MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
RESONANCE SPECIALITY CHEMICALS PRIVATE LIMITED |
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Registered Office : |
66 B T Road, PO Panihati,Kolkata - 700114,West Bengal. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.2006 |
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Com. Reg. No.: |
109833 |
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CIN No.: [Company
Identification No.] |
U24111WB2006PTC109833 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALR06442C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Speciality Enzymes for the Textile
industry. |
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 520 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Profit margin is
insignificant .The company payments are reported as slow. Banking relations are unknown. The company can be considered for small to mediocre business dealings
and safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
66 B T Road, PO Panihati,Kolkata - 700114,West Bengal,India |
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Tel. No.: |
91-33-32964892 / 25636510 / 25232988 / 32914543 |
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Fax No.: |
91-33-25233096 |
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E-Mail : |
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Website : |
www.resonancespeciality.com |
DIRECTORS
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Name : |
Mr. Shantanu Sarkar |
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Designation : |
Director |
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Address : |
CC-08/103, Peerless Nagar, Panihati, Kolkata-25636510, West Bengal,
India |
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Date of Birth : |
01.07.1965 |
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Date of Appointment : |
08.06.2006 |
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Name of Partnership Firm : |
United Chemical Company 66, B T Road, Panihati, Kolkata-700119, West Bengal, India |
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Name : |
Mr. Vadan Vij Sarkar |
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Designation : |
Director |
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Address : |
B-20/301, Peerless Nagar, Panihati, Kolkata-700119, West Bengal, India |
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Date of Birth : |
30.03.1969 |
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Date of Appointment : |
08.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As per Company Records
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Names of Shareholders |
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No. of Shares |
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Mr.Santanu Sarkar |
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5000 |
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Mr.Vandan Vij Sarkar |
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5000 |
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Total |
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10000 |
AS ON 31.03.2007
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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 |
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Total |
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100.00 |
LIST OF ALLOTEE
(As on 31.03.2008)
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Names of Allotee |
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No. of Shares |
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Mr.Santanu Sarkar |
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30000 |
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Mr.Khandelwal Finance Private Limited |
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40000 |
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Total |
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70000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Speciality Enzymes for the Textile
industry. |
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Products : |
Cellulase Amylase Pectinase
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GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Development
Credit Bank Limited 414,Veer Savarkar
Marg,Prabhadevi, Mumbai – 400025,
Maharashtra,India. Email:somjitc@dcbl.com |
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Auditors : |
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Name : |
Rupanjan Associates Chartered Accountant |
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Address : |
2,Ganesh Chandra Avenue,8th Floor,Room No.8C,Kolkata-
700013,West Bengal,India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- Each |
Rs.1.000 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]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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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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0.038 |
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4] (Accumulated Losses) |
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(0.034) |
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NETWORTH |
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0.104 |
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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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1.000 |
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TOTAL BORROWING |
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1.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.104 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.107 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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2.208 |
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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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2.438 |
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Cash & Bank Balances |
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0.149 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.036 |
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Total
Current Assets |
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2.623 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.802 |
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Provisions |
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0.032 |
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Total
Current Liabilities |
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3.834 |
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Net Current Assets |
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(1.211) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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1.104 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover (estimated) |
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9.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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46.48 |
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Current Ratio (Current Asset/Current Liability) |
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0.68 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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This form is for |
Creation of
charge |
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Charge
identification number of the modified
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Corporate
identity number of the company |
U24111WB2006PTC109833 |
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Name of the
company |
RESONANCE SPECIALITY CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
66 B T Road, PO Panihati,Kolkata – 700114, West Bengal,India |
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Type of charge |
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Particular of
charge holder |
CIN :
L99999MH1995PLC089008 Name:Development
Credit Bank Limited Address:414,Veer
Savarkar Marg,Prabhadevi, Mumbai – 400025,
Maharashtra,India. Email:somjitc@dcbl.com |
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Nature of
description of the instrument creating or modifying the charge |
Deed Of
Hypothecation |
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Date of
instrument Creating the charge |
26.06.2008 |
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Amount secured by
the charge |
Rs.4.300 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The Borrower
shall pay interest BPLR less 0.75% that is 14.50% minimum (presently BPLR IS
15.25% per annum) Interest will be charged at monthly rests. Terms of Repayment Repayable on
demand / Annual review Margin 30% on stocks 30% on book debts
(within 90 days) Extent and
operation of the charge The Borrower
hypothecation by way of first charge in favour of the Bank entire Current Assets
of the Company,both present and future including moveable
machinery,machinery, machinery
spares,tools and accessories, Furniture and
fixtures,stocks in trade,finished goods,goods in process,raw materials and
book debts. |
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Short particulars
of the property charged |
Hypothecation by
way of the entire Current Assets of the Company,both present and future
including moveable machinery, machinery, machinery
spares,tools and accessories, Furniture and
fixtures,stocks in trade,finished goods,goods in process,raw materials and
book debts. |
Website Details:
Subject is a manufacturer of Speciality Enzymes for the
Textile industry. Subject manufactures Amylses, Cellulases, Pectinases and
Catalses for Desizing, Biopolishing & Fading, Scouring and Hydrogen
Peroxide Killing. Their products are hugely accepted across India and several
Asian countries for best international quality at most affordable prices.
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.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
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 |
1 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
1 |
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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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16 |
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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