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MIRA
INFORM REPORT
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Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIOLAB DIAGNOSTICS (INDIA) PRIVATE LIMITED |
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Registered Office : |
2 Bunder Bhuvan, Laxmi Narayan Lane, M G Road, Kandivali (W), Mumbai –
400067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.02.2003 |
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Com. Reg. No.: |
138981 |
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CIN No.: [Company
Identification No.] |
U24230MH2003PTC138981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11214A |
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PAN No.: [Permanent
Account No.] |
AACCB0928M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Diagnostic Reagents and Kits. |
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 5808 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Ms. Menka Jain, Cordinator of the company conformed that they do not
have their own R and D /Design centre. |
LOCATIONS
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Registered Office : |
2 Bunder Bhuvan, Laxmi Narayan Lane, M G Road, Kandivali (W), Mumbai –
400067, Maharashtra |
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Tel No.: |
91-22-28088243 |
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Fax No.: |
91-22-28088243 |
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Email : |
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Corporate Office : |
201, Laxmi Villa, 2nd Floor, M G Road, Opp. Kala Hanuman
Temple, Kandivali (W), Mumbai – 400067, Maharashtra, India |
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Tel. No.: |
91-22-28612481/28612460 |
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Fax No.: |
91-22-28088243 |
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E-Mail : |
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Website : |
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Factory : |
J-245, MIDC, Tarapur, Boisar – 401501, Maharashtra, India |
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Tel. No.: |
91-2525 27136/61 |
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Fax No.: |
91-2525 271362 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hitendra Madhusudan Shah |
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Designation : |
Director |
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Address : |
14, Shiv – Krupa, S V P Road, Shankar Lane, Kandivali (E), Mumbai – 400067,
Maharashtra, India |
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Date of Birth/Age : |
16.06.1958 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Koshi I. Idiculla |
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Designation : |
Director |
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Address : |
5 – A, Venu Nagar, Nav – Ghar, Fatak Road, Bhayender (E), Thane – 401105,
Maharashtra, India |
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Date of Birth/Age : |
12.11.1956 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Suresh Nagardas Ghatalia |
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Designation : |
Director |
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Address : |
755, Dev Ashish Nahar Nagar, Malad (W), Mumbai – 400064, Maharashtra,
India |
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Date of Birth/Age : |
02.12.1958 |
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Date of Appointment : |
03.02.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Hitendra Madhusudan Shah |
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12400 |
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Mr. Koshi I. Idiculla |
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12400 |
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Mr. Suresh Nagardas Ghatalia |
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12400 |
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Total |
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37200 |
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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 : |
Manufacturer of Diagnostic Reagents and Kits. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Kandivali (W), Branch, Mumbai – 400067, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. N. Shah and Associates Chartered Accountant |
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Address : |
131/133, Old Hanuman Lane Corner, Kalbadevi Road, 2nd
Floor, Room No.2, Mumbai – 400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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37200 |
Equity Share |
Rs.10/- each |
Rs.0.372
Million |
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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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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.372 |
0.372 |
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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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1.080 |
0.980 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.452 |
1.352 |
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LOAN FUNDS |
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1] Secured Loans |
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0.204 |
0.422 |
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2] Unsecured Loans |
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9.302 |
9.474 |
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TOTAL BORROWING |
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9.506 |
9.896 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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10.958 |
11.248 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.811 |
5.445 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.948 |
2.225 |
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Sundry Debtors |
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6.722 |
7.504 |
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Cash & Bank Balances |
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2.427 |
1.338 |
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Other Current Assets |
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0.399 |
0.025 |
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Loans & Advances |
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0.705 |
0.626 |
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Total
Current Assets |
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12.201 |
11.718 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.870 |
5.437 |
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Provisions |
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1.202 |
0.499 |
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Total
Current Liabilities |
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6.072 |
5.936 |
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Net Current Assets |
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6.129 |
5.782 |
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MISCELLANEOUS EXPENSES |
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0.018 |
0.021 |
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TOTAL |
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10.958 |
11.248 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.73 |
11.71 |
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Current Ratio (Current Asset/Current Liability) |
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2.01 |
1.97 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :
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Name of the company |
BIOLAB DIAGNOSTICS (INDIA) PRIVATE LIMITED |
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Presented By |
State Bank of Travancore Kandivali (W), Branch, Mumbai – 400067 |
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1) Date and description of instrument creating the change |
12.08.2004 Agreement of
Hypothecation of Goods and Assets dated 12th August, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 Millions |
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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 |
Hypothecation by
way of First charge to and in favour of the bank all the present and future
goods, Book debts, and all other movable assets of the company including
documents of the title to goods, outstanding moneys, receivable, bills,
Invoice, contracts, engagements security, investments, and right and the
present and future machinery belonging to or in the possession or under the
control of the company wherever lying stored and kept and whether in
possession of the company or of Bank or of any third party whether in India
or elsewhere though out the world more fully described in clause (1) of the
agreement of hypothecation of goods and assets dated 12.08.2004. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above charge operate
as security for the due repayment by the company to the bank of its credit
facilities of Rs.3.000 Millions together with Interest additional Interest,
Liquidated Damages Premia on Prepayment or on redemption, costs charges,
expenses and other moneys payable in terms of sanctions.
Rate of Interest
: 12.25% p.a. or at such other rates fixed by the Bank from time to time. Commission : As
per Bank Rules. Margin : Raw
Materials - 25% Stock in Process - 40% Finished Goods -
30% LC/ BG - 25% Book Debts - Nil |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Travancore Kandivali (W), Branch, Sri Ram Jai Ram Building, 84 S. V. Road, P. B.
7680, Mumbai – 400067, India |
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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. |
Website details :
Subject is a basic manufacturer of Diagnostic Reagents and Kits. Incorporated in 1986, the company is continuously rising on the growth chart and setting very high quality standards. They have a team of highly dedicated staff to meet any demands and unique device to achieve stringent quality standards.
Since its inception, the company has established a reputation for itself as a
manufacturer of quality diagnostic reagents and kits. They focus on quality and
aim to achieve total customer satisfaction, both in the products they
manufacture and in the service that follows.
Whether are looking for Rapid Tests, Immunology and
Biochemistry Kits, Bio Lab Diagnostics can provide with anything and
everything.
Subject is one of the Pioneers in the diagnostic Products Manufacturing Industry of India, incorporated in 1986.
Subject established its distributor network throughout the country.
Currently a wide range of Products in liquid stable biochemistry, Dry
Chemistry, Urine anlalysis strips, Haematology Dilutes, Rapid tests, Rapid
stain kits and Immuno Serology Products Manufacturing under the guideline of
FDA GMP and ISO 9000-2001 at Tarapur Plant.
This Plant is built up with Facilities like centrally air conditioned,
dehumidified area, walk in cold room Quality Control Laboratory, etc.
A team of skilled Professionals and a group of R and D Staff to ensure
the Product quality. Comprable with International Standard.
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.39.60 |
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UK Pound |
1 |
Rs.78.29 |
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Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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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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42 |
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
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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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