MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KETUL CHEM PRIVATE LIMITED |
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Registered Office : |
114-115-116, Dattani Trade Centre, Chandavarkar Road, Borivali West, Mumbai
– 400092, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.01.1990 |
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Com. Reg. No.: |
11-54903 |
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CIN No.: [Company
Identification No.] |
U24110MH1990PTC054903 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11039A |
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PAN No.: [Permanent
Account No.] |
AAACK5766A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of Petro Chemicals |
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 760000 |
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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. |
INFORMATION PARTED
BY
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Name : |
Mr. Hasmukh Shah |
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Designation : |
Managing Director |
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Contact No.: |
91-9820017749 |
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Date : |
11.06.2008 |
LOCATIONS
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Registered Office : |
114-115-116, Dattani Trade Centre, Chandavarkar Road, Borivali West,
Mumbai – 400092, Maharashtra, India |
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Tel. No.: |
91-22-28904997/ 66841111 |
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Fax No.: |
91-22-28905941 |
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E-Mail : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Godowns : |
· Plot No.1706/B,
GIDC, Ankleshwar Industrial Area, Ankleshwar – 393002, India Tel No.: 91-264-6223568 · Plot No.1003/2,
3rd Phase, Vapi Industrial Area, GIDC, Vapi – 396195, India Tel No.: 91-260-2435299 · Plot No.T-66,
Tarapur Industrial Area, MIDC, Boisar, India Tel No.: 91-2525-270347 |
DIRECTORS
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Name : |
Mr. Hasmukh Shah |
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Designation : |
Director |
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Address : |
Pleasant Palace Co-op. Housing Society, C/202, Sodawala Lane, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
14.08.1958 |
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Qualifications : |
MSC |
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Name : |
Mr. Bhupendra Shah |
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Designation : |
Director |
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Address : |
Pleasant Palace Co-op. Housing Society, C/202, Sodawala Lane, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
27.06.1961 |
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Qualifications : |
B. Com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
|
No. of Shares |
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Mr. Hasmukh Shah |
|
3905990 |
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Mr. Hasmukh Shah (HUF) |
|
132970 |
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Mrs. Prerna Hasmukh Shah |
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2039590 |
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Mr. Bhupendra Shah |
|
2558950 |
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Mr. Bhupendra Shah (HUF) |
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1166143 |
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Mrs. Tanu Bhupendra Shah |
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80010 |
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Mrs. Chanpaben C. Shah |
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462010 |
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Mrs. Taraben Kantilal Shah |
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69171 |
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Mrs. Indiraben C. Shah |
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53351 |
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Mrs. Anju A. Shah |
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25010 |
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P. H. Solvents and Chem Private Limited |
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1000000 |
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Total |
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11493195 |
(As on 31.03.2007)
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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 : |
Trader and Importer of Petro Chemicals |
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Products : |
Petro Chemicals |
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Imports : |
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Products : |
All Types of Chemicals |
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Countries : |
· Singapore · Korea · Taiwan · Japan · China · Europe |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
L/C (90 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
26 (Office – 20 and Factory – 6) |
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Bankers : |
· ICICI Bank,
Nariman Point · CITI Bank, Nariman
Point · HDFC Bank,
Nariman Point · Development
Credit Bank Limited Mohamedali Road Branch, Mumbai – 400001, Maharashtra, India |
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Facilities : |
ICICI – CC/ LC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi Nair and Company Chartered Accountant |
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Address : |
A 201, Mangal Arambh, Off S V Road, Near Kora Kendra, Borivali (West),
Mumbai - 400092, Maharashtra, India |
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Associates/Subsidiaries : |
Palladium Trading
and Investment Private Limited Borivali, Mumbai, Maharashtra, India Activity : (Investment) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11493195 |
Equity Shares |
Rs.10/- each |
Rs.114.932
Millions |
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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 |
114.932 |
114.932 |
114.932 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.325 |
29.899 |
22.974 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
152.257 |
144.831 |
137.906 |
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LOAN FUNDS |
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1] Secured Loans |
1.467 |
1.643 |
0.000 |
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2] Unsecured Loans |
226.461 |
146.579 |
101.680 |
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TOTAL BORROWING |
227.928 |
148.222 |
101.680 |
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DEFERRED TAX LIABILITIES |
1.168 |
1.082 |
1.014 |
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TOTAL |
381.353 |
294.135 |
240.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.418 |
13.361 |
10.403 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.763 |
0.758 |
0.557 |
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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 |
39.050
|
48.556 |
26.661 |
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Sundry Debtors |
452.559
|
415.096 |
306.160 |
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Cash & Bank Balances |
45.099
|
6.782 |
6.820 |
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Other Current Assets |
38.174
|
16.539 |
11.713 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
574.882
|
486.973 |
351.354 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
200.285
|
198.442 |
119.674 |
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Provisions |
7.425
|
8.515 |
5.040 |
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Total
Current Liabilities |
207.710
|
206.957 |
124.714 |
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Net Current Assets |
367.172
|
280.016 |
226.640 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
381.353 |
294.135 |
240.600 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
1819.907 |
1740.053 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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1819.907 |
1740.083 |
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Profit/(Loss) Before Tax |
|
11.598 |
10.536 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
11.598 |
10.536 |
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Expenditures : |
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Interests |
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10.656 |
7.617 |
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Depreciation |
|
0.883 |
0.641 |
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Other Expenditure |
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1796.770 |
1721.289 |
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Total Expenditure |
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1808.309 |
1729.547 |
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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 |
(%) |
0.64
|
0.60 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.64
|
0.60 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.97
|
2.10 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.86
|
2.45 |
1.64 |
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Current Ratio (Current Asset/Current Liability) |
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2.77
|
2.35 |
2.82 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Rallis India Limited
· Glenmark Pharmaceuticals Limited
· UPPL
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24110MH1990PTC054903 |
|
Name of the
Company |
KETUL CHEM PRIVATE LIMITED |
|
Address |
114-115-116, Dattani Trade Centre, Chandavarkar Road, Borivali West,
Mumbai – 400092, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
ICICI Bank
Limited Landmark Race
Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India L65190GJ1994PLC021012 |
|
Nature or
description of the instrument(s) creating or modifying the charge |
No instrument was
exwcuted but on the 27th day of April 2007 a mortgage was created
by the borrower in favour of ICICI Bank by deposit of title deeds with ICICI
Bank, in respect of the borrowers immovable properties admeasuring 532 sq.
ft, 1391.95 sq. m situate at Mumbai, Vapi, Ankleshwar in order to create
security thereon and by way of a mortgage by deposit of tile deeds pursant to
the resolution passed by the borrower on the 3rd day of March
2007. |
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Date of the
instrument creating or modifying the charge |
27.04.2007 |
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Amount secured by
the charge |
Rs.200.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Nil |
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Short particulars
of the property charged (including location of the property) |
Nil |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.87 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
52 |
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 |
|