MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
BHARAT MARINES COMPANY INDIA PRIVATE LIMITED |
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Registered Office : |
255, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
13.02.2006 |
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Com. Reg. No.: |
59-1943 |
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CIN No.: [Company
Identification No.] |
U35111PY2006PTC01943 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB06188A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Clearing and Freight Forwarding Agent |
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 850000 |
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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 2 years old company and in the process of establishing itself.
The company has incurred some initial losses. Trade relations are fair.
Business is active. No complaints have been heard against the subject from
the market sources. The company can be considered good for small to mediocre business
dealings initially. |
INFORMATION PARTED BY
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Name : |
Mr. Ravi Chandran |
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Designation : |
Accountant Manager |
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Date : |
21.10.2008 |
LOCATIONS
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Registered Office : |
255, |
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Tel.No.: |
91-44-42202345 |
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Fax No.: |
91-44-42202346 |
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E-Mail : |
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Corporate Office : |
BMC House, 287 (139) Linghi Chettts , Chennai, |
DIRECTORS
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Name : |
Mr. S Sukumar |
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Designation : |
Chairman cum Managing Director |
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Address : |
32 B, |
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Date of Birth/Age : |
07.04.1965 |
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Date of Appointment : |
13.02.2006 |
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Name : |
Mr. S Kalyaiyarasi |
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Designation : |
Director |
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Address : |
32 B, |
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Date of Birth/Age : |
15.01.1968 |
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Date of Appointment : |
13.02.2006 |
KEY EXECUTIVES
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Name : |
Mr. Ravi Chandran |
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Designation : |
Accountant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.06.2008
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Names of Shareholders |
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No. of Shares |
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34000 |
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18000 |
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Beach Minerals Company Private Limited |
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1961000 |
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Total |
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2013000 |
As on 31.03.2007
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List of Allottees |
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No. of Shares Allotted |
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Beach Minerals Company Private Limited |
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1961000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Bodies Corporate (Not Mentioned above) |
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97.00 |
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Directors or relatives of directors |
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3.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Clearing and Freight Forwarding Agent |
GENERAL INFORMATION
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Bankers : |
·
State Bank of India, Overseas Branch, No. 86,
Rajaji Salai, Chennai-600001, Tamilnadu, India ·
Federal Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vairavanathan and Company Chartered Accountant |
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Address : |
45/93, S.M. Plaza, |
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Holding Company : |
Beach Minerals Company Private Limited U74999TN2003PTC051726 |
CAPITAL STRUCTURE
As on 27.06.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2020000 |
Equity Shares |
Rs. 100/- each |
Rs. 202.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2013000 |
Equity Shares |
Rs. 100/-
each |
Rs. 201.300
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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201.300 |
201.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[30.667] |
[0.693] |
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NETWORTH |
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170.633 |
200.607 |
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LOAN FUNDS |
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1] Secured Loans |
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386.496 |
404.802 |
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2] Unsecured Loans |
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3.077 |
0.000 |
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TOTAL BORROWING |
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389.573 |
404.802 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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560.206 |
605.409 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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537.132 |
565.139 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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21.518 |
7.315 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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1.195 |
32.083 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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20.530 |
1.188 |
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Total
Current Assets |
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43.243 |
40.586 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.079 |
0.000 |
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Provisions |
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0.090 |
0.316 |
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Total
Current Liabilities |
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20.169 |
0.316 |
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Net Current Assets |
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23.074 |
40.270 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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596.206 |
605.409 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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187.844 |
22.720 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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187.844 |
22.720 |
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Profit/(Loss) Before Tax |
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[29.883] |
[0.583] |
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Provision for Taxation |
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0.090 |
0.111 |
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Profit/(Loss) After Tax |
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[29.973] |
[0.694] |
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Earnings in Foreign Currency : |
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Export Earnings |
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187.844 |
22.720 |
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Imports : |
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Import Value |
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0.000 |
565.919 |
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Total Expenditure |
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217.727 |
23.303 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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[15.96] |
[3.05] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[15.91] |
[2.57] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[5.15] |
[0.09] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.18] |
[0.00] |
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Debt Equity Ratio (Total Liability/Networth) |
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2.40 |
2.02 |
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Current Ratio (Current Asset/Current Liability) |
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2.14 |
128.44 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U35111PY2006PTC01943 |
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Name of the
company |
BHARAT MARINES COMPANY INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
255, Thiruvalluvar Road, Karaikal, Pondicherry-609602, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of India, Overseas Branch, No. 86, Rajaji Salai,
Chennai-600001, Tamilnadu, India |
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Nature of description
of the instrument creating or modifying the charge |
1. Agreement of Loan for overall limit Form
C-1 (will be uploaded as addendum to this eForm) 2. Agreement of Hypothecation of goods and
assets Form C-2 3. Letter regarding the grant of individual
limits within the overall limit Form C-5 |
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Date of
instrument Creating the charge |
26.03.2008 |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit :
Interest @ 2.00% above SBAR i.e. 14.25% with monthly rests. Terms of
Repayment Working Capital :
On demand Margin Sapres, Stores
and Consumables : 25% Extent and
Operation of the charge As mentioned in
the Attachment and Agreements. |
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Short particulars
of the property charged |
Hypothecation of
Current Assets belonging to the Company morefully described in the Attachment
to this dForm. |
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.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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31 |
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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