MIRA
INFORM REPORT
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Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
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Name : |
VENUS ETHOXYETHERS PRIVATE LIMITED |
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Registered Office : |
Plot No.109, 110 and 111, at Bicholim Industrial Estate,
Bicholim, Goa - 403 529, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.12.1990 |
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Com. Reg. No.: |
24-1099 |
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CIN No.: [Company
Identification No.] |
U24119GA1990PTC001099 |
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Capital Investment / Paid-up Capital : |
Rs.14.790 millions |
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PAN No.: [Permanent Account No.] |
AAACV9656Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Ethoxylates, Propoxylates, Carbamates, Agro Chemicals, Textile Chemicals, Leather Chemicals and Auxiliaries, Paper, Intermediates for Disperse Dyes, Plastic Additives, Cosmetic Chemicals etc. |
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No. of Employees : |
225 Approximately |
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 220000 |
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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/ Factory : |
Plot No.109, 110 and 111, at Bicholim Industrial Estate,
Bicholim, Goa - 403 529, |
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Tel. No.: |
91-832-6613333/ 2362937/ 2363079 / 2362257 |
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Fax No.: |
91-832-2362257 |
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E-Mail : |
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Website : |
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Location: |
Leased |
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Corporate Office : |
1207, Navjivan – 3, |
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Tel. No.: |
91-22-23002030 |
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Fax No.: |
91-22-23002031 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Zubin Keki Gandhi |
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Designation : |
Director |
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Date of Birth/Age : |
30.11.1968 |
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Date of Appointment : |
10.12.1990 |
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DIN No. : |
00664632 |
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Name : |
Mr. Amol Ashok Walke |
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Designation : |
Director |
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Date of Birth/Age : |
31.10.1983 |
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Date of Appointment : |
21.01.2002 |
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DIN No. : |
00664315 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Zubin Keki Gandhi |
|
73950 |
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Anjali A Walke |
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66555 |
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Amol A Walke |
|
7395 |
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Total |
|
147900 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Ethoxylates, Propoxylates, Carbamates, Agro Chemicals, Textile Chemicals, Leather Chemicals and Auxiliaries, Paper, Intermediates for Disperse Dyes, Plastic Additives, Cosmetic Chemicals etc. |
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Products : |
·
Textile Chemicals ·
Leather Chemicals |
PRODUCTION STATUS
(As on 31.03.2009)
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Particulars |
Unit |
Actual
Production |
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Ethylene Oxide |
Kgs. |
332030.00 |
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Tridecanol |
Kgs. |
57540.00 |
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Venus – 6080 |
Kgs. |
30000.00 |
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Oca Polyglycol Ether 40 EO |
Kgs. |
32000.00 |
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VSA – 244 (20 Molstrearylamine) |
Kgs. |
28800.00 |
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Diethanolamine (DEA) |
Kgs. |
17200.00 |
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LAE – 234 |
Kgs. |
19825.00 |
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Product – 432 |
Kgs. |
14000.00 |
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Venus – P – 2070 |
Kgs. |
7600.00 |
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Product – PHT |
Kgs. |
3000.00 |
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Product – 3305 |
Kgs. |
3960.00 |
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Stearic Acid |
Kgs. |
6250.00 |
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Refanol 50/55 |
Kgs. |
1190.00 |
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V – 6080 |
Kgs. |
1000.00 |
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Amino Ethyletanolamine |
Kgs. |
400.00 |
GENERAL INFORMATION
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No. of Employees : |
225 Approximately |
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Bankers : |
·
ICICI Bank Limited ·
State Bank of Backbay Reclamation Branch, Nariman Point,
Mumbai – 400 021, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Y.K. Desai and Company Chartered Accountants |
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Address : |
106, Prospect Chambers, 317/ 321, Dr. |
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Tel. No.: |
91-22-22045015 |
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Tele Fax No.: |
91-22-22840569 |
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E-Mail : |
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Associates/Subsidiaries
: |
·
Grand Organics Private Limited Activity: Manufacturer of Chemicals ·
Esteem Industries Private Limited Activity: Manufacturer of Chemicals ·
VIC Industries |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
147900 |
Equity Shares |
Rs.100/- each |
Rs.14.790
millions |
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 |
14.790 |
14.790 |
14.790 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.271 |
38.879 |
36.387 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.061 |
53.669 |
51.177 |
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LOAN FUNDS |
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1] Secured Loans |
9.709 |
13.747 |
24.707 |
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2] Unsecured Loans |
10.107 |
8.908 |
7.916 |
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TOTAL BORROWING |
19.816 |
22.655 |
32.623 |
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DEFERRED TAX LIABILITIES |
0.093 |
0.539 |
0.420 |
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TOTAL |
75.970 |
76.863 |
84.220 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.516 |
39.980 |
35.692 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.850 |
0.850 |
0.850 |
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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 |
19.307
|
18.960
|
17.780 |
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Sundry Debtors |
12.652
|
31.193
|
18.345 |
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Cash & Bank Balances |
8.929
|
10.673
|
10.041 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
30.838
|
29.024
|
26.207 |
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Total
Current Assets |
71.726
|
89.850
|
72.373 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
45.314
|
17.790 |
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Other Current Liabilities |
|
0.000
|
0.000 |
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Provisions |
9.953
|
8.503
|
6.905 |
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Total
Current Liabilities |
35.122
|
53.817
|
24.695 |
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Net Current Assets |
36.604
|
36.033
|
47.678 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.970 |
76.863 |
84.220 |
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PROFIT & LOSS
ACCOUNT
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.05
|
2.07
|
2.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.28
|
7.65
|
7.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.08
|
3.24
|
4.39 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
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0.08
|
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
1.42
|
1.12 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.67
|
2.93 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U24119GA1990PTC001099 |
|
Name of the
company |
VENUS ETHOXYETHERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.109, 110 and 111, Bicholim Industrial Estate,
Bicholim - 403 529, |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
ICICI Bank Limited E-Mail: icicibank@rediffmail.com |
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Amount secured by
the charge |
Rs.36.100 millions
|
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Charge
identification number of the charge to be modified |
80008797 |
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Date of
instrument modifying the charge |
20.06.2006 |
FIXED ASSETS:
- Building
- Factory
- Other
Building Fixtures
- Installation
Cost
- Plant and
Machinery
- Plots
- Computers
- Drum Drier
- Effluent
Treatment Plant
- Electrical
Equipments
- Generator
- Laboratory
DVPT Equipments
- Furniture and
Fixtures
- Vehicles
- Office Equipments
- Nitrogen Gas
Generator
- Safety
Equipments
- Refrigeration
Unit
- Stacker and
Truck
- Storage Tanks
and Access
- Pumps and
Motors
- Tools
- Weighing
Machine
- Civil Work
WEBSITE DETAILS:
COMPANY PROFILE
Subject, established in
1987, was founded by business doyen Keki Gandhi, his son Zubin Gandhi and ace
technologist Ashok Walke.
Spread over vast acres of land, with four seperate production sites in serene
The chemical processes they specialize in, include Ethoxylation, Propoxylation,
Alkoxylation, EO/PO Block Co-Polymerisation, Esterification, Sulphonation,
Suphation, Phosphation, Condensation, Polymerisation, Distillation, Fractional
Distillation, Amide Preparation and Formulation.
The products they make are consumed by a vast number of industry segments, the
main ones being Textiles, Leather, Personal Care, Paper, Agro, Refinery, Metal
and Electroplating, Paints and Coatings, Sugar, Pharma, Perfumary, Water
Treatment, and several others. They have products for various applications
within each of these industry segments.
Besides offering the established products, they specialize in
custom-manufacturing products to suit individual requirements. The elaborate
and multi-faceted manufacturing facilities allow them great flexibility in the
operations, enabling the product-range and business operations to be completely
customer-driven.
The well equipped testing facilities ensure that un-relenting quality standards
are established, and always adhered to.
They have an excellent R and D set-up for developing new molecules and
up-grading existing performance chemicals. The R and D team works hand-in-hand
with the customers to deliver them timely and effective solutions.
The key discerning features of the organization are summed up as follows :-
·
Multi-faceted, robust and flexible manufacturing,
testing and R and D infrastructure.
·
One Stop Shop - The capabilities in handling a
broad spectrum of chemistries, and the vast product range, means that the customers
get almost all that they want, from one place itself.
·
Ultra-Quick Response Time – they are ever alert to
the cutomers’ needs and requirements, be it product development, sampling,
quotations, supplies, documentation, or any other activity.
·
Customer-driven product line – they deliver exactly
what the customer wants, when he wants, as he wants.
·
Splendid R and D back-up – the customers can
quickly grow their business through free access to the vast treasures of
products, technology and knowledge
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.44.46 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.