MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SRM ENERGY PRIVATE LIMITED |
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Registered Office : |
21, Basant Lok Complex, Vasant Vihar, New Delhi – 110 057, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.03.2007 |
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Com. Reg. No.: |
55-160031 |
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CIN No.: [Company
Identification No.] |
U74100DL2007PTC160031 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS35369F |
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PAN No.: [Permanent
Account No.] |
AAKCS8754L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributors and Transmission of Electrical Power. |
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 150000 |
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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 is a new company. The project is still under implementation. The
company has incurred some pre-operative expenses. No further details or
payment could be made available. The company can be considered for business dealings on safe and
secured terms, initially. |
LOCATIONS
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Registered Office : |
21, Basant Lok Complex, Vasant Vihar, New Delhi – 110 057, Delhi,
India |
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E-Mail : |
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Corporate Office : |
43, Free Press House, 215, Nariman Point, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-6615980104 |
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Fax No.: |
91-22-6615890600 |
DIRECTORS
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Name : |
Mr. Shoukat Rai Malhotra |
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Designation : |
Director |
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Address : |
D-146, Saket, New Delhi – 110 017, Delhi, India |
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Date of Birth/Age : |
27.09.1943 |
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Name : |
Mr. Meenakshi Malhotra |
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Designation : |
Director |
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Address : |
D-146, Saket, New Delhi – 110 017, Delhi, India |
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Date of Birth/Age : |
23.08.1949 |
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Name : |
Mr. Deep Kumar Rastogi |
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Designation : |
Additional Director |
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Address : |
1/25, Shanti Niketan, R K Puram, Delhi – 110 021, Delhi, India |
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Date of Birth/Age : |
04.08.1949 |
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Date of Appointment : |
02.03.2007 |
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Name : |
Mr. Devanathan Sundararajan |
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Designation : |
Additional Director |
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Address : |
Grieselda Residency, Flat No. 601, Plot No. 35, 5th Road,
Off. Bhau Daji Road, Matunga (East), Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
05.08.1955 |
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Date of Appointment : |
23.07.2007 |
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Name : |
Mr. Shrinivasn Parthasarathy |
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Designation : |
Director |
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Address : |
A 67, Sector 61, Noida – 201 301, Uttar Pradesh, India |
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Date of Birth/Age : |
25.10.1958 |
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Date of Appointment : |
25.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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Shoukat Rai Malhotra |
100 |
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Meenakshi Malhotra |
100 |
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Spice Energy Private Limited |
2999800 |
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Total |
3000000 |
List of Allotment
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Names of Allottees |
No. of Shares |
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Spice Energy Private Limited |
2990000 |
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Total |
2990000 |
List of Allotment
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Names of Allottees |
No. of Shares |
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SRM Energy Private Limited |
2990000 |
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Total |
2990000 |
Equity shares Breakup (percentage of total equity)
(As on 30.06.2008)
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors and Transmission of Electrical Power. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Lunawat and Company Chartered Accountants |
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Address : |
WZ 339, 2nd Floor, Street No. 19, Santgarh, Outer Ring
Road, New Delhi – 110 018, Delhi, India |
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Tel. No.: |
91-11-28333914 / 23270624 / 23279414 |
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Fax No.: |
91-11-28331602 |
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E-Mail : |
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Holding Company : |
Spice Energy Private Limited |
CAPITAL STRUCTURE
(As on 30.06.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
RS.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
RS.10/- each |
Rs.30.000
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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30.000 |
0.100 |
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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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0.000 |
0.000 |
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NETWORTH |
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30.000 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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17.300 |
0.000 |
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TOTAL BORROWING |
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17.300 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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47.300 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.303 |
0.000 |
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Capital work-in-progress |
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46.325 |
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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0.000 |
0.000 |
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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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2.563 |
0.067 |
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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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0.042 |
0.000 |
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Total
Current Assets |
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2.605 |
0.067 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.396 |
0.011 |
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Provisions |
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0.012 |
0.000 |
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Total
Current Liabilities |
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2.408 |
0.011 |
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Net Current Assets |
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0.197 |
0.056 |
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MISCELLANEOUS EXPENSES |
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0.475 |
0.044 |
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TOTAL |
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47.300 |
0.100 |
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Note :
Expenditure incurred for Project is accounted under the head
Pre-operative Exp and shall be capitalized at the time of commencement of the
Project.
The company has prepared the statements of Pre-operative Expenditure
instead of a Profit and Loss account
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PARTICULARS |
31.03.2008 |
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Expenditures : |
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Salary |
2.875 |
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Staff Welfare Expenses |
0.005 |
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Professional Fees |
4.035 |
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Travelling and Conveyance Expenses |
0.264 |
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Telephone Expenses |
0.016 |
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Audit Fees |
0.034 |
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Miscellaneous Expenses |
0.022 |
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Membership and Subscription Expenses |
0.085 |
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Financial charges |
0.017 |
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Depreciation & Amortization |
0.008 |
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Total Expenditure |
7.361 |
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Less : Interest Income on Deposit with Bank |
0.056 |
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7.305 |
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Fringe Benefit Tax |
0.020 |
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Closing Balance |
7.325 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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0.66 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.08 |
6.09 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
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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