MIRA
INFORM REPORT
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Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
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Name : |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
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Registered Office : |
Nirlon House, 5th
Floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1927 |
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Legal Form : |
Co-Operative
Bank |
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Line of Business : |
Banking
Activities |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 250088 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old
established cooperative bank having fine track. Board of directors comprise
with respectable and educated Parsees who are honest and conservatives. Their
trade relations are fair. Payments are correct and as per commitments. The society can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered & Central Office : |
Nirlon House, 5th
Floor, |
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Tel. No.: |
91-22-66661010 |
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Fax No.: |
91-22-66661810 |
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E-Mail : |
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Website : |
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Processing & Administrative Office: |
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Tel. No.: |
91-22-22665617/
5937/ 22630458/ 0459/ 22691363/ 22696050 |
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E-Mail : |
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Branches : |
Tel. No.: 91-22-2204 9074 / 2287 6729 / 30 Fax No.: 91-22-2287 6737 Email: zcblmmb@vsnl.com Tardeo Branch Andheri Branch Pune Branch Mahim Branch Thane Branch Bandra Branch Dadar Branch Lokhandwala Branch Borivali Branch Extension Counter
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DIRECTORS
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Name : |
Mr. H.S. Kohina |
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Designation : |
Chairman |
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Name : |
Mrs. Shernaz D
Mehta |
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Designation : |
Vice Chairman |
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Name : |
Mr. Homa D. Petit
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Designation : |
Director |
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Name : |
Mr. Rustom D.
Irani |
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Designation : |
Director |
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Name : |
Mr. Tehmton M.
Davar |
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Designation : |
Director |
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Name : |
Mr. Dara K. Irani
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Designation : |
Director |
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Name : |
Mr. Firdos T.
Shroff |
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Designation : |
Director |
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Name : |
Mr. Villoo N.
Cama |
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Designation : |
Director |
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Name : |
Mr. Jimmy N.
Panthaky |
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Designation : |
Director |
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Name : |
Mr. Cowasjee N.
Dinshaw |
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Designation : |
Director |
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Name : |
Mr. Dadi K.
Contractor |
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Designation : |
Director |
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Name : |
Mr. Percy B.
Chhapgar |
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Designation : |
Director |
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Name : |
Mr. Kurush N.
Gandhi |
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Designation : |
Director |
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Name : |
Mrs. Arnavaz A.
Patel |
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Designation : |
Director |
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Name : |
Mr. Yazdi B.
Tantra |
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Designation : |
Director |
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Name : |
Mr. Dhanoo. H.
Khusrokhan |
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Designation : |
Director |
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Name : |
Mr. Nandkumar K.
Satpute |
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Designation : |
Director |
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Name : |
Mr. Aspi A.
Kerawalla |
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Designation : |
Employee |
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Name : |
Mr. Tukaram S.
Pawar |
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Designation : |
Employee |
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Name : |
Mr. Farikh K. Banatwalla
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Designation : |
Managing Director
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Name : |
Mr. Aspi N.
Katgara |
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Designation : |
General Manager |
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Name : |
Mr. Noshir G.
Paghdiwalla |
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Designation : |
Board Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Individual &
Proprietors |
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1566306 |
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Firms, Co.s
(Inclusive Others) |
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771377 |
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Total: |
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2337683 |
BUSINESS DETAILS
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Line of Business : |
Banking
Activities |
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GENERAL INFORMATION
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Bankers : |
Reserve Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. S. B. Bulsara Chartered
Accountant |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2800000 |
Equity Shares |
Rs. 25/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500880 |
Equity Share |
Rs.25/- each |
Rs.62.522
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Capital |
62.522 |
58.442 |
54.633
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Reserves and Surplus |
521.441 |
455.429 |
390.948
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Deposits |
3851.448 |
3330.949 |
2867.412 |
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Borrowings |
0.000 |
0.000 |
0.000
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Other Liabilities & Provisions |
234.372 |
157.716 |
180.068 |
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TOTAL |
4669.783 |
4002.536 |
3493.061
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Cash & Balances with RBI |
245.728 |
177.394 |
180.011 |
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Balances with Banks & money at Call & Short Notice
|
274.398 |
218.160 |
314.765 |
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Investments |
1654.659 |
1582.970 |
1270.890 |
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Advances |
2161.744 |
1765.547 |
1457.165 |
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Fixed Assets |
88.678 |
98.162 |
108.862 |
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Other Assets |
244.576 |
160.303 |
161.368 |
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TOTAL |
4669.783 |
4002.536 |
3493.061
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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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Interest Earned |
344.353 |
304.468 |
286.801 |
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Other Income |
9.970 |
3.335 |
3.130 |
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TOTAL |
354.323 |
307.803 |
289.931 |
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Interest expended |
204.627 |
179.813 |
158.700 |
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Operating Expenses |
60.102 |
57.227 |
52.800 |
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Provisions & Contingencies |
0.000 |
0.000 |
0.000 |
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TOTAL |
264.729 |
237.040 |
211.500 |
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Net Profit for the year |
85.202 |
70.763 |
78.431 |
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Prior Year Adjustments |
0.000 |
0.000 |
0.000 |
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Profit brought forward |
0.000 |
0.000 |
0.000 |
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TOTAL |
85.202 |
70.763 |
78.431 |
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Transfer to Statutory Reserves |
3.788 |
6.028 |
8.507 |
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Transfer to Other Reserves |
20.496 |
61.117 |
65.385 |
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Proposed Dividend / Transfer to Government |
0.000 |
0.000 |
0.000 |
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Balance c/f to Balance Sheet |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.284 |
70.763 |
78.431 |
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Equity Dividend (%) |
15.00 |
15.00 |
15.00 |
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Earning Per Share (Rs.) |
NA |
30.31 |
35.94 |
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Book Value |
NA |
235.70 |
218.410 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Credit Deposit Ratio |
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51.99 |
51.61 |
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Investment Deposit Ratio |
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46.04 |
40.41 |
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Cash Deposit Ratio |
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5.77 |
6.18 |
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Interest Expended/Interest Earned |
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59.67 |
55.90 |
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Other Income/Total Income |
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2.11 |
2.10 |
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Operating Expense/Total Income |
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18.58 |
18.21 |
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Interest Income/Total Funds |
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8.04 |
8.74 |
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Interest Expended /Total Funds |
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4.80 |
4.88 |
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Net Interest Income/Total Funds |
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3.24 |
3.85 |
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Non Interest Income/Total Funds |
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0.17 |
0.19 |
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Operating Expense/Total Income |
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1.53 |
1.62 |
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Profit Before Provisions/Total Funds |
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|
1.89 |
2.42 |
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Net Profit/Total Funds |
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1.89 |
2.42 |
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Return On Net Worth(%) |
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13.78 |
17.90 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE:
Subject was registered on 17th June, 1927 as a Co-operative
Credit Bank governed under the then Bombay Act VII of 1925. The Deputy
Registrar thereafter granted permission on 1st July, 1987 to change the name of
the Bank to The Zoroastrian Co-operative Bank Ltd. The Bank thereafter obtained
licence to carry on banking business under Section 56 of the Banking Regulation
Act on 16th February, 1994.
The Bank has thereafter made considerable progress under all parameters of banking business and have effectively rendered banking facilities to its Shareholders and Clients of all communities within the framework of Banking Regulations. What identifies the Bank as distinct from its competitors is a high level of personalised services and effective catering to the need-based requirement of its constituents hailing from all the strata of society.
The Board of Directors and Senior Management comprises of professionals with varied experience in the field of banking and their individual as well as collective acumen has culminated in gaining the trust of its clientele. The across-the-counter service rendered by trained Staff coupled with the Bank being equipped with state-of-the-art technology can be compared to the best available in the industry.
The Bank has widespread its reach by way of effective tie-ups with leading Institutions and Banks under Agency Arrangements. The Bank has also introduced innovative products to cater to the various sections of society for their financial needs.
Presently,
the Bank has ten Branches located at various strategic centres in the city of
The Net Non Performing Assets continue to be reflected at a Nil level and the Bank has registered substantial growth under all parameters of banking business. The Bank is categorised under the A-Star category which is the highest category accorded by the Commissioner of Co-operation and Registrar of Co-operative Societies and is also ranked as Grade I Bank by Reserve Bank of India.
The Bank has truly and effectively lived up to its motto of being “THE BANK THAT IS BIG ON TRADITION AND TRUST”.
PRODUCTS &
SERVICES – DEPOSITS:
PRODUCTS &
SERVICES – ADVANCES:
v
Loans for Machinery &
Equipments
v
Cash Credit limits for working
capital
v
Personal Loans to Salaried Employees
- Sanctions & Disbursements at the
sole discretion of the Bank
- Other conditions apply
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime
:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.87 |
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|
1 |
Rs.80.11 |
|
Euro |
1 |
Rs.56.19 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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