MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE VARDHMAN POWER PRIVATE LIMITED |
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Formerly Known As : |
VARDHMAN POWER PRIVATE LIMITED |
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Registered Office : |
D-361, Malviya Nagar, Jaipur - 302017, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.08.1989 |
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Com. Reg. No.: |
17-5097 |
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CIN No.: [Company
Identification No.] |
U31300RJ1989PTC005097 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRS04555F |
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PAN No.: [Permanent
Account No.] |
AABCS9715L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic Conductors |
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 46000 |
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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. Sanjeev Bhargav |
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Designation : |
Accountants |
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Contact No.: |
91-9314038183 |
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Date : |
05.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
D-361, Malviya Nagar, Jaipur - 302017, Rajasthan, India |
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Tel. No.: |
91-141-2330365/ 2553097 |
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Fax No.: |
91-141-2330365 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kamlesh Chordia |
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Designation : |
Director |
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Address : |
D-361, Malviya Nagar, Jaipur - 302017, Rajasthan, India |
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Date of Birth/Age : |
27.03.1950 |
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Date of Appointment : |
22.08.1989 |
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Name : |
Mrs. Bindu Chordia |
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Designation : |
Director |
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Address : |
D-361, Malviya Nagar, Jaipur - 302017, Rajasthan, India |
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Date of Birth/Age : |
06.11.1976 |
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Date of Appointment : |
15.11.2000 |
KEY EXECUTIVES
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Name : |
C. M. Bindal and Company |
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Designation : |
Company Secretary |
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Address : |
247, Himmat Nagar, Tonk Road, Jaipur 302018, Rajasthan, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or Relatives of Director |
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98.00 |
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Other Top Fifty Shareholders (Other than listed above) |
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2.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronic Conductors |
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Products : |
Electronic Conductors |
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Terms : |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
· State Bank of
Bikaner and Jaipur Industrial Finance Branch, Tambi Towers, S C Road, Jaipur – 302001,
Rajasthan, India |
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Om Agarwal and Company Chartered Accountant |
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Address : |
D-37, Subhash Marg, C Sheme, Jaipur – 302001, Rajasthan, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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55000 |
Equity Shares |
Rs.100/- each |
Rs.5.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500
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 |
3.500 |
3.500 |
2.500 |
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2] Share Application Money |
3.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.827 |
2.025 |
1.037 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.327 |
5.525 |
3.537 |
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LOAN FUNDS |
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1] Secured Loans |
11.354 |
6.569 |
4.969 |
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2] Unsecured Loans |
4.840 |
3.790 |
2.106 |
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TOTAL BORROWING |
16.194 |
10.359 |
7.075 |
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DEFERRED TAX LIABILITIES |
0.492 |
0.341 |
0.226 |
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TOTAL |
26.013 |
16.225 |
10.838 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.213 |
1.753 |
1.200 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.827
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11.912 |
5.979 |
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Sundry Debtors |
5.986
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3.219 |
3.180 |
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Cash & Bank Balances |
8.506
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6.059 |
3.819 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.892
|
0.356 |
1.054 |
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Total
Current Assets |
36.211
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21.546 |
14.032 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.792
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6.709 |
4.163 |
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Provisions |
0.619
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0.365 |
0.231 |
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Total
Current Liabilities |
12.411
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7.074 |
4.394 |
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Net Current Assets |
23.800
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14.472 |
9.638 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.013 |
16.225 |
10.838 |
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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 |
164.336 |
75.572 |
41.999 |
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Other Income |
0.851 |
0.000 |
0.000 |
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Total Income |
165.187 |
75.572 |
41.999 |
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Profit/(Loss) Before Tax |
1.084 |
0.604 |
0.164 |
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Provision for Taxation |
0.131 |
-- |
-- |
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Profit/(Loss) After Tax |
0.953 |
0.604 |
0.164 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
[0.731] |
[1.015] |
[0.261] |
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Other Expenditure |
164.834 |
75.983 |
42.096 |
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Total Expenditure |
164.103 |
74.968 |
41.835 |
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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 |
(%) |
0.58
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0.80 |
0.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.66
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0.79 |
0.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.82
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2.60 |
1.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.10 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.07
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3.15 |
3.24 |
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Current Ratio (Current Asset/Current Liability) |
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2.92
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3.04 |
3.19 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
Government
(Rajasthan Electricity Board)
(Gujarat Electricity Board)
(Punjab Electricity Board)
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U31300RJ1989PTC005097 |
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Name of the
Company |
SHREE VARDHMAN POWER PRIVATE LIMITED |
|
Address |
D-361, Malviya Nagar, Jaipur - 302017, Rajasthan, India |
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This form is for |
Modifications of Charge |
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Type of Charge |
Immovable
Property Any Interests in
Immovable Property Corporate
Guarantee Given |
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Particulars of
the charge holder |
· State Bank of
Bikaner and Jaipur Industrial Finance Branch, Tambi Towers, S C Road, Jaipur – 302001,
Rajasthan, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Letter of
Confirmation for creation of Mortgage by deposit of Title Deds SME 8 Memorandum for
recording extension of Mortgage by deposit of title deeds Guarantee
Agreement Board resolution |
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Date of the
instrument creating or modifying the charge |
25.04.2008 |
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Amount secured by
the charge |
Rs.7.500 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests to be
charged as per agreement Terms of
Repayment: Repayable on
Demand Margin: Raw Materials 25% SIP, FG both 30% Receivables 50% Bank Guarantee 25% Extent and
Operation of the charge: The charge
Operate on First charge basis Others: The mount of
Guarantee from Rs.6.900 Millions to Rs.7.500 Millions |
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Short particulars
of the property charged (including location of the property) |
Extension of Equitable
Mortgage extended of factory land and building, at G 849 Road No.14 VKIA
Jaipur Belonging to the company for loan facilities availed by Harsh
Telematics from SBBJ IFB jaipur. Corporate
Guarantee given by the company for loan facilities availed by Harsh
Telematics from SBBJ IFB jaipur. The company shall indemnify the bank in case
of any default by Harsh Telematics of Interests, other costs to SBBJ IFB
jaipur. |
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Particular of the
present modification |
The amount of
Corporate Guarantee enhanced from Rs.6.900 Millions to Rs.7.500 Millions Extension of
Equitable Mortgage extended of factory land and building, at G 849 Road No.14
VKIA Jaipur Belonging to the company for loan facilities availed by Harsh
Telematics from SBBJ IFB jaipur. Corporate Guarantee
given by the company for loan facilities availed by Harsh Telematics from
SBBJ IFB jaipur. The company shall indemnify the bank in case of any default
by Harsh Telematics of Interests, other costs to SBBJ IFB jaipur. |
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.42.87 |
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UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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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45 |
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 |
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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 |
|
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 |
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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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