MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANSALDOCALDAIE BOILERS INDIA PRIVATE LIMITED |
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Registered Office : |
D-99, Developed Plots, Estate Huvakudy, Thiruchy-625015, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.02.2005 |
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Com. Reg. No.: |
18-55309 |
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CIN No.: [Company
Identification No.] |
U28123TN2005PTC055309 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA10138C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Producer and Supplier of Boilers Accessories, Stem Stoves, Processors
boilers, Boilers Components and Boiler spares. |
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 130000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an Indo-Indian Joint Venture having moderate track records.
Trade relations are fair. No complaints have been heard. The company can be considered for small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
D-99, Developed Plots, Estate Huvakudy, Thiruchy-625015, Tamilnadu,
India |
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E-Mail : |
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Corporate Office : |
5-C, 5th Floor, KRD Gee Gee Crystal, 89/1, Dr. R K Salai
Mylapore-600004, Chennai, India |
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Tel. No.: |
91-44-42080970 |
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Fax No.: |
91-44-42080972 |
DIRECTORS
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Name : |
Mr. M P Ramaswamy |
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Designation : |
Director |
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Address : |
No. 9, Officers Colony, Reneganathapuram, Trichy |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr. Carloalberto Longoni |
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Designation : |
Director |
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Address : |
5C, 5th Floor, KRD Gee Gee Crystal, 89/1, RK Salai,
Mylapore, Chennai, India |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr. Roberto Testa |
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Designation : |
Director |
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Address : |
Via Cesa Battisti, 1, Bi-20057, Vedano AI Lambro, Italy |
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Date of Birth/Age : |
24.05.1964 |
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Date of Appointment : |
05.07.2005 |
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Name : |
Mr. Andrea Trevaini |
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Designation : |
Director |
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Address : |
Via Repubblica, 37-Cesano Boscone (Milano) Italy |
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Date of Appointment : |
05.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
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Names of Shareholders |
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No. of Shares |
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GB Engineering Enterprises Private Limited |
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300000 |
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Ansaldo Caldaie S.P.A Italy |
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1700000 |
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Total |
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2000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others. |
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85.00 |
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Bodies corporate (not mentioned above) |
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15.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Producer and Supplier of Boilers Accessories, Stem Stoves, Processors
boilers, Boilers Components and Boiler spares. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
AR. Karuppanchetty Chartered Accountant |
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Address : |
19, New Raja Colony, Beemangar, Contonment, Trichy-620001, Tamilnadu,
India |
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Tel. No.: |
91-431-2462739 |
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Holding Company : |
Ansaldo Caldaie Spa |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.000 |
20.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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6.646 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[4.178] |
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NETWORTH |
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26.646 |
15.822 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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29.070 |
27.100 |
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TOTAL BORROWING |
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29.070 |
27.100 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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55.716 |
42.922 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.941 |
10.521 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.115 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.320
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2.501 |
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Sundry Debtors |
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74.524
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44.994 |
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Cash & Bank Balances |
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58.299
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17.150 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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40.816
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19.149 |
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Total
Current Assets |
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175.959
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83.794 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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127.874
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51.169 |
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Provisions |
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4.425
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0.224 |
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Total
Current Liabilities |
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132.299
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51.393 |
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Net Current Assets |
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43.660
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32.401 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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55.716 |
42.922 |
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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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288.400 |
309.800 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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288.400 |
309.800 |
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Earnings in Foreign Currency : |
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Export Earnings |
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285.586 |
195.663 |
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Imports : |
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Import Value |
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34.628 |
35.191 |
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Profit/(Loss) Before Tax |
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19.870 |
[34.530] |
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Provision for Taxation |
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4.110 |
7.240 |
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Profit/(Loss) After Tax |
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15.760 |
[41.770] |
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Total Expenditure |
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268.530 |
344.330 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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5.46 |
[13.48] |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.89 |
[11.15] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.57 |
[36.61] |
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Return on Investment (ROI) (PBT/Networth) |
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0.75 |
[2.18] |
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Debt Equity Ratio (Total Liability/Networth) |
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6.06 |
4.96 |
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Current Ratio (Current Asset/Current Liability) |
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1.33 |
1.63 |
LOCAL AGENCY
FURTHER INFORMATION
Performance:
The Company’s turnover for the Rs. 288.400 Millions. The company’s performance
was adversely affected by various factors such as increased cost of inputs and
other establishment cost. The increase in cost in cost could not be passed on
to customer’s due to difficult market conditions and there by the company was
not able to maximize its profits margin.
Fixed Assets:
·
Office Equipments
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Furniture and Fixtures
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Computer
·
Software Items
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs. 73.04 |
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Euro |
1 |
Rs.63.14 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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