MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHRUTI ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Plot No. 1/A, Survey No. 210, Village Veraval (Shaper), Rajkot – 36
0030, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.07.2002 |
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Com. Reg. No.: |
04-40949 |
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CIN No.: [Company
Identification No.] |
U27209GJ2002PTC040949 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTS00795E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Aluminium Casting and Machining Works |
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 5000 |
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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 an established small company having steady business. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashwin Chavda |
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Designation : |
Assistant Accounts |
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Contact No.: |
91-9979907454 |
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Date : |
21.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 1/A, Survey No. 210, Village Veraval (Shaper), Ganesh
Industrial Area, Rajkot – 36 0030, Gujarat, India |
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Tel. No.: |
91-2827-252572 |
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Mobile No.: |
91-9825064246 / 9979907454 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Corporate Office : |
Shrutina 10-C, Panchavati Kalawad Road, Rajkot , Gujarat, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Manishkumar Manubhai Amin |
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Designation : |
Director |
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Address : |
4/12Jagnath Plot 3, Keshav, Rajkot – 360 001, Gujarat, India |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Mr. Sagunaben Khimjibhai Aghera |
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Designation : |
Director |
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Address : |
Near Payal 3 Saurashtra Kala Kendra, Rajkot – 360 005, Gujarat, India |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Mrs. Ritaben Rajeshkumar Doshi |
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Designation : |
Director |
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Address : |
Shrutina 10-C, Ranchavati Society, Kalawad Road, Rajkot – 360 005,
Gujarat, India |
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Date of Birth/Age : |
10.09.1965 |
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Date of Appointment : |
09.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007):- |
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No. of Shares |
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Mr. Manubhai Manish Amin |
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4000 |
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Mr. Khimji Aghera |
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3000 |
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Mr. Rajesh Kumar Doshi |
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3000 |
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Total
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10000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Casting and Machining Works |
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Products: |
·
Aluminium Graded Castings
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Plastic Machinery Parts
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Textile Machinery Parts
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
14 |
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Bankers : |
State Bank of Saurashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M N Manvar and Company Chartered Accountants |
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Address : |
504, Star Plaza, Phulchhab Chowk, Rajkot – 360 001, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
million |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.011 |
0.506 |
0.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.111 |
0.606 |
0.360 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.101 |
0.101 |
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2] Unsecured Loans |
0.101 |
0.176 |
0.102 |
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TOTAL BORROWING |
0.101 |
0.277 |
0.203 |
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DEFERRED TAX LIABILITIES |
0.256 |
0.000 |
0.000 |
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TOTAL |
1.468 |
0.883 |
0.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.488 |
2.948 |
1.081 |
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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 |
0.773
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0.533 |
0.601 |
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Sundry Debtors |
0.317
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1.959 |
0.216 |
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Cash & Bank Balances |
0.852
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0.344 |
1.331 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.517
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0.348 |
0.393 |
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Total
Current Assets |
2.459
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3.184 |
2.541 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.193
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5.131 |
2.964 |
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Provisions |
0.292
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0.125 |
0.103 |
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Total
Current Liabilities |
4.485
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5.256 |
3.067 |
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Net Current Assets |
[2.026]
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[2.072] |
[0.526] |
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MISCELLANEOUS EXPENSES |
0.006 |
0.007 |
0.008 |
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TOTAL |
1.468 |
0.883 |
0.563 |
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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 |
11.029 |
11.806 |
7.011 |
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Other Income |
0.518 |
0.219 |
1.132 |
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Total Income |
11.547 |
12.025 |
8.143 |
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Profit/(Loss) Before Tax |
0.772 |
0.383 |
0.285 |
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Provision for Taxation |
0.267 |
0.137 |
0.097 |
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Profit/(Loss) After Tax |
0.505 |
0.246 |
0.188 |
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Expenditures : |
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Depreciation & Amortization |
0.176 |
0.136 |
0.043 |
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Other Expenditure |
10.599 |
11.506 |
7.815 |
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Total Expenditure |
10.775 |
11.642 |
7.858 |
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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 |
(%) |
4.37
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2.05 |
2.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.99
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3.24 |
4.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.98
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6.24 |
7.86 |
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Return on Investment (ROI) (PBT/Networth) |
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0.69
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0.63 |
0.79 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.13
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9.13 |
9.08 |
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Current Ratio (Current Asset/Current Liability) |
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0.55
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0.61 |
0.83 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERENCES:
· Industrial Engineering, Ahmedabad
· Sangam Alloy
· Raju Engineering, Rajkot
WEBSITES DETAILS:
The company was established in the year 2003. They are manufacturer and exporter of Aluminium Graded Casting, Plastic Machinery Parts, Textile Machinery Parts and Marine Equipment Parts.
Their products are the cumulative result of extensive research and development, latest technology, stringent quality control norms and engineering excellence, which are designed for maximum reliability and durability. They keep their selves abreast of the latest developments, trends and the technologies in the industry and constantly incorporate them in their products and service orientation. Their wide market distribution channel helps them offer quick and effective after sales support. Scaling new heights, they have placed their selves much ahead of their competitors and are constantly exploring new territories and markets on the national and the international platform.
Products
The company is the leading manufacturer and exporter of following range of
products:
·
Aluminium Graded Castings
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Plastic Machinery Parts
·
Textile Machinery Parts
Marine Equipment Parts.
Quality
Strict quality control procedures are followed and strict
vigil is maintained at each and every stage of the production process. Right
from selection of raw materials to final development of equipment, quality is
monitored by their team of quality control inspectors. All the products thus
manufactured are subjected to various tests in order to enhance and monitor
their efficiency. They also ensure that all the raw materials used for the
production process are sourced from noted companies in the domestic
territories.
Infrastructure
They have developed their core competence in the manufacturing and exporting of
world class products at industry leading prices. Going by the trends, they have
incorporated profound infrastructure empowered with cutting edge technology and
superb working environment. Their state-of-the-art production unit backed by hi
tech machines and latest technology have always been the pillar of their
strength. To meet the increasing demand in the market and to cater to the needs
of customers, they have established a wide marketing and services network
across India. Their team of technicians and motivated engineers are determined
to bring the latest designs and trend in their extensive product range. They
also have a spacious warehouse, which has the capacity to store large
quantities of products.
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.42.67 |
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UK Pound |
1 |
Rs.83.41 |
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Euro |
1 |
Rs.66.39 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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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46 |
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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