MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PANORAMA SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
S. No. 87, Chikka Begur Gate, 7th Mile Hosur Road, Singasandra
Post, Bangalore-5600068, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.05.2000 |
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Com. Reg. No.: |
08-27012 |
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CIN No.: [Company
Identification No.] |
U72900KA2000PTC027012 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP04711A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Supplier of Office and Airport Furniture |
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 110000 |
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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 company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitment. The company can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
S. No. 87, Chikka Begur Gate, 7th Mile Hosur Road,
Singasandra Post, Bangalore-5600068, Karnataka, India |
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E-Mail : |
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Website : |
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Factory : |
19/A, 9th Main, 18th Cross, Opposite State Bank
of Mysore, 7th Sector, HSR Layout, Bangalore-560068, Karnataka,
India |
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Tel. No.: |
91-80-25720157/ 25726768/ 25731724 |
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Fax No.: |
91-80-25720157/ 25731724/ 25726768 |
DIRECTORS
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Name : |
Mr. Z Vinod Kumar |
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Designation : |
Director |
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Address : |
No. 322, 4th Block, 7th B Main, Kormangala-560034,
Bangalore, Karnataka, India |
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Date of Birth/Age : |
30.07.1964 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mr. Amar Kumar B G |
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Designation : |
Director |
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Address : |
No.207, 19 A Cross, 12A Main 7th Sector, HSR Layout, Bangalore-560034,
Karnataka, India |
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Date of Birth/Age : |
31.01.1967 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mr. V Srinivasa Rao |
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Designation : |
Director |
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Address : |
No. 26, 5th Main, Gakkasandra Block, Kormangala, 1st
Block, Bangalore-560034, Karnataka, India |
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Date of Birth/Age : |
19.07.1961 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mr. B Swaroop |
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Designation : |
Director |
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Address : |
No. 307, Vara Fantasy, Kodihalli, 1st Main Hal Stage, Indira
Nagar, Bangalore-560017, Karnataka, India |
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Date of Birth/Age : |
25.03.1972 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mrs. Sumathi |
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Designation : |
Director |
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Address : |
181, 24th B Cross, 3rd Block, Jaya Nagar, Bangalore-560011,
Karnataka, India |
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Date of Birth/Age : |
30.07.1971 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mr. K Subramanyam |
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Designation : |
Director |
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Address : |
Vetapalewm, Prakasham, Prakasham, Andhra Pradesh, India |
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Date of Birth/Age : |
15.03.1930 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mr. T Dhanlakshmi |
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Designation : |
Director |
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Address : |
17-8-3, Sitampet, Rajamandri, E G E Strict |
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Date of Birth/Age : |
02.03.1945 |
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Date of Appointment : |
04.05.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Z Vinod Kumar |
|
2800 |
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B Swaroop |
|
4000 |
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B G Amar Kumar |
|
3400 |
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Sumathi |
|
1000 |
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V Srinivasa Rao |
|
3400 |
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K Subramanyam |
|
2700 |
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T Dhanalakshmi |
|
2700 |
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Total |
|
20000 |
As on 21.03.2008
|
Names of Shareholders |
|
No. of Shares |
|
Z Vinod Kumar |
|
11200 |
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B Swaroop |
|
16000 |
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B G Amar Kumar |
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13600 |
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Sumathi |
|
4000 |
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V Srinivasa Rao |
|
13600 |
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K Subramanyam |
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10800 |
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T Dhanalakshmi |
|
10800 |
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Total |
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80000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Office and Airport Furniture |
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Products : |
Office and Airport Furniture: ·
Work Stations ·
Table Tops (Executive/Workstation) ·
Meeting Room Tables ·
Conference Tables ·
Discussion Tables ·
Training Tables ·
Cafeteria Tables ·
Executive Tables ·
Training Sunken Tables (Single/Double) ·
Pedestals, Storages, etc. Home Furniture: ·
Shoe Racks (Closed/Open) ·
Computer Tables ·
Cots ·
Entertainment Center ·
Book Shelves ·
Single/Double Beds ·
Crockery Stand ·
Wardrobes ·
Coffee Tables ·
Side Tables Modular Kitchens: ·
Membrane Pressed ·
Post Formed ·
Edge Banned Shutters in Elegant Colours. |
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Exports : |
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Countries : |
·
South Africa ·
UAE |
GENERAL
INFORMATION
|
Customers : |
·
Congizant Technology Solutions (Private) Limited ·
Satyam GE Software Services (Private) Limited ·
Godrej and Boyce Manufacturing Company Limited ·
Bharti Telents Limited ·
HP India Limited ·
GE India Technology Centre ·
Lucent Technologies Limited ·
Manipal Academy of Higher Education ·
Biocon India Limited ·
Design Indimensions Limited ·
Shapporji and Pollanji ·
Opto Circuits (India) Limited ·
Kumar and Company ·
Apotex Research (Private) Limited |
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Bankers : |
·
Corporation Bank ·
State Bank of India ·
ICICI Bank Limited ·
Vijaya Bank, S S I Branch, Bommasandra, Bangalore-562128, Karnataka,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raghavan Chaudhuri and Narayanan Chartered Accountant |
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Address : |
2nd Floor, Casa Capital, Wood Street, Ashoknagar,
Bangalore-560035, Karnataka, India |
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Tel. No.: |
91-80-23361121/ 23361030 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
8.027 |
3.093 |
2.733 |
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3] Reserves & Surplus |
12.008 |
10.588 |
5.833 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.035 |
15.681 |
10.566 |
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LOAN FUNDS |
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1] Secured Loans |
21.441 |
20.183 |
12.668 |
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2] Unsecured Loans |
4.313 |
4.973 |
3.899 |
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TOTAL BORROWING |
25.754 |
25.156 |
16.567 |
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DEFERRED TAX LIABILITIES |
1.121 |
1.028 |
0.876 |
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TOTAL |
48.910 |
41.865 |
28.009 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.942 |
16.696 |
12.410 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
12.361
|
7.033 |
4.722 |
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Sundry Debtors |
20.652
|
18.357 |
19.984 |
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Cash & Bank Balances |
0.088
|
1.035 |
0.016 |
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Other Current Assets |
5.974
|
2.851 |
4.848 |
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Loans & Advances |
11.407
|
10.493 |
5.109 |
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Total
Current Assets |
50.482
|
39.769 |
34.679 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.177
|
12.237 |
17.141 |
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Provisions |
3.362
|
2.441 |
2.070 |
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Total
Current Liabilities |
20.539
|
14.678 |
19.211 |
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Net Current Assets |
29.943
|
25.091 |
15.468 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.053 |
0.106 |
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TOTAL |
48.910 |
41.865 |
28.009 |
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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 |
62.761 |
57.277 |
77.555 |
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Other Income |
4.740 |
0.387 |
0.747 |
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Total Income |
67.501 |
57.664 |
78.302 |
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Profit/(Loss) Before Tax |
2.583 |
7.460 |
6.179 |
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Provision for Taxation |
1.163 |
2.705 |
2.344 |
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Profit/(Loss) After Tax |
1.420 |
4.755 |
3.835 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
[7.433] |
[0.523] |
0.000 |
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Financial Charges |
2.651 |
2.199 |
1.518 |
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Depreciation & Amortization |
3.094 |
2.425 |
1.891 |
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Other Expenditure |
66.606 |
46.103 |
68.714 |
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Total Expenditure |
64.918 |
50.204 |
72.123 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.11
|
8.25 |
4.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.12
|
13.02 |
7.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.72
|
13.21 |
13.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.48 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
2.54 |
3.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.46
|
2.71 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
They have also supplied a comprehensive range of products
for the Bangalore International Airport. These include:
·
Ticket Counters
·
User Development Fee Counters
(UDF)
·
Cuss Counters
·
Baggage Lost & Found Counters
·
Transit Counters
·
Information Counters
·
Customs Counters
·
Immigration Counters
·
Signages for Ticket Counters
·
Loose Furniture for Passenger
Terminal Buildings.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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. |
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 |
|