MIRA
INFORM REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERLING PORT LIMITED |
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Formerly Known
As : |
STERLING PORT PRIVATE LIMITED |
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Registered
Office : |
43, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.09.2006 |
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Com. Reg. No.: |
165003 |
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CIN No.: [Company Identification
No.] |
U93090MH2006PTC165003 |
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IEC No.: |
0310011752 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS62389F |
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PAN No.: [Permanent Account No.] |
AAKCS3315B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Cargo Handling. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Yet to Commence Business |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Sterling Biotech Group. It had not commenced commercial
operation as per last available financials. The networth statement however
seems to be satisfactory. No complaints have been heard. It would be advisable to take adequate securities while dealing with
the subject. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Awadhesh Garg |
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Designation : |
Senior Business Analyst |
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Contact No.: |
91-22-26541241-42-43 |
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Date : |
21.01.2011 |
LOCATIONS
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Registered Office : |
43, |
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Tel. No.: |
91-22-66306732 |
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Fax No.: |
91-22-22041954 |
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E-Mail : |
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Location : |
Owned |
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Project Site : |
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Tel. No.: |
91-265-2680720 |
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Fax No.: |
91-265-2680257 |
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E-Mail : |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Nitin Jayantilal Sandesara |
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Designation : |
Director |
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Address : |
329, Sandesara House, Jawahar Nagar, Goregaon (west), Mumbai – 400061,
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|
Date of Birth/Age : |
50 years |
|
Qualification |
Chartered Accountant |
|
Experience : |
26 years |
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|
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Name : |
Mr. Chetan Jayantilal Sandesara |
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Designation : |
Director |
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Address : |
329, Sandesara House, Jawahar Nagar, Goregaon (west), Mumbai – 400061,
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|
Date of Birth/Age : |
48 years |
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Qualification |
B. Com. |
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Experience : |
24 years |
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|
Name : |
Mr. Narendrabhai Bhulakidas Patel |
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Designation : |
Director |
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Address : |
A-58, Punit Nagar Society, Old Padra Road, Vadodara – 390015, Gujarat,
India |
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Date of Birth/Age : |
15.07.1930 |
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Qualification |
B. Com. |
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Experience : |
40 years |
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Date of Appointment : |
16.01.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Awadhesh Garg |
|
Designation : |
Senior Business Analyst |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nitin Sandesara |
|
25000 |
|
Chetan Sandesara |
|
25000 |
|
Sterling Biotech Limited |
|
360000 |
|
Doral Trading Private Limited |
|
175000 |
|
Blue Mark Mercantile Limited |
|
175000 |
|
Prabal Investrade Private Limited |
|
150000 |
|
Unique Proteins Private Limited |
|
150000 |
|
Modi Capital Financial ( |
|
150000 |
|
Richmond Investments Private Limited |
|
150000 |
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|
|
|
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Total |
|
1360000 |
BUSINESS DETAILS
|
Line of Business : |
Cargo Handling. |
GENERAL INFORMATION
|
Customers : |
Imports and Exports |
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No. of Employees : |
20 |
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Bankers : |
· Axis Bank Limited Goregoan (west), Mumbai, · Corporation Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H. S. Hathi and Company Chartered Accountant |
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Address : |
110/5, |
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Tel. No.: |
91-22-28730828 |
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Fax No.: |
91-22-28753136 |
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Email : |
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Associates/Subsidiaries : |
· Sterling Biotech Limited Address: 43, Line of Business: Manufacturing · PMT Machines Limited Address: PO Box No.1102, Behind PCMC, Pimpri, Pune – 411018, Line of Business: CNC Grinding and Turning, Heavy Engineering · Sterling International Enterprises Limited Address: 43, Line of Business: Leasing of Oil Rigs, Oil Trading and Seismic Data Interpretation. · Sterling Oil Resources Limited Address: 329, Sandesara House, Jawahar Nagar, Goregaon (west),
Mumbai – 400061, Line of Business: Oil Exploration and Production Activities. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
|
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1360000 |
Equity Share |
Rs.10/- each |
Rs.13.600
Millions |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
13.600 |
10.000 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
(0.022) |
0.000 |
0.000 |
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|
NETWORTH |
13.578 |
10.000 |
0.500 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
14.510 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
14.510 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
28.088 |
10.000 |
0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.235 |
0.000 |
0.000 |
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Capital work-in-progress |
24.738 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.050 |
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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 |
0.000 |
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|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
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|
Cash & Bank Balances |
9.712
|
8.554 |
0.018 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.375 |
|
Total
Current Assets |
9.712
|
8.554 |
0.393 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
7.197
|
0.010 |
0.010 |
|
|
Other Current Liabilities |
0.856
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
8.053
|
0.010 |
0.010 |
|
|
Net Current Assets |
1.659
|
8.544 |
0.383 |
|
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|
|
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|
MISCELLANEOUS EXPENSES |
1.456 |
1.456 |
0.067 |
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|
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|
|
|
TOTAL |
28.088 |
10.000 |
0.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
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|
SALES |
|
|
|
|
|
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Income |
|
|
0.000 |
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Other Income |
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|
0.000 |
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TOTAL (A) |
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|
0.000 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
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Auditor Remuneration |
|
|
0.010 |
|
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Sundry Expenses |
|
|
0.010 |
|
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TOTAL (B) |
|
|
0.020 |
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(0.020) |
|
|
|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.002 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
|
|
(0.022) |
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Less |
TAX (H) |
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|
0.000 |
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|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
|
|
(0.022) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.00
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.22)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
0.00 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
855.40 |
39.30 |
LOCAL AGENCY FURTHER INFORMATION
STATEMENT OF ASSETS AND LIABILITIES
MR.
NITIN J. SANDESARA
(RS.
IN MILLIONS)
ASSETS
MOVABLE
PROPERTIES
A.
DETAILS OF INVESTMENT IN EQUITY SHARES
|
Name
of the Company |
No of Shares |
Rates Rs. |
Market Value (Rs. In millions) |
|
|
|
|
|
|
Sterling Biotech Limited |
1052000 |
116.40* |
0.001 |
|
Sterling International Enterprises Limited
|
7125000 |
222.50* |
0.016 |
|
PMT Machines Limited |
2125600 |
195.00** |
0.004 |
|
Torrent Power Limited |
116184 |
332.10* |
0.000 |
|
Investments in Equity Shares of Private
Limited Company |
-- |
-- |
0.000 |
|
|
|
|
|
|
Total |
|
|
0.021 |
|
TOTAL
ASSETS |
RS.0.021 MILLION |
|
NET
WORTH |
RS.0.021 MILLION |
NOTE:
* Market Value as on 1st October,
2010
** Book Value as on 1st October,
2010
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
MR.
CHETAN J. SANDESARA
(RS.
IN MILLIONS)
ASSETS
MOVABLE
PROPERTIES
A. DETAILS
OF INVESTMENT IN EQUITY SHARES
|
Name
of the Company |
No of Shares |
Rates Rs. |
Market Value (Rs. In millions) |
|
|
|
|
|
|
Sterling Biotech Limited |
5200000 |
116.40* |
0.006 |
|
Sterling International Enterprises Limited
|
7025000 |
222.50* |
0.016 |
|
PMT Machines Limited |
1023600 |
195.00** |
0.002 |
|
Investments in Equity Shares of Private
Limited Company |
-- |
-- |
0.000 |
|
|
|
|
|
|
Total |
|
|
0.024 |
B.
OTHERS ASSETS
|
Personal Jewellery (Market Value) |
0.000 |
|
Cash and Bank Balance |
0.000 |
|
Others |
0.001 |
|
|
|
|
Total |
0.001 |
|
TOTAL
ASSETS (A+B) |
RS.0.025 MILLION |
|
LESS: TOTAL LIABILITIES |
RS.0.001 MILLION |
|
NET
WORTH |
RS.0.024 MILLION |
NOTE:
* Market Value as on 1st October,
2010
** Book Value as on 1st October, 2010
FIXED ASSETS:
· Computers and Printers
· Office Equipments
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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.