MIRA INFORM
REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
OMEGA TUBE PROFILES PRIVATE LIMITED |
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Registered Office : |
House No. 1659, Sector 7E, Faridabad 121006, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.2004 |
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Com. Reg. No.: |
05-35450 |
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CIN No.: [Company
Identification No.] |
U27109HR2004PTC035450 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKO00897B |
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PAN No.: [Permanent
Account No.] |
AAACO6879N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Steel Tubes and Pipes and other sheet metal components
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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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Maximum Credit Limit : |
USD 10000 |
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Status : |
Improving |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 Years old company and its financial position is
improving. The company has been successful
in wiping off all its previous losses during 2006-07. Trade relations are fair. Payments are however reported as slow but
correct. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office : |
House No. 1659, Sector 7E, Faridabad 121006, Haryana, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vipin Chanda |
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Designation : |
Director |
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Address : |
House No. 1659, Sector 7, E,
Faridabad 121006, Haryana, India |
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Date of Birth/Age : |
29.08.1967 |
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Date of Appointment : |
19.08.2004 |
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Name : |
Mr. Lalit Chanda |
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Designation : |
Director |
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Address : |
House No. 1659, Sector 7, E,
Faridabad 121006, Haryana, India |
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Date of Birth/Age : |
20.01.1971 |
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Date of Appointment : |
19.08.2004 |
KEY EXECUTIVES
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Name : |
Amitabh S and Associates |
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Designation : |
Company Secretary |
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Address : |
308, Chhabra Complex, 8 Veer Savarkar Block, Shakarpur, Delhi 110092,
India |
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Tel. No. : |
91-9312229703 |
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E-mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Chanda Vipin |
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225000 |
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Chanda Lalit |
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15000 |
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Chanda Anuradha |
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5000 |
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Chanda Seema |
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5000 |
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Vipin Chanda [HUF] |
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100 |
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Total |
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250100 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel Tubes and Pipes and other sheet metal components
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Mahabir Gupta and Company Chartered Accountants |
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Address : |
175, Sector 11C, Faridabad 121006, Haryana, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250100 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.501
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 |
2.501 |
2.501 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.167 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.070] |
[0.383] |
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NETWORTH |
2.668 |
2.431 |
0.617 |
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LOAN FUNDS |
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1] Secured Loans |
13.331 |
9.202 |
3.532 |
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2] Unsecured Loans |
8.814 |
4.242 |
1.048 |
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TOTAL BORROWING |
22.145 |
13.444 |
4.580 |
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DEFERRED TAX LIABILITIES |
0.049 |
0.039 |
0.064 |
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TOTAL |
24.862 |
15.914 |
5.261 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.097 |
3.038 |
2.441 |
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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 |
12.345
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8.314 |
6.827 |
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Sundry Debtors |
42.146
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27.374 |
9.770 |
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Cash & Bank Balances |
0.859
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0.796 |
0.003 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.278
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0.929 |
1.254 |
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Total
Current Assets |
57.628
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37.413 |
17.854 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.865
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24.574 |
15.060 |
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Provisions |
0.050
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0.032 |
0.000 |
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Total
Current Liabilities |
38.915
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24.606 |
15.060 |
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Net Current Assets |
18.713
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12.807 |
2.794 |
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MISCELLANEOUS EXPENSES |
0.052 |
0.069 |
0.026 |
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TOTAL |
24.862 |
15.914 |
5.261 |
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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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Total Income |
NA |
NA |
NA |
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Profit/(Loss) Before Tax |
0.342 |
0.337 |
0.319 |
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Provision for Taxation |
0.103 |
0.025 |
0.702 |
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Profit/(Loss) After Tax |
0.239 |
0.312 |
[0.383] |
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Total Expenditure |
NA |
NA |
NA |
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 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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22.88
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15.65 |
31.83 |
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Current Ratio (Current Asset/Current Liability) |
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1.48
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1.52 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
OMEGA TUBE
PROFILES PRIVATE LIMITED |
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Presented By |
Mohna Road,
Ballabgarh, Faridabad 121004, Haryana, India |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of assets dated 27.09.2004 registered on 11.10.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
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
stock of raw material, stock in process and finished goods. Hypothecation of book debts of the company Hypothecation of
plant and machinery of Company existing as well as future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% on
stock 40% on Book Debts Rate of interest 11% per annum on monthly rests Penal rate of
interest 13.00% per annum on monthly rests |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce
having its head office at E block Connaught Place, New Delhi through its
Branch at Mohna Road, Ballabgarh, Faridabad 121004, Haryana, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement to secure credit/loan facilities dated 17.08.2005 |
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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. |
Limit increased
from Rs. 1.500 Millions to Rs. 6.000 Millions Rate of interest
9.50% per annum on monthly rests Penal rate of
interest 11.50% per annum on monthly rests |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27109HR2004PTC035450 |
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Name of the
company |
OMEGA TUBE
PROFILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
House No. 1659, Sector 7E, Faridabad 121006, Haryana, India |
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Type of charge |
Movable property |
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Particular of
charge holder |
Mohna Road,
Ballabgarh, Faridabad 121004, Haryana, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of term
loan dated 07.09.2006 |
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Date of
instrument Creating the charge |
07.09.2006 |
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Amount secured by
the charge |
Rs. 1.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Rate of interest
@ 11.5% p.a. on monthly rests Penal rate of
interest @ 2% p.a. over and above the normal rate of interest [b] Terms of
repayment Repayable in
sixty installments of Rs. 0.032 Million each [c] Margin Margin @ 25% [d] Extent and operation
of the charge First and
absolute charge |
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Short particulars
of the property charged |
Hypothecation of
single ended all fired tube annealing single boogie hearth furnance proposed
to be purchased value Rs. 2.275 Millions |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.68 |
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UK Pound |
1 |
Rs. 81.23 |
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Euro |
1 |
Rs. 64.13 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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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36 |
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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