MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
Note :- The company has been shifted from above
address
IDENTIFICATION DETAILS
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Name : |
RENAULT INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 1, Sipcot Industrial Estate, Mattur (Post), Sriperumbudur,
Kancheepuram – 602105, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.11.2005 |
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Com. Reg. No.: |
11-78835 |
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CIN No.: [Company
Identification No.] |
U34100TN2005FTC78835 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR19529G |
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PAN No.: [Permanent
Account No.] |
AADCR2042M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automobile and their components. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1200000 |
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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 subsidiary of Renault S.A.S., France. It is an
established company having moderate track. Profitability of the company is
under pressure. There appears huge accumulated losses recorded by the company.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (General Details)
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Name : |
Ms. Shailendra |
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Designation : |
Accounts Manager |
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Date : |
18.04.2011 |
LOCATIONS
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Registered Office : |
Plot No. 1, Sipcot Industrial Estate, Mattur (Post), Sriperumbudur,
Kancheepuram – 602105, Tamilnadu, India |
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Mobile No.: |
91-9820602288 (Mr. Venkat) |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Leased |
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Sales Office : |
501/502, 5th Floor, Town Centre II, Near Mittal Estate,
Sakinaka, Andheri (East), Mumbai – 400059, |
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Tel No. : |
91-22-33073521 / 33073500 |
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Fax No. : |
91-22-33073545 / 3538 |
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Factory : |
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Area : |
4000Sq.fts |
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Location : |
Owned |
DIRECTORS
As on 15.09.2010
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Name : |
Mr. Marc Nassif |
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Designation : |
Director |
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Address : |
5 Place Du Mensil, Sevin 78720 St Forget |
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Date of Birth/Age : |
18.01.1962 |
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Qualification : |
Engineer |
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Date of Appointment : |
15.04.2009 |
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Name : |
Mr. Sudhir Puskur Rao (CDO) |
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Designation : |
Director |
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Address : |
E 9/6, Vasant Vihar, |
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Date of Birth/Age : |
11.09.1959 |
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Qualification : |
MBA |
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Date of Appointment : |
01.04.2009 |
KEY EXECUTIVES
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Name : |
Mr. Shashi Pawar |
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Designation : |
Assistant |
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Name : |
Mr. Shailendra |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on
15.09.2010
|
Names of Shareholders |
No. of Shares |
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Renault s.a.s. ( |
16699000 |
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Renault Development Industrial et Commercial SA (France) |
1000 |
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85000000 |
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Total |
101700000 |
Equity shares Breakup (percentage of total equity)
As on
15.09.2010
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Category |
Percentage |
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Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile and their components. |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 Days) |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
HDFC Bank, Kandivali (West0 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountant |
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Address : |
TPL, House, 2nd Floor, No. 3, |
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Tel. No.: |
91-44-66328400 |
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Fax No.: |
91-44-24311450 |
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Holding Company
: |
Renault Group B.V. |
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Associates/
Subsidiaries : |
Mahindra Renault Private Limited – Patnership Address : |
CAPITAL STRUCTURE
As on
15.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
102200000 |
Equity Shares |
Rs.10/- each |
Rs.1022.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
101700000 |
Equity Shares |
Rs.10/- each |
Rs.1017.000 millions |
Of the above :
- 85000000 equity shares are held by Renault Group B.V., the holding company.
- 16699000 equity shares are held by Renault SAS, the ultimate holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1017.000 |
1017.000 |
167.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
247.035 |
62.739 |
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4] (Accumulated Losses) |
(715.802) |
0.000 |
0.000 |
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NETWORTH |
301.198 |
1264.035 |
229.739 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
100.540 |
1.212 |
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TOTAL |
301.198 |
1364.575 |
230.951 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.918 |
43.264 |
32.621 |
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Capital work-in-progress |
0.000 |
572.294 |
1.893 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.541 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000
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Sundry Debtors |
43.218
|
67.534 |
154.357
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Cash & Bank Balances |
363.138
|
544.838 |
113.054
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Other Current Assets |
6.215
|
116.626 |
0.060
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Loans & Advances |
35.127
|
66.488 |
22.082
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Total
Current Assets |
447.698
|
795.486 |
289.553 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
155.042
|
40.323 |
63.012
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Other Current Liabilities |
35.430
|
6.861 |
24.920
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Provisions |
6.100
|
5.452 |
5.765
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Total
Current Liabilities |
196.572
|
52.636 |
93.697
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Net Current Assets |
251.126
|
742.850 |
195.856
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MISCELLANEOUS EXPENSES |
4.613 |
6.167 |
0.581 |
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TOTAL |
301.198 |
1364.575 |
230.951 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
203.274 |
277.994 |
467.355 |
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Other Income |
12.759 |
309.593 |
12.551 |
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TOTAL (A) |
216.033 |
587.587 |
479.906 |
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Less |
EXPENSES |
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Employee Costs, administration and other expenses |
1239.366 |
288.968 |
406.424 |
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TOTAL (B) |
1239.366 |
288.968 |
406.424 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1023.333) |
298.619 |
73.482 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
14.712 |
12.525 |
4.910 |
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PROFIT BEFORE
TAX (C-D) (E) |
(1038.045) |
286.094 |
68.572 |
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Less |
TAX (F) |
(75.207) |
101.797 |
29.032 |
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PROFIT AFTER TAX
(G-I) (G) |
(962.838) |
184.297 |
39.540 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(445.69)
|
31.36 |
8.24
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Net Profit Margin (PBT/Sales) |
(%) |
(510.66)
|
102.91 |
14.67
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Return on Total Assets (PBT/Total Assets} |
(%) |
(211.15)
|
34.11 |
21.16
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Return on Investment (ROI) (PBT/Networth) |
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(3.45)
|
0.24 |
0.30
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Debt Equity Ratio (Total Liability/Networth) |
|
0.65
|
0.04 |
0.41
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
15.11 |
3.09
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Dues to Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
Dues to others |
155.042 |
40.323 |
63.012 |
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Total |
155.042 |
40.323 |
63.012 |
Note:
The company changed its registered office from Chintamani Plaza, B Wing,
Office No. 524-526, Andheri Kurla Road, Andheri (East), Mumbai – 400099,
Maharashtra, India to 502 and 503, Town Centre II, Andheri Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra, India w.e.f. 01.05.2010. The registered
office has again been shifted from 502 and 503, Town Centre II,
Trade References
· Bajaj Auto
· Mahindra and Mahindra
FIXED ASSETS:
- Office
Equipment
- Furniture and
Fixtures
- Motor Cars
- Computers
- Leasehold
Improvements
- Plant and
Machinery - toolings
- Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.