MIRA
INFORM REPORT
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Report Date : |
22.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
RELIANCE STAINLESS STEEL |
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Registered Office : |
21/23, Bothra Mansion, Ground Floor, Ardeshir Dadi Street, Mumbai-400
004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1999 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR09691D |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Trader and Importer of stainless steel sheet or coils. |
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 1284 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Partners
are reported as experienced and respectable businessmen. Trade relations are
fair. Payments are however reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
21/23, Bothra Mansion Ground Floor, Ardeshir Dadi Street, Mumbai-400
004, Maharashtra |
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Tel. No.: |
91-22-23873375 / 23817377 |
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Mobile No.: |
91-986700884 |
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Website : |
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Area : |
300 Sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Hiralal N Kanungo |
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Designation : |
Partner |
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Date of Birth/Age : |
40 years |
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Qualification : |
Graduate |
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Experience : |
15 years |
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Name : |
Mr. Rakesh M Kanungo |
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Designation : |
Partner |
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Date of Birth/Age : |
30 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
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Name : |
Mr. Jitendra C Kanungo |
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Designation : |
Partner |
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Date of Birth/Age : |
32 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of stainless steel sheet or coils. |
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Products : |
Stainless Steel |
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Imports from : |
v Belgium v USA v Korea v Japan v Singapore(Worldwide) |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
11 (In office) |
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Bankers : |
Union Bank of India Bhuleshwar Branch, Mumbai-400 002 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D C Bothra and Company Chartered Accountants |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
v Manchar Manak
Alloys Private Limited, Mumbai Line of Business : Traders v Stainless Steel Corporation,
Mumbai Line of Business : Traders v Stainless
International, Mumbai Line of Business : Traders |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.0.321 Million |
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Borrowed : |
-- |
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Total : |
Rs.0.321 Million |
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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0.321 |
1.574 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.321 |
1.574 |
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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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82.789 |
45.971 |
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TOTAL BORROWING |
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82.789 |
45.971 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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83.110 |
47.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.524 |
0.047 |
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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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22.788 |
24.860 |
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Sundry Debtors |
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62.149 |
17.760 |
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Cash & Bank Balances |
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13.037 |
3.267 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.427 |
3.578 |
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Total
Current Assets |
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101.401 |
49.465 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.680 |
0.923 |
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Provisions |
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3.135 |
1.044 |
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Total
Current Liabilities |
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18.815 |
1.967 |
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Net Current Assets |
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82.586 |
47.498 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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83.110 |
47.545 |
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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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338.227 |
290.315 |
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Other Income |
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0.022 |
0.001 |
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Total Income |
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338.249 |
290.316 |
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Profit/(Loss) Before Tax |
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2.096 |
0.849 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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2.096 |
0.849 |
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Expenditures : |
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Cost of Goods Sold |
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327.584 |
282.863 |
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Interest and Salary to partners |
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0.503 |
0.492 |
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Interest |
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6.525 |
4.085 |
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Administration and Selling Expenses |
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1.541 |
2.027 |
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Total Expenditure |
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336.153 |
289.467 |
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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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0.61 |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.61 |
0.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.06 |
1.71 |
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Return on Investment (ROI) (PBT/Networth) |
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6.52 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
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58.61 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
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5.45 |
51.46 |
LOCAL AGENCY
FURTHER INFORMATION
As per web details
attached:
Subject is an Importer, Stockist and Supplier of Stainless Steel in the shape of Sheet, Plate, Coil, Pipe in the Grade 304, 316, and 310. Their company was formed in the year July 1999. Their company is a registered partnership firm, with basic business of import, export, supply of stainless steel, mild steel, cabon steel, alloy steel in forms of sheet, plates, coils, fittings, as per our customer specifications.
They import from all part of world for eg. South Africa, Taiwan, Belgium, U.S.A., U.K., Asia etc. They import around 200 M.T per month in forms such as sheet, coils, plates, pipes, etc.
Import department has been looked by their partner Mr.Rakesh Kanungo for any information on import, can contact Mr. Kanungo. They also sell on highseas basis; they can book the goods on your behalf also.
Their export department has been looked by Mr.Rakesh.S.Sanghvi specialist of fittings export in stainless steel, mild steel, export all over the world prime material with t c. and government approved lab.
They are also in supply to various industries such as HMT Ltd., Panchmahal Ltd., ISI Bars Ltd., Nitin Castings Ltd., and many other private and government sectors. The department has been looked by Mr.Rakesh S Sanghvi. The material will be available with t.c. and as per specific requirement of the consumer in shape, sizes, grades. They are in position to provide excise gate pass/ modvat whereas to provide credit facility is not the problem among them.
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.39.56 |
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UK Pound |
1 |
Rs.77.45 |
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Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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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