MIRA
INFORM REPORT
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Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIMPLEX METALLURGICAL PRIVATE LIMITED |
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Registered Office : |
93, 9th Floor, Bajaj Bhavan, Nariman Point, Mumbai 400 021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.07.1983 |
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Com. Reg. No.: |
11-30522 |
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CIN No.: [Company
Identification No.] |
U2731MH1983PTC030522 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37123C |
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PAN No.: [Permanent
Account No.] |
AAACS0723M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and Export of Steel, Grey iron, Non-Ferrous Castings
Machines and Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 210000 |
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Status : |
Good |
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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. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
93, 9th Floor, Bajaj Bhavan, Nariman Point, Mumbai 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-22021932 |
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Fax No.: |
91-22-22866210 |
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E-Mail : |
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Branches : |
Located at:
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Overseas Branches : |
Located at:
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DIRECTORS
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Name : |
Mr. Hiralal Bhanji Shah |
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Designation : |
Director |
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Address : |
Simplex Colony, Malviya Nagar, G E Road, Durg, Madhya Pradesh 492 001,
India |
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Date of Birth/Age : |
10.04.1935 |
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Date of Appointment : |
30.07.1983 |
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Name : |
Mr. Shivji Ravji Shah |
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Designation : |
Director |
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Address : |
89, Geetanjali, Bhaudaji Road, Matunga, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
05.03.1937 |
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Date of Appointment : |
30.07.1983 |
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Name : |
Mr. Navin Ramji Shah |
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Designation : |
Director |
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Address : |
12, Om Ratan Pochkhanwala Road, Worli, Mumbai 400 018, Maharashtra,
India |
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Date of Birth/Age : |
03.12.1942 |
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Date of Appointment : |
10.05.1984 |
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Name : |
Mr. Kapil Navin Shah |
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Designation : |
Director |
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Address : |
12, Om Ratan Pochkhanwala Road, Worli, Mumbai 400 018, Maharashtra,
India |
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Date of Birth/Age : |
10.10.1971 |
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Date of Appointment : |
13.12.1999 |
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Name : |
Mr. Chetan Navin Shah |
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Designation : |
Director |
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Address : |
12, Om Ratan Pochkhanwala Road, Worli, Mumbai 400 018, Maharashtra,
India |
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Date of Birth/Age : |
23.07.1973 |
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Date of Appointment : |
13.12.1999 |
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Name : |
Mr. Chandri Navin Shah |
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Designation : |
Director |
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Address : |
12, Om Ratan Pochkhanwala Road, Worli, Mumbai 400 018, Maharashtra,
India |
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Date of Birth/Age : |
09.09.1949 |
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Date of Appointment : |
16.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Pushkarbhai Uchharangrai Oza |
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10 |
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Mr. Shivji Ravji Shah |
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10 |
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Mr. Chetan Navin Shah |
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7150 |
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Mr. Chandri Navin Shah |
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15250 |
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Mr. Navin Ramji Shah |
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14210 |
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Mr. Kapil Navin Shah |
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7150 |
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Murifield Investment Limited |
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47780 |
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Chandri Estate and Trading Company Private Limited |
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48000 |
As on 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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69.01 |
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Directors or Relatives of Directors |
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30.99 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Export of Steel, Grey iron, Non-Ferrous Castings
Machines and Equipments. |
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Products : |
Steel, Grey iron, Non-Ferrous Castings Machines and Equipments. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharma Shah and Associates Chartered Accountants |
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Address : |
205, Kartar Mansion No. 01, 2nd Floor, 35, Tribhuvan Road,
Mumbai 400 002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160,000 |
Equity Shares |
Rs, 10/- each |
Rs. 1.600 millions |
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1,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.100 million |
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3,000 |
Unclassified Shares |
Rs. 100-/ each |
Rs. 0.300 million |
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Total |
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Rs. 2.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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138,780 |
Equity Shares |
Rs. 10/- each |
Rs. 1.388 million |
|
780 |
Unclassified Shares |
Rs. 100/- each |
Rs. 0.078 million |
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Total |
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Rs. 1.466 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 |
1.466 |
1.466 |
1.466 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
50.434 |
49.765 |
45.621 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.900 |
51.231 |
47.087 |
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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 |
17.651 |
16.390 |
13.259 |
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TOTAL BORROWING |
17.651 |
16.390 |
13.259 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.551 |
67.621 |
60.346 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.230 |
2.353 |
2.487 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
32.272 |
23.466 |
18.790 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.600
|
3.682 |
0.000 |
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Cash & Bank Balances |
0.605
|
0.917 |
1.902 |
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Other Current Assets |
1.255
|
0.595 |
0.627 |
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Loans & Advances |
34.060
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37.697 |
38.993 |
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Total
Current Assets |
36.520
|
42.891 |
41.522 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.726
|
1.089 |
2.453 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
2.726
|
1.089 |
2.453 |
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Net Current Assets |
33.794
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41.802 |
39.069 |
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MISCELLANEOUS EXPENSES |
1.255 |
0.000 |
0.000 |
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TOTAL |
69.551 |
67.621 |
60.346 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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1.39
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1.34 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
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16.04
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39.38 |
16.92 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEB:
Profile
Subject belongs to “Simplex Group” of Companies over 56 years of
experience in various fields.
The major activities are as follows:
- Marketing of
product and projects for its associate companies.
- To arrange
technical collaboration and introduce new technologies for its associate
companies.
- To export and
import equipment and goods & other commodities.
- To look after
agency business.
- To provide
project management services for turnkey projects of Associated Companies.
- They can
organize to export the different grades of Iron Ore Fines with following
specifications from Mines of Orissa State in India.
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.42.64 |
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UK Pound |
1 |
Rs.83.00 |
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Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
63 |
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 |
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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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