MIRA
INFORM REPORT
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Report Date : |
11.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PNEUCON BRAKES PRIVATE LIMITED |
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Registered Office : |
39 and 40/2, Gowdanpalya, Subramanyapura, P.O. , |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.01.1981 |
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Com. Reg. No.: |
4077 |
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CIN No.: [Company
Identification No.] |
U85110KA1981PTC004077 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP01393A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and suppliers of Brakes parts |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 12572 |
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Status : |
Small company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track record.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
39 and 40/2, Gowdanpalya, Subramanyapura, P.O. , |
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Tel. No.: |
91-80-26660731 / 6660731 |
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Fax No.: |
91-80-26662812/ 6662812 |
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E-Mail : |
rapsriwblr.vsnl.in |
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Corporate Office : |
No.536, Ground floor, 42nd Cross, Jayanagar, 8th
Block, |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. D Panduranga Rao |
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Designation : |
Director |
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Address : |
#14, 8th Cross, 11th Main S T Bed, Friends
Colony, 4th Block, Kormangala, |
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Name : |
Mr. K Srinivasan |
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Designation : |
Director |
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Address : |
25/39, 3rd Floor Cross Basavagudi, |
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Date of Birth/Age : |
04.07.1940 |
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Date of Appointment : |
13.01.1981 |
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Name : |
Mr. P K Rajaram |
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Designation : |
Director |
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Address : |
465 Upper Palace, Orchards 11th Cross, 5th Main
Sadashiva Nagar, |
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Date of Birth/Age : |
22.12.1928 |
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Date of Appointment : |
02.01.1987 |
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Name : |
Mr.B Krishnaraj |
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Designation : |
Director |
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Address : |
9/11, 7th Block West Yediyur, |
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Date of Birth/Age : |
04.10.1939 |
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Date of Appointment : |
15.02.1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vijaya Sriram |
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9000 |
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Mr. Ramya Sriram |
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1000 |
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Total
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10000 |
Equity Share Break – up (Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Director |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and suppliers of Brakes parts. |
GENERAL INFORMATION
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Bankers : |
Canara Bank Address:
Jayanagar Shopping Complex, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Hariharn and Company Chartered Accountants |
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Address : |
#133, 26th Cross, 3rd Main , 6th
Block, Jayanagar, |
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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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50000 |
Equity shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity shares |
Rs.10/- each |
Rs.0.500 million |
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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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0.500 |
0.500 |
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2] Share Application Money |
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2.336 |
2.050 |
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3] Reserves & Surplus |
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0.307 |
0.032 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.143 |
2.582 |
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LOAN FUNDS |
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1] Secured Loans |
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3.323 |
4.145 |
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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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3.323 |
4.145 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.466 |
6.727 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.148 |
5.832 |
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Capital work-in-progress |
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0.075 |
0.051 |
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INVESTMENT |
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0.130 |
0.131 |
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DEFERREX TAX ASSETS |
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0.114 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.845 |
0.726 |
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Sundry Debtors |
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1.109 |
0.932 |
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Cash & Bank Balances |
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0.004 |
0.017 |
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Other Current Assets |
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0.085 |
0.023 |
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Loans & Advances |
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0.031 |
0.057 |
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Total
Current Assets |
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2.074 |
1.755 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.069 |
1.042 |
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Provisions |
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0.006 |
0.000 |
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Total
Current Liabilities |
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1.075 |
1.042 |
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Net Current Assets |
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0.999 |
0.713 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.466 |
6.727 |
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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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Reserve and
surplus |
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General Reserve |
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As per last Balance sheet |
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0.030 |
0.030 |
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Add: transfer from P & L |
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0.100 |
0.000 |
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Total |
0.130 |
0.030 |
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Profit and Loss A/C |
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Surplus in P&L A/C |
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0.177 |
0.002 |
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Total
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0.307 |
0.032 |
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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1.39 |
2.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.92 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U04138KA1981PTC004077 |
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Name of the company |
M/s Pneucon Brakes Private Limited |
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Address |
#39 and 40, Gowdanapalya, Subramanya Pura Post, |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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Canara Bank Address: Jayanagar Shopping Complex, |
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Nature or description of the instrument creating charge |
Agreement Re: Collateral Security:
Machinery: Vehicles |
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Date of the instrument creating charge |
07.03.2006 |
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Amount Secure by the charge |
Rs.0.100 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: 1.25%p.a over and above ongoing PLR (or at such rates as may be revised
by the bank from time to time) with a minimum of 12 p.a compounded monthly /
periodical Rest/s and or at such rates / and rests as may be specified by the
bank from time to time Repayment: On Demand |
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Description of the property charge whether it is a charge on |
· Plant and machinery · Furniture and fixtures · Vehicles · Book debts · Stock in trade · Others |
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Particulars of the Property charged
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Hypothecation on all plant and machinery · (Vertical Milling machine · HMT Universal Milling Machine ·
· Junior Lathe · Gang Drilling with 3 Head · Deckel milling Cum Drilling Machine · Bhurji Surface Drilling Machine · Bench Grinding Machine · Vertical Machining Centre) Tools and accessories, motor
Vehicles, Tools and accessories stored at # 39 and 40 Gowdanapalya, Subramanya Pura Post,
Bangalore- 560 061 |
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 |
6 |
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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 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
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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33 |
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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