MIRA
INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CLIMAX AUTOMOTIVE PRIVATE LIMITED |
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Registered
Office : |
762, Farid Puri, West
Patel Nagar, New Delhi - -110008, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.05.1994 |
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Com. Reg. No.: |
058731 |
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Capital
Investment / Paid-up Capital : |
Rs.2.495 Millions |
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CIN No.: [Company Identification
No.] |
U24139DL1994PTC058731 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELC05228G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
was into the activity of manufacturing of Rubber Parts. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
No Business Activity |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As claimed by Mr. Mohit Goyal, Marketing Manager there is no business activity
in the company since 2001. The subject company has transferred its business
to Climax Overseas Private Limited. Payment terms are not known. Keeping in view the aforesaid, it would be advisable enter into
business dealings on a safe and secured trade terms and conditions. |
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
|
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 |
LOCATIONS
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Registered Office : |
762, Farid Puri, West Patel Nagar, New Delhi - -110008,
Delhi, India |
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Tel. No.: |
91-124-4004445 |
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Fax No.: |
91-124-4004450 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Ms. Harjit Kaur Sood |
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Designation : |
Director |
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Address : |
A-48/39, DLF Phase - 1, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
06.11.1955 |
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Date of Appointment : |
02.05.1994 |
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Name : |
Mr. Daljit Singh Sood |
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Designation : |
Director |
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Address : |
A-48/39, DLF Phase - 1, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
23.12.1946 |
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Date of Appointment : |
02.05.1994 |
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Name : |
Mr. Parmeet Singh Sood |
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Designation : |
Director |
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Address : |
A-48/39, DLF Phase - 1, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
07.12.1977 |
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Date of Appointment : |
23.01.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Harjit Kaur Sood |
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249450 |
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Daljit Singh Sood |
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15 |
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Parmeet Singh Sood |
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35 |
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Total |
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249500 |
AS ON 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
was into the activity of manufacturing of Rubber Parts. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Central Bank of India, 70 Janpath, New Delhi - 110001, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khiwani and Company Chartered Accountant |
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Address : |
23/26 2nd Floor, East Patel Nagar, New Delhi - 110008, Delhi, India |
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Tel No.: |
91-11-25714542/25758388 |
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Fax No.: |
91-11-42481491 |
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Email: |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
249500 |
Equity Shares |
Rs.10/- each |
Rs.2.495
Millions |
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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 |
2.495 |
2.495 |
2.495 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.635 |
0.670 |
0.675 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.130 |
3.165 |
3.170 |
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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 |
0.029 |
0.033 |
0.015 |
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TOTAL BORROWING |
0.029 |
0.033 |
0.015 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.159 |
3.198 |
3.185 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.690 |
1.800 |
1.925 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.000 |
1.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.00 |
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Sundry Debtors |
0.000
|
0.401 |
1.401 |
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Cash & Bank Balances |
0.518
|
0.020 |
0.022 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.420
|
0.519 |
0.519 |
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Total
Current Assets |
0.938
|
0.940 |
1.942 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.386
|
0.483 |
0.616 |
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Other Current Liabilities |
0.083
|
0.059 |
0.064 |
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Provisions |
0.000
|
0.000 |
0.002 |
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Total
Current Liabilities |
0.469
|
0.542 |
0.682 |
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Net Current Assets |
0.469
|
0.398 |
1.260 |
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MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
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TOTAL |
3.159 |
3.198 |
3.185 |
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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 |
0.000 |
0.000 |
0.000 |
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Other Income |
11.536 |
13.962 |
17.566 |
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TOTAL |
11.536 |
13.962 |
17.566 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.443 |
11.977 |
14.127 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
10.980 |
12.406 |
14.039 |
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PROFIT BEFORE
TAX |
(3.537) |
(0.429) |
0.088 |
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Less |
TAX |
0.000 |
0.011 |
0.160 |
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PROFIT AFTER TAX
|
(3.537) |
(0.440) |
(0.072) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(30.66)
|
(3.15) |
(0.41) |
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Net Profit Margin (PBT/Sales) |
(%) |
(30.66)
|
(3.07) |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(134.58)
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(10.45) |
1.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.13)
|
(0.14) |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.16
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0.18 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.73 |
2.85 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U24139DL1994PTC058731 |
|
Name of the company |
CLIMAX AUTOMOTIVE PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
762, Farid Puri, West Patel Nagar, New
Delhi -110008, Delhi, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property Others |
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Particular of charge holder |
Central Bank of India |
|
Nature of instrument creating charge |
1. Letter evidencing deposit of title
deeds 2. Form of Guarantee |
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Date of instrument Creating the charge |
08.03.2011 |
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Amount secured by the charge |
Rs.105.320 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Extent and Operation of the charge The company's immovable properties as
mentioned hereunder (as per column No.15) are mortgaged to secure various
credit facilities aggregating to Rs.105.320 Millions granted by the Bank to
M/S CLLIMAX OVERSEAS PRIVATE LIMITED. Others M/S CLILMAX AUTOMOTIVE PRIVATE LIMITED has
executed Corporate Guarantee to secure repayment of various credit facilities
aggregating to Rs.105.320 Millions granted by the Bank to M/S CLLIMAX
OVERSEAS PRIVATE LIMITED. |
|
Short particulars of the property charged |
Equitable mortgage by deposit of title deeds
of company's immovable properties situated at Plot No.896,Phase-I, Udyog
Vihar , Gurgaon. |
|
Date of instrument modifying the charge |
30/07/2009 |
|
Particulars of the present modification |
The various credit facilities granted by
the Bank to M/S CLIMAX OVERSEAS PRIVATE LIMITED has now been enhanced from
Rs.97.322 Millions to Rs.105.320 Millions. Therefore, total amount of charge
secured against equitable mortgage of immovable properties as mentioned in
Column No.15 above and Corporate Guarantee has now been enhanced Rs.97.322 Millions to Rs.105.320 Millions. |
FIXED ASSETS:
·
Bulilding
·
Land
·
Electrical Installation
·
Computer and Peripherals
·
Furniture and Fitting
·
Mahindra Pick Up
·
Generator
·
Motor Cycle
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.44.15 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
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.