MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SYNTHOTEX CHEMICALS PRIVATE LIMITED |
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Registered Office : |
16, Ameya Apartments, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.11.2006 |
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Com. Reg. No.: |
165352 |
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CIN No.: [Company
Identification No.] |
U24117MH2006PTC165352 |
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IEC No.: |
0300039514 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES220212G |
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PAN No.: [Permanent
Account No.] |
AAKCS3723K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemical Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 485 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject has yet to establish its track. Initially, it should be considered for any business dealing on safe
and secured trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Nitin Manohar Pattekar |
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Designation : |
Director |
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Contact No.: |
91- 9820640955 |
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Date : |
22.10.2008 |
LOCATIONS
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Registered Office : |
16, Ameya Apartments, N. Subhash Road, Dombivali, Mumbai – 400001, Maharashtra,
India |
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Tel. No.: |
91-251- 2870032 |
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Mobile No.: |
91- 9820640955 |
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Fax No.: |
91-251- 2870032 |
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E-Mail : |
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Website : |
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Area : |
500 sq ft |
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Location : |
Owned |
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Factory 1 : |
Gala No.2, Y. A. Patil Compound, Sonal Pada, Kalyan – Shil Road, Dombivali
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Area : |
1000 sq ft |
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Location : |
Rented |
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Factory 2 : |
Gala No.2, Bhagvan Patil Compound, Sonal Pada, Kalyan – Shil Road,
Dombivali |
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Area : |
1000 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mrs. Sangeeta Nitin Pattekar |
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Designation : |
Director |
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Address : |
16, Ameya apartments, Subhash Road, Dombivali – 421202, Maharashtra,
India |
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Date of Birth/Age : |
25.11.1964 |
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Date of Appointment : |
03.11.2006 |
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Name : |
Mr. Nitin Manohar Pattekar |
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Designation : |
Director |
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Address : |
16, Ameya apartments, Subhash Road, Dombivali – 421202, Maharashtra,
India |
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Date of Birth/Age : |
08.08.1959 |
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Date of Appointment : |
03.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Sangeeta Nitin Pattekar |
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5000 |
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Nitin Manohar Pattekar |
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5000 |
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Total |
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10000 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemical Products. |
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Products : |
Ř
Souring Agents Ř
Bleaching Agents Ř
Dyeing Agents Ř
Printing Ink and Binders Ř
Finishing Agents
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Exports : |
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Products : |
Chemical Products |
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Countries : |
Bangladesh and Sri Lanka |
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Terms : |
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Purchasing : |
Cash and Credit (30 Days / 60 Days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
12 (Office – 4, Factory - 8) |
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Bankers : |
Bank of Baroda, Dombivali Branch |
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Facilities : |
No Facility |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Bibikar and Associates Chartered Accountant |
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Address : |
D N Sahakari Bank Lane, Mahanagarpalika, Manpada Road, Dombivali
(East), Dombivali – 421001, District. Thane |
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Tel. No.: |
91-22- 2861931/ 2861109 |
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Associates/Subsidiaries : |
Synthotex Chemicals |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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7.000 |
Expected Sales (2008-09) : Rs.15.000 Millions
Note: As per latest
financials of 31.03.2007 the company had not commenced commercial operations.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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03.11.2006 to
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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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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(0.003) |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.097 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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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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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.073 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.073 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.003 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.003 |
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Net Current Assets |
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0.070 |
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MISCELLANEOUS EXPENSES |
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0.027 |
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TOTAL |
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0.097 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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03.11.2006 to
31.03.2007 |
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Total Income |
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-- |
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Profit/(Loss) Before Tax |
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(0.002) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.002) |
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Total Expenditure |
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0.002 |
Note: The subject has
not commenced its business activities during the period from 03.11.2006 to 31.03.2007.
Hence, P/L not applicable.
KEY RATIOS
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PARTICULARS |
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03.11.2006 to
31.03.2007 |
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PAT / Total Income |
(%) |
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-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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02.73 |
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Return on Investment (ROI) (PBT/Networth) |
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02.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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03.09 |
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Current Ratio (Current Asset/Current Liability) |
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24.33 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
Ř
Texaprint Trading Corporation – Tirupur, Tamilnadu
Ř
Shri Parshva Chemicals – Mumbai
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Additional Requirement of Indiamart for
Trust-Seal |
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VAT / TIN : 27900636161V
Issued on 13 December 2007 |
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IEC Code : 0300039514 |
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PAN / TAN : AAKCS3723K |
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Bank Name :Bank
of Baroda |
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Bank Address : Dombivali
Branch |
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Bank A/c. No.:
07330200000711 |
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Account Since : 1.9
Years |
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CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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UK Pound |
1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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12 |
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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