MIRA
INFORM REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLANET EDU PRIVATE LIMITED |
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Registered
Office : |
101, First Floor, Greenwood Plaza, Greenwood City, Sector 45, Gurgaon
– 122001, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
22.08.2001 |
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Com. Reg. No.: |
035411 |
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CIN No.: [Company Identification
No.] |
U80302HR2001PTC035411 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Educational Services |
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 113860 |
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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 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.
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 : |
101, First Floor, Greenwood Plaza, Greenwood City, Sector 45, Gurgaon
– 122001, Haryana, India |
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E-Mail : |
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Website : |
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Head Office: |
304 (3rd Floor), Park
Centra, Behind Star Mall, Exit 8, NH8,
Gurgaon - 122001 |
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Tel No.: |
91-124-4684800 |
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Regional Office : |
Ahmedabad Mahalya, 1002, 10th
Floor, Opp. Hotel President, Off Tel: 91-79- 400 73 040 2nd Floor, Kaushalya
Tower, SCO 29, District Shopping Centre, Ranjit Avenue # 302, 3rd Floor, No.2,
'K' SCO 147 - 148, Sector
9C, 2nd Floor, Madhya Marg, Chennai Basement, 10A, 5th Floor, 5th Floor, 41 Feroze
Gandhi Market, Pune Office No. 504/5, City
Point, 5th Floor, Dhole Patil Road, Off Boat Club Road, Vadodra 1st Floor, |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Ms. Rachan Pant |
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Designation : |
Director |
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Address : |
E-57, Sector – 46, |
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Date of Birth/Age : |
03.08.1954 |
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Date of Appointment : |
22.08.2001 |
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Name : |
Mr. Sanjay Malaviya |
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Designation : |
Director |
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Address : |
D-50, Ground Floor, |
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Date of Birth/Age : |
28.01.1964 |
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Date of Appointment : |
27.11.2008 |
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Name : |
Ms. Madan Pant |
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Designation : |
Director |
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Address : |
E-57, Sector – 46, |
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Date of Birth/Age : |
22.07.1947 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Madan Mohan Pant |
|
500 |
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Sanjay Malaviya |
|
169400 |
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Rachan Pant |
|
100 |
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Total |
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170000 |
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 : |
Educational Services |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Uberoi Sood and Kapoor Chartered Accountant |
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Address : |
606, Vishal Bhavan, 95, |
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Tel No.: |
91-11-26416942/26429297 |
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Fax No.: |
91-11-26480027 |
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Email : |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.365 |
25.147 |
18.018 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.465 |
25.247 |
18.118 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
45.021 |
0.000 |
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2] Unsecured Loans |
25.772 |
33.984 |
11.442 |
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TOTAL BORROWING |
25.772 |
79.005 |
11.442 |
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DEFERRED TAX LIABILITIES |
1.848 |
2.145 |
1.635 |
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TOTAL |
56.085 |
106.397 |
31.195 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.178 |
62.436 |
38.386 |
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Capital work-in-progress |
0.000 |
64.836 |
0.000 |
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INVESTMENT |
1.875 |
0.100 |
0.264 |
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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 |
10.366
|
6.649 |
0.000 |
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Sundry Debtors |
25.497
|
18.917 |
2.237 |
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Cash & Bank Balances |
32.596
|
51.112 |
43.838 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
49.273
|
47.755 |
16.767 |
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Total
Current Assets |
117.732
|
124.433 |
62.842 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.756
|
21.823 |
55.824 |
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Other Current Liabilities |
112.175
|
108.943 |
4.582 |
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Provisions |
19.773
|
14.648 |
9.899 |
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Total
Current Liabilities |
149.704
|
145.414 |
70.305 |
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Net Current Assets |
(31.972)
|
(20.981) |
(7.463) |
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MISCELLANEOUS EXPENSES |
0.004 |
0.006 |
0.008 |
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TOTAL |
56.085 |
106.397 |
31.195 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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Professional
Fees and Other Income |
343.384 |
280.613 |
155.071 |
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Less |
EXPENSES |
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TOTAL (B) |
323.330 |
264.629 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.054 |
15.984 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.054 |
15.984 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.233 |
4.194 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
7.821 |
11.790 |
14.654 |
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Less |
TAX (I) |
4.602 |
4.661 |
5.531 |
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PROFIT AFTER TAX
(G-I) (J) |
3.219 |
7.129 |
9.123 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.147 |
18.018 |
NA |
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BALANCE CARRIED
TO THE B/S |
28.366 |
25.147 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.94
|
2.54 |
5.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.83
|
6.31 |
14.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.47 |
0.81 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.16
|
8.89 |
4.51 |
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Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.88 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from
C-775, Sushant Lokphase – I, Gurgaon, Haryana, India to 101, First Floor, Greenwood Plaza, Greenwood
City, Haryana, India w.e.f. 11.05.2006
The registered office address of the company has been shifted from 101, First Floor,
FORM 8:
|
Corporate
identity number of the company |
U80302HR2001PTC035411 |
|
Name of the
company |
PLANET EDU
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101, First Floor,
|
|
This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
ING VYSYA BANK
LIMITED |
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Nature of instrument
creating charge |
Supplemental
General Hypothecation Agreement |
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Date of
instrument Creating the charge |
25/09/2009 |
|
Amount secured by
the charge |
Rs.47.500
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest WCTL : No Change SOD : No Change Term Loan (Fresh)
: IVRR-2.75% Terms of
Repayment WCTL : No Change SOD : No Change Term Loan (Fresh)
: Repayable in 36 monthly installments of Rs.0.138 Million Margin WCTL : No Change SOD : No Change Term Loan (Fresh)
: 25% Extent and
Operation of the charge First charge on
advertising material,banners, web based material, stationary items &
other study books used for conducting tests. First charge on
the fixed assets (other than vehicle hypothecated to other banks) present
& future. First charge on
the book debts. First charge on
the furniture and fixtures of the company. |
|
Short particulars
of the property charged |
Advertising
material, banners, web based material, stationary items and other study books
used for conducting tests and all the fixed assets (other than vehicle
hypothecated to other banks) present & future kept at the premises of the
company or anywhere else. The entire book debts of the company. All the
furniture and fixtures of the company at 101,1st Floor, Green Wood Plaza, Green Wood City, Sector 45, Gurgaon. |
|
Particulars of
the present modification |
The total limit
has been enhanced from Rs.42.500 Millions to Rs.47.500 Millions by Term Loan
(Fresh) of Rs.5.000 Millions. The hypothecation
on the assets of the company extended to the enhanced limit. |
Fixed Assets:
- Air Conditioner
- Vehicles
- Computer and Peripherals
- Furniture and Fixtures
- UPS
- Mobile Phone
- Fax
- Software
- Office Equipments
- Building
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--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 |
|
- |
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.