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MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
THOMSON HOLDINGS (INDIA) PRIVATE LIMITED |
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Formerly Known as : |
THOMSON BROADBAND (INDIA) PRIVATE LIMITED |
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Registered Office : |
301, World Trade Tower, Barakhamba Lane, New Delhi – 110001 |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.07.2004 |
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Com. Reg. No.: |
55 - 134740 |
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CIN No.: [Company
Identification No.] |
U32202DL2004PTC134740 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Set Top Box. |
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 218540 |
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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 is a subsidiary of Thomson, Singapore. The company’s
profitability is under severe pressure, having good amount of accumulated
losses. Business is active. Payments are however reported as slow but
correct. The company can be considered for normal business dealings with slight
caution initially, in view of losses. |
INFORMATION PARTED
BY
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Name : |
Mr. Pawan Kumar |
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Designation : |
Chief Financial Officer |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office : |
301, World Trade Tower, Barakhamba Lane, New Delhi – 110001, India |
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Tel. No.: |
91-11-51528502 |
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Fax No.: |
91-11-51528503 |
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E-Mail : |
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Location : |
Rented |
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Corporate Office : |
Samir Complex, 3rd Floor, St. Andrews Road, Bandra (West),
Mumbai – 400 050, Maharashtra, India |
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Tel. No.: |
91-22-67610300 |
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Fax No.: |
91-22-67258522 |
DIRECTORS
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Name : |
Mr. Sanjiv Kainth |
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Designation : |
Director |
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Address : |
302 (3B), World Trade Tower, Barakhamba Lane, New Delhi – 110001,
India |
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Date of Appointment : |
06.01.2005 |
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Name : |
Mr. Christophe Deffontaines |
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Designation : |
Director |
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Address : |
18 B, Jolly Maker Chamber – II, 225, Nariman Point, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth : |
25.05.1974 |
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Date of Appointment : |
06.01.2005 |
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Name : |
Mr. Bengt Are Johnson |
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Designation : |
Director |
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Address : |
302 (3B), World Trade Tower, Barakhamba Lane, New Delhi – 110001,
India |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr. Guillaume Roger Robert Lefevre |
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Designation : |
Director |
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Address : |
18 B, Jolly Maker Chamber – II, 225, Nariman Point, Mumbai – 400 006,
Maharashtra, India |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr. K R Ramakri Shnan |
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Designation : |
Director |
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Address : |
17, Balakri Shnar Naicker, West Mandalam, Chennai – 600 033,
Tamilnadu, India |
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Date of Appointment : |
06.07.2005 |
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Date of Ceasing : |
07.01.2005 |
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Name : |
Mr. Bala Subramanian |
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Designation : |
Director |
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Address : |
10, Balamuthu Krishnan Street, T. Nagar, Chennai – 600 017, Tamilnadu,
India |
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Date of Appointment : |
06.07.2005 |
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Date of Ceasing : |
07.01.2005 |
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Name : |
Mr. Thierry Pasquet |
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Designation : |
Director |
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Address : |
2, Rajdoot Marg, Diplomatic Enclave – Chankyapuri, New Delhi – 110021,
India |
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Date of Birth : |
05.10.1962 |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Subhash Bana |
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Designation : |
Director |
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Address : |
T – 08 A, Winder Court, DLF – IV, Gurgaon – 122 002, Haryana, India |
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Date of Birth : |
15.05.1964 |
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Date of Appointment : |
27.06.2008 |
KEY EXECUTIVES
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Name : |
Mr. Pawan Kumar Agarwal |
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Designation : |
Secretary |
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Date of Birth/Age : |
22.10.1970 |
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Date of Appointment : |
01.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 05.01.2006
|
Names of Shareholders |
No. of Shares |
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Thomson Asia Pacific Investment Private Limited, Singapore |
1989999 |
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Thomson Consumer Electronics International |
1 |
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Thomson Mutimedia Sales International SAS, France |
1 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Foreign holdings (Foreign Institutional investors, Foreign companies,
Foreign financial institutions, Non resident Indians or Overseas corporate
bodies or Others |
100.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 28.03.2008
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Names of Allottees |
No. of Shares |
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Thomson Asia Pacific Investment Private Limited |
3500000 |
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Total |
3500000 |
BUSINESS DETAILS
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Line of Business : |
Trader for Set Top Box. |
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Terms : |
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Selling : |
Credit ( 90 days) |
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Purchasing : |
Credit ( 60 Days) |
GENERAL
INFORMATION
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Customers : |
v Corporate Bodies |
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No. of Employees : |
Total : 32 (Registered Office : 7, Corporate Office : 25) |
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Bankers : |
v ICICI Bank Delhi - 110001, India v Citi Bank Mumbai, Maharashtra, India v Kalyan Bank Delhi – 110001, India |
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Facilities : |
CC Limit Rs. 120.000 millions |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountants |
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Address : |
4B, DLF, Corporate Park, DLF City, Phase – II, Gurgaon – 122 002,
Haryana, India |
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Holding Company
: |
v Thomson Asia
Pacific Investments Private Limited |
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Ultimate Holding
Company : |
v Thomson Holding
Company v Thomson SA
France |
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Fellow
Subsidiaries : |
v Thomson Grass
Valley SA France v Thomson
Technology LLC v Thomson Telecom
France, SA v Thomson Asia
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11500000 |
Equity shares |
Rs. 10/- each |
Rs. 115.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity shares |
Rs. 10/- each |
Rs. 80.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
80.000 |
80.000 |
19.900 |
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2] Share Application Money |
35.000 |
35.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
70.314 |
0.000 |
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4] (Accumulated Losses) |
(71.292) |
0.000 |
(11.824) |
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NETWORTH |
43.708 |
185.314 |
8.076 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.327 |
0.510 |
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2] Unsecured Loans |
0.000 |
97.716 |
1.424 |
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TOTAL BORROWING |
0.000 |
98.043 |
1.934 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
9.256 |
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TOTAL |
43.708 |
283.357 |
19.266 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.710 |
19.891 |
1.515 |
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Capital work-in-progress |
2.024 |
5.252 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
4.997 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.422
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39.467 |
0.000 |
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Sundry Debtors |
465.623
|
890.048 |
12.106 |
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Cash & Bank Balances |
42.262
|
6.540 |
1.027 |
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Other Current Assets |
0.000
|
15.557 |
0.000 |
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Loans & Advances |
23.148
|
43.227 |
10.122 |
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Total
Current Assets |
543.455
|
994.839 |
23.255 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
457.531
|
685.055 |
4.423 |
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Provisions |
68.951
|
56.570 |
1.081 |
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Total
Current Liabilities |
526.482
|
741.625 |
5.504 |
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Net Current Assets |
16.973
|
253.214 |
17.751 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.708 |
283.357 |
19.266 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
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Sales Turnover |
2294.182 |
1513.493 |
14.845 |
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Total Income |
2294.182 |
1513.482 |
14.845 |
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Profit/(Loss) Before Tax |
(134.209) |
126.096 |
(5.036) |
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Provision for Taxation |
275.721 |
43.956 |
10.678 |
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Profit/(Loss) After Tax |
(141.512) |
82.140 |
(5.642) |
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Earnings in Foreign Currency : |
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FOB Value |
40.373 |
22.238 |
14.646 |
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Total Earnings |
40.373 |
22.238 |
14.646 |
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Total Expenditure |
2428.391 |
1387.386 |
19.881 |
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KEY RATIOS
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PARTICULARS |
|
31.12.2007 |
31.12.2006 |
31.12.2005 |
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PAT / Total Income |
(%) |
(6.17)
|
5.43 |
(38.01) |
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Net Profit Margin (PBT/Sales) |
(%) |
(5.85)
|
8.33 |
(33.92) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.85)
|
8.33 |
(33.92) |
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Return on Investment (ROI) (PBT/Networth) |
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(3.07)
|
0.68 |
(0.62) |
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Debt Equity Ratio (Total Liability/Networth) |
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12.04
|
4.00 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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1.03
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1.34 |
4.22 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has shifted from 302 (3B), World
Trade Tower, Barakhamba Lane, New Delhi – 110001, India to 301, World Trade
Tower, Barakhamba Lane, New Delhi – 110001, India with effect from 07.03.2007
Trade References
v Tata Sky
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. 43.58 |
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UK Pound |
1 |
Rs. 81.43 |
|
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 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
41 |
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 |
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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 |
|
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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