MIRA
INFORM REPORT
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Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHRI BHAWANI PLYBOARD PRIVATE LIMITED |
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Registered Office : |
Plot No. 8 and 9, L G Estate, Bhavnagar Rajkot Road, P O Sihor,
Bhavnagar – 364 240, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.06.1999 |
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Com. Reg. No.: |
04-36200 |
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CIN No.: [Company
Identification No.] |
U35921GJ1999PTC036200 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Veneers and Veneer Products. |
RATING &
COMMENTS
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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 260000 |
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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 and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. The company is expected to wipe-off previous losses, soon. |
LOCATIONS
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Registered Office : |
Plot No. 8 and 9, L G Estate, Bhavnagar Rajkot Road, P O Sihor, Bhavnagar
– 364 240, Gujarat, India |
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Mobile No.: |
91-932782224 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shankar Lall Ajitsaria |
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Designation : |
Director |
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Address : |
New Market, Dibrugarh, Dibrugarh
- 786 001, Assam, India |
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Date of Birth/Age : |
07.07.1959 |
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Date of Appointment : |
29.06.1999 |
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Election Commission Identity Card No. : |
WB/20/139/739137 |
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Name : |
Mr. Ramesh Kumar Sarawagi |
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Designation : |
Director |
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Address : |
Talkie House Road, Dibrugarh, Dibrugarh – 786 001, Assam, India |
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Date of Birth/Age : |
24.11.1953 |
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Date of Appointment : |
29.06.1999 |
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Name : |
Mrs. Deepa Bharatia |
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Designation : |
Director |
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Address : |
Station Road, Sihor, Bhavnagar – 786 001, Assam, India |
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Date of Birth/Age : |
17.11.1972 |
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Date of Appointment : |
21.08.2000 |
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Name : |
Mr. Mukesh Kumar Kejriwal |
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Designation : |
Director |
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Address : |
Cf-366, Salt Lake City, Calcutta – 700 064, West Bengal, India |
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Date of Birth/Age : |
23.07.9169 |
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Date of Appointment : |
21.08.2000 |
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Election Commission Identity Card No. : |
WB/20/139/438973 |
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Name : |
Mr. Pradeep Kumar Bajaj |
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Designation : |
Director |
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Address : |
B-8/5, Rabendra Pally, Raharahat Road, Baguihati, Calcutta – 700 059,
West Bengal, India |
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Date of Birth/Age : |
14.08.1968 |
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Date of Appointment : |
26.09.2001 |
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Election Commission Identity Card No. : |
WB/20/139/739102 |
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Name : |
Mr. Gopal Sharma |
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Designation : |
Director |
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Address : |
Sani Mandir Road, P. O. Haibargaon, Nagaon – 782 002, Assam, India |
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Date of Birth/Age : |
15.02.1955 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Sanjay Kumar Agarwal |
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Designation : |
Director |
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Address : |
54/5A, Station Road, Om Bhavan, Calcutta – 700 006, West Bengal, India |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mrs. Namrata More |
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Designation : |
Director |
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Address : |
571, New Alipor, “N” Block, Flat No. 301, Gurukunj Building, Kolkata –
700 053, West Bengal, India |
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Date of Birth/Age : |
03.06.1971 |
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Date of Appointment : |
11.07.2007 |
KEY EXECUTIVES
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Name : |
Mr. Wg Cdr SK Jolly |
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Designation : |
Company Secretary |
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Address : |
101, Raj Complex, Sanskar Mandal, Bhavnagar 364002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Mayur Roller & Floor Mills Private Limited |
80000 |
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Genuine Suppliers Private Limited |
125000 |
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Sukharsha Distributors Private Limited |
100000 |
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Shreyans Vyapaar Private Limited |
250000 |
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Lagan Marketing Private Limited |
30000 |
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Gopal Tarachand Sharma |
10000 |
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Sanjay Agarwal |
10000 |
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Rajeshvinimay & Byappar Private Limited |
341200 |
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Sunny Fincom Private Limited |
520000 |
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Total |
1466200 |
List of Allottees of Shares on 20.03.2007
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Names of Shareholders |
No. of Shares |
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Rajesh Vinimay and Syappar Private Limited |
30000 |
List of Allottees of Shares on 16.03.2007
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Names of Shareholders |
No. of Shares |
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Rajesh Vinimay and Syappar Private Limited |
216000 |
List of Allottees of Shares on 06.11.2006
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Names of Shareholders |
No. of Shares |
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Sunny Fincom Private Limited |
350000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies corporate |
99.00 |
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Directors or relatives of Director |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Veneers and Veneer Products. |
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Products : |
·
Veneers for tea chests ·
Packing cases and commercial boards ·
Veneers for furniture and cabinet making and commercial plywood ·
Shuttering plywood ·
Marine plywood and boards ·
Laminated boards ·
Block boards ·
Composite boards ·
Compressed boards ·
Pressed boards ·
Hard boards ·
Flush doors ·
Bent wood ·
Moulded wood |
GENERAL
INFORMATION
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Bankers : |
State Bank of Saurashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Seth and Company Chartered Accountants |
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Address : |
Jain House, Above Honda Activa Show Room, Opp Vithalwadi, Bhavnagar –
364 003, Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1466200 |
Equity Shares |
Rs.10/- each |
Rs.14.662
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 |
14.662 |
7.002 |
7.002 |
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2] Share Application Money |
0.000 |
3.500 |
0.000 |
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3] Reserves & Surplus |
37.440 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.839) |
(1.909) |
(2.675) |
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NETWORTH |
51.263 |
8.593 |
4.327 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
11.735 |
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2] Unsecured Loans |
0.000 |
0.000 |
2.600 |
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TOTAL BORROWING |
0.000 |
0.000 |
14.335 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.263 |
8.593 |
18.662 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.333 |
8.544 |
7.577 |
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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 |
0.142 |
0.870 |
1.529 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
55.488
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17.710 |
20.365 |
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Sundry Debtors |
4.994
|
12.619 |
7.823 |
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Cash & Bank Balances |
0.323
|
3.542 |
3.015 |
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Other Current Assets |
0.359
|
0.359 |
0.344 |
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Loans & Advances |
2.168
|
0.881 |
0.290 |
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Total
Current Assets |
63.332
|
35.111 |
31.837 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.489
|
36.159 |
22.631 |
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Provisions |
0.263
|
0.052 |
0.000 |
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Total
Current Liabilities |
21.752
|
36.211 |
22.631 |
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Net Current Assets |
41.580
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(1.100) |
9.206 |
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MISCELLANEOUS EXPENSES |
0.208 |
0.279 |
0.350 |
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TOTAL |
51.263 |
8.593 |
18.662 |
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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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Sales Turnover |
105.759 |
100.738 |
18.428 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
105.759 |
100.738 |
18.428 |
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Profit/(Loss) Before Tax |
2.077 |
1.489 |
0.257 |
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Provision for Taxation |
1.003 |
0.725 |
0.072 |
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Profit/(Loss) After Tax |
1.074 |
0.764 |
0.185 |
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Expenditures : |
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Financial Charges |
0.000 |
0.569 |
0.093 |
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Increase/(Decrease) in Finished Goods |
0.000 |
(4.527) |
1.274 |
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Other Expenditure |
0.000 |
103.207 |
16.804 |
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Total Expenditure |
103.682 |
99.249 |
18.171 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.02
|
0.76 |
1.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.96
|
1.48 |
1.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.86
|
3.41 |
0.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.17 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.42
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4.21 |
8.54 |
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Current Ratio (Current Asset/Current Liability) |
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2.91
|
0.97 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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 |
|
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 |
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