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MIRA
INFORM REPORT
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Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELCOTEQ ELECTRONICS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Block No. VII, Velankani Information System Campus, 43, Electronic City Phase 2, Bangalore – 560100, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.06.2004 |
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Com. Reg. No.: |
034202 |
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CIN No.: [Company
Identification No.] |
U32309KA2004PTC034202 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE03879B |
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PAN No.: [Permanent
Account No.] |
AABCE3729J |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of electronic and allied products, systems, equipments, accessories and components etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Elcoteq, Finland. In India, it is in infancy stage and implementation level. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions since it is backed by Elcoteq Finland. |
LOCATIONS
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Registered Office / Factory : |
Block No. VII, Velankani Information System Campus, 43, Electronic City Phase 2, Bangalore – 560100, Karnataka, India |
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Tel. No.: |
91-80-25017000 |
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Fax No.: |
91-80-25017200 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Harvesh Prem Chawla |
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Designation : |
Director |
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Address : |
No. 26, 7th Floor, Kailash Building, Kastruba Marg, New Delhi – 110001 |
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Date of
Birth/Age : |
06.06.1970 |
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Date of Appointment : |
24.06.2004 |
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Name : |
Mr. Ranjeet Prakash Chawla |
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Designation : |
Director |
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Address : |
No. 26, 7th Floor, Kailash Building, Kastruba Marg, New Delhi – 110001 |
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Date of
Birth/Age : |
14.11.1966 |
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Date of Appointment : |
24.06.2004 |
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Name : |
Mr. Henry Gilchrist |
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Designation : |
Director |
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Address : |
Flat A2, Eastview Buildings, 3, Cox’s Road, Yau Ma Tel, Kowloon, Hong Kong. |
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Date of
Birth/Age : |
08.10.1957 |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Andrew Yau |
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Designation : |
Director |
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Address : |
9/F, Flat B-4, 90, Kennedy Road, Manchan, Hong Kong |
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Date of
Birth/Age : |
28.11.1970 |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Teo Ottola |
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Designation : |
Director |
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Address : |
Nuottatic B M, 02230, ESPOO, Finland. |
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Date of Birth/Age
: |
05.07.1968 |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Lasse Orre |
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Designation : |
Director |
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Address : |
Block 27, Ground Floor, Flat B, Gold, Coast Tuen Mun, NT, Hong Kong. |
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Date of
Birth/Age : |
13.02.1962 |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Rajiv Kochar |
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Designation : |
Director |
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Address : |
706, Maker Chamber V, Nariman Point, Mumbai |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Sari Kolu |
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Designation : |
Director |
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Address : |
Lepis Ton Katu 3, 15800, Lothi, Finland. |
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Date of
Birth/Age : |
11.06.1967 |
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Date of Appointment : |
23.07.2004 |
KEY EXECUTIVES
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Name : |
Kaapo Liede |
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Designation : |
General Manager |
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Date of
Birth/Age : |
13.08.1967 |
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Qualification
: |
B. Com |
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Experience : |
16 years |
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Date of
Appointment : |
01.01.2005 |
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Last
Employment : |
Beijing Elcoteq
Electronics Company Limited |
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Name : |
Sylvi Kuikka |
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Designation : |
Business
Controller |
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Date of
Birth/Age : |
13.10.1959 |
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Qualification
: |
Specialist
Qualification in foreign Trade and BBA Studies |
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Experience : |
19 years |
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Date of
Appointment : |
11.01.2005 |
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Last
Employment : |
Elcoteq JSC St.
Petersburg |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 29.09.2005]
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Names of Shareholders |
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No. of Shares |
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Elecoteq Network Oyj |
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5631099 |
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Elcoteq Lohja Oy |
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1 |
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Equity Share Break-up
[As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of electronic and allied products, systems, equipments, accessories and components etc. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Not Divulged |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Maruti Info-Tech Centre, 11-12/1 inner Ring Road, Koramangala,
Bangalore 560071, Karnataka, India |
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Tel. No.: |
91-80-22276000 |
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Fax No.: |
91-80-22273000 |
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Associates/Subsidiaries : |
v Elcoteq Asia Limited v Elcoteq Beijing |
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Holding Company: |
Ř Elcoteq SE Ř Elcoteq Network Oyj |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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66000000 |
Equity Shares |
Rs. 10/- each |
Rs. 660.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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64307100 |
Equity Shares |
Rs. 10/-each
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Rs. 643.071
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 |
643.071 |
56.311 |
56.311 |
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2] Share Application Money |
0.000 |
0.010 |
0.010 |
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3] Reserves & Surplus |
0.000 |
485.975 |
103.000 |
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4] (Accumulated Losses) |
[676.765] |
[312.633] |
[48.327] |
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NETWORTH |
[33.694] |
229.663 |
110.994 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
915.253 |
0.000 |
0.000 |
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TOTAL BORROWING |
915.253 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
881.559 |
229.663 |
110.994 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
485.559 |
257.259 |
4.819 |
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Capital work-in-progress |
14.628 |
9.277 |
233.548 |
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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 |
332.976
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9.312 |
4.780 |
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Sundry Debtors |
270.617
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9.345 |
0.000 |
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Cash & Bank Balances |
6.274
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4.452 |
8.523 |
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Other Current Assets |
4.530
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0.000 |
0.000 |
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Loans & Advances |
53.843
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43.640 |
32.842 |
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Total
Current Assets |
668.240
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66.749 |
46.145 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
284.569
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102.942 |
173.381 |
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Provisions |
2.299
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0.680 |
0.137 |
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Total
Current Liabilities |
286.868
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103.622 |
173.518 |
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Net Current Assets |
381.372
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[36.873] |
[127.373] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
881.559 |
229.663 |
110.994 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover [including other income] |
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0.009 |
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Profit/(Loss)
Before Tax |
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(48.323) |
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Provision for
Taxation |
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(0.004) |
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Profit/(Loss)
After Tax |
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(48.327) |
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Import Value |
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162.085 |
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Total Expenditure |
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48.332 |
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 |
(%) |
NA
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NA |
[536966.66] |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
[536922.22] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
[94.81] |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
[1.43] |
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Debt Equity Ratio (Total Liability/Networth) |
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35.67
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0.45 |
1.56 |
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Current Ratio (Current Asset/Current Liability) |
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2.32
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0.64 |
0.26 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v Computer
v Office Equipments
v Electrical Fittings
v Furniture and Fittings
v Lease holds Improvement
v Office Equipments
v Plant and Machinery
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.34 |
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UK Pound |
1 |
Rs. 79.81 |
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Euro |
1 |
Rs. 62.01 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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--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 |
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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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38 |
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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