MIRA
INFORM REPORT
|
Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MADRAS AIR
CONDITIONERS PRIVATE LIMITED |
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Registered Office : |
No. 17, Noor Veeraswamy
Street, Krishnama Road End, Anna Nagar
Nunganbakk, Chennai – 600034 Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.12.1987 |
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Com. Reg. No.: |
18-15171 |
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CIN No.: [Company
Identification No.] |
U33111TN1987PTC015171 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Dealer of Air
conditioners – Carrier |
RATING &
COMMENTS
|
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 500 |
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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 Carrier dealers having satisfactory track. Directors are
reported as experienced, respectable & having satisfactory means of their
own. Their trade relations are fair. Payments are usually correct & as
per commitments. The company can
be considered normal for business dealings at usual trade terms &
conditions. |
LOCATIONS
|
Registered Office : |
No. 17, Noor
Veeraswamy Street, Krishnama Road End, Anna Nagar Nunganbakk, Chennai – 600034 Tamilnadu, India |
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Tel. No.: |
91-44-28277557/28233066 |
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Mobile No.: |
91-9841055375 |
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Fax No.: |
91-44-28233066 |
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E-Mail : |
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Area : |
3000 Sq. ft |
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Location : |
Rented |
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Branches : |
No. 2, Nataraj
Building, North Usman Road, T. Nagar, Chennai – 17 |
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Tel. No.: |
91-44-52124415 |
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Area : |
150 Sq. ft |
DIRECTORS
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Name : |
Mr. K. Narayanan
Kutty |
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Designation : |
Managing Director |
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Address : |
AB- 137, Shanthi
Colony, Anna Nagar, Chennai - 600040 |
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Date of Birth/Age : |
02.01.1947 |
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Qualification : |
M. Sc |
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Date of Appointment : |
14.12.1987 |
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Name : |
Mr. G. Ravikumar |
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Designation : |
Director |
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Address : |
No. 22, Vadhiyar
Thottam, 2ND St, Rangarajapuram, Kodambakkam, Chennai – 600024 |
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Date of Birth/Age : |
29.04.1964 |
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Qualification : |
B.A. |
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Date of Appointment : |
11.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. K. Narayanan
Kutty |
|
6000 |
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Mr. G. Ravikumar |
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4000 |
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Total |
|
10000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Air conditioners
– Carrier |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Retailers & End Users |
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No. of Employees : |
28 |
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Bankers : |
Ř Union Bank of India, Ashok Nagar, Chennai
– 600083 Ř
HDFC Bank
Limited, Nungambakkam, Chennai – 600034 Ř
Canara Bank,
Nungambakkam, Chennai – 600034 Ř
ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. M. Sukumaran,
(Varma & Varma) Chartered
Accountant |
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Address : |
No. 105, Sheela
Terrace, Unit D, Leval – 2, 1st Main Road, Gandhi Nagar, Adyar,
Chennai – 20 |
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Tel. No.: |
91-44-24452239/24423496 |
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Fax No.: |
91-44-24454234 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.100 |
0.100 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
1.200 |
1.347 |
1.715 |
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2] Unsecured Loans |
0.040 |
0.238 |
0.273 |
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TOTAL BORROWING |
1.240 |
1.585 |
1.988 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.005 |
0.037 |
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TOTAL |
1.340 |
1.690 |
2.125 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.690 |
0.791 |
0.999 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.013 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.501
|
2.032 |
0.285 |
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Sundry Debtors |
1.223
|
0.653 |
3.958 |
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Cash & Bank Balances |
0.165
|
0.756 |
0.195 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.241
|
0.842 |
0.462 |
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Total
Current Assets |
5.130
|
4.283 |
4.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.709
|
5.100 |
6.244 |
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Provisions |
0.468
|
0.512 |
0.250 |
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Total
Current Liabilities |
6.177
|
5.612 |
6.494 |
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Net Current Assets |
(1.047)
|
(1.329) |
(1.594) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss |
1.684 |
2.228 |
2.720 |
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TOTAL |
1.340 |
1.691 |
2.125 |
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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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Net Sales |
6.919 |
5.218 |
15.627 |
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Total Income |
6.919 |
5.218 |
15.627 |
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Profit/(Loss) Before Tax |
1.032 |
1.126 |
0.534 |
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Provision for Taxation |
0.488 |
0.634 |
0.250 |
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Profit/(Loss) After Tax |
0.544 |
0.492 |
0.284 |
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Total Expenditure |
5.887 |
4.092 |
15.310 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.86
|
9.43 |
1.82
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Net Profit Margin (PBT/Sales) |
(%) |
14.92
|
21.58 |
3.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.73
|
22.19 |
10.90 |
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Return on Investment (ROI) (PBT/Networth) |
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10.32
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11.26 |
534.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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74.17
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71.97 |
84.82 |
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Current Ratio (Current Asset/Current Liability) |
|
0.83
|
0.76 |
0.75 |
LOCAL AGENCY FURTHER
INFORMATION
The Registered Office of the company has been shifted from AB – 137,
Shanti Colony, Anna Nagar, Madras – 600040, Tamilnadu, India to the present
address w.e.f. 01.11.2007
Trade References
:
BSR
Enterprises
No.40, Nathamuni
Street,
T.Nagar, Chennai –
17
Contact Person –
Mr. Bazeer
Unimac
Engineers
Thirumalai Pillai
Road,
T. Nagar, Chennai –
17
Contact Person –
Mr. Bala Murugan
Bankers Charges
Report as per Registry
|
Name of the company |
Mr. G Ravikumar, Director |
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Presented By |
Madras Air Conditioners Private Limited |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement of goods dated 16.06.2004 DPN dated
16.06.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.900 Million Cash Credit
[Hypothecation] under Union Trade Scheme |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stocks and Book Debts
[Present and Future] |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility : Cash
Credit [Hyp] Limit : Rs. 0.900
Million Interest : BPLR +
1.25 % Borrower shall
not create any mortgage, charge or encumber the goods and shall not assign
the debts. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Ashok Nagar Branch |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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This form is for |
Creation of
charge |
||||
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Corporate
identity number of the company |
U33111TN1987PTC015171 |
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Name of the
company |
MADRAS AIR
CONDITIONERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 17, Noor
Veeraswamy Street, Nungambakkm, Chennai – 600034 Tamilnadu |
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Type of charge |
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Particular of
charge holder |
Union Bank of
India Ashok Nagar
Branch, 1208, 1st Avenue, Chennai – 600083 |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement of Goods and Debts |
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Date of
instrument Creating the charge |
27.09.2007 |
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Amount secured by
the charge |
Rs. 1.000 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50 % p.a. with
monthly rests Terms of
Repayment Repayable on
demand Margin 20 % Extent and
Operation of the charge As per the
instruments executed on 27.09.2007 Others
All other terms
and conditions as per the sanction letter and the instruments executed on
27.09.2007 |
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Short particulars
of the property charged |
Hypothecation by
way of First Charge in favour of the Bank All present and
future stocks of raw materials, semi finished goods such as Air Conditioners,
Spares and other stocks in trade, including consumables, stores and movable
property of any kind belonging to the Company All present and
future book debts, outstanding, monies, deposits, receivables, claims bills,
contracts, securities, investments of the company. |
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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
|
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
|
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 |
|