MIRA
INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Name : |
VEAULI ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
Plot No. K – 7, MIDC, Industrial Area, Ambad, Nashik 422010,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.11.1995 |
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Com. Reg. No.: |
094367 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3.000 millions |
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CIN No.: [Company Identification
No.] |
U28290MH1995PTC094367 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
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Manufacturer and Exporter of Automotive and Engineering Industries
Product. |
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No. of Employees
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50 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears huge
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. Initially, the company can be considered for business dealings on a
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Gurav Sharma |
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Designation : |
Accounts Manager |
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Contact No.: |
91-253-2380602 |
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Date : |
09.09.2011 |
LOCATIONS
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Registered Office / Warehouse: |
Plot No. K – 7, MIDC, Industrial Area, Ambad, Nashik 422010,
Maharashtra, India |
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Tel. No.: |
91-253-2380602 |
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Fax No.: |
91-253-2381694 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Rakesh Veauli |
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Designation : |
Director |
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DIN No.: |
02351215 |
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Name : |
Mr. V Lakshminarayana |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Gurav Sharma |
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Designation : |
Accounts Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automotive and Engineering Industries Product.
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Products : |
·
ACB Mechanism and D/O Rail Assemble ·
Heater Element Assemblies ( MCB) ·
Seat Frame - Ford / Mahindra ·
Engine Mounting Brakets ·
Switch Fuse Assembly ·
Press Tools ·
Coils for Miniature Circuit Breaker ( MCB) ·
Dies / Moulds ·
Shims / Gasket
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Exports : |
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Products : |
Engineering Products |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
Automotive Company ·
End Users ·
GE India Private Limited ·
Schneider Electric India Private Limited ·
Lear Automotive India Private Limited ·
Gabriel India Limited ·
MSS India Private Limited ·
ABB Limited |
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No. of Employees : |
50 Approximately |
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Bankers : |
Bank of Maharashtra |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CA Abhay Kale Chartered Accountant |
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Address : |
13 Malkans Appartments, Near Maleria Stop, HPT College Road, Nashik
422005, Maharashtra, India |
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Name : |
Natesh and Kale Chartered Accountant |
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Address : |
211, Prestige Point, Opposite Police Station, Nashik 422101,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100 each |
Rs. 3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100 each |
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
3.000 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.309 |
0.309 |
0.309 |
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4] (Accumulated Losses) |
(8.272) |
(8.312) |
(11.100) |
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NETWORTH |
(4.963) |
(6.503) |
(9.291) |
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LOAN FUNDS |
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1] Secured Loans |
7.898 |
10.460 |
9.810 |
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2] Unsecured Loans |
3.823 |
2.795 |
2.473 |
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TOTAL BORROWING |
11.721 |
13.255 |
12.283 |
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DEFERRED TAX LIABILITIES |
0.478 |
0.364 |
3.063 |
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TOTAL |
7.236 |
7.116 |
6.055 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.356 |
1.932 |
2.020 |
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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 |
3.657
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3.615 |
3.595 |
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Sundry Debtors |
4.906
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4.385 |
4.095 |
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Cash & Bank Balances |
1.477
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0.859 |
0.931 |
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Other Current Assets |
0.287
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0.238 |
0.265 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
10.327
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9.097 |
8.886 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.566
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3.220 |
4.170 |
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Other Current Liabilities |
0.440
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0.000 |
0.000 |
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Provisions |
0.441
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0.693 |
0.681 |
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Total
Current Liabilities |
5.447
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3.913 |
4.851 |
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Net Current Assets |
4.880
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5.184 |
4.035 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.236 |
7.116 |
6.055 |
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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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Sales |
11.437 |
8.407 |
6.009 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
11.437 |
8.407 |
6.009 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
(6.920) |
8.149 |
5.684 |
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Advertising Expenses |
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TOTAL (B) |
(6.920) |
8.149 |
5.684 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.357 |
0.258 |
0.325 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.357 |
0.258 |
0.325 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.157 |
0.151 |
0.239 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.200 |
0.107 |
0.086 |
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Less |
TAX (H) |
18.159 |
(0.007) |
0.036 |
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PROFIT AFTER TAX
(G-H) (I) |
0.041 |
0.114 |
0.050 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
1.535 |
0.000 |
0.000 |
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Earnings Per
Share (Rs.) |
-- |
7.62 |
5.71 |
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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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PAT / Total Income |
(%) |
0.35
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1.35 |
0.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
159.13
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1.27 |
1.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
143.49
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0.97 |
0.78 |
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Return on Investment (ROI) (PBT/Networth) |
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(3.66)
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(0.02) |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.55)
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(2.69) |
(2.17) |
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Current Ratio (Current Asset/Current Liability) |
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1.89
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2.32 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
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Particulars |
31.03.2010
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31.03.2009 |
31.03.2008 |
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Sundry Creditors |
4.566
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3.220 |
4.170 |
FIXED ASSETS:
·
Lease Hold Land
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Factory Building
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Plant and Machinery
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Electric Installation
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Furniture and Fixtures
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Computers
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Office Equipments
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Maruti Car
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Tata Indigo CS
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Cycle
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Water Purifier
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Mobile Instrument
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.38 |
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1 |
Rs.74.01 |
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Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
1 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |