MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHALAXMI DHATU UDHYOG PRIVATE LIMITED |
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Registered Office : |
C – 52, MIDC, Hingna, Nagpur-440016, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.06.1996 |
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Com. Reg. No.: |
11-100065 |
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Capital Investment / Paid-up Capital : |
Rs.4.711
Millions |
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CIN No.: [Company
Identification No.] |
U28920MH1996PTC100065 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPM03635C / NGPM01489F |
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PAN No.: [Permanent
Account No.] |
AABCM8361J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer of Alloy Steel |
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No. of Employees
: |
Information not Divulged by Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 510000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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. The Profit and Loss of the Company is Not Available. |
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
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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 : |
C – 52, MIDC, Hingna, Nagpur-440016, |
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Tel. No.: |
91-712-2762550 |
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Fax No.: |
91-712-3093846 / 777230 |
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E-Mail : |
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Corporate Office: |
Anaj Bafar, Itwari, Nagpur-440002, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Krishna |
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Designation : |
Director |
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Address : |
74 A Civil Lines, Nagpur-440001, |
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Date of Birth/Age : |
20.10.1964 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Mr. Nandlal Rathi |
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Designation : |
Director |
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Address : |
74 A Civil Lines, Nagpur-440001, |
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Date of Birth/Age : |
17.08.1939 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Ms. Radhika Rathi |
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Designation : |
Director |
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Address : |
74 A Civil Lines, Nagpur-440001, |
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Date of Birth/Age : |
06.05.1964 |
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Date of Appointment : |
01.08.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Narayandas Daga |
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1000 |
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Naringdas Daga |
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500 |
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1880 |
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Nandlal Rathi |
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1210 |
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Shakuntaladevi Rathi |
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10 |
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Anchal Powercom Private Limited, |
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16400 |
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Varunanchal Metal and Alloys Private Limited, |
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26110 |
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Total |
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47110 |
As on 30.09.2010
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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 |
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90.24 |
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Directors
or relatives of directors |
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9.76 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Alloy Steel |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agrawal Chhallani and Company Chartered Accountants |
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Address : |
51, New Colony, |
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Tel. No.: |
91-712-2595653/2595750 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47110 |
Equity Shares |
Rs.100/- each |
Rs.4.711
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 |
4.711 |
1.761 |
1.289 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
123.696 |
90.283 |
60.543 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
128.407 |
92.044 |
61.832 |
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LOAN FUNDS |
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1] Secured Loans |
52.270 |
54.569 |
42.373 |
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2] Unsecured Loans |
38.189 |
33.835 |
28.800 |
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TOTAL BORROWING |
90.459 |
88.404 |
71.173 |
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DEFERRED TAX LIABILITIES |
3.003 |
4.295 |
4.104 |
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TOTAL |
221.869 |
184.743 |
137.109 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.308 |
35.870 |
29.934 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
69.383
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71.054 |
53.422 |
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Sundry Debtors |
92.056
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67.603 |
71.769 |
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Cash & Bank Balances |
10.299
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30.407 |
0.030 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.672
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15.804 |
20.390 |
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Total
Current Assets |
190.410
|
184.868 |
145.611 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.347
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21.517 |
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Other Current Liabilities |
12.436
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11.688 |
36.875 |
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Provisions |
3.066
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2.790 |
1.561 |
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Total
Current Liabilities |
16.849
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35.995 |
38.436 |
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Net Current Assets |
173.561
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148.873 |
107.175 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
221.869 |
184.743 |
137.109 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.84
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1.35 |
1.77 |
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Current Ratio (Current Asset/Current Liability) |
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11.30
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5.14 |
3.79 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90351705 |
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Corporate
identity number of the company |
U28920MH1996PTC100065 |
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Name of the
company |
MAHALAXMI DHATU
UDHYOG PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
C – 52, MIDC, Hingna, Nagpur-440016, |
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Type of charge |
Immovable Property
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Particular of
charge holder |
Bank of |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Memorandum of Entry |
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Date of
instrument Creating the charge |
07.12.2009 |
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Amount secured by
the charge |
Rs.100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan: BPLR (Floating) presently 12.00 % p. a.
with monthly rests. Cash Credit: 0.50
% Below BPLR (Floating) presently 11.50 % p. a. with monthly rests. Terms of
Repayment 1. Term Loan
Limit of Rs. 10.000 Millions: Repayment in 17 quarterly installments of First
8 installments of Rs. 575 Millions and remaining 9 installments of Rs. 600
Millions each. 2. Cash Credit
Limit of Rs. 90.000 Millions: Repayment on demand or subject to the renewal
or review. Margin 1. Term Loan :
Margin 31.03 % on fixed assets. 2. Cash Credit
Limit : 25 % on Stock and Book debts. Extent and
Operation of the charge AT the request of
the borrower, the bank has enhanced the banking limits from Rs. 62.500
Millions to Rs. 100.000 Millions , to
secure due repayment the above banking limits along with all costs, interest
and other charges thereon, first charge on the immovable properties of the
Company Others Other Terms and
Conditions as per sanction letter Ref No DHARAM/ADV/08/09 Dated 27.10.2009
and all other loaning documents executed between borrower and bank. |
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Short particulars
of the property charged |
I)
All
that piece and parcel of land bearing Plot No C-52, Situated at MIDC Hingna
Industrial Area, Within the Village Limit of Wadi, Tal and Dist Nagpur. adm
8042.00 Sq. mtrs. II)
Together
with all present and future Plant and
Machinery, Furniture and Fixture, Fittings and equipments including
accessories, spare and parts and all the assets of the Company. |
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Date of latest
modification prior to the present modification |
19.01.2009 |
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Particulars of
the present modification |
By way of present
modification, the charge modified from
Rs. 62.500 Millions to Rs. 100.000
Millions , to secure due repayment the above banking limits along with all
costs, interest and other charges thereon, first charge on the immovable
properties of the Company The Details of
banking limits are as under :
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Fixed Assets:
- Land
Leasehold
- Land Freehold
- Electrical
Installation
- Vehicles
- Office
Equipment
- Computer
- Fuel Saving
Device
- Plant and
Machinery
- Fax Machine
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.73.05 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
49 |
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.