%20PRIVATE%20LIMITED%2005-Apr-2008_files/image002.jpg){kind=small}
MIRA INFORM
REPORT
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Report
Date : |
05.04.2008 |
IDENTIFICATION DETAILS
|
Name : |
MAHAFEED SPECIALITY
FERTILIZER (INDIA) PRIVATE LIMITED |
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Formerly
Known As : |
PIONEER AGRITECHNOSCAN AND EXPORTERS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 6-A, Kohinoor Planet, Near Spicer College, Aundh,
Pune 411007, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
08.04.1994 |
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Com.
Reg. No.: |
11-77630 |
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CIN
No.: [Company
Identification No.] |
U70200MH1994PTC077630 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
PNEP02054D |
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PAN
No.: (Permanent
Account No.) |
AABCP0342G |
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Legal
Form : |
Private limited liability company |
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Line
of Business : |
Exporter, Trader, Importer and Marketer of Speciality 100 %
Water Soluble NPK Fertilizer and Chelated Micronutrients. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
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
159216 |
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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 company having satisfactory
track. Trade relations are fair. Financial position is good. Payments are
usually correct and as per commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
Plot No. 6-A, Kohinoor Planet, Near Spicer College, Aundh,
Pune 411007, Maharashtra, India |
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E-Mail
: |
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Website
: |
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Corporate
Office: |
City Mall, Office No. 114, 1st Floor, Ganesh Khind
Road, Near Pune University, Pune 411007, Maharashtra, India |
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Tel.
No.: |
91-20-66405736 / 66405737 |
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Fax
No.: |
91-20-66405738 |
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Mobile
No.: |
91-9422331920 |
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E-mail: |
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Factory
1 : |
Gate. No. 281/1, Plot No. 21, At Kasar Amboli, Tal- Mulsi,
District Pune-412108, Maharashtra, India |
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Tel.
No.: |
91-20-22923648 |
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Mobile
No.: |
91-9423006518 |
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Area : |
1800 sq. ft. |
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Location : |
Owned |
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Branch
1 : |
Pimpalgaon (B), District Nashik, Maharashtra, India |
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Area : |
1500 sq. ft. |
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Location : |
Rented |
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Branch
2: |
Tasgaon, District Sangli, Maharashtra, India |
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Area : |
1400 sq. ft. |
DIRECTORS
|
Name : |
Dr. T. T. Patil |
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Designation
: |
Managing Director |
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Address
: |
9
Chandrama, Prabhat Road, Lane 8, Erandeane, Pune-411004, Maharashtra,
India |
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Age : |
59 years |
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Date
of Birth : |
16.02.1948 |
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Qualification
: |
MSC (Aqri) Ph. D. |
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Experience
: |
27 years |
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Name : |
Mr. Praveen T. Patil |
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Designation
: |
Whole Time Director |
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Address
: |
9
Chandrama, Prabhat Road, Lane 8, Erandeane, Pune-411004, Maharashtra, India |
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Age : |
32 years |
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Date
of Birth : |
25.04.1975 |
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Qualification
: |
B. E. (Chemical), MBA (Marketing) |
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Experience
: |
12 years |
MAJOR SHAREHOLDERS / SHAREHOLDING
PATTERN
|
Names
of Shareholders |
|
No. of Shares |
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Mr. Dr. T
T Patil |
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264120 |
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Mr.
Praveen T Patil |
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204120 |
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Mrs. S T
Patil |
|
24000 |
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Mrs.
Nalini T Jadhav |
|
6000 |
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Mrs.
Pratibha Bachhav |
|
6000 |
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Total |
|
504240 |
BUSINESS DETAILS
|
Line
of Business : |
Exporter, Trader, Importer and Marketer of Speciality 100 %
Water Soluble NPK Fertilizer and Chelated Micronutrients. |
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Product
: |
§
Water
Soluble NPK Fertilizer §
Chelated
Micronutrients |
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Brand
Names : |
MAHAFEED |
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Exports
to : |
UAE, France, Belgium, Italy, Netherlands, Israel, China, Argentina
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Imports
from : |
Belgium, France, Italy |
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Terms
: |
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Selling : |
Cash / Credit (30 – 60 days) |
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Purchasing : |
L/C / Credit (90 days) |
GENERAL INFORMATION
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Customers
: |
§
Wholesalers
§
Retailers
§
End
Users |
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No. of
Employees : |
50 |
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Bankers
: |
Dena Bank Kothrud-Poud Phata
Branch |
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Rs. in Millions |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
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Name: |
RMR Shah and Company Chartered Accountants |
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Address: |
Pune – 411 030 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
7,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
5,04,240 |
Equity Shares |
Rs.10/- each |
Rs. 5.042 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS
FUNDS |
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|
1] Share
Capital |
5.042 |
5.042 |
5.042 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
34.762 |
27.099 |
16.908 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.804 |
32.141 |
21.950 |
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LOAN
FUNDS |
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1]
Secured Loans |
9.840 |
1.901 |
1.404 |
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2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.840 |
1.901 |
1.404 |
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DEFERRED
TAX LIABILITIES |
0.758 |
0.745 |
0.687 |
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Deposit,
Advances & other Liabilities |
8.037 |
1.303 |
1.558 |
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TOTAL |
58.439 |
36.090 |
25.599 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
21.638 |
21.156 |
8.073 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
3.058 |
0.600 |
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DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
26.096 |
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Sundry
Debtors |
20.949
|
25.203 |
6.642 |
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Cash
& Bank Balances |
6.837
|
4.998 |
10.917 |
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Other
Current Assets |
11.789
|
9.809 |
13.869 |
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Stock in
Trade |
31.307
|
34.972 |
0.000 |
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Total Current Assets |
70.882
|
74.984 |
57.524 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
34.143
|
63.172 |
40.598 |
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Total Current
Liabilities |
34.143
|
63.172 |
40.598 |
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Net Current Assets |
36.739
|
11.812 |
16.926 |
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MISCELLANEOUS
EXPENSES |
0.062 |
0.064 |
0.000 |
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TOTAL |
58.439 |
36.090 |
25.599 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Total
Income |
184.588 |
189.777 |
114.832 |
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Profit/(Loss) Before Tax |
12.134 |
15.209 |
9.822 |
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Provision for Taxation |
4.122 |
5.028 |
3.624 |
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Profit/(Loss) After Tax |
8.012 |
10.181 |
6.198 |
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Expenditures : |
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Finance Charges |
1.844 |
1.453 |
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Administrative Expenses |
27.131 |
33.317 |
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Selling Expenses |
9.252 |
11.903 |
27.595 |
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Other Expenditure |
2.672 |
2.554 |
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Total
Expenditure |
40.900 |
49.228 |
27.595 |
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%20PRIVATE%20LIMITED%2005-Apr-2008_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT /
Total Income |
(%) |
4.34
|
5.36
|
2.40
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Net Profit Margin (PBT/Sales) |
(%) |
6.57
|
8.01
|
8.55
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.11
|
15.81
|
14.97
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.47
|
0.44
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Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
2.02
|
1.91
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Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.18
|
1.41
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LOCAL AGENCY FURTHER
INFORMATION
AS PER WEBSITE DETAILS:
PROFILE
Established in the year 1994,
subject engaged in manufacturing, marketing and exporting bio pesticide, bio fungicide
and specialty fertilizer products. Their concern was established by Dr. T. T.
Patil, Agronomist and Mr. Praveen Patil, Chemical Engineer who are having well
established presence in the techno commercial fields in India. They even have
their own export house which helps in making their range more accessible to
their clients.
Their vast range includes NPK 100% Water Soluble Fertigation Products, 00%
Water Soluble Phosphorus fertilizer MAP/MKP, Potash Fertilizer, Potassium &
Calcium Nitrate, Organic Pesticides & Fungicides, Foliar Fertilizers. Apart
from this, they also manufacture Seaweed Biostimulants and Field Grade. The
products are extremely qualitative and yield high performance.
Looking at the present needs of
modern Agro - Horticultural practices world wide, they keep upgarding the
quality of products from time to time. Their hard core activities are supported
with technical services and they are also coming out with high quality new
products to meet demands of their customers.
BUSINESS ASSOCIATES
Their company works with various
business associates who help them in attaining a much flourishing business.
Following are some their associates with whom they are working:
·
Valagro
Farm, Italy
·
Abu
Dhabi Fertilizer Industries, UAE
·
Aanorel,
Belgium
·
Helipotasse,
France
·
Tessenderlo
Group, Belgium
·
Rotem
Amfert Negev Limited, Israel
·
Azko
Nobel: Azco Nobel Chemicals by The Netherlands
PRODUCT PROFILE
They are a premium manufacturer of
bio pesticide, bio fungicide and specialty fertilizer products. Their wide
range includes NPK 100% Water Soluble Fertigation Products, 00% Water Soluble
Phosphorus fertilizer MAP/MKP, Potash Fertilizer, Potassium & Calcium
Nitrate, Organic Pesticides & Fungicides, Foliar Fertilizers. Apart from
this, they also manufacture Seaweed Biostimulants and Field Grade.
Following are some features which is why they are recommended unlike others:
·
100%
water soluble
·
Cost
effective
All their
products are made by joint efforts with their overseas partners using the premium
quality raw materials.
CMT REPORT [Corruption, Money laundering &
Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
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. 39.97 |
|
UK Pound |
1 |
Rs. 79.78 |
|
Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
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 |
|
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 |
|