MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SIDDHARTH MECHANICAL WORKS PRIVATE LIMITED |
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Registered Office : |
W- 215, ‘S’ Block, MIDC, Behind Century Enka, Bhosari,
Pune - 411 026, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.06.1995 |
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Com. Reg. No.: |
90006 |
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CIN No.: [Company
Identification No.] |
U29309MH1995PTC090006 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters and Importers of general Engineering
Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
W- 215, ‘S’ Block, MIDC, Behind Century Enka, Bhosari,
Pune - 411 026, |
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Tel. No.: |
91-20-27129027 / 27119552 |
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Fax No.: |
91-20-27128281 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Siddharth J. Shah |
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Designation : |
Director |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Post Graduate |
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Name : |
Mr. Janak Shah |
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Designation : |
Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Mehul Shah |
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Designation : |
Director |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of general Engineering
Products |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit [30 days] |
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Purchasing : |
Cash and Credit [30 days] |
GENERAL INFORMATION
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Customers : |
OEM’s and Manufacturers
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No. of Employees : |
80 |
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Bankers : |
Bank of Bhawani Peth Branch, Pune |
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Facilities : |
Cash Credit Rs. 0.500 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M R Dharod and Company Chartered Accountants |
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Address : |
Pune, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000
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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3.000 |
1.475 |
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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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5.781 |
2.334 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.781 |
3.809 |
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LOAN FUNDS |
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1] Secured Loans |
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1.682 |
0.211 |
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2] Unsecured Loans |
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TOTAL BORROWING |
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1.682 |
0.211 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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10.463 |
4.020 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.711 |
4.033 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.511 |
0.011 |
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DEFERREX TAX ASSETS |
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0.000 |
0.240 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Current Assets |
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10.530 |
4.541 |
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Loans & Advances |
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5.983 |
0.765 |
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Total
Current Assets |
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16.513 |
5.306 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.170 |
4.165 |
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Provisions |
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2.109 |
1.413 |
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Total
Current Liabilities |
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15.279 |
5.578 |
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Net Current Assets |
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1.234 |
[0.272] |
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MISCELLANEOUS EXPENSES |
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0.007 |
0.008 |
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TOTAL |
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10.463 |
4.020 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
Around 40.000 |
30.137 |
11.969 |
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Other Income |
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5.855 |
1.950 |
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Total Income |
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35.992 |
13.919 |
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Profit/(Loss) Before Tax |
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5.406 |
0.917 |
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Provision for Taxation |
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1.719 |
0.516 |
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Profit/(Loss) After Tax |
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3.687 |
0.401 |
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Expenditures : |
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Material Cost and Manufacturing
Expenses |
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29.996 |
10.943 |
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Depreciation & Amortization |
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0.594 |
0.548 |
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Other Expenditure |
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1.360 |
1.287 |
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Total Expenditure |
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31.950 |
12.778 |
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Expected Sales (2007-08) : Around Rs.60.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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10.24 |
2.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.94 |
7.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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21.43 |
9.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.62 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.93 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
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1.08 |
0.95 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Introduction
Subject has garnered a very special place in
the eyes of its esteemed customers on the sheer capability to excel in the super
specialised occupation through innovation, reliability and quality.
While
offering an extensive range of manufacturing and fabrication services under
single roof subject is rapidly gaining the prestigious
distinction of being a One-Stop-Job-Shop, where precision is the first &
the only priority.
Strong,
customer-focused approach and the constant pursuit for premium quality have
enabled subject to attain and sustain leadership in its business over a
period of two decades.
Subject
boasts its experienced technocrats and trained workforce, which has always been
vying to stand out and be counted while keeping one eye on the fast changing
technologies and trying to incorporate them rightfully.
Organisation
Subject
was founded in the late 80s to offer engineering services to the
wide variety of industries. Catering to the clientele of nearly 50 companies
engaged in variety of sectors like Boiler manufacturing, Heat exchanger, heavy
fabrication, Pressure vessels, Dairy equipments, Automobiles, subject has always
marked its presence with commitments fulfilled exceeding their expectations.
subject shop
floor is well equipped with the best and latest in production technology to
adhere to the stringent & uncompromising quality norms.
Vision
To
become the market leader by integrating latest technologies & technical
expertise with customers quality and delivery expectations, functioning as a
premium quality One-Stop-Job-Shop.
Subject is committed to
- Provide extensive range of engineering
(Manufacturing & Fabrication) services to meet the expectations of
clients.
- Manufacture quality products meeting
strictest quality norms at Siddharth Mechanical Works Private Limited as
well as customer end.
- Incorporate advanced technologies &
integrating them seamlessly with existing systems to enhance quality of
products and services.
- Cater and hunt for niche markets
persistently to ensure profitability.
- Nurture competitive yet harmonious
working environment.
Undertaking job-work for Sheet Metal Products for variety of
materials like SS, MS, AL, Cu, with thickness ranging from 0.5 mm to 13mm SMWPL
has evolved as a “trusted and established” name. The special facility for
toughening of sheets as well as jacket forming along with punching, rolling and
welding adds the much-sought value to the sheet metal jobs.
The
facility of bending material like M.S. up to 6mm thick and 4 Meters length with
an accuracy of ±0.5mm. suitably compliments additional services portfolio
Subject also offers host of services like Sheet Metal
Fabrication, Panel Casing, Electrical Panel, Bucket, Elevator, Pallet Truck,
Material Handling Truck, Boiler Casing, Casing, Casing for Lift, Door Section
Painting Booth Panel, General & Heavy fabrication. In house die making
facility caters to the wide variety of tooling requirement of the customers.
SS products:-
SS
Column Cladding
Be it square or round, ensuring marvelous, grand entrance is
what they have done with SS claded columns. With primary intention of
accomplishing that 'sleek & shiny' look for years together, low maintenance
cost is the consequential benefit.
SS
Cladding On Column & Cealling
Cladding walls & cealling with one eye on improving the
functionality and another on aesthetic sensibility, they have achieved success
on both the fronts.
SS
Railing & Flooring
Amazing range of shapes to compliment the variety of wall
profiles, gelling seamlessly with the decor of the place, enriching the
stairways with lot of options to choose from.
SS
Furniture & Equipments
Stylish display units for shopping malls with latest trends
and flexibility to support space management. Custom made Lab equipments to suit
the purpose.
SS
Cladding On Wall
Cladding walls & cealling with one eye on improving the
functionality and another on aesthetic sensibility, they have achieved success
on both the fronts.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.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 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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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