MIRA
INFORM REPORT
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Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
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Name : |
OFS INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
126, Damji Shamji Udyog Bhavan, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
15.12.1983 |
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Com. Reg. No.: |
31573 |
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CIN No.: [Company
Identification No.] |
U74999MH1983PTC031573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO02802C |
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PAN No.: [Permanent
Account No.] |
AAACO0648K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers, distributors, traders, agents and representative for
buying and selling of collaborators, merchandises, stockists, warehousers and
transporters of oilfield equipments |
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. |
Small |
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Maximum Credit Limit : |
USD 82272 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an old company, but its latest financials are missing with
the government registry. We spoke to the management, but they declined to part
with any information. Nothing much could be said about the subject in view of
non-availability of latest financials. The company can be considered for small to mediocre business dealings,
with slight caution initially. |
LOCATIONS
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Registered Office / Head Office: |
26,126, Damji Shamji Udyog Bhavan, |
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Tel. No.: |
91-22-6368685 / 6368688 / 26735054 / 66756451 |
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Telefax: |
91-22-26735065 |
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Fax No.: |
91-22-6359044 / 26734901 |
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E-Mail : |
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Website : |
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Branches : |
Ø
Ø
Ø
Dehradun Ø
Chennai Ø
Trichur Ø
Ø
Ø
Kolkata Ø
Ø
Mumbai |
DIRECTORS
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Name : |
Mr. O K Augusty |
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Designation : |
Managing Director and Chief Executive
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Name : |
Mr. O K Jose |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Eisy Antony Mangalapatty |
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5 |
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Mr. O K Kunjipaly |
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10 |
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Mr. O K Augusty |
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935 |
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Mr. O K Jose |
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25 |
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Mrs. Gevan Florence Augusty Ollukaran |
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525 |
BUSINESS DETAILS
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Line of Business : |
Dealers, distributors, traders, agents and representative for
buying and selling of collaborators, merchandises, stockists, warehousers and
transporters of oilfield equipments |
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Products : |
Software Ø
Autmated Interactive Voice Response System
(AIVRS) Ø
Asset Maintenance Management System for Manufacturing
and Process Industries Ø
Vessel Data Management System for Marine Industry Ø
Leased Circuit Data Management System for Telecom
Industry Water Treatment Ø
Reverse Osmosis system
(Buboo) Ø
Sand Filters Ø
UV Sterilizers Ø
Micro Filters and Activated Carbon Filters Ø
Housings Ø
Packaged Plants Services Ø
Oil / Gas Field Management Ø
and M of Power Plants Ø
Communication and Radio Officers Ø
Control System Integration Ø
Cementing and Production Testing Services Ø
Liasoning Ø
Requirement based software solution development Ø
Website and internet application |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
HDFC Bank Limited, Mumbai Federal Bank |
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Facilities : |
No credit facility enjoyed |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Girish Watve and Associates Chartered Accountants |
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Tel. No.: |
91-22-26205757 |
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Associates/Subsidiaries : |
Ø
Spectrum Engineers Private Limited Ø
OFS Engineering Private Limited Ø
OFS Textiles Private Limited Ø
Camcon Engineering Private Limited Ø
Olukaram Ceramics Private Limited Ø
Pay Drill Engineering Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 10/-
each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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Around 45.500 |
Around 40.000 |
Expected Sales (2008) :Around Rs.20.000 – 30.000 millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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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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10.568 |
9.335 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.568 |
19.335 |
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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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0.300 |
0.000 |
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TOTAL BORROWING |
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0.300 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.184 |
0.239 |
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TOTAL |
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21.052 |
19.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.919 |
17.927 |
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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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3.602 |
2.601 |
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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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0.451 |
1.436 |
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Sundry Debtors |
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10.635 |
6.599 |
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Cash & Bank Balances |
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7.505 |
10.932 |
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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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6.306 |
5.324 |
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Total
Current Assets |
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24.897 |
24.291 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.366 |
25.245 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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24.366 |
25.245 |
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Net Current Assets |
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0.531 |
(0.954) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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21.052 |
19.574 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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36.525 |
110.677 |
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Total Income |
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36.525 |
110.677 |
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Profit/(Loss) Before Tax |
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1.668 |
4.228 |
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Provision for Taxation |
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0.434 |
1.640 |
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Profit/(Loss) After Tax |
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1.234 |
2.588 |
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Expenditures : |
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Interest |
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0.394 |
1.168 |
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Depreciation & Amortization |
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1.518 |
1.566 |
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Other Expenditure |
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3.328 |
69.747 |
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Total Expenditure |
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5.240 |
72.481 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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3.37 |
0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.56 |
3.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.98 |
10.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.19 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.02 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 15th December,
1983 at Mumbai in
Business
The company acts as dealers, distributors, traders, agents and representative for buying and selling of collaborators, merchandises, stockists, warehousers and transporters of oilfield equipments
It also renders engineering consultancy services as engineering consultants in the field of oilfields.
During the year 1998-99, the turnover of the company was Rs. 30.640 millions as against Rs. 21.834 millions in the year 1997-98. The net profit was Rs. 1.508 millions as against Rs. 0.751 million in the year 1997-98.
No imports and exports at present lastly imported in March
2006 from
The name board of the company could be sighted. The visibility of the name board is high. It is easy to locate the office of the company.
Fixed Assets:
Ø Property Development
Ø Land And Property
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Farm House At
Ø Telephone
Ø Computers
Ø Printer
Ø Electronic Typewriter
Ø Refrigerator
Ø Telex Machine
Ø Motor Car
Ø Office Equipment
Ø Office Premises
Ø Equipments
Ø Plant & Machinery
Ø Electrical Fittings
Ø Fax Machine
Ø Furniture & Fixtures
Ø Air Conditioners
Awards and Achievements:
Ø Certified Eagle Quantum Integrator Certificate
Ø Performance Certificates from Oil India Limited
Ø Performance Certificates from ONGC (F and G Detection System)
Ø Project Completion Certificates from ONGC (O and M of Power Plant)
Trade References:
Ø
Oil
India Ltd.
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Oil
& Natural Gas Corporation Ltd. (ONGC)
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Cairn
Energy India Pty Limited
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Hindustan
Oil Exploration Company Ltd.
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Government
of
Ø
Government
of
Ø
Government
of Maharashtra,
Ø
Consolidated
Dyg. Co. Ltd.,
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Global
Services
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Kerala
Water Authority, Ph Div.Kannur
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Kerala
Water Authority, Sultan Bathery
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Kerala
Water Authority, Perumbavoor
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M.B.C.
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Dewan
Puthur Panchayat, Pollachi
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Kerala
Water Authority, Memon
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Kerala
Water Authority, Palakkad
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Fair
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Sopanam
Hotel, Guruvayur
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Ø
Centre
of Science and Technology for Rural Development, Agali
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.39.79 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.56.41 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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. |
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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