MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
API INDUSTRIAL CORPORATION |
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Registered Office : |
15/17 East Punjabi Baug, New Delhi - 110026 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1998 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA02447E |
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PAN No.: [Permanent
Account No.] |
AAAFA9014G |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer, Importer and Exporter of Plasticizers |
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 50000 |
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Status : |
Good |
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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 concern and a part of Action
Shoes Group. Trade relations are fair. Business is active. General financial
position is good. Payments are reported as usually correct and as per
commitments. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Chetan Dalmia and Mr Anil Jain |
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Designation : |
Accountant / Sr. Purchase Head |
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Contact No.: |
91-9312214095 |
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Date : |
11.08.2008 |
LOCATIONS
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Registered Office : |
15/17 East Punjabi Baug, New Delhi – 110026, India |
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Area : |
Owned |
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Corporate Office : |
Tolstox Lane, Connaught Place, New Delhi – 110001, India |
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Tel No.: |
91-11-23314937 |
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Factory 1 : |
36/1, Ringanwada Somnath Industrial Estate, Daman, Union Territory,
India |
PARTNERS
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Name : |
Mr. Subhash Agarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
60 years |
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Name : |
Mrs. Asha Devi |
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Designation : |
Partner |
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Date of Birth/Age : |
40 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Plasticizers |
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Exports : |
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Countries : |
Asian Countries |
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Imports : |
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Countries : |
Singapore, Dubai and Malaysia |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Suppliers : |
Own Manufacturing |
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Customers : |
Wholesalers, Retailer and Agent |
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No. of Employees : |
75 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Holding Company : |
Action Shoes |
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Associates/Subsidiaries : |
Address: 48, 1st Floor, Tolstoy Lane, C Place, New Delhi –
110001, India. Tel. No: 91-11-23314937/38/41/42 Fax No: 91-11-23314918
Address: N-49, First Floor, Cannaught Place, New Delhi – 110001,
India. Tel. No: 91-11-41523164 to 68 Fax No: 91-11-23324536 E-Mail: info@suncityprojectslit.com Website: www.suncityprojectslit.com Suncity Projects Private Limited Liability Company Limited, is a
pioneer in conceiving and executing a profusion of urbane real estate
projects arraying from Township to Group housing to luxury Apartments to
Shopping Malls to Office Complexes. The group is focused on innovative
design, superior standards of construction, customer service and Community
valves. With break-through technologies and development mediums the group has
with every step, progressed towards giving an outstanding result. The company brings together the unmatched experience and expertise of
three of India’s most reputed business conglomerates: the Essel Group, the
Action Group and the Odeon Builders. Suncity Projects foresees a spectrum of
assignments ranging from complete township to high rise apartment complexes
to giant shopping malls to amusement parks. Each project is a showpiece in
its category reflecting the highest standards of planning and construction
comparable with the very finest in the business. |
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CAPITAL STRUCTURE
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Capital Investment : |
(Estimated) |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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170.000 |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
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 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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51 |
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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