MIRA
INFORM REPORT
|
Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UMA POLY SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
14B, Camac Street, 3rd Floor, Kolkata – 700 017, 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 : |
01.06.2004 |
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Com. Reg. No.: |
21-98707 |
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CIN No.: [Company
Identification No.] |
U25209WB2004PTC098707 |
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IEC No.: |
0204014085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALU02255B |
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PAN No.: [Permanent
Account No.] |
AAACU6979M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Supplier and Exporter of Solar Pool Heating Panels. |
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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
14B, Camac Street, 3rd Floor, Kolkata – 700 017, West
Bengal, India |
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Tel. No.: |
91-33-22810775 / (Factory No.) 91-33-26555093 / 2669955 |
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Mobile No.: |
91-9830032336 / 9830039044 |
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Fax No.: |
91-33-22813961 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Krishna Kumar Seksaria |
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Designation : |
Director |
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Address : |
6 Palm Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
06.09.1958 |
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Qualification : |
CA |
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Date of Appointment : |
01.06.2004 |
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Name : |
Mr. Om Prakash Seksaria |
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Designation : |
Director |
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Address : |
6 Palm Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
20.08.1949 |
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Experience : |
35 Years |
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Date of Appointment : |
20.11.2004 |
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Name : |
Mr. Uday Shankar Seksaria |
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Designation : |
Director |
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Address : |
6 Palm Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
05.08.1980 |
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Qualification : |
M.E. |
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Experience : |
30 Years |
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Date of Appointment : |
20.11.2004 |
KEY EXECUTIVES
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Name : |
DKS and Company |
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Designation : |
Company Secretary |
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Address : |
173, Mahatma Gandhi Road, First Floor, Kolkata – 700 007, West Bengal,
India |
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Tel No. : |
2268-6769 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Chandra Shekhar Seksaria |
9500 |
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Krishna Kumar Seksaria |
8500 |
|
AAkansha Advisory Services Private Limited |
5000 |
|
Bhavsagar Vinimay Private Limited |
10000 |
|
Chiragsala Sales Private Limited |
5000 |
|
Cindy Engineering Private Limited |
10000 |
|
Jexport Commodities Private Limited |
5000 |
|
Klapp Vyapaar Private Limited |
2000 |
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Krishna Kanhaiah Combines Private Limited |
5000 |
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Micro Niryat Limited |
1000 |
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Mood Dealers Private Limited |
5000 |
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Nairit Tie-Up Private Limited |
4000 |
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Omega Knitfab Private Limited |
2500 |
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Parasramka Viniyoge Private Limited
|
3500 |
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Raunak Vyapar and Viniyog Private Limited |
5000 |
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S R B Agencies Private Limited |
5000 |
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Shashanko Commotrade Private Limited |
5000 |
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Snigdha Trexim Private Limited |
2000 |
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Sree Deb Commercial Private Limited |
7000 |
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Swarnsathi Advisory Services Private Limited |
5000 |
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Trimurti Auto Finance Private Limited |
3000 |
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Vishakha Tradecom Private Limited |
5000 |
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Total |
113000 |
List of Allottes
(As on 31.03.2007)
|
Names of Allottees |
No. of Shares |
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Dhirendra Memorial Hospital Private Limited |
5000 |
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Pragya Dealcom Private Limited |
6000 |
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Maruti Housing and Finance Private Limited |
6000 |
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Digvision Ad Private Limited |
6000 |
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Guide Security and Training Centre Private Limited |
5000 |
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Total |
28000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Bodies corporate |
93.53 |
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Directors or relatives of Director |
6.47 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Solar Pool Heating Panels. |
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Products : |
·
Solar Heating Panel (Collector '4*8') ·
Solar Heating Panel (Collector '4*10') ·
Solar Heating Panel (Collector '4*12') ·
Customized Pool Heating Panel (Collector) ·
Solar Heating Panel (Collector Spare Parts) |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
South Indian Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
·
Vkash Chandgotia and Company Chartered Accountants Address : 30/3A, Jhowtala
Road, Kolkata – 700 017, West Bengal, India ·
K P Todi and Company Chartered Accountants 110 Matrumal Lohia Lane, Bandhaghat,
Salkia, Howrah – 711 106, West Bengal, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
278000 |
Equity Shares |
Rs.10/- each |
Rs.2.780
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 |
2.780 |
2.500 |
1.130 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.797 |
20.436 |
8.534 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.577 |
22.936 |
9.664 |
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LOAN FUNDS |
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1] Secured Loans |
34.097 |
36.217 |
6.052 |
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2] Unsecured Loans |
0.528 |
0.000 |
0.000 |
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TOTAL BORROWING |
34.625 |
36.217 |
6.052 |
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DEFERRED TAX LIABILITIES |
1.584 |
0.980 |
0.000 |
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TOTAL |
59.786 |
60.133 |
15.716 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.405 |
49.780 |
17.093 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.905
|
5.225 |
0.000 |
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Sundry Debtors |
0.000
|
2.463 |
0.000 |
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Cash & Bank Balances |
0.920
|
1.312 |
0.808 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.986
|
2.608 |
5.864 |
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Total
Current Assets |
12.811
|
11.608 |
6.672 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.543
|
1.333 |
8.483 |
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Provisions |
0.000
|
0.051 |
0.000 |
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Total
Current Liabilities |
1.543
|
1.384 |
8.483 |
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Net Current Assets |
11.268
|
10.224 |
(1.811) |
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MISCELLANEOUS EXPENSES |
0.113 |
0.129 |
0.434 |
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TOTAL |
59.786 |
60.133 |
15.716 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
12.672 |
4.265 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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12.672 |
4.265 |
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Profit/(Loss) Before Tax |
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(1.548) |
0.602 |
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Provision for Taxation |
|
0.611 |
1.030 |
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Profit/(Loss) After Tax |
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(2.159) |
(0.428) |
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Expenditures : |
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Financial charges |
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4.190 |
0.881 |
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Depreciation & Amortization |
|
2.485 |
0.580 |
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Other Expenditure |
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7.545 |
2.202 |
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Total Expenditure |
|
14.220 |
3.663 |
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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 |
(%) |
(17.04)
|
(10.04) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(12.22)
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14.11 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.53)
|
0.98 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.07)
|
0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.53
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1.64 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
|
8.30
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8.39 |
0.79 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
|
Parameters |
Details |
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Statutory Approvals |
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Central Sales Tax Registration |
19432972047 |
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State Sales Tax Registration |
AAACU16979 MST 001 |
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VAT/ TIN Registration |
19432912047 |
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Excise Registration |
AAACU16979 MXM 001 |
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Import Export Code |
0204014085 |
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Name of Bank |
South Indian Bank |
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Account Since |
2007 |
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Standards & Certifications |
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Quality Management Systems |
ISO – 9001:2000 |
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Environment Management Systems |
ISO – 14001: 2004 |
Web Details
They are a prominent
manufacturer, supplier and exporter of solar pool heating panels. The company
is an ISO 9001:2000 and ISO 14001:2004 certified for its quality and
environmental systems respectively. The solar pool heating panels heat swimming
pools in various climatic conditions be it hot or arid. Widely accepted by
swimming pool owners across the domestic and international markets, the heating
systems can be used in both residential and commercial purposes.
Offering customers best returns in relative to their investment, the clients
can enjoy longer swimming season with hot water heated from sun. Reducing
swimming pool heating expenses to the minimum, the solar pool heating system is
one of the most economical way to heat pool.
The products are distributed via chain of dealers located at various parts of
the country. They are well trained and can be contacted within short notice.
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 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
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 |
|