MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Correct Name : |
STEER OVERSEAS PRIVATE LIMITED |
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Registered Office : |
103, Saheed Nagar, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.04.2004 |
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Com. Reg. No.: |
15-7568 |
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CIN No.: [Company
Identification No.] |
U51420OR2004PTC007568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BBNS02433E |
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PAN No.: [Permanent
Account No.] |
AAICS1552N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer, Trader and Dealer of all kinds of Minerals
or Allied Products such as Iron Ore, Manganese Ore, Mica, Alumina, Silica,
Granite, Silicon, Bauxite Powder, Zinc Oxide, Zinc Ingots and Block and
Tiles, Cotton and Cotton Yarn, China Clay, Feldspar, China Clay,
Pyroxenite, Quartz, Granite, Sand Stone, Slat, etc. |
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 9040 |
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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. Directors are reported as
experienced and respectable businessmen. Trade relations are 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 : |
103, Saheed Nagar, 2nd Floor, |
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Tel. No.: |
91-674-2541232 / 91-674-2402695 (Resident) |
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Mobile No.: |
91-943-7015557 |
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Fax No.: |
91-674-2541232 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jagdish Misra |
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Designation : |
Director |
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Address : |
313, Kharvela Nagar, 3rd Floor, Unit III, |
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Date of Birth/Age : |
28.02.1948 |
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Date of Appointment : |
16.04.2004 |
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Name : |
Mr. Sourav Misra |
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Designation : |
Managing Director |
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Address : |
55, Kharvela Nagar, |
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Date of Birth/Age : |
07.07.1979 |
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Date of Appointment : |
16.04.2004 |
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Name : |
Mr. Soham Misra |
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Designation : |
Director |
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Address : |
55, Kharvela Nagar, |
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Date of Birth/Age : |
01.07.1980 |
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Date of Appointment : |
30.09.2004 |
KEY EXECUTIVES
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Name : |
S. Khan and Associates |
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Designation : |
Company Secretary |
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Address : |
AT-Buns Galli, P O Buxi Bazar, |
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Tel. No.: |
91-671-2428602 |
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Mobile No.: |
91-9437311452 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Jagdish Misra |
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500 |
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Mr. Sourav Misra |
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500 |
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Mr. Soham Misra |
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500 |
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Mr. Binod Kumar Misra |
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500 |
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Seema Travel Agencies Private Limited |
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3000 |
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Baron Consultants Private Limited |
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2500 |
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Star Track Commodities Private Limited |
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2500 |
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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80.00 |
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Directors or Relatives of Directors |
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20.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer, Trader and Dealer of all kinds of
Minerals or Allied Products such as Iron Ore, Manganese Ore, Mica, Alumina, Silica,
Granite, Silicon, Bauxite Powder, Zinc Oxide, Zinc Ingots and Block and
Tiles, Cotton and Cotton Yarn, China Clay, Feldspar, China Clay,
Pyroxenite, Quartz, Granite, Sand Stone, Slat, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
-- |
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Bankers : |
State
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
SBN and Associates Chartered Accountants |
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Address : |
15, Deendayl Bhawan, 2nd Floor, Janapath, Ashoknagar, |
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Affiliation : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 million |
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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1.000 |
1.000 |
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2] Share Application Money |
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0.250 |
0.000 |
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3] Reserves & Surplus |
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1.010 |
0.891 |
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NETWORTH |
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2.260 |
1.891 |
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LOAN FUNDS |
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TOTAL BORROWING |
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0.000 |
0.000 |
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TOTAL |
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2.260 |
1.891 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.194 |
0.198 |
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Capital work-in-progress |
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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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0.349 |
0.000 |
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Sundry Debtors |
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0.152 |
0.384 |
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Cash & Bank Balances |
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0.980 |
0.134 |
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Loans & Advances |
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1.184 |
2.079 |
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Total
Current Assets |
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2.665 |
2.597 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.573 |
0.886 |
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Provisions |
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0.053 |
0.047 |
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Total
Current Liabilities |
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0.626 |
0.933 |
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Net Current Assets |
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2.039 |
1.663 |
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MISCELLANEOUS EXPENSES |
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0.026 |
0.030 |
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TOTAL |
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2.260 |
1.891 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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1.149 |
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Other Income |
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0.000 |
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Total Income |
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1.149 |
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Profit/(Loss) Before Tax |
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0.172 |
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Provision for Taxation |
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0.053 |
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Profit/(Loss) After Tax |
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0.119 |
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Total Expenditures |
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0.977 |
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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10.35 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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14.96 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.01 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.27 |
1.49 |
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Current Ratio (Current Asset/Current Liability) |
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4.25 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number (CIN) or foreign company registrations number of the company |
U51420OR2004PTC007568 |
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Name of the company |
STEER OVERSEAS PRIVATE LIMITED |
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Address |
103, Saheed Nagar, 2nd Floor, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property, book debts, movable property |
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Particular of the charge holder |
State
Bank of |
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Nature or description of the instrument creating charge |
Modification documents: 1 – Supplemental agreement of hypothecation of goods and assets for increase in the overall limit dated 19.06.2007 2 – letter regarding the grant of individual limit within the overall limits dated 19.06.2007 |
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Date of the instrument creating charge |
19.06.2007 |
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Amount Secure by the charge |
Rs. 62.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 2.75% less than SBAR Terms of repayment: on demand Margin: 20% Extent and operation of the charge: Cash Credit (Export Packing Credit) limit remains the same at Rs. 40.000 millions. Fresh Sanction of Bank Guarantee to the tune of Rs. 22.500 millions. Primirally secured against hypothecation of stock and book debts. Collaterally secured against pledge of fixed deposit of Rs. 5.000 millions (in the name of company) and Rs. 8.000 millions (in the name of Mr. Jagdish Misra, Mr. Soham Misra and Mr. Sourav Misra individually), extension of equitable mortgage of flat owned by Mr. Jagdish Misra and Mr. Soham Misra individually. |
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Description of the property charge whether it is a charge on |
N A |
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Modification charge Charge identification number of the charge to be modified |
10042996 |
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Date of instrument modifying the charge |
N A |
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Particulars of the Property charged |
Primirally secured against hypothecation of stock and book debts. Collaterally secured against pledge of fixed deposit of Rs. 5.000 millions (in the name of company) and Rs. 8.000 millions (in the name of Mr. Jagdish Misra, Mr. Soham Misra and Mr. Sourav Misra individually), extension of equitable mortgage of flat owned by Mr. Jagdish Misra and Mr. Soham Misra individually situated at 313, Kharvel Nagar, Bhubaneswar – 751 001, Orissa, India |
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Particular of the present modification |
Cash Credit (Export Packing Credit) limit remains the same at Rs. 40.000 millions. Fresh Sanction of Bank Guarantee to the tune of Rs. 22.500 millions. |
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.39.87 |
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1 |
Rs.80.11 |
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Euro |
1 |
Rs.56.19 |
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 |
4 |
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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 |
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 |
YES |
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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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