MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
LOFTY LABORATORIES PRIVATE LIMITED |
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Registered Office : |
HIG – 148, KPHB Colony, Kukatpally, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.2004 |
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Com. Reg. No.: |
042339 |
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CIN No.: [Company
Identification No.] |
U24239AP2004PTC042339 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDL01513B |
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PAN No.: [Permanent
Account No.] |
AAACL9492J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Bulk Drugs, Phthaloyl AML |
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 23340 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company and yet to establish itself. The
company has incurred some initial losses. Trade relations are reported as
fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
HIG – 148, KPHB Colony, Kukatpally, |
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Tel. No.: |
91-40-23155743 / 23040202 |
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Mobile No.: |
91-9949997771 |
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Fax No.: |
91-40-23155743 |
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E-Mail : |
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Factory : |
Plot No. 234,
Phase – 2, IDA, Pashamylaram, Patancheru, Medak District, |
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Branch : |
Flat No. 401, Block No. 1, R B R Complex, Mijapur, |
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DIRECTORS
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Name : |
Mr. Peddamallu Raja Reddy |
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Designation : |
Managing Director |
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Address : |
HIG – 148, KPHB Colony, Kukatpally, |
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Date of Birth/Age : |
05.04.1962 |
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Date of Appointment : |
01.01.2004 |
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Name : |
Mr. Moramreddy Ramachandra
Reddy |
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Designation : |
Director |
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Address : |
237, Flat: 103, |
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Date of Birth/Age : |
16.05.1965 |
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Date of Appointment : |
01.01.2004 |
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Name : |
Mr. Gajjala Chadra Sekhar Reddy |
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Designation : |
Director |
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Address : |
No. 49, Brudavan Colony, Extension, |
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Date of Birth/Age : |
16.06.1967 |
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Date of Appointment : |
10.01.2004 |
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Name : |
Mrs. P Sabari |
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Designation : |
Director |
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Name : |
Mr. R Sreenadha Reddy |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. M Joji Reddy |
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Designation : |
Company Secretary |
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Address : |
SRT 351, Sanath Nagar, |
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91-9440482713 |
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E - Mail : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Peddamallu Raja Reddy |
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59500 |
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Mr. Moramreddy Ramachandra Reddy |
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500 |
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Mr. Gajjala Chadra Sekhar Reddy |
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30000 |
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Mr. P Muralinatha Reddy |
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10000 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Bulk Drugs, Phthaloyl AML |
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GENERAL INFORMATION
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Bankers : |
State Bank of ICRIS, Pattancheru Branch, Medak District, E-Mail: patancherusbh@yahoo.co.in A/c. No. 62006871380 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
MSPR and Company Chartered Accountants |
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Address : |
MIG – 6 / A, Street No. 3, B.K. Guda, S.R. Nagar, Hyderabad – 500072,
Andhra Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.500 |
5.500 |
1.000 |
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2] Share Application Money |
5.652 |
4.167 |
1.626 |
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3] Reserves & Surplus |
(5.315) |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.837 |
9.667 |
2.626 |
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LOAN FUNDS |
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1] Secured Loans |
13.067 |
4.629 |
0.000 |
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2] Unsecured Loans |
4.837 |
0.000 |
0.000 |
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TOTAL BORROWING |
17.904 |
4.629 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.200 |
0.000 |
0.000 |
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TOTAL |
23.941 |
14.296 |
2.626 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.290 |
0.708 |
0.709 |
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Capital work-in-progress |
0.000 |
10.768 |
0.070 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.275
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1.042 |
0.000 |
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Sundry Debtors |
13.470
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0.000 |
0.000 |
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Cash & Bank Balances |
0.020
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0.018 |
0.219 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.992
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2.390 |
1.191 |
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Total
Current Assets |
20.757
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3.450 |
1.410 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.117
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3.201 |
0.015 |
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Provisions |
0.018
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0.015 |
0.000 |
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Total
Current Liabilities |
13.135
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3.216 |
0.015 |
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Net Current Assets |
7.622
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0.234 |
1.395 |
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MISCELLANEOUS EXPENSES |
0.029 |
2.586 |
0.452 |
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TOTAL |
23.941 |
14.296 |
2.626 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.25
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0.33 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.07 |
94.0 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
LOFTY LABORATORIES PRIVATE LIMITED |
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Presented
By |
Shri P Raja
Reddy, Managing Director |
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1) Date and description of instrument creating the change |
Memorandum
deposit of title deeds dt.31.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.7.875 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1. Land
admeasuring 3375sq.mtrs. Covered by Plot No. 234, phase – 2, Pashamylaram,
Patancheru, Medak District, together
with buildings, constructed thereon plant and machinery as mentioned in the
deed of hypothecation |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term loan of
Rs.7.875 millions shall be repaid in 23 quarterly installments i.e. 1st
installment of at Rs.0.395 million and next 22 installments @ Rs.0.340
million each with interest at 13.75% p.a. gross with penal interest 2%pa |
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5) Name and Address and description of the person entitled to the charge. |
Managing Director APSFC |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U24239AP2004PTC042339 |
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Name of the
Company |
LOFTY LABORATORIES PRIVATE LIMITED |
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Address |
HIG – 148, KPHB Colony, Kukatpally, |
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This form is for |
Modification of
charges |
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Type of Charge |
Book Debts and
others |
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Particulars of
the charge holder |
State Bank of Patancheru Branch,
Medak District, E – Mail: patancherusbh@yahoo.co.in |
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Amount secured by
the charge |
Rs.10.000
millions |
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Brief of the
principal terms and conditions |
Rate of interest: 11.5%p.a Terms of
Repayment Repayable on
demand Margin Margin for fund
and non fund based 25% Extent and
operation of the charge First charge on
all the current assets of the company (Present and Future) Second charge on
al the directors of the company, financed by APSFC Third party
guarantee of Smt. P. Sabari W / o. P. Raja Reddy, HIG 148, Phase 1, KPHB
Colony, Kulkatpally, Other Terms and
Conditions as per sanction letter |
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Brif description of
the instrument modifying the charge under section |
1. Agreement of
loan for overall limit as per form C.1 2. Agreement of
hypothecation of goods and assets as per form C2 3. Agreement of
pledge of goods and assets as per form C3 4. Deed of
guarantee for overall limit as per form C4 5. Letter
regarding the grant of individual limits within the overall limit as per form
C5 6. Counter
indemnity 7. Borrowers
consent for disclosure and guarantor consent 8. sanction
letter along with resolution |
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Date of Instrument
creating or modifying the charge |
13.01.2007 |
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Particular of the
present modification |
Modification of
working capital limits Rs.10.000 millions Nature facility Cash Credit 5.000 Letter of
Credit 4.000 Bank
Guarantee 1.000 Total Limits 10.000 |
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 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.39.33 |
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1 |
Rs.79.74 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
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 |
2 |
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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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27 |
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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