MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MERCURY FABRIC CREATIONS PRIVATE LIMITED |
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Registered Office : |
D-58, Ground Floor, Basement, Okhla Industrial Area, Phase –I, New
Delhi – 110020 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.11.1991 |
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Com. Reg. No.: |
046568 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PTC046568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08728G |
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PAN No.: [Permanent
Account No.] |
AAACM0284D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Fabrics |
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 58212 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. The management declined to part with any information. |
LOCATIONS
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Registered Office/Factory : |
D-58, Ground Floor, Basement, Okhla Industrial Area, Phase –I, New
Delhi – 110020, India |
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Tel. No.: |
91-11-41709800 |
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Fax No.: |
91-11-41709799 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Sachdeva |
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Designation : |
Director |
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Address : |
134, Vinoba Puri, Lajpat Nagar – II, New Delhi – 110024, Delhi |
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Date of Birth/Age : |
06.12.1948 |
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Date of Appointment : |
29.11.1991 |
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Name : |
Mr. Rahul Sachdeva |
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Designation : |
Director |
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Address : |
E-434, Greater Kailash – II, New Delhi – 110048, Delhi |
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Date of Birth/Age : |
16.08.1978 |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Tajinder Sachdeva |
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Designation : |
Director |
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Address : |
E-434, Greater Kailash – II, New Delhi – 110048, Delhi |
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Date of Birth/Age : |
04.07.1959 |
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Date of Appointment : |
29.11.1991 |
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Name : |
Mrs. Asha Sachdeva |
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Designation : |
Director |
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Address : |
134, Vinoba Puri, Lajpat Nagar – II, New Delhi – 110024, Delhi |
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Date of Birth/Age : |
23.11.1953 |
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Date of Appointment : |
01.02.2000 |
KEY EXECUTIVES
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Name : |
Praveen Rastogi and Company |
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Designation : |
Company Secretary |
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Address : |
Flat No. 3, Sood Building, Teil Marg, Ram Nagar, New Delhi – 110055 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok Sachdeva |
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111610 |
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Mr. Rahul Sachdeva |
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35600 |
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Mr. Tajinder Sachdeva |
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5510 |
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Mrs. Asha Sachdeva |
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4600 |
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Mrs. Maya Sachdeva |
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8500 |
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Mr. Shashi Sachdeva |
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28500 |
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Mr. Ruchi Sachdeva |
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5100 |
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Category |
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Percentage of
Holding |
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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 and Exporter of Fabrics |
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Products : |
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GENERAL
INFORMATION
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Customer : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R.N. and Saraf Company Chartered Accountants |
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Address : |
2659/2, Gurudwara Road, Karol Bagh, Delhi – 110005 |
CAPITAL STRUCTURE
As on :29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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249420 |
Equity Shares |
Rs.10/- each |
Rs.2.494
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 |
2.494 |
0.994 |
0.994 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.059 |
3.729 |
2.933 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.553 |
4.723 |
3.927 |
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LOAN FUNDS |
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1] Secured Loans |
6.178 |
5.773 |
2.815 |
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2] Unsecured Loans |
5.229 |
9.624 |
9.553 |
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TOTAL BORROWING |
11.407 |
15.397 |
12.368 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.960 |
20.120 |
16.295 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.817 |
1.599 |
2.187 |
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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 |
0.245 |
0.161 |
0.163 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.140
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6.175 |
6.157 |
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Sundry Debtors |
31.355
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28.306 |
22.064 |
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Cash & Bank Balances |
0.225
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0.369 |
0.637 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.419
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1.377 |
0.773 |
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Total
Current Assets |
42.139
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36.227 |
29.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.591
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16.345 |
14.866 |
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Provisions |
1.650
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1.522 |
0.820 |
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Total
Current Liabilities |
18.241
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17.867 |
15.686 |
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Net Current Assets |
23.898
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18.360 |
13.945 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.960 |
20.120 |
16.295 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
187.496 |
187.766 |
146.565 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
187.496 |
187.766 |
146.565 |
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Profit/(Loss) Before Tax |
1.389 |
1.474 |
1.485 |
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Provision for Taxation |
0.559 |
0.679 |
0.560 |
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Profit/(Loss) After Tax |
0.830 |
0.795 |
0.925 |
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Expenditures : |
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Total Expenditure |
186.107 |
186.292 |
145.080 |
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 |
(%) |
0.44
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0.42 |
0.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.74
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0.78 |
1.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.15
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3.89 |
4.66 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.31 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.25
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3.78 |
3.99 |
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Current Ratio (Current Asset/Current Liability) |
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2.31
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2.02 |
1.88 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
MERCURY FABRIC CREATIONS PRIVATE LIMITED |
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Presented
By |
Union Bank of
India, Lajpat Nagar |
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1) Date and description of instrument creating the change |
Hypothecation of Goods
Agreement Dated: 15.02.1996 – 8.03.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 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 of
all fabrics, clothes used or raw maternal, Proceed Fabrics and which are
ready for sale all machinery, furniture of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– 2.25% M – 25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Lajpat Nagar |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
agreement of goods and debts, on dated 15.10.2001 |
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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. |
Modification
limit from Rs.1.000 million to Rs.2.000 millions against cash credit |
Company Profile:
Subject is a prominent manufacturer
and exporter, offering a gamut of fabrics to choose from. Their
exclusive product range includes All
Feeder Spandex, S/J,
Rib, Interlock, Honeycomb, Waffle, Jacquards, Durby Rib, and many others.
Their products are available in cotton,
vortex viscose, poly-viscose, cotton viscose, polyester, modal, cotton wool,
cotton linen, bamboo, cotton bamboo, slub, lurex, etc. Their
products are of the best quality and available in myriad patterns to suit
ytheir personality.
Well
supported by skilled craftsmen and cutting edge machines, they have established
a strong niche for themselves on both the domestic and the overseas front.
Their company is renowned throughout north India as one of the largest
manufacturers of high Quality Knitted
Fabrics. Their monthly production capacity remains stable at 350 tonnes of knitted fabric, in addition to 250
tonnes/per month of grey fabrics. The minimum order quantity is
500 kg of fabric.
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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48 |
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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