MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHRINIWAS SALES PRIVATE LIMITED |
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Registered Office : |
5, Bhagyanagar Society, Bibwewadi-Kondhwand, Bibvewadi, Pune-411037,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.2005 |
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Com. Reg. No.: |
11-20442 |
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CIN No.: [Company
Identification No.] |
U52341PN2005PTC020442 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor and supplier of waterproof primer, binder varnish, industrial
waterproof primer and industrial binder varnish |
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 6300 |
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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. |
LOCATIONS
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Registered Office : |
5, Bhagyanagar Society, Bibwewadi-Kondhwand, Bibvewadi, Pune-411037,
Maharashtra, India |
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Tel. No.: |
91-20-242268569/ 24260528 |
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Mobile No.: |
91-9822503617/ 9422012221 |
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Fax No.: |
91-20-24268569 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mahesh Madhusudan Joshi |
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Designation : |
Director |
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Address : |
5/2, Bhagyanagar Society, Bibwewadi-Kondhwa Road, Pune-411037,
Maharashtra, India |
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Date of Birth/Age : |
15.12.1982 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Ms. Kanchan Mandar Joshi |
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Designation : |
Director |
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Address : |
5/1, Bhagyanagar Society, Bibwewadi-Kondhwa Road, Pune-411037,
Maharashtra, India |
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Date of Birth/Age : |
25.10.1976 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Shrinivas Arvind Joshi |
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Designation : |
Director |
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Address : |
5, Bhagyanagar Society, Bibwewadi-Kondhwand, Bibvewadi, Pune-411037,
Maharashtra, India |
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Tel. No.: |
91-20-242268569 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Arvind Shrinivas Joshi |
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750 |
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Jayashree Joshi |
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250 |
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Total |
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1000 |
Equity Share Breakup (Percentage of Total Equity)
As on 28.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor and supplier of waterproof primer, binder varnish,
industrial waterproof primer and industrial binder varnish |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
The Saraswat Co-operative Bank Limited, Tilak Road Branch,
Pune-411030, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. M. Govardhan and Company Chartered Accountant |
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Address : |
55/56, Happy Apartments, Navi Peth, LBS Road, Pune-411030,
Maharashtra, India |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.166 |
0.592 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.266 |
0.692 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.361 |
1.046 |
0.000 |
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2] Unsecured Loans |
4.138 |
3.737 |
0.000 |
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TOTAL BORROWING |
4.499 |
4.783 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.086 |
0.036 |
0.000 |
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TOTAL |
5.851 |
5.511 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.668 |
1.706 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.774
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0.738 |
0.000 |
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Sundry Debtors |
12.764
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10.327 |
0.000 |
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Cash & Bank Balances |
0.361
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0.023 |
0.067 |
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Other Current Assets |
1.304
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0.617 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
15.203
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11.705 |
0.067 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.843
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7.322 |
0.000 |
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Provisions |
1.237
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0.642 |
0.010 |
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Total
Current Liabilities |
11.080
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7.964 |
0.010 |
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Net Current Assets |
4.123
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3.741 |
0.057 |
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MISCELLANEOUS EXPENSES |
0.035 |
0.039 |
0.043 |
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TOTAL |
5.851 |
5.511 |
0.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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71.443 |
54.485 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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71.443 |
54.485 |
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Profit/(Loss) Before Tax |
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0.933 |
0.963 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.933 |
0.963 |
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Total Expenditure |
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70.510 |
53.522 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.31
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1.77 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.31
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1.77 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.53
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7.18 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.74
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1.39 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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12.31
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18.42 |
0.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.37
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1.47 |
6.70 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U52341PN2005PTC020442 |
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Name of the
company |
SHRINIWAS SALES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
5, Bhagyanagar Society, Bibwewadi-Kondhwand, Bibvewadi, Pune-411037,
Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Others |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Tilak Road Branch,
Pune-411030, Maharashtra, India |
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Amount secured by
the charge |
Rs. 2.000 Million |
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Brief of the principal
terms an conditions and extent and operation of the charge |
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Particulars of
the property charged |
All the stocks of
raw materials, consumables, tools, packing materials, electrical items, all
the plant and machinery, furnitures, fixtures electrical insallations, all
Current Assets and Fixed Assets
belonging to the borrower and lying at borrower’s place of business at 5/1,
Bhayanagar Society, Bibwewadi, Kondhwa Road, Pune or elsewhere and
hypothecate by way of First Charge all the Book Debts, outstanding, monies
receivables, claims and bills. |
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Charge identification
number of the charge to be modified |
80008462 |
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Brief description
of the instrument modifying the charge under section 135 |
Agreement of
Further Charges Dated 20th July 2006 |
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Date of
instrument modifying the charge |
20.07.2006 |
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Particulars of
the present modification |
The Bank
Guarantee limit was further enhanced by Rs. 1.000 Million making the total
limit to Rs. 3.000 Millions |
AS PER WEBSITE:
Profile:
Incepted in the year 1966, Subject has left an indelible mark in the
industry. The spectrum of products includes binder varnishes, cold curing epoxy
systems, finishing varnishes/ core plate varnishes, impregnating varnishes,
impregnating resins (dobeckan), industrial flooring, water proofing, etc.
Over the years, they have won a vast clientele through their enduring efforts
to maintain quality at all levels. They assure the customers with pure,
reliable, consistent, effective and safe products. They have taken the
responsibility of distributorship of M/s. Beck India Limited (A group of
Atlanta Electrical Insulation), who are the known leaders in manufacturing
activities of insulating varnishes, thinners, potting materials (hard &
soft), epoxy resins, hardeners and construction chemicals.
In addition, they are also backed by an efficient logistics support system that
helps in delivering the products to their rightful destination within the set
time limits.
Product Profile
The range of resins and varnishes have varied industrial applications
and come handy in different industries. Manufactured from superior quality raw
material, the range includes binder varnishes, epoxy resins, cold curing epoxy
systems, finishing varnishes / core plate varnishes, impregnating varnishes,
impregnating resins (dobeckan), industrial flooring, water proofing.
Team
The company is backed by a team of highly skilled personnel who have a
vast industry experience and carry out production process with ultimate
perfection. They have scientists, technocrats and researchers who come from
various industrial backgrounds and understand the requirements of clients very
well. They train the team to handle new processes, so that they are in touch
with the latest technological advancements taking place.
The Facility Area
They have a capacious warehouse of 1000sq feet that can
store voluminous stocks of the products. It is divided into various sections to
segregate one product from the other. This also helps in faster delivery and
lesser chances of the products getting mixed up. Different chemicals are stored
in different containers that are specially made for them. They have a
streamlined process that ensure maximum efficiency while delivering the
consignments. They can meet the bulk requirements of the customers through the
stocking facility.
Packaging
With years of experience in this industry, they have gained
expertise in sourcing for resins, varnishes and other allied products in any
type of packing that ranges from grams to kilos. With the increasing stress on
the kind of packing that is being used to preserve the chemical properties of
the products the world over, they make sure that all the products are packed
and sealed intact in their original packaging that is done by the manufacturer.
They ensure that when they further send them across to the customers they are
kept in sealed cartons to prevent them from getting spoiled or losing their
composition. They also make sure that they are transited under hygienic
conditions. They provide packing from 1 Kg to 200 Kg and the different quality
packing they provide are:
- 1 kg(bottle).
- 5
kg(cartoon).
- 30kg
and above – carboys.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.07 |
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UK Pound |
1 |
Rs.81.26 |
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Euro |
1 |
Rs.64.71 |
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 |
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 |
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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 |
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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 |
|
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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