MIRA
INFORM REPORT
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Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRAVEEN AGGARWAL AND COMPANY |
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Registered Office : |
Flat No.257, Office Complex, Jhandewalan, SRT Nagar, New Delhi – 110055 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1973 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Providing Accounting Services (Chartered Accountants) |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having satisfactory
track records. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Praveen Kumar Aggarwal |
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Designation : |
Partner |
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Date : |
10.05.2008 |
LOCATIONS
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Registered Office : |
Flat No.257, Office Complex, Jhandewalan, SRT Nagar, New Delhi –
110055, India |
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Tel. No.: |
91-11-23679764/ 23526495/ 4357009 |
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Mobile No.: |
91-93128319111/ 9818441688 |
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Fax No.: |
91-11-23526495/ 23548424 |
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E-Mail : |
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Area : |
600 sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Praveen Kumar Aggarwal |
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Designation : |
Partner |
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Date of Birth/Age : |
58 years |
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Qualification : |
Chartered Accountant |
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Experience : |
28 years |
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Name : |
Mr. Ashok Kumar Aggarwal |
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Designation : |
Partners |
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Name : |
Mr. Chander Mohan Mahoratra |
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Designation : |
Partners |
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Name : |
Mr. Manish Karkara |
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Designation : |
Partners |
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Name : |
Mr. Chandra Bhushan Kumar |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Providing Accounting Services (Chartered Accountants) |
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Products : |
· Business
start-up Services · Corporate Law
Matters · Due Diligence · Investment
Guidance and feasibility Reports · Financial
Services and project Financing · Annual Audits
and Compliances · Internal Audits,
Proprietory Audits and Compulsory Audits · Income Tax Work
including tax computation and filing · Representations
before Assessing Officers · Exemption
Certificates · Appeals upto
Income Tax Appellate Tribunal · Service Tax,
Excise and Custom Laws · Vat and Sales
Tax related services · Foreign
Collaborations Support · Import Export
Guidance and FEMA Consultancy · Accounting BPO
and KPO Services including Payroll Solutions · All E-solutions
like Digital Signatures · E-TDS
Preparation and Filing · MCA-21 Uploading · Line Production
and Professional Accounting/ Auditing Support to Movie Makers and Media
Clients · Professional Training
and other Tailor Made Solution etc. |
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Exports : |
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Products : |
Consultancy |
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Countries : |
· UK · USA · Europe |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
· Corporate House · Banks · Societies · Public Sector
Undertakings NGO · Private Firms · Individual · Foreign
Companies · Multinational
Companies · Oriental
Pathways (Indore) Private Limited · Swarn Financial
Services Private Limited · Viraj Exports · Oriental Pathways (Nagpur) Private Limited · Five Core
Electronics Limited · Honeywell
Airport Systems GMBH, Germany · Kang Nung
Construction Company Limited, South Korea · Sweet Peas Farms
Private Limited · Jawala
Co-operative T/C Society Limited · Sweta Estate
Private Limited · Gulab Farms
Private Limited |
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No. of Employees : |
20 |
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Bankers : |
· State Bank of
India Jhandewalan, SRT Nagar, New Delhi – 110055, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
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Memberships : |
All India Chartered Accountant Associates |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2005 |
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Sales Turnover |
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10.000 |
7.000 |
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Expected Sales (2008-09): Rs.12.500 Millions
LOCAL AGENCY
FURTHER INFORMATION
Brief description of
the Audit Firm including details of its other activities
· The firm was started by Mr. Praveen Kumar Aggarwal, Chartered Accountant,
in 1973. Later on other Chartered Accountants jointed the firm as partners as
the firm business increased
· The firm is engaged in audit of accounts of various companies including
concurrent audit
· It has a number of large civil contractors companies/ Concerns and
automobile companies as its clients.
Services being Rendered
· Handling Indian Income Tax, Services Tax and Vat matters of various
states for various clients
· Advising in fifnancial matter to some of its clients
· Undertaking statutory/ Internal an concurrent audits
· Foreign exchanges metters under India laws – FEMA and RBI Viz:
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Project/ Branch/ Loasion Office
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Project Remittances
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Foreign Direct Investment etc.
Others:
· Empanelled with Comptroller Auditor General of India
· Empanelled with Reserve Bank of 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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.56 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.67.08 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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48 |
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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