date of Birth/Age : |
10.08.1964 |
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Date of Appointment : |
25.01.2001 |
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Name : |
Mr. Steve Chalmers |
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Designation : |
Director |
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Address : |
1455, Briangrove Way, Oldsmar, Florida – 34677, NA, US |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
28.06.2006 |
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Name : |
Mr. Thomas Andrew Mepham |
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Designation : |
Director |
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Address : |
Pinnacle Town Center , # 1129, 1601, Highland Avenue, Phoenix, AZ –
85016 |
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Date of Birth/Age : |
03.08.1964 |
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Date of Appointment : |
28.06.2006 |
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Name : |
Mr. Russell Raymond Murdaugh |
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Designation : |
Director |
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Address : |
40114 N Majesty Trail, Anthem,
Arizon – 85086, USA |
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Date of Birth/Age : |
31.03.1966 |
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Date of Appointment : |
10.11.2004 |
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Name : |
Mr. William Norgen |
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Designation : |
Director |
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Address : |
# 26 E, Pebble Beach Dr Tempe, Arizona – 85282 |
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Date of Birth/Age : |
06.05.1954 |
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Date of Appointment : |
30.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Goodrich Corporation |
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1246474 |
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Goodrich Aerospace PTE Limited
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1 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of maintenance services for aircraft safety and evacuation
systems. |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
NA |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
“Divyasree Chambers” , A Wing , 2nd Floor, Langford Road,
Bangalore – 560 025, Karnataka |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity shares |
Rs. 10/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1246475 |
Equity shares |
Rs. 10/- each |
Rs.12.464
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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12.465 |
12.465 |
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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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94.285 |
79.693 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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106.750 |
92.158 |
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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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0.000 |
0.000 |
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TOTAL |
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106.750 |
92.158 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.374 |
9.139 |
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Capital work-in-progress |
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24.838 |
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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40.897 |
23.037 |
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Sundry Debtors |
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66.409 |
37.295 |
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Cash & Bank Balances |
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24.938 |
31.844 |
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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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13.557 |
13.719 |
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Total
Current Assets |
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145.801 |
105.895 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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82.509 |
19.309 |
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Provisions |
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3.754 |
3.567 |
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Total
Current Liabilities |
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86.263 |
22.876 |
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Net Current Assets |
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59.538 |
83.019 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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106.750 |
92.158 |
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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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100.000 |
90.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.55 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.69 |
4.62 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to the aerospace, defense and homeland security markets. With annual revenues of $5.9 billion, Goodrich is headquartered in Charlotte, North Carolina, and employs more than 23,000 people worldwide in over 90 facilities across 16 countries.
Subject offers an extensive range of products, systems and
services for aircraft and engine manufacturers, airlines and defense forces
around the world. The company's transformation into one of the globe's largest
aerospace companies has been driven by strategic acquisitions and internal
growth fueled by innovation and quality. From aero structures and actuation
systems to landing gear, engine control systems, sensors and safety systems,
Goodrich products are on almost every aircraft in the world.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.39 |
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UK Pound |
1 |
Rs.81.31 |
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Euro |
1 |
Rs.57.44 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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
|
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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