MIRA
INFORM REPORT
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Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
7-B, Pannalal Silk Mill Compound, 78 LBS Marg, Bhandup (West),
Mumbai-400078, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.08.1972 |
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Com. Reg. No.: |
11-15935 |
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Capital
Investment/ Paid-up Capital: |
Rs. 9.000
Millions |
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CIN No.: [Company
Identification No.] |
U29191MH1972PTC015935 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02349E |
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PAN No.: [Permanent
Account No.] |
AAACW0012H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Commercial Refrigeration, Hot
and Cold Vending Machines and Ice Machines etc. |
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No. of Employees: |
800 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Latest financial
of the company are missing from the government departments. However, trade
relations are reported as fair. Business is active. Payment terms are
unknown. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Bharat |
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Designation : |
Account Department |
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Date : |
22.06.2011 |
LOCATIONS
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Registered Office / Factory 1 : |
7-B, Pannalal Silk Mill compound,
78 LBS Marg, Bhandup (West), Mumbai-400078, |
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Tel. No.: |
91-22-67161200 / 1201/ 67161215/67161330/ 25607610 |
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Fax No.: |
91-22-67161294/ 25962257 |
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E-Mail : |
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Website : |
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Area : |
7000 sq.ft |
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Location : |
Owned |
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Head office : |
Krishna Mills Compound , close
to Asian paints, L B S Marg,
Behind Sonapur, Bhandup, Mumbai – 400 078, |
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Tel. No.: |
91-22-25964497 / 25662235 |
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Fax No.: |
91-22-67698108 |
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E-Mail : |
umbai@westernequipments.com
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Factory 2 : |
Plot No. 288, |
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Area: |
5 Acre |
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Location : |
Owned |
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Factory 3 : |
Survey No. 174 / 1 Road, |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2008
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Name : |
Mr. Parmeetsingh B Machre |
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Designation : |
Whole time director |
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Address : |
51, Micasa, |
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Date of Birth/Age : |
21.11.1973 |
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Date of Appointment : |
15.12.1993 |
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DIN No.: |
00114467 |
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Name : |
Mr. Selvaraj Maul |
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Designation : |
Additional Director |
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Address : |
307/308, Markandaya CHS |
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Date of Birth/Age : |
25.04.1962 |
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Date of Appointment : |
28.12.2007 |
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Date of Ceasing: |
29.09.2008 |
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DIN No.: |
01775474 |
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Name : |
Mr. Bhupindersingh G Machre |
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Designation : |
Chairman cum Managing Director |
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Address : |
51, Micasa, |
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Date of Birth/Age : |
15.07.1935 |
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Date of Appointment : |
09.08.1972 |
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Date of Ceasing: |
28.03.2009 |
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DIN No.: |
00083981 |
As on 28.03.2009
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Name : |
Mr. Harmeet Singh Bhupender Singh Machre |
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Designation : |
Managing Director |
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Address: |
51-52, MICASA, |
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Date of Birth/ Age: |
05.03.1972 |
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Date of Appointment: |
28.03.2009 |
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DIN No.: |
00084003 |
KEY EXECUTIVES
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Name : |
Mr. Bharat |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
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Names of Shareholders |
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No. of Shares |
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Machre Gopalsingh Bhupiendersingh |
|
68960 |
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Machre Bhupindersingh Harmeetsingh |
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65000 |
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Machre Bhupindersingh Parmeetsingh |
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65000 |
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Rajindersingh B singh |
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69000 |
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Simran H Singh |
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51300 |
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Vineei P Singh |
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51300 |
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Bhupinder Singh G Machre HUF |
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247440 |
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Parmeet Singh B Machre HUF |
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65000 |
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Harmeet Singh B Machre HUF |
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65000 |
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Master Aviraj H Singh |
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38000 |
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Master Paviraj P Singh |
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38000 |
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Rupa P Singh |
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38000 |
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Gunveen A Sahani |
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19000 |
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Saneesha A Sahani |
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19000 |
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Total |
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900000 |
As on 23.03.2009
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List of Allottees |
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No. of Shares Allotted |
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Harmeet Singh Machre |
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11638 |
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Parmeet Silngh Machre |
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11638 |
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Aviraj Singh Machre |
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9327 |
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Pavitraj Singh Machre |
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9327 |
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Simran Harmeet Singh |
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18747 |
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Vineet Parmeet Singh |
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18747 |
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Rajveer Sinbgh Machre |
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9327 |
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Paramraj Singh Machre |
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9327 |
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Total |
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98078 |
Equity Share Breakup as on 30.09.2008
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Commercial Refrigeration, Hot and
Cold Vending Machines and Ice Machines etc. |
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Products : |
·
Refrigeration and Freezing Equipments ·
Ovens and Fryers and Toaster ·
Hot/Cold Tea/Coffee Vending Machine ·
Refrigeration Equipments Parts ·
Vending Machine Parts ·
Stabilizers ·
Cooling equipments
·
OEM Machines ·
Air Conditioner ·
Scrap
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Exports : |
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Products : |
Commercial Refrigeration |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Purchasing : |
Depend |
PRODUCTION STATUS (As on 31.03.2008) :-
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Refrigeration and Freezing Equipments |
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Nos |
55500 |
34326 |
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Ovens and Friers |
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Nos |
1000 |
-- |
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Hot/Cold Tea/Coffee Vending Machine |
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Nos |
6000 |
257 |
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Refrigeration Equipments Parts |
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Nos |
2500 |
157 |
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Vending Machine Parts |
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Nos |
500 |
-- |
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Stabilizers |
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Nos |
60000 |
111 |
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Air Conditioner |
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Nos |
-- |
17916 |
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Scrap |
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Nos |
-- |
289 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
800 (Approximately) |
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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 : |
Sunderlal Desai and Kanodia Chartered Accountant |
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Address : |
903, |
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Associates : |
Address: 7-B, Pannalal
Silk Mill compound, LBS Marg, Bhandup (West), Mumbai-400078, Activity: Service
Provider of Refrigeration Equipments.
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CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
998078 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.981 Millions
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As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs. 100/-
each |
Rs. 9.000
Millions |
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Note:
Includes 7500 Equity Shares of Rs. 100 each
allotted as fully paid up bonus shares by capitalization of the balance lying in
Profit and Loss account. Rs. 7.500 Millions (Previous Year Rs. 7.500 Millions)
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 |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
382.401 |
356.024 |
334.751 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
391.401 |
365.024 |
343.751 |
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LOAN FUNDS |
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1] Secured Loans |
175.004 |
131.872 |
122.550 |
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2] Unsecured Loans |
2.600 |
0.040 |
5.200 |
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TOTAL BORROWING |
177.604 |
131.912 |
127.750 |
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DEFERRED TAX LIABILITIES |
15.121 |
14.052 |
14.387 |
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TOTAL |
584.126 |
510.988 |
485.888 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
124.343 |
112.585 |
122.236 |
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Capital work-in-progress |
0.000 |
0.298 |
0.092 |
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INVESTMENT |
59.428 |
59.428 |
52.625 |
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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 |
258.331
|
211.989 |
195.194 |
|
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Sundry Debtors |
400.172
|
187.883 |
145.880 |
|
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Cash & Bank Balances |
21.320
|
23.892 |
28.606 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
57.957
|
61.388 |
37.965 |
|
Total
Current Assets |
737.780
|
485.152 |
407.645 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
200.957
|
89.614 |
84.524 |
|
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Other Liabilities |
129.507
|
54.090 |
10.472 |
|
|
Provisions |
6.961
|
2.770 |
1.714 |
|
Total
Current Liabilities |
337.425
|
146.475 |
96.710 |
|
|
Net Current Assets |
400.355
|
338.677 |
310.935 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
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|
|
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TOTAL |
584.126 |
510.988 |
485.888 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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|
1066.962 |
629.578 |
464.178 |
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Other Income |
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TOTAL |
1066.962 |
629.578 |
464.178 |
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Less |
EXPENSES |
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|
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Administrative Expenses |
892.260 |
601.275 |
437.882 |
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Advertising Expenses |
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Depreciation |
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Interest |
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TOTAL |
892.260 |
601.275 |
437.882 |
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PROFIT BEFORE
TAX |
174.702 |
28.303 |
26.296 |
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Less |
TAX |
148.325 |
7.031 |
8.854 |
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|
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PROFIT AFTER TAX
|
26.377 |
21.272 |
17.442 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
356.023 |
334.751 |
317.309 |
|
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|
|
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BALANCE CARRIED
TO THE B/S |
382.400 |
356.023 |
334.751 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
16.115 |
37.017 |
20.798 |
|
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TOTAL EARNINGS |
16.115 |
37.017 |
20.798 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
268.017 |
144.580 |
97.766 |
|
|
|
Trading goods |
0.000 |
0.000 |
29.244 |
|
|
|
Capital Goods |
5.216 |
0.098 |
6.709 |
|
|
|
Spare and Tools |
0.000 |
0.000 |
0.587 |
|
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TOTAL IMPORTS |
273.233 |
144.678 |
134.306 |
|
|
|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
293.08 |
|
|
|
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sales Turnover (Approximately) |
5000.000 |
3000.000 |
2500.000 |
The above information has been parted by Mr. Bharat (Account Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
2.47
|
3.38
|
3.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.26
|
4.74 |
4.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
0.76 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
3.31 |
4.22 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In millions)
|
PARTICULARS |
AS
ON 31.03.2008 |
AS
ON 31.03.2007 |
AS
ON 31.03.2006 |
|
Sundry Creditors
|
|
|
|
|
Due to Micro and Small Medium Enterprises |
11.664 |
3.653 |
4.065 |
|
Others |
189.293 |
85.961 |
80.459 |
|
Total |
200.957 |
89.614 |
84.524 |
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF
|
Particulars |
31.03.2008 Rs.
In Millions |
|
(a)
Guarantees given by Company’s Bankers Bank Guarantee issue by bank of behalf of the company these are
covered by the charged in favour of the companies bankers by way of hypothecation
of stocks, receivables and fixed assets |
18.196 |
|
(b) Corporate guarantee given by the Company for loan taken by
Aspciate Companies in which Company is a shareholders |
864.468 |
|
(c) Corporate Guarantee given by the Company for loan taken by
Associate companies |
139.700 |
|
(d) Corporate Guarantee given by the Company for loan taken by
Companies in which Directors’ relative is shareholders (The balance limit of Rs. 220.000 Millions is cancelled by the lender) |
50.000 |
|
(e) Letters of Credit Opened Letters of Credit issue by bank on behalf of the company these are
covered by the charged created in favour of the companies bankers by way of
hypothecations of stocks, receivables and fixes assets |
110.101 |
|
Total margin money for guarantees given and LC opened is Rs. 19.320
Millions (Previous Year Rs. 21.711 Millions) |
|
|
(f) Sales Tax appeal for F.Y. 1999-00 is pending with sales tax
Tribunal |
4.647 |
|
(g) Show cause notice issued by the Office of commissioner of Central
Excise and Custom Vapi against the company denying cenvat credit availed on
imported assembly of Kitchen equipments amounting to Rs. 27.508 Millions |
27.508 |
|
(h) Show cause notice issued by the Additional Commissioner of Central
Excise to show records on availment of cenvat credit on stock transfer from
sister concern for the period form Jyly 2002 to August 2002 |
2.013 |
|
(i) Demand notice issued by the Dy. Commissioner of Income Tax for the
assessment year 2005-06 |
0.331 |
|
(j) Demand notice issued by the Dy. Commissioner of Income Tax for
A.Y. 2004-05 for interhead adjustment and disallowance of certain expenses |
0.368 |
|
(k) Demand notice issued by the tax recovery officer (TDS) for the
assessment year 2001-02 |
0.058 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29191MH1972PTC015935 |
|
Name of the
company |
WESTERN REFRIGERATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-B, Pannalal Silk Millcompound, LBS Marg, Bhandup (West),
Mumbai-400078, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90163961 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank, Worli Branch, Marthand Building, Dr. A B Road, Worli, Mumbai-400018,
Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
|
Date of
instrument Creating the charge |
17.05.2010 |
|
Amount secured by
the charge |
RS. 485.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 12%
p.a. (Presently PLR) shall be charged at Monthly rests. Terms of
Repayment Repayment on
Demand New Term Loan of Rs.
65.000 Millions is to be repaid in 60 months excluding moratorium period of 1
from the date of disbursement, First 29 installments of Rs. 1.100 Millions
and final installments of Rs. 0.100 Millions. Interest as and when dye, Margin CC(Stocks) – 30%] CC (BD) – 35% ILC/ FLC- DPLC-
5%, DALC – 10%, Guarantee- 10% Extent and
Operation of the charge First chare by
way of hypothecation of stocks, book debts plant and machinery and first pari
passu charge on Fixed Assets (Immovable/ movable) of the company Others Limits enhanced
from Rs. 435.000 Millions to Rs. 485.000 Millions |
|
Short particulars
of the property charged |
First charge by
way of hypothecation of stocks, book debts plant and machinery and first pari
passu charge on Fixed Assets. (Immovable/ Movable) of the company located at
Silvassa |
|
Date of
instrument modifying the charge |
22.02.2010 |
|
Particulars of
the present modification |
By Sup Common
Hypothecation Agreement, First charge by way of Hypothecation of stocks, book
debts plant and machinery located at Silvassa has now increased from Rs.
435.000 Millions to Rs. 485.000 Millions to secure additional L/C facility of
Rs. 50.000 Millions |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90163961 |
|
Corporate
identity number of the company |
U29191MH1972PTC015935 |
|
Name of the
company |
WESTERN REFRIGERATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-B, Pannalal Silk Millcompound, LBS Marg, Bhandup (West),
Mumbai-400078, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank, Worli Branch, Marthand Building, Dr. A B Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement |
|
Date of instrument
Creating the charge |
10.11.2008 |
|
Amount secured by
the charge |
Rs. 330.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 13.25%
p.a. (Presently PLR) shall be charged at Monthly rests. Terms of
Repayment Repayment on
Demand Margin CC (Stocks) – 30% CC (BD) – 35% Extent and
Operation of the charge Exclusive charge
by way of Hypothecation on Movable assets Others Limits enhanced from
Rs. 310.000 Millions to Rs. 330.000 Millions |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on Stocks, Book Debts and
Second charge on Fixed Assets Plant and Machineries as per list
enclosed with agreement, Details as per attachment in Annexure A |
|
Date of latest
modification prior to the present modification |
01.11.2007 |
|
Particulars of
the present modification |
By Sup. Common
Hypothecation Agreement, Hypothecation by way of first charge on Stocks, Book
Debts and second charge on Fixed
Assets, Plant and Machineries as per list enclosed with agreement has
increased form Rs. 310.000 Millions to Rs. 330.000 Millions, Details as per
attachment in Annexure B |
|
Name of the company |
WESTERN REFRIGERATION PRIVATE LIMITED |
|
Presented By |
Canara Bank,
Worli Branch, Mumbai-400018, |
|
1) Date and description of instrument creating the change |
Cash Credit
Agreements at 7th February, 2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
whole of the Borrower’s present and future stocks and Raw Materials, Goods in
process of manufacturer and all Finished and Manufactured goods and Articles
such as Coolers, Freezers, Disponsors etc. together with all stores,
components and spares which now belong to or may hereafter from time to time
during the continuances of this security, belong to the borrower and which
are or shall or may be brought into stored or be in or upon or about the
Borrower’s factory, godown and /or other premises at Survey No. 174/01,
Kanadi Road, Naroli Village, Silvassa-386235 Hypothecation of
all of the Borrower’s present future Book Dedbts, Outstanding Monies,
Receivables, Claims, Bills, Rights to or immovable properties and movable
assets and which are not due, owing or payable belonging to the Borrower or
which may at any time hereafter during the continuance of this security
become due owing, payable or belonging to the Borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 10%
p.a. shall be charged at Quarterly rest. Limits Covered: OCC Rs. 11.000
Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Worli Branch, Marthand Building, Dr. A B Road, Worli, Mumbai-400018,
Maharashtra, India |
Fixed Assets:
·
·
·
Office Premises
·
Shop Premises
·
Residential Flats
·
Plant and Machinery
·
Dies Moulds and Tools
·
Office Equipments
·
Weight and Scales
·
Vehicles
·
Furniture and Fittings
·
Air Conditioners
·
Cycle
·
Computers
AS PER WEBSITE:
Company Profile:
The Western Group came into existence in the year 1972 with
the setting up of subject by the founder Mr. Bhupinder Singh Machre.
The company initially began with trading and imports of various types of
metals, Refrigeration, and Air Conditioning equipment and their spare parts.
These trading activities were primarily to cater to the needs of various large
Indian companies in the Refrigeration and Air Conditioning industry during a
period in which there were a lot of restrictions on industry by the Government.
However, with the introduction of the liberalization process
of the Indian economy, the year 1991 marked an important change in the profile
of the western group. They diversified from trading in Refrigeration and Air
Conditioning Products and their Spare Parts into the fast growing Beverage
Dispensing and Commercial Refrigeration Equipment Industry. The group has since
grown very rapidly and has expanded its activities from merely trading to the
manufacturing sector. In the year 1997 subject has set up its first plant for
manufacturing Visi Coolers / Glass Door Merchandiser and subsequently has set
up another facility in the year 1999 for the manufacture of Deep Freezer and
Chest / Visi Coolers. Subject has today grown to become one of the largest
manufacturers of commercial refrigeration equipment in the country with an
installed capacity of over 2,00,000 units per annum from its three State-of-the
Art Plants.
Services:
Subject has a
very wide and professional service network, which has also been one of the
major reasons for the dramatic rise to a leadership position in this industry.
The service setup is unparalleled in this industry and has helped them achieve
a very high level of customer satisfaction.
Senior Industry person who has brought a lot of experience to the Organisation
and in turn benefiting the customers heads each Western Centre.
They currently operate through four zones and 33 Company Owned Service Centres.
These centres cater to much wider area corresponding to equipment supplied by
them and they are continuously expanding the service base in line with
expansion of the equipment sales and customer requirements.
These Centres currently operated by them employ over 500 technical
representatives of whom a majority are mobile field officers, provided with two
wheelers and Mobile Phones to attend the customer's complaints and breakdown in
the shortest possible time. The Company is constantly upgrading its service
infrastructure to provide the best possible service to the customers such as
the recently acquired Automatic Gas Charging and Recovery System from
subject is
also able to use it's service infrastructure for Asset tracking of all customer
assets and regular feedback on the same resulting in a lower loss percentage of
3% to 4% as compared to a beverage industry average of 7.5% to 10%. They at subject pride
themselves for the strong after sales service support.
Present Operations
Subject made its advent into the Beverages Industry in 1992
with the importation and supply of the first Beverages Dispenser to Pepsi Foods
Limited and since then has grown manifolds within this industry to become the
preferred equipment supplier and a leader in the Commercial Refrigeration
Business. Their present operations span across their Production facilities,
Importation and Trading Business with various international affiliations and a
National Service Network consisting of 33 offices all over
Their affinity for customer satisfaction has helped them to achieve the status
of a dependable an
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.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
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.