MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ETCO PROFILES LIMITED |
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Registered Office : |
Ground Floor, AMI Ramkrishna Apartment, Happy Home Society, Nehru Road,
Ville Parle (East), Mumbai-400057, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
10.10.1996 |
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Com. Reg. No.: |
11-103197 |
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CIN No.: [Company
Identification No.] |
U27100MH1996PLC103197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME03745A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Steel and Iron Casting and Farging |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was initially a sister concern of ETCO Spinners Private Limited,
but they sold the company about 3 years batch. The company has not filed any
financials with the Government Registry till date. The management parted
general information but declined to part with financials. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Priyanka Tarrang |
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Designation : |
Accountant and Administrator Manager |
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Date : |
12.08.2008 |
LOCATIONS
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Registered Office : |
Ground Floor, AMI Ramkrishna Apartment, Happy Home Society, Nehru
Road, Ville Parle (East), Mumbai-400057, Maharashtra, India |
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Tel. No.: |
91-22-40824600 |
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Mobile No.: |
91-9422147015 |
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Fax No.: |
91-22-40824000 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. ( Owned) |
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Corporate Office : |
101, East High Cour Road, New Ramdas Path, Nagpur-440010, Maharashtra,
India |
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Tel. No.: |
91-712-2551306 |
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Factory : |
Located at: MIDC Hingna |
DIRECTORS
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Name : |
Mr. Manish Amarchand Mehta |
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Designation : |
Director |
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Address : |
Keshariyanath Housing Society, Nikalas Mandir Road, Itwari,
Nagpur-440002, Maharashtra, India |
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Date of Birth/Age : |
01.07.1968 |
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Date of Appointment : |
02.02.2008 |
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Name : |
Mr. Vinod Bharat Mehta |
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Designation : |
Director |
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Address : |
6-B, Krupalu Kutir, Patel Wadi, Near Chamunda Circle, Borivali (West),
Mumbai-400092, Maharashtra, India |
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Date of Appointment : |
16.08.2005 |
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Name : |
Mr. Sruyapal Shailendra Singh |
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Designation : |
Director |
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Address : |
Plot No. 13, Gajan Nagar, Hingna Road, MIDC, Hingana, Nagpur-440010,
Maharashtra, India |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Lalitkumar Roland Powell |
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Designation : |
Director |
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Address : |
234, Nai Basti Near, Mangalwari Railway Gate, P.O. New Colony,
Nagpur-440010, Maharashtra, India |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Dhyalal Ramesh Shah |
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Designation : |
Director |
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Address : |
‘A’ Wing, Flat 601, Gaxdar Co-operative Housing Society, Juhu Tara
Road, Ville Parle (West), Mumbai-400049, Maharashtra, India |
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Date of Appointment : |
10.10.1996 |
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Date of Ceasing : |
16.08.2005 |
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Name : |
Mrs. Pina Ramesh Shah |
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Designation : |
Director |
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Address : |
‘A’ Wing Flat 601, Gazdar Co-operative Housing Society, Juhu Tara
Road, Vile Parle (West), Mumbai-400049, Maharashtra, India |
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Date of Appointment : |
10.10.1996 |
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Date of Ceasing : |
02.05.2002 |
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Name : |
Mr. Dhyalal Zaverchand Shah |
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Designation : |
Director |
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Address : |
Aakashdeep Co-operative Housing Society, Flat No. A/245, Building 5,
New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Appointment : |
02.05.2002 |
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Date of Ceasing : |
19.06.2003 |
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Name : |
Mr. Hitesh Amrutlal Gandhi |
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Designation : |
Director |
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Address : |
C-12, Vikas Co-Operative Society, Ramchandra Lane, Malad (West),
Mumbai-400064, Maharashtra, India |
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Date of Appointment : |
10.10.1996 |
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Date of Ceasing : |
13.12.1999 |
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Name : |
Mr. Paresh Pratapray Bhuta |
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Designation : |
Director |
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Address : |
1905, ‘Prathamesh’ Link Road, Off L.T Road, Borivali (West),
Mumbai-400091, Maharashtra, India |
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Date of Appointment : |
13.12.1999 |
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Date of Ceasing : |
19.06.2003 |
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Name : |
Mrs. Prabhaben Dahyalal Shah |
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Designation : |
Director |
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Address : |
Aakashdeep Co-Operative Housing Society, Flat No. A/245, Building 5, New
Link Road, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Appointment : |
19.06.2003 |
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Date of Ceasing : |
15.09.2005 |
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Name : |
Mr. Kedar Vaman Joshi |
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Designation : |
Director |
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Address : |
Prabhat Co-Operative Housing Soceity, Erandawande, Prabhat Road Lane,
No. 14, Pune-411004, Maharashtra, India |
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Date of Appointment : |
23.04.2004 |
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Date of Ceasing : |
15.09.2005 |
KEY EXECUTIVES
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Name : |
Ms. Priyanka Tarrang |
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Designation : |
Accountant and Administrator Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 24.09.2005
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Names of Shareholders |
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No. of Shares |
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Ramesh Dahyalal Shah |
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100 |
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Prabhaben Dahyalal Shah |
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100 |
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Rajesh Bhagwandas Mehta |
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100 |
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Kashmira Rajesh Mehta |
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100 |
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Kaushal Rajesh Mehta |
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100 |
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Hitesh Amrutlal Gandhi |
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100 |
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Aarya Infosoft Private Limited |
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120000 |
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Shailendra Singh |
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10000 |
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Roland Lalit Kumar Powell |
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10000 |
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Aarya Finvest Private Limited |
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109400 |
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Total |
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250000 |
Equity Share Breakup (Percentage of Total Equity)
As on 24.09.2005
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Category |
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Percentage |
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Bodies Corporate (Not Mentioned Above) |
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91.76 |
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Directors or relatives of directors |
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8.00 |
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Other top 50 Share Holders (Other than those listed above) |
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0.24 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel and Iron Casting and Farging |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda,
Backbay Reclamation Branch, Mumbai-400020, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P V Page and Company Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the Company has been shifted from 142, Andheri
Industrial Estate Off Veera Desai Road, Andheri (West), Mumbai-400053,
Maharashtra, India to present address w.e.f 21.05.2006
Bankers Charges
Report as per Registry
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Name of the company |
ETCO PROFILES LIMITED |
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Presented By |
ETCO PROFILES LIMITED And Bank of Baroda, Backbay Reclamation Branch,
Mumbai-400020, Maharashtra, India |
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1) Date and description of instrument creating the change |
22.03.1999 Hypothecation of Book
Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000
Millions |
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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 |
All the
Book-Debts, now owing to the Borrower and also the book-debts which may at
any time during the continuance of this security become owing to the Borrower
in the course of its business by any person. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 4% OPLR
interst of 16.75% p.a. Plus Interest tax with ouartell rest. Margin : 30% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Backbay Reclamation Branch, Mumbai-400020, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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 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 |
|
US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.80.54 |
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Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
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 |
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30 |
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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