MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TASHA TRAVELS PRIVATE LIMITED |
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Registered Office : |
4 HO, Chi Minh Sarani, Kolkata – 700 071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.07.1995 |
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Com. Reg. No.: |
21-73193 |
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CIN No.: [Company
Identification No.] |
U63040WB1995PTC073193 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALT02631G |
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PAN No.: [Permanent
Account No.] |
AABCT2626B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Tour and Travels |
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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Maximum Credit Limit : |
USD 328000 |
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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 an old and established company but its performance is falling.
Its total income was only 10 millions during 2006-07 as compared to Rs.28
millions in 2005-06. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Deepak Bhagnani |
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Designation : |
Director |
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Contact No.: |
91-9830020076 |
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Date : |
14.07.2008 |
LOCATIONS
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Registered Office : |
4 HO, Chi Minh Sarani, Kolkata – 700 071, West Bengal, India |
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Tel. No.: |
91-33-22825522 |
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Mobile No.: |
91-9830020076 / 9830555015 |
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E-Mail : |
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Area : |
1300 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Deepak Bhagnani |
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Designation : |
Director |
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Address : |
7B, Deodar Street, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
01.05.1962 |
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Date of Appointment : |
27.07.1995 |
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Name : |
Mr. Kirti Bhagnani |
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Designation : |
Director |
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Address : |
7B, Deodar Street, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
10.08.1967 |
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Date of Appointment : |
27.07.1995 |
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Name : |
Mr. Bharat Bhagnani |
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Designation : |
Director |
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Address : |
7B, Deodar Street, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
15.11.1989 |
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Date of Appointment : |
17.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Deepak Bhagnani |
125000 |
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Kirti Bhagnani |
125000 |
|
Castle Merchants Private Limited |
10000 |
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Sridhar Tieup Private Limited |
10000 |
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Swadist Sweets Private Limited |
10000 |
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Beyzar Agrotech Private Limited |
10000 |
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Drutgati Yatayat Private Limited |
10000 |
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Sudarshan Yams and Fabrions Private Limited |
5000 |
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Osian Stock Broking Limited |
5000 |
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Sal Medicare Private Limited |
5000 |
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Sourabh Securities Private Limited |
7000 |
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Bhotra Finvest Private Limited |
10000 |
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B S Appartments Private Limited |
8000 |
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Kasturi Towers Private Limited |
5000 |
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Dewpoint Agencies Private Limited |
5000 |
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Total |
350000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies corporate |
28.57 |
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Directors or relative of directors |
71.43 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Tour and Travels |
GENERAL
INFORMATION
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No. of Employees : |
8 |
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Bankers : |
·
Bank of India Jawahar Lal Nehru Road, 44 j N road,
Kolkata – 700 071, West Bengal, India ·
Corporation
Bank 8, Lenin Sarani, Kolkata – 700 013, West Bengal, India ·
Citi Bank Jeevandeep Branch, Kolkata, West Bengal,
India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sunil Kumar Jain and Associates Chartered Accountants |
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Address : |
10 A, Chitpur Spur, Kolkata – 700 001, West Bengal, India |
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Tel. No. : |
91-33-22610207/ 22712067 |
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Fax No. : |
91-33-22712067 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
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 |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.104 |
55.572 |
30.793 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
65.604 |
59.072 |
34.293 |
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LOAN FUNDS |
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1] Secured Loans |
0.251 |
0.389 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.251 |
0.389 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.005 |
0.015 |
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TOTAL |
65.855 |
59.466 |
34.308 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.805 |
1.033 |
0.712 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
68.455 |
55.638 |
36.715 |
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DEFERREX TAX ASSETS |
0.013 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
2.022
|
1.083 |
0.465 |
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Cash & Bank Balances |
5.856
|
3.963 |
2.004 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.752
|
5.096 |
4.364 |
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Total
Current Assets |
11.630
|
10.142 |
6.833 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.348
|
5.497 |
7.942 |
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Provisions |
2.700
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1.850 |
2.010 |
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Total
Current Liabilities |
15.048
|
7.347 |
9.952 |
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Net Current Assets |
(3.418)
|
2.795 |
(3.119) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.855 |
59.466 |
34.308 |
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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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3.353 |
2.921 |
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Other Income |
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7.120 |
25.552 |
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Total Income |
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10.473 |
28.473 |
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Profit/(Loss) Before Tax |
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7.364 |
25.449 |
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Provision for Taxation |
|
0.832 |
0.670 |
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Profit/(Loss) After Tax |
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6.532 |
24.779 |
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Expenditures : |
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Financial Charges |
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0.211 |
0.000 |
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Depreciation & Amortization |
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0.228 |
0.174 |
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Other Expenditure |
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2.670 |
2.850 |
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Total Expenditure |
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3.109 |
3.024 |
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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 |
(%) |
62.37
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87 .03 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
219.62
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871.24 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.10
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38.09 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.43 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.23
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0.13 |
0.29 |
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Current Ratio (Current Asset/Current Liability) |
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0.77
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1.38 |
0.69 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
TASHA TRAVELS PRIVATE LIMITED |
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Presented By |
Corporation Bank 8, Lenin Sarani,
Kolkata – 700 013 |
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1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movables / Assets / Debts dated 18.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.700 millions Nature of
Facilities Bank Guarantee |
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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 |
The Borrower
hereby hypothecation of Book Debts and other Assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 16.25%
p.a. being 5.75% over and above the Bank’s Prime Lending Rate (PLR) / Medium
Term Lending Rate (MTLR) which is 10.50% p.a. at present rising and falling
therewith compounded with monthly rests whether debited or not or at such
other lending rates that the Bank may determine to charge from time to time
in terms of directives of Reserve Bank of India or otherwise determine by the
Bank due to variation in interest spread and/or in gradation of Loan account
of the Borrower or otherwise at the Bank’s absolute discretion without
further reference or notice to the Borrower so long as the Principal and/or
interest and/or part thereof remains unpaid. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank 8, Lenin Sarani,
Kolkata – 700 013 |
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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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
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 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
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 |
|
36 |
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 |
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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 |
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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 |
|
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 |
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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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