MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAX VALVES AND REGULATORS PRIVATE LIMITED |
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Registered
Office : |
SCO No. 842, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
53-015375 |
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Capital
Investment/ Paid-up Capital: |
Rs. 7.300
Millions |
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CIN No.: [Company Identification
No.] |
U29309CH1994PTC015375 |
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IEC No.: |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLM13869C/ PTLM12369A/ PTLM10228B/ PTLM10121G |
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PAN No.: [Permanent Account No.] |
AABCM0096Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Valves and Regulators. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 44000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
SCO No. 842, 1st Floor, |
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Tel. No.: |
91-172-2733111/ 2734111 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory 1 : |
457/ 458, Industrial Area, Phase I, Panchkula, Chandigarh-160101, |
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Tel. No.: |
91-172-2565385 |
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Fax No.: |
91-172-2578332 |
DIRECTORS
As on 21.09.2010
|
Name : |
Mr. Prem Pal Sapra |
|
Designation : |
Director |
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Address : |
H. No. 587, Sector 16, |
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Date of Birth/Age : |
07.10.1958 |
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Date of Appointment : |
29.11.1994 |
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DIN No.: |
00236906 |
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Name : |
Mr. Atam Prakash Sapra |
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Designation : |
Managing Director |
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Address : |
H. No. 587, Sector 16, |
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Date of Birth/Age : |
22.07.1955 |
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Date of Appointment : |
29.11.1994 |
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DIN No.: |
00236876 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
A P Sapra |
|
276800 |
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Prem Pal Sapra |
|
234300 |
|
Neer Kamal Sapra |
|
75500 |
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Vasha Rani Sapra |
|
54100 |
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Shashi Bala Satija |
|
18500 |
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Baby Mehak Sapra |
|
3000 |
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K.G. Satija |
|
30000 |
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21800 |
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Sandeep Kumar |
|
16000 |
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Total |
|
730000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Valves and Regulators. |
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Regulators |
Pcs |
|
500000 |
132300 |
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Valves |
Pcs |
|
NA |
329498 |
GENERAL INFORMATION
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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 : |
Sanjay Kapoor Chartered Accountant |
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Address : |
SCO 3, 1st Floor, Sector 11, Panchkula-134109, |
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PAN No.: |
ABOPK7179F |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
750000 |
Equity Shares |
RS. 10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
730000 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.300
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 |
7.300 |
7.300 |
7.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.685 |
2.093 |
1.693 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.985 |
9.393 |
8.993 |
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LOAN FUNDS |
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1] Secured Loans |
14.202 |
16.355 |
13.499 |
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2] Unsecured Loans |
3.038 |
2.871 |
3.738 |
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TOTAL BORROWING |
17.240 |
19.226 |
17.237 |
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DEFERRED TAX LIABILITIES |
0.253 |
0.233 |
0.225 |
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TOTAL |
28.478 |
28.852 |
26.455 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.003 |
8.565 |
6.392 |
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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 |
14.990
|
12.137 |
18.108 |
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Sundry Debtors |
10.056
|
7.855 |
8.737 |
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Cash & Bank Balances |
0.155
|
0.289 |
0.415 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.410
|
4.061 |
4.917 |
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Total
Current Assets |
28.611
|
24.342 |
32.177 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.158
|
2.122 |
6.225 |
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Other Current Liabilities |
0.577
|
0.941 |
5.299 |
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Provisions |
2.401
|
0.992 |
0.588 |
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Total
Current Liabilities |
8.136
|
4.055 |
12.112 |
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Net Current Assets |
20.475
|
20.287 |
20.065 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.478 |
28.852 |
26.457 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
79.404 |
36.776 |
60.817 |
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Other Income |
0.000 |
0.000 |
0.006 |
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TOTAL (A) |
79.404 |
36.776 |
60.823 |
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Less |
EXPENSES |
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Raw Material Consumed |
62.154 |
25.508 |
51.235 |
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Manufacturing Expenses |
9.559 |
5.313 |
7.174 |
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Administrative and Selling Expenses |
4.528 |
1.995 |
2.467 |
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Increase/ Decrease in stock |
[1.840] |
0.577 |
[2.133] |
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TOTAL (B) |
74.401 |
33.393 |
58.743 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.003 |
3.383 |
2.080 |
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Less |
FINANCIAL
EXPENSES (D) |
1.787 |
1.681 |
1.069 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.216 |
1.702 |
1.011 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.879 |
0.795 |
0.669 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.337 |
0.907 |
0.342 |
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Less |
TAX (H) |
0.722 |
0.322 |
0.136 |
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PROFIT AFTER TAX
(G-H) (I) |
1.615 |
0.585 |
0.206 |
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Earnings Per
Share (Rs.) |
2.21 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.03
|
1.59 |
0.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.94
|
2.47 |
0.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.38
|
2.76 |
0.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.10 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
2.48 |
3.26 |
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Current Ratio (Current Asset/Current Liability) |
|
3.52
|
6.00 |
2.66 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29309CH1994PTC015375 |
|
Name of the
company |
MAX VALVES AND REGULATORS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
SCO No. 842, 1st Floor, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90309729 |
|
Type of charge |
Book Debts Movable property Floating Charge Others |
|
Particular of
charge holder |
Indusind Bank, SCO 53-54, Sector 8C, Chandigarh-160008, |
|
Nature of
instrument creating charge |
Composite Hypothecation
for hypothecation of stocks, book debts, plant and machinery and other
current assets |
|
Date of
instrument Creating the charge |
02.07.2010 |
|
Amount secured by
the charge |
Rs. 18.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
bank Terms of
Repayment As stipulated by
bank Margin As stipulated by
bank Extent and
Operation of the charge As stipulated by
bank |
|
Short particulars
of the property charged |
Exclusive
hypothecation charge over entire current assets and movable fixed assets of
the company. |
|
Particulars of
the present modification |
Amount of charge stands
enhanced to Rs. 18.500 Millions enhanced / fresh facilities aggregating Rs. 18.500 Millions and also movable fixed
assets of the company. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Electric Installation
·
Tools and Equipments
·
Fax Machine
·
Motor Car
·
Furniture and Fixture
·
Computer
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.46.02 |
|
|
1 |
Rs.75.42 |
|
Euro |
1 |
Rs.66.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.