MIRA
INFORM REPORT
|
Report Date : |
04.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYSTRONICS INDIA LIMITED |
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Registered
Office : |
B-116/129, 1st Floor, Supath II Complex, Near Juna Wadaj
Bus Terminus, Ashram Road, Ahmedabad-380013, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.12.1973 |
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Com. Reg. No.: |
002437 |
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CIN No.: [Company Identification
No.] |
U32201GJ1973PLC002437 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS13923A |
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PAN No.: [Permanent Account No.] |
AADCS2709J |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Scientific Lab Electronic Instruments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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Maximum Credit Limit : |
-- |
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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 an established company having moderate track. There appears
a huge accumulated losses recorded by the company. However trade relations are
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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. M. Hegde |
|
Designation : |
Sales Manager |
|
Date : |
23.02.2011 |
LOCATIONS
|
Registered Office : |
B-116/129, 1st Floor, Supath II Complex, Near Juna Wadaj
Bus Terminus, Ashram Road, Ahmedabad-380013, Gujarat, India |
|
Tel. No.: |
91-79-27557072 |
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Mobile No.: |
91-9898995561 (MR. M Hegde) |
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Fax No.: |
91-79-27552902 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
89/92, Industrial Area, Naroda, Ahmedabad-382330, Gujarat, India |
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Area : |
5000 Sq. ft. |
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Location : |
Owned |
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Branches : |
Bangalore Ph: 91-80-23341126/23362554 Bhopal Ph: 91-44-23745360 Hyderadbad Kolkata |
DIRECTORS
As on : 30.09.2010
|
Name : |
Mr. Deepak Jethalal Desai |
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Designation : |
Director |
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Address : |
2A, Kadambkhandi, Udhyognagar Society, O S Panigate, Vadodara-390019,
Gujarat, India |
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Date of Appointment : |
28.08.2003 |
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Name : |
Mr. Mohandas Kondorathodi Nair |
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Designation : |
Director |
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Address : |
18 Aanik Apartments, Near Vastrapur Bus Stand, Ahmedabad-380015,
Gujarat, India |
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Date of Birth/ Age : |
12.05.1948 |
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Date of Appointment : |
18.02.2006 |
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Name : |
Mr. Pradip Kantilal Chokshi |
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Designation : |
Director |
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Address : |
301 Swaminarayan avenue 12 A Chandranagar Soc Narayannagar Road Paldi,
Ahmedabad-380007, Gujarat, India |
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Date of Appointment : |
18.02.2006 |
KEY EXECUTIVES
|
Name : |
Mr. M. Hegde |
|
Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ambalal Sarabhai Enterprise Limited, India |
|
99998 |
|
Deepak J Desai |
|
1 |
|
Mohandas K Nair |
|
1 |
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Total |
|
100000 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Scientific Lab Electronic Instruments. |
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Exports : |
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Products : |
All kind of Scientific Lab Electronic Instrument |
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Countries : |
Nigeria, Egypt |
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Imports : |
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Products : |
Raw Material, Finished Goods |
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Countries : |
USA, Germany, Canada, China |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
L/C, Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
200 |
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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 : |
Sorab S. Engineer And Co Chartered Accountant |
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Address : |
Ismile 381, Dr. D Navroji Road, Fort, Mumbai-400001, Maharashtra,
India |
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Holding Company : |
Ambalal Sarabhai Enterprises Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2 |
Equity Shares |
Rs.100/-
each |
Rs.0.001
Million |
|
99998 |
Equity Shares Rs.100 each Rs.10 Called Up |
Rs.10/- each
|
Rs.0.999
Million |
|
|
Total |
|
Rs.1.000 Million |
Note :
Entire Share Capital is held by Ambalal
Sarabhai Enterprises Ltd, Holding Co.
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 |
1.000 |
1.000 |
1.000 |
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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) |
(3.626) |
(4.305) |
(1.369) |
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NETWORTH |
(2.626) |
(3.305) |
(0.369) |
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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 |
20.000 |
20.000 |
1.112 |
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TOTAL BORROWING |
20.000 |
20.000 |
1.112 |
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DEFERRED TAX LIABILITIES |
0.402 |
0.000 |
0.000 |
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TOTAL |
17.776 |
16.695 |
0.743 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.062 |
10.833 |
11.696 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
1.689 |
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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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|
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Inventories |
1.768
|
0.000 |
0.000 |
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Sundry Debtors |
3.928
|
0.534 |
0.164 |
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Cash & Bank Balances |
4.388
|
0.271 |
0.124 |
|
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Other Current Assets |
0.003
|
0.002 |
0.000 |
|
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Loans & Advances |
1.095
|
8.098 |
8.123 |
|
Total
Current Assets |
11.182
|
8.905 |
8.411 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
0.085
|
0.010 |
0.017 |
|
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Other Current Liabilities |
3.379
|
3.029 |
21.032 |
|
|
Provisions |
0.004
|
0.004 |
0.004 |
|
Total
Current Liabilities |
3.468
|
3.043 |
21.053 |
|
|
Net Current Assets |
7.714
|
5.862 |
(12.642) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.776 |
16.695 |
0.743 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
8.912 |
0.400 |
0.015 |
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Other Income |
0.012 |
1.133 |
0.000 |
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TOTAL (A) |
8.924 |
1.533 |
0.015 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales And Services |
7.071 |
3.605 |
(1.705) |
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TOTAL (B) |
7.071 |
3.605 |
(1.705) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.853 |
(2.072) |
(1.720) |
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Less |
FINANCIAL
EXPENSES (D) |
0.001 |
0.001 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.852 |
(2.073) |
(1.720) |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.771 |
0.863 |
0.577 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.081 |
(2.935) |
(1.143) |
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Less |
TAX (I) |
0.402 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
0.679 |
(2.935) |
(1.143) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4.344) |
(1.409) |
(0.266) |
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BALANCE CARRIED
TO THE B/S |
(3.665) |
(4.344) |
(1.409) |
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IMPORTS |
|
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Finished Goods |
4.066 |
0.000 |
0.000 |
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TOTAL IMPORTS |
4.066 |
0.000 |
0.000 |
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Earnings Per
Share (Rs.) |
67.91 |
-- |
-- |
|
Expected Sales (2010-2011) : Rs.250.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.60
|
(191.45) |
(7620) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
12.12
|
(733.75) |
(7620) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.08
|
(14.86) |
(5.68) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.41) |
0.88 |
3.09 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(8.93) |
(6.97) |
(60.06) |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
2.92 |
0.39 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The regeistered office address has been shifted from Shanti Sadan,
Mirzapur Road, Ahmedabad, Gujarat, India to present w.e.f. 18.09.2010.
Trade References:
- GNFC
- ONGC
- TISCO
Form 8
|
This form is for |
Creation of
charge |
|
Charge identification
number of the modified |
-- |
|
Corporate
identity number of the company |
U32201GJ1973PLC002437 |
|
Name of the
company |
SYSTRONICS INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
B/116-129, 1st
Floor, Supath II Complex, Near Juna Wadaj Bus Terminus, Ashram Road,
Ahmedabad-380013, Gujarat, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Sardar
Vallabhbhai Sahakari Bank Limited Hariom Tower
Building, Law Garden,
Ahmedabad-380006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Equitable Mortgage |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs.7.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate Of Interest 13% Terms Of
Repayment 36 Equal Monthly Instalments Each Of Rs.0.253 Margin NIL Extent And
Operation Of The Charge Shop No B-116 To
121, B-123 To B-129 And B-134, In Block "B", On First Floor, Adm.
347 Sq.Mtrs. In "Supath-Ii"
Building Situated Within Supath-Ii Complex Co-Op. Hos Soc. Ltd, Near. Wadaj
Bus Stand, Ashram Road, Ahmedabad On City Survey No.2710 And 2711 Of Wadaj
T.P.S 15 (Old Revenue Survey No.581 And Final Plot No.263 Of T.P.S No.15 Of
Mouje Wadaj) Of City Taluka In The Registration District Of Ahmedabad And
Sub-District Ahmedabad-2 (Wadaj) Others NIL |
|
Short particulars
of the property charged |
Shop No B-116 To
121, B-123 To B-129 And B-134, In Block "B", On 1st Floor, Adm. 347
Sq.Mtrs. In "Supath-Ii" Supath-Ii Complex Co-Op. Hos Soc. Ltd,
Near. Wadaj Bus Stand,Ashram Road, Ahmedabad |
Fixed Assets:
- Office Building
- Electric Fittings
- Office Equipments
- Furniture And Fixtures
- Air Conditioners
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.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.