MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOMBAY STORE RETAIL COMPANY LIMITED |
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Registered
Office : |
Western India House, Sir P.M. Road, Fort, Mumbai-400001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.03.2007 |
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Com. Reg. No.: |
11-168960 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.500
Million |
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CIN No.: [Company Identification
No.] |
U51909MH2007PLC168960 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB17428F |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Retailing Activity. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Profitability of the
company is under severe pressure. There appears huge accumulated looses
recorded by the company. However, trade relations reported as fair. Business
is active. Payments are reported to be slow. The company can be considered for business dealings on a 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.
INFORMATION DECLINED BY
|
Name : |
Mr. John |
|
Designation : |
Accounts Head |
|
Date : |
15.06.2011 |
LOCATIONS
|
Registered Office : |
Western India House, Sir P.M. Road, Fort, Mumbai-400001, |
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Tel. No.: |
91-22-40318888 |
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Fax No.: |
91-22-40318800 |
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E-Mail : |
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B Wing, 1st Floor, Todi Estate, Sunmill Compound, Lower
Parel (W), Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-40318888 |
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Fax No.: |
91-22-40318800 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Milan Bhupendra Dalal |
|
Designation : |
Director |
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Address : |
42, Chitrakoot, |
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Date of Birth/Age : |
09.02.1962 |
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Date of Appointment : |
20.03.2007 |
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Other Directorship: |
CIN of Company: U67120MH1981PTC025433 Name of Company: Amalgamated Investment Limited Designation: Director CIN of Company: L74999MH1905PLC000223 Name of Company: Bombay Swadeshi Stores Limited Designation: Chairman CIN of Company: U65990MH1973PLC016796 Name of Company: Cifco Limited Designation: Vice Chairman CIN of Company: U70101MH1988PLC050172 Name of Company: Cifco Properties Limited Designation: Chairman CIN of Company: L55200MH1967PLC013837 Name of Company: Foods and Inns Limited Designation: Director CIN of Company: L63090MH1917PLC007897 Name of Company: Muller and Phipps ( Designation: Director CIN of Company: U74140MH1988PLC047489 Name of Company: Muller And Phipps (Industrial Services) Limited Designation: Director CIN of Company: U99999MH1986PLC041793 Name of Company: CFL Securities Limited Designation: Director CIN of Company: U31100MH1936PLC002497 Name of Company: Amalgamated Electricity Company Limited Designation: Director CIN of Company: U24299GJ1980PTC003704 Name of Company: Anmol Chemicals ( Designation: Director CIN of Company: U99999MH1986PTC039914 Name of Company: Tropical Securities and Investments Private Limited Designation: Director CIN of Company: U51900MH1959PTC011333 Name of Company: Western Press Private Limited Designation: Chairman CIN of Company: U99999MH1986PTC040793 Name of Company: Regent Publishers Private Limited Designation: Director CIN of Company: U63040MH1991PTC060873 Name of Company: CIFCO Travels Private Limited Designation: Director CIN of Company: U99999MH1979PTC021837 Name of Company: Milan Holdings Private Limited Designation: Director Name of Sole Proprietorship Firm: S. Ramdas Address: Bhupen Chambers, Ground Floor, Unit No. 1, Dalal
Street, Fort, Mumbai-400026, |
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Name : |
Mr. Asim Bhupendra Dalal |
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Designation : |
Director |
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Address : |
42, Chitrakoot, |
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Date of Birth/Age : |
06.01.1968 |
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Date of Appointment : |
20.03.2007 |
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Other Directorship: |
CIN of Company: L74999MH1905PLC000223 Name of Company: Bombay Swadeshi Stores Limited Designation: Managing Director CIN of Company: U65990MH1973PLC016796 Name of Company: Cifco Limited Designation: Director CIN of Company: U99999MH1986PLC041793 Name of Company: CFL Securities Limited Designation: Director |
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Name : |
Mr. Satyen Bhupendra Dalal |
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Designation : |
Director |
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Address : |
42, Chitrakoot, |
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Date of Birth/Age : |
22.08.1975 |
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Date of Appointment : |
20.03.2007 |
KEY EXECUTIVES
|
Name : |
Mr. John |
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Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bombay Swadeshi Stores Limited, |
|
5000 |
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Bombay Swadeshi Stores Limited, |
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5000 |
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Bombay Swadeshi Stores Limited, |
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20000 |
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Bombay Swadeshi Stores Limited, |
|
5000 |
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Bombay Swadeshi Stores Limited, |
|
5000 |
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Bombay Swadeshi Stores Limited, |
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10000 |
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Total |
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50000 |
As on 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Retailing Activity. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.D. Pandya and Associates Chartered Accountant |
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Address : |
107-B, Anand Nagar, |
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Holding Company: |
Bombay Swadeshi Stores Limited (L74999MH1905PLC000223) |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
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 |
0.500 |
0.500 |
0.500 |
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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) |
(7.503) |
(5.710) |
(1.143) |
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NETWORTH |
(7.003) |
(5.210) |
(0.643) |
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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 |
25.019 |
20.019 |
0.019 |
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TOTAL BORROWING |
25.019 |
20.019 |
0.019 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.016 |
14.809 |
(0.624) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.248 |
12.523 |
1.018 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.027 |
0.025 |
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 |
36.361
|
17.216 |
3.656 |
|
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Sundry Debtors |
14.347
|
0.019 |
0.096 |
|
|
Cash & Bank Balances |
14.317
|
1.802 |
3.472 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
16.003
|
13.899 |
6.137 |
|
Total
Current Assets |
81.028
|
32.936 |
13.361 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
82.450
|
22.547 |
5.398 |
|
|
Other Current Liabilities |
0.000
|
9.750 |
9.853 |
|
|
Provisions |
0.124
|
0.091 |
0.010 |
|
Total
Current Liabilities |
82.574
|
32.388 |
15.261 |
|
|
Net Current Assets |
(1.546)
|
0.548 |
(1.900) |
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MISCELLANEOUS EXPENSES |
1.287 |
1.713 |
0.258 |
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TOTAL |
18.016 |
14.809 |
(0.624) |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
168.251 |
33.888 |
9.067 |
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Other Income |
0.141 |
0.200 |
0.000 |
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TOTAL (A) |
168.392 |
34.088 |
9.067 |
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Less |
EXPENSES |
|
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|
|
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Cost of Sales |
114.199 |
15.566 |
5.216 |
|
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Employees Remuneration and Other Benefits |
3.605 |
2.624 |
0.031 |
|
|
|
Selling, Administration and Other Expenses |
49.476 |
18.953 |
4.772 |
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TOTAL (B) |
167.280 |
37.143 |
10.019 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.112 |
(3.055) |
(0.952) |
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|
Less |
FINANCIAL
EXPENSES (D) |
0.035 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.077 |
(3.055) |
(0.952) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.870 |
1.432 |
0.181 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
(1.793) |
(4.487) |
(1.133) |
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|
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Less |
TAX (H) |
0.000 |
0.080 |
0.010 |
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|
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PROFIT AFTER TAX
(G-H) (I) |
(1.793) |
(4.567) |
(1.143) |
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|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(5.710) |
(1.143) |
0.000 |
|
|
|
|
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
(7.503) |
(5.710) |
(1.143) |
|
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|
|
|
|
|
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|
|
Earnings Per
Share (Rs.) |
(35.85) |
(91.34) |
(22.87) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.06)
|
(13.40) |
(12.61) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(1.07)
|
(13.24) |
(12.50) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.81)
|
(9.87) |
(7.88) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.86 |
1.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(15.36)
|
(10.06) |
(23.76) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
1.02 |
0.88 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
82.450 |
22.547 |
5.398 |
Note: The
registered office of the company has been shifted from Bhupen Chambers, Ground
Floor, Unit No. 1,
Fixed Assets:
- Leasehold
Premises
- Furniture and
Fittings
- Computer
- Office and
Other Equipment
- Electrical
Installation
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
18 |
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.