MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABC INTERNATIONAL |
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Registered Office : |
402,Commerce House, 9/1, Cunningham Road, Bangalore – 560 052,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Summarised Figures) |
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Year of Establishment : |
1985 |
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Com. Reg. No.: |
KA/BNG/III/20B24B |
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IEC No.: |
0789001811 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05404A |
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PAN No.: [Permanent
Account No.] |
ABXPM9605M |
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Legal Form : |
Sole Proprietory Concern Proprietory concern |
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Line of Business : |
Exporters of Processed
Foods, currently ocusing on Tamarind Products, Gherkins, Spices etc. |
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established concern having satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Aslesha Madappa |
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Designation : |
Proprietor |
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Contact No.: |
91-9845034633 |
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Date : |
25.10.2008 |
LOCATIONS
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Registered Office : |
402, Commerce House,
9/1, Cunningham Road, Bangalore – 560052, Karnataka, India |
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Tel. No.: |
91-80-22203997/
22252526 / 22203526 |
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Mobile No.: |
91-9845034633 |
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Fax No.: |
91-80-22251022 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
500 sq.fts |
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Warehouse: |
Horamavu, Main Road |
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Area : |
2000 sq.fts |
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Location : |
Rented |
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Factory 1 : |
Mysore, Karnataka |
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Area : |
10000 sq.ft. (2
acres Land) |
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Factory 2 : |
Nidadole, Andhra
Pradesh |
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Area : |
10000 sq.ft. (2
acres Land) |
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Branches : |
Godown Horamavu, Outer Ring Road, Bangalore |
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Area: |
1000 sq ft |
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Location: |
Rented |
SOLE PROPRIETORY
CONCERN PROPRIETOR
|
Name : |
Ms. Aslesha Madappa |
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Designation : |
Proprietor |
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Address : |
D -8, Shanthi Kiran Apartments,
Nandidurga Road, Bangalore -560 042, India |
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Date of Birth/Age : |
55 years |
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Qualification : |
B. A. (Hons) Delhi University PGD (Bus-Adm) |
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Experience : |
30 years in Exports Management |
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Mobile No.: |
91-9845034633 |
KEY EXECUTIVES
|
Name : |
Mr. P. P. Madappa |
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Designation : |
Chairman |
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Address : |
402, Commerce
House, 9/1, Cunningham Road, Bangalore – 560052, Karnataka, India |
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Mobile No.: |
91-9341249711 |
BUSINESS DETAILS
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Line of Business : |
Exporters of
Processed Foods. Currently ocusing on Tamarind Products, Gherkins, Spices |
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Products : |
Ø Tamarind Concentrate Ø Tamarind Powders- Spray Dried, Dehydrated
and Tray Dried Ø
Seedless
Tamarind Slabs Ø
Kernel
Tamarind Slabs Ø
Tamarind
Seeds Kernel Powder (TKP) Ø
Tamarind
Seed Oil Ø
Spices-
Whole and Powdered Ø
Tamarind
Candies (Soft and hard boiled) Ø
Tamarind
Fruit Bars Ø
Gherkins-
Bulk packing in Brine, Acetic Acid and Vinegar Ø
Gherkins –
Consumer packing in bottles and cans Ø
Dehydrated
Fruit and Vegetable Powders Ø
Spray Dried
Fruit and Vegetable Powders Ø
Spice Oils
and Oleoresins |
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Brand Names : |
“KIKI” |
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Exports : |
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Products: |
·
Natural Tamarind Extract ·
Tamarind Husk ·
Tamarind Powder ·
Pickled Gherkins |
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Countries : |
·
Europe ·
Korea ·
Sri Lanka ·
Australia ·
Saudi Arabia ·
Germany ·
Japan ·
Indonesia ·
Iraq ·
Russia ·
Kuwait ·
USA ·
Yeman ·
Jordon ·
Lebonon ·
Canada |
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Terms : |
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Selling : |
Cash, TT, L/C (30 days), Advance payments, Sight |
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Purchasing : |
Credit (90 days) |
PRODUCTION STATUS
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Particulars |
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Actual Production |
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Processed
Foods |
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500 Matric TonnesPer Annum |
GENERAL
INFORMATION
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Suppliers : |
Ø
Hitech Blow
Moulders, Blore Ø
Gujarat Polyethylene,
Mumbai Ø
Esquire
Foods, Doddballapur |
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Customers : |
Wholesalers, End users |
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No. of Employees : |
60 |
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Bankers : |
Ø
Syndicate
Bank Limited, Vasanth Nagar, Bangalore-560052 Ø
Stanchart Bank,
Cunningham Road, Bangalore-560052 |
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Facilities : |
Total Limits Rs.
2.500 Millions from Syndicate Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gyanoba and Bhat Chartered Accountants |
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Address: |
Bangalore |
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Tel. No.: |
91-22-41512430 |
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Fax No.: |
91-22-22259782 |
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Memberships (with Chambers of Commerce, Associations
etc.) |
APEDA, CHEMEXCIL,
FICCI, AWAKE |
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Associates/Subsidiaries : |
Ø
Karturi
Networks Limited Ø
Address: embassy
Centre, 204 11 Crecent Road Activity: Export fresh cut
roses of Gherkins Ø
Kodagu Foods
Private Limited Ø
Karuturi
Foods Private Limited Address: Bangalore Activity: Pickled Gherkins Ø
Triplem
Consultants Private limited Address: 402 Commerce House, 9/1, Cunningham Road, Bangalore 560052 Activity: Tamarind Concentrate |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 Million |
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Borrowed : |
-- |
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Total : |
Rs.1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
SUMMARISED
BALANCESHEET
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PARTICULAR |
31.03.2008 (Rs.
In Millions) |
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Proprietors Capital |
1.000 |
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APPLICATION OF
FUNDS |
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Capital work-in-progress |
0.393 |
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INVESTMENTS |
3.825 |
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CURRENT ASSETS,
LOAN AND ADVANCE |
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Inventories |
0.758 |
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Sundry Debtors |
2.558 |
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Cash and Bank Balance |
0.805 |
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Loan and advance |
0.226 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2008 |
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Sales Turnover |
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20.000 |
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Other Income |
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0.000 |
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Total Income |
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20.000 |
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Profit/(Loss) Before Tax |
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2.000 |
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Provision for Taxation |
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0.900 |
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Profit/(Loss) After Tax |
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1.100 |
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Earnings in Foreign Currency : |
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Export Earnings |
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$ 4651162 |
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Total Expenditure |
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18.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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5.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.00 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
The Concern’s firm
commitment to product quality and customer satisfaction. Its business
philosophy based on the holistic approach from “seed to shelf, ensures finest quality,
strict adherance to business ethics and reasonable business terms.
The People
behind the enterprise
The core competence
of the concern stems from the fact that the promoters of the concern are
specialized in the areas of Agricultural Sciences, Food Processing,
Agricultural Exports and also in managing the different agricultural activities
of growing, manufacturing and marketing. Some of the senior executives in the
concern, in
Marketing, Finance
and International Trade. This is an added advantage and strength to the concern
and importers.
Subject is a
pioneer in the manufacturing of various Tamarind Products in India have been
started processing and marketing since 1970’s. Product Development efforts have
been a continuous process for ABCI. As such, several tamarind products have
been developed over the years.
Product
Characteristics
“KiKi” brand
Tamarind concentrate in paste from is extracted from fresh tamarind which grows
abundantly in Southern and Eastern parts of India. New crop is used to ensure
freshness, flavour, natural colour and long shelf life of the product. No
filler, artificial preservative or additive are used, there by making the
product 100% pure, safe and natural, relying entirely in tamarind’s own
preservative characteristics (natural Tartaric Acid).
The Concerns
stringent quality control system ensures the total production process according
to international standards at every stage of production and each batch is
checked for its quality.
The Process
The entire of
manufacturing Tamarind Concentrate is automated, hygienic and comforting to FPO
(Food Processing Order of the Government of India) Standards. The special
process retains the natural tangy flavour, purity, sweetness, taste and the
precious vitamin C. The juice is concentrated to reach the desired brix level
of 65 Degree. Depectinised Tamarind concentrate (80 Degree brix) is by removing
the inherent pectin content through biopectinaze enzyme process.
Applications
Tamarind Concentrates
and other Tamarind Products are used as a souring agent. “KiKi” Tamarind
products are an effective substitute for vinegar, tomatoes and lemon juice.
Extensively used in Indian, Thai, Chinese, Malaysian and Mexican cuisine, they
are also used in the manufacturing of Western sauces and ketchups. It is a base
for soft drinks. Its applications are found in :
Ø
Soups,
noodles, stews, gravies, sauces and ethnic food items
Ø
Seasonings,
dry instant premixes, instant soup premixes, tamarind juice
Ø
Instant soft
drink syrup / powder
Ø
Indian dishes
like vindaloo, sambar, rasam, curry, puliogare, panipuri, many snacks, chutneys
and sauces
Ø
As a
flavouring ingredient in alcoholic and non alcoholic (hot and cold) beverages-
iced tea
Ø
Confectioneries
– candies and pastries
Ø
Pharmaceutical-
oral hygiene products and cough syrup
Ø
As a material
in food processing
Ø
Fish, meat and
seafood preservation
Ø
As a
substitute for vinegar and tartaric acid
Ø
As a taste
enhancer for any food or beverage
Ø
In curing
chewing, pipe and cigarette tobaccos
Ø
Dairy products
– yoghurt and other flavoured milk products
Gherkin
Gherkin industry is
fairly new. It is only 10 years old. Gherkins (cucumos Sativus) are
miniaturised cucumber used for pickling (sweet, vinegar and acetic acid) by
different end users. These pickles are normally consumed as snack for cocktails
of TV meals. The main institutional market for Gherkins is fast-food
restaurants world-wide. The major markets for Gherkins are USA, Europe, Korea,
Japan and Australia.
.
Medium of Packing:
Gherkins are
usually packed in 3 media.
- Brine
- Vinegar
- Acetic Acid
Packing:
The products are
packed in bulk and consumer packs. Bulk packing is made in food Grade HMHDPE barrels,
220/ 240 litre capacity or as per customer specifications. Net drained weight
will vary from 150 kgs to 180 kgs per drum for bulk for bulk packing. Capacity
in a 20’s container will be 80 barrels.
Consumer packs are
usually in glass jars of 500ml, 650ml or 750ml. The recipe for consumer packs
are given by the importer. More often than not, the importers of Gherkins in
consumer packs provide bottles, vinegar and labels. Thus, it is customer –
specific.
Process
Flow [ bulk packing in Brine]
Quality Rejects:
The Undesirable
fruits would include bloaters, soft/dehydrated, shrivelled, decayed, injured,
discoloured, / bleached fungal infested, putrefied, sunburnt, curved, crooked,
nubbins, borer damaged, cut and rotten, fruits with steam /flowers, etc. The
gherkins also shall not contain foreign material such as flowers, other
vegetative materials (such as hair, bolts, nuts, nails etc.) and non-vegetable
materials (such as stems, grass, leaves etc.) Brine solution status such as
fermentation, salt content and brine solution quality shall be as per standard
required and acceptable to the customer. The packed gherkins shall not have
undesirable levels of insecticide and pesticide residues.
Spice
Oils, Oleoresins and Extracts
ABCI exports an
assorted list of spices and commodities. The major spice items exported include
Chill, Pepper, Cardamom, Ginger, Turmeric etc. in whole of in powder form.
Various spice oils and oleoresins also being exported sporadically. Other
commodities of export include Rice, Sugar, Soya products etc.
ABCI can supply
Whole and Powdered spices as per specific enquiries of customers.
ABCI exports Spices
Oils, Oleoresins and Extracts as per Buyer’s specific requirements. These
include Tamarind Seed Oil and Red chilly Seed Oil recently developed and
supplied to overseas clients.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.80.26 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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/normal. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|