%20PRIVATE%20LIMITED%20-%20150018%2001-Aug-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
BERNHARD SCHULTE SHIPPING ( |
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Registered Office : |
401, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.05.1997 |
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Com. Reg. No.: |
11-108257 |
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Capital Investment / Paid-up Capital : |
Rs.79.500 Millions |
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CIN No.: [Company
Identification No.] |
U63090MH1997PTC108257 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB10086G |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Subject is engaged in Ship Management and Marine Consultancy Services |
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No. of Employees: |
200 (In office) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba ( 45 ) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 807544 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Bernhard Schulte GmbH and Company KG. it is
an established company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
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.
INFORMATION PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Sunder Pillai |
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Designation : |
Senior Accounts Manager |
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Date : |
01.08.2011 |
LOCATIONS
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Registered Office : |
401, |
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Tel. No.: |
91-22-40017300 |
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Fax No.: |
91-22-40017333/40014333 |
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E-Mail : |
anita.dube@bs-shipmanagement.com
paresh.pawar@bs-shipmanagement.com
eurasia.mumbai@eurasiagroup.com
in-sdc1-man@bs-shipmanagement.com
Deepak.degadwala@bs-shipmanagement.com
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Websites : |
www.bs-shipmanagement.com |
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Area : |
3500 sq.ft |
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Location : |
Owned |
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Branches: |
Located at: · Delhi · Kolkata · Chennai · Patna · Kochin |
DIRECTORS
AS ON 24.09.2010
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Name : |
Mr. Rajaish Bajpaee |
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Designation : |
Director |
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Address : |
Flat A, 3/F, Tower 5, The Redhill Peninsula, 18 Pak Pat Shan Road,
Hong Kong |
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Date of Birth/Age : |
04.09.1951 |
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Date of Appointment : |
12.06.2000 |
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Name : |
Mr. Atul Gupte |
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Designation : |
Director |
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Address : |
House 53, Marina Cove, 380 Hiram’s Highway, Sai Kung, New
Territories, Hong Kong |
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Date of Birth/Age : |
31.01.1967 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Bodh Nath Prasad |
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Designation : |
Director |
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Address : |
703, Glen Heights, hiranandani Gardens, Powai, Mumbai – 400076 |
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Date of Birth/Age : |
15.07.1953 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Deepak Kantilal Degadwala |
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Designation : |
Alternate Director |
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Address : |
72 Juhu Shangrila CHS Limited, |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
30.09.2007 |
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Name : |
Daniel Trevelyn Joseph |
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Designation : |
Director |
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Address: |
Flat No.52, 5th Floor, Jasmine Chs. Madhusudan Kalekar
Marg, Bandra East, Mumbai – 400051 |
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Date of Birth/Age : |
21.12.1945 |
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Date of Appointment : |
11.02.2009 |
KEY EXECUTIVES
|
Name : |
Ms. Anita Vidyasagar Dube |
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Designation : |
Secretary |
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Address: |
7, Bhagyaswaroop CHS, Near Durga Mandir, Majiwada, Thane West, Thane -
400061 |
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Date of Birth/Age : |
22.12.1981 |
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Date of Appointment : |
18.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Equity Shareholders |
No. of Shares |
|
Bernhard Schutle GmbH and Company, |
50000 |
|
Rama Holdings (L) Limited, Malaysia |
25000 |
|
Total |
75000 |
AS ON 24.09.2010
|
Names of Preference Shareholders |
No. of Shares |
|
Bernhard Schutle GmbH and Company, |
480000 |
|
Rama Holdings (L) Limited, |
240000 |
|
Total |
720000 |
Equity Shares Breakup (Percentage Of Total Equity) (AS ON 24.09.2010):-
|
Category |
Percentage |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Ship Management and Marine Consultancy Services |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
200 (In office) |
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Bankers : |
ICICI Bank, Powai Branch, Mumbai |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountant Address : 6, Karim Chambers,
40, Ambalal Doshi Marg (Hamam Street), Mumbai – 400 023, Maharashtra, India Tel. No.: 91-22-40021140 /
22651190 / 22691414 / 22691515 Fax No.: 91-22-22650126 E-Mail : mumbai@bdolodha.com |
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Associates : |
· Bernhard Schulte Ship management (L) Limited (Formerly known as Eurasia International (L) Limited) · Bernhard Schulte Ship management (HongKong) Limited Partnership Concern with an unlimited liability of the partners (Formerly Eurasia International China Limited Partnership) · Schulte Marine Concept |
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Subsidiaries : |
·
Paramount Shipping and Management Private Limited CIN No.: U35110MH1992PTC066706 ·
Bernhard Schulte Ship management ( CIN No.: U61100MH2000PTC124110 |
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Holding Company : |
Bernhard Schulte GmbH and Company Kg, Hamburg, Germany |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Rs. In Millions |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
|
1620000 |
Preference Shares |
Rs.100/- each |
Rs.162.000 millions |
|
|
Total |
|
Rs.169.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Rs. In Millions |
|
75000 |
Equity Shares (of which 50000 equity shares are held by Bernhard Schulte GmbH and
Company KG, the holding company and its nominee) |
Rs.100/- each |
Rs.7.500 millions |
|
1020000 |
8% Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 102.000 millions |
|
|
Total |
|
Rs.
133.500 millions |
Note
Of the above, 300,000 shares has been
redeemed at par on August 26,2010. The balance of420,000 shares are redeemable
at par before 29 December 2012, 205,000 shares are redeemable at par before 12th
November 2013,95,000 shares are redeemable at par before 24th
February 2014.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
109.500 |
133.500 |
169.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
92.386 |
55.058 |
36.857 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
201.886 |
188.558 |
206.357 |
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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 |
0.290 |
0.000 |
0.000 |
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TOTAL |
202.176 |
188.558 |
206.357 |
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APPLICATION OF FUNDS - |
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FIXED ASSETS [Net Block] |
125.211 |
132.156 |
139.460 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.100 |
5.100 |
2.746 |
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|
DEFERREX TAX ASSETS |
0.000 |
3.188 |
2.038 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
3.860
|
12.284
|
33.624
|
|
|
Cash & Bank Balances |
74.298
|
53.320
|
66.033
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
15.348
|
14.154
|
12.302
|
|
Total
Current Assets |
93.506
|
79.758
|
111.959
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
20.009
|
27.761
|
40.983
|
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Other Current Liabilities |
1.527
|
3.733
|
8.741
|
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Provisions |
0.105
|
0.150
|
0.122
|
|
Total
Current Liabilities |
21.641
|
31.644
|
49.846
|
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Net Current Assets |
71.865
|
48.114
|
62.113
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
202.176 |
188.558 |
206.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
122.618 |
103.896 |
77.414 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
122.618 |
103.896 |
77.414 |
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Less |
EXPENSES |
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Administrative Expenses |
NA |
NA |
31.106 |
|
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TOTAL (B) |
NA |
NA |
31.106 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
46.308 |
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
46.308 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.944 |
NA |
7.829 |
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PROFIT BEFORE
TAX (E-F) (G) |
46.547 |
21.132 |
38.479 |
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Less |
TAX (H) |
9.220 |
2.931 |
7.907 |
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|
PROFIT AFTER TAX
(G-H) (I) |
37.327 |
18.201 |
30.572 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Marine Consultancy Income |
3.129 |
5.085 |
2.873 |
|
|
TOTAL EARNINGS |
3.129 |
5.085 |
2.873 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
497.71 |
242.69 |
407.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
30.44
|
17.52
|
39.49
|
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
37.97
|
20.34
|
49.71
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.28
|
9.97
|
15.02
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.11
|
0.19
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11
|
0.16
|
0.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.32
|
2.52
|
2.25
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
PARTICULARS |
31.03.2010 RS.
IN MILLIONS |
31.03.2009 RS.
IN MILLIONS |
31.03.2008 RS.
IN MILLIONS |
|
Sundry Creditors |
20.009
|
27.761
|
40.983
|
COMPANY
BACKGROUND:
Bernhard
Schulte Shipping (India) Private Limited ("Company") was incorporated
in India on May 27, 1997 under The Companies Act 1956. The principal activities
of the Company include ship management and marine consultancy services.
The
company is a subsidiary of Bernhard Schulte GmbH and Co.KG, Hamburg.
OPERATIONS
The Company had two vessels in the said
financial year from Indian Ship Owners under its full management. The Company
is also actively involved in its New building and Supervision activities with
Schulte Marine Concept, Shanghai, China.
FUTURE PROSPECTS AND PLANS
The Company will be fully focusing on the
management of Indian Flag vessels and will take maximum efforts that will
enable the Company to take more Indian flag vessels under management
trade references:-
· Wilhemsen Ship Management
· Wallem Group Limited
Fixed Assets
·
Office Premises
·
Office Equipments
·
Computers
·
Furniture and Fixtures
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.30 |
|
|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.60.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.