MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHARDA POLY COLOURS PRIVATE LIMITED |
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Registered Office : |
EL-9, Electronic Zone, Hinga MIDC, Nagpur – 440 013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.04.2005 |
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Com. Reg. No.: |
11-152634 |
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CIN No.: [Company
Identification No.] |
U24220MH2005PTC152634 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPS07050B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Master Batches used for Plastic Industries. |
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 14500 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company and had not commenced commercial
operations as per its first financials of 2006. No subsequent financials are
available and the management failed to update the same. Trade relations are reported
as fair. No complaints have been heard from the market sources. The Company can be considered for small to mediocre business dealings
initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjay Thadani |
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Designation : |
Chartered Accountants |
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Contact No.: |
91-9823179082 |
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Date : |
31.10.2008 |
LOCATIONS
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Registered Office/Factory : |
EL-9, Electronic Zone, Hinga MIDC, Nagpur – 440 013, Maharashtra,
India |
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Tel. No.: |
91-7104 -321401 / 234915 |
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Mobile No.: |
91-9823014388 / 9823179082 |
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Fax No.: |
91-7104-234532 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Manish Dnyaneshwar Hiwase |
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Designation : |
Director |
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Address : |
C/o. Sharda Seal Works, Gittikhadan, Katol Road, Nagpur |
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Date of Birth/Age : |
25.07.1979 |
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Date of Appointment : |
13.04.2005 |
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Name : |
Mr. Biswanhusan Sasibhusan Harichandan |
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Designation : |
Director |
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Address : |
A-12/6, NSK Society, Ravi Nagar, Nagpur – 440 001, Maharashtra, India |
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Date of Birth/Age : |
25.12.1966 |
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Date of Appointment : |
13.04.2005 |
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Name : |
Mrs. Sudha Hiwase |
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Designation : |
Director |
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Qualification : |
Graduate |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2006)
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Names of Shareholders |
No. of Shares |
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Manish Dnyaneshwar Hiwase |
1000 |
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Biswanhusan Sasibhusan Harichandan |
1000 |
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Total |
2000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or Relative of director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Master Batches used for Plastic Industries. |
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Products : |
White
Masterbatch ·
Cast Film ·
Blown Film (Mono & Multi-Layer) ·
Extrusion Coating films ·
Sheet Extrusion ·
Thick and thin wall injection moulding ·
Blow Moulding ·
Roto-moulding |
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Exports : |
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Countries : |
Dubai |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (15 days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
Dealers ·
Manufacturers |
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No. of Employees : |
25 (In Office 10 and Contract workers 15) |
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Bankers : |
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HDFC Bank, Shankar Nagar ·
The Akola
Urban Co-Operative Bank Limited, Akola Sitabuldi Branch, Sagar Tower, Malviya Road, Sitabuldi, Nagpur |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Vinod Vishal and Associates Chartered Accountants |
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Address : |
S-4, Girish Heights, Beside Bharat Talkies, Kamptee Road, Nagpur – 440
001, Maharashtra, India |
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Associates/Subsidiaries : |
Sharda Seal Works – Partnership Firm Address : Gitti Khadan Katol Road, Nagpur, Maharashtra, India Tel No.: 91-710-283196 |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000 |
Equity Shares |
Rs.100/- each |
Rs.0.200
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.200 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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2.700 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.900 |
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LOAN FUNDS |
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1] Secured Loans |
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8.970 |
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2] Unsecured Loans |
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0.576 |
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TOTAL BORROWING |
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9.546 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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12.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.162 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.800 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.605 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.036 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.905 |
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Total
Current Assets |
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2.546 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.255 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.255 |
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Net Current Assets |
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2.291 |
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MISCELLANEOUS EXPENSES |
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0.193 |
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TOTAL |
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12.446 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.38 |
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Current Ratio (Current Asset/Current Liability) |
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9.98 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Petal Polymers Private Limited, Nagpur
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Kax Agency, Nagpur
·
Reliance Polymers
Form No. 8
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Name of the company |
SHARDA POLY COLOURS PRIVATE LIMITED |
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Presented By |
The Akola Urban
Co-Operative Bank Limited, Akola Sitabuldi Branch,
Sagar Tower, Malviya Road, Sitabuldi, Nagpur |
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1) Date and description of instrument creating the change |
Dated 28.12.2005 Deed of Simple
Mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 millions
– Hypothecation Limit Rs.7.500 millions
– Term Loan Rs.11.500 millions – Total Banking Limit |
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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 |
At the request of
the borrower the Bank has sanctioned
the Banking Limits of Rs.11.500 millions to secured the due repayment of the
all the Banking Limits and for interest and other Charges thereon, first
charge on the following immovable property of the Company : All that piece
and parcel of land as Plot No. EL-9, MIDC, Hingna, Nagpur together with the
Factory Shed situated within the Village limits of Nildoh, outside the limit
of Nagpur Municipal Corporation and within the Taluka and Registration
Sub-Dist of Hingna and District Nagpur containing by admeasurement 1000.00
Square Meters and Constructed Industrial Shed thereon admeasuring 298.947 Sq.
Meters or thereabouts and bounded as follows, that is to say On the North :
Plot No. EL-5, On the South :
MIDC 20.00 M. Road, On the West :
Plot No. EL-8, On the East : Plot
No. EL-10. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
other charges as per loaning documents execute by the borrower with the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
The Akola Urban
Co-Operative Bank Limited, Akola Sitabuldi Branch,
Sagar Tower, Malviya Road, Sitabuldi, Nagpur |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Web Details
Profile
Subject is one of Color and Additive Masterbatch
and Polymer Compound manufacturers Company. The company Provide level of
solutions to the plastic processing industry.
Subject uses the latest technologies in
Machinery, R and D, and Materials.
Here are a few quick facts on who
they are and what they do:
Only Masterbatch manufacturer with the capability of
manufacturing resin specific masterbatches for over different resins which
includes engineering plastics such as ABS, PES.
They Specialize in:
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Color and
Additive Masterbatches for Engineering Plastics
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Polymer
Compounds
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Pre-colored
Engineering Compounds
Technical Edge
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To increase the operational effectiveness with leading edge
product technology.
They are constantly upgrading machineries, R and D equipment
and test procedures.
The expertise of understanding the nature of various
polymers that they process brings them to use the most sophisticated equipment
that include:
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Recent
Technology twin's screw machine
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High
speed Mixer
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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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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