MIRA
INFORM REPORT
|
Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPERSHINE LAUNDRY SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
3, Ground Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.05.1996 |
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Com. Reg. No.: |
55-079158 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.150
Million |
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|
|
CIN No.: [Company Identification
No.] |
U29193DL1996PTC079158 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS11930C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Laundry Machines and Equipments. |
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No. of Employees
: |
35 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 41000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Anil |
|
Designation : |
Admin Manager |
|
Contact No.: |
91-9911186355 |
|
Date : |
10.03.2012 |
LOCATIONS
|
Registered / Corporate Office / Factory : |
3, Ground Floor, |
|
Tel. No.: |
91-11-45142222 |
|
Mobile No.: |
91-9911186355 [Mr. Anil] |
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Fax No.: |
91-11-45142255 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Regional and Branch Office: |
Located At: ·
Mumbai ·
·
Kolkata ·
Chennai ·
·
|
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Suresh Goyal |
|
Designation : |
Director |
|
Address : |
D-5/19, DLF Phase I, Gurgaon-122002, |
|
Date of Birth/Age : |
04.07.1957 |
|
Date of Appointment : |
27.05.1996 |
|
Din No.: |
00095260 |
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|
Name : |
Madhu Goyal |
|
Designation : |
Director |
|
Address : |
D-5/19, DLF Phase I, Gurgaon-122002, |
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Date of Birth/Age : |
31.12.1963 |
|
Date of Appointment : |
27.05.1996 |
|
Din No.: |
00095317 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Admin Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Suresh Goyal |
|
7510 |
|
Madhu Goyal |
|
7510 |
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|
|
|
|
Total |
|
15020 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Laundry Machines and Equipments. |
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Exports : |
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Products : |
Laundry Machines and Equipments |
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Countries : |
·
Middle East ·
Nepal ·
Srilanka |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Italy ·
Denmark ·
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
35 [Approximately] |
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Bankers : |
·
State Bank of Patiala, 23-24, Defence Colony, New
Delhi-110024, India ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Sharma and Associates Chartered Accountants |
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Address : |
10159, Padam Singh Road, Karol Bagh, New Delhi-110005, India |
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Tel. No.: |
91-11-28753751/28768991 |
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Fax No.: |
91-11-28754038 |
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E-Mail : |
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Pan No.: |
AACFR0979D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15020 |
Equity Shares |
Rs.10/- each |
Rs.0.150
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.150 |
0.150 |
0.150 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.267 |
7.562 |
5.566 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.417 |
7.712 |
5.716 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.883 |
15.266 |
12.132 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.010 |
|
|
TOTAL BORROWING |
12.883 |
15.266 |
12.142 |
|
|
DEFERRED TAX LIABILITIES |
0.119 |
0.166 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
23.419 |
23.144 |
17.858 |
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|
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|
|
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|
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APPLICATION OF FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
8.356 |
7.492 |
2.665 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.033 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.724
|
4.584 |
3.562 |
|
|
Sundry Debtors |
12.220
|
15.182 |
8.176 |
|
|
Cash & Bank Balances |
1.192
|
2.501 |
1.603 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.861
|
8.429 |
10.809 |
|
Total
Current Assets |
24.997
|
30.696 |
24.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.429
|
7.373 |
|
|
|
Other Current Liabilities |
2.831
|
6.249 |
7.079 |
|
|
Provisions |
2.674
|
1.422 |
1.911 |
|
Total
Current Liabilities |
9.934
|
15.044 |
8.990 |
|
|
Net Current Assets |
15.063
|
15.652 |
15.160 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.419 |
23.144 |
17.858 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
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|
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|
SALES |
52.606 |
46.505 |
41.542 |
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|
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|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.986 |
3.973 |
2.560 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.076 |
1.068 |
0.534 |
|
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|
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|
|
|
|
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|
PROFIT BEFORE
TAX |
3.910 |
2.905 |
2.026 |
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Less |
TAX |
1.206 |
0.909 |
1.000 |
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|
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|
PROFIT AFTER TAX
|
2.704 |
1.996 |
1.026 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.062 |
5.066 |
4.086 |
|
|
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|
|
|
|
|
|
Less |
INCOME
TAX EARLIER YEARS |
0.000 |
0.000 |
0.046 |
|
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|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9.766 |
7.062 |
5.066 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Agency Charges |
17.099 |
10.881 |
11.752 |
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Spare Parts / Components |
5.106 |
3.096 |
4.805 |
|
|
|
|
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|
|
|
|
Earnings Per
Share (Rs.) |
180.03 |
132.89 |
68.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
7.43
|
6.25 |
4.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.72
|
7.61 |
7.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.38 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.19
|
3.93 |
3.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.04 |
2.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
WORKING:
The total Sales
for the year 2010-11 at Rs. 52.606 Millions have shown an increase over the previous
year total Sales by about Rs. 6.101 Millions which is 13.12%.The material Cost
has almost remained same rather in %age the material cost to sales has slightly
increased by .75%. The working has resulted in a PBT of about Rs. 3.910
Millions as compared to 2.905 Millions in the previous year. This is basically
due to fact that more of commission income has been received rather than the
sales on which the Gross Profit is more as compared to Sales.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90039863 |
|
Corporate
identity number of the company |
U29193DL1996PTC079158 |
|
Name of the
company |
SUPERSHINE
LAUNDRY SYSTEMS PVT LTD |
|
Address of the registered
office or of the principal place of
business in |
3, Ground Floor, Padma Tower II, Rajendra Place, New Delhi-110008,
India |
|
Type of charge |
Book Debts Immovable
Property |
|
Particular of
charge holder |
State Bank of Patiala, 23-24, Defence Colony, New Delhi-110024, India Email: b5329@sbp.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement of
Loan for Overall Limit dated 7th November 2007. 2. Agreement of
Pledge of Goods and Assets dated 7th November 2007. 3. Letter
regarding the Grant of Individual Limits within overall limit (Form C.5)
dated 07.11.2007. 4. Deed of
Guarantee for overall limit dated 7.11.2007 5. Agreement of
Hypothecation of Goods and Assets. Dated 07.11.2007. |
|
Date of
instrument Creating the charge |
07.11.2007 |
|
Amount secured by
the charge |
Rs.15.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At BPLR with a
minimum of Rs. 13.00% P.A. with monthly rests. Further the rate
will be subject to changes as per the RBI directives and as per the
discretion of the Bank from time to time. Panel Interest of
2% over and above the above quoted rate of interest for the period of any
default, irregularity or delay in submission of stock statement, requested
financial data, renewal of credit facilities. Terms of Repayment
The enhanced
working cash credit limit of Rs. 8.000 Millions to Rs. 12.000 Millions. And
Bank Guarantee Limit of Rs. 2.000 Millions to Rs. 3.000 Millions. Aggregate
of Limit Rs. 15.000 Millions. Cash Credit : On
demand Bank Guarantee: Maximum
period Six Month. Margin 30 % in shape of
fixed. Extent and
Operation of the charge The enhanced cash
credit and bank guarantee limit facilities of Rs. 15.000 Millions i.e. CC Limit of Rs. 12.000 Millions and BG
Limit of Rs. 3.000 Millions with interest and bank charges are secured
against hypothecation of stocks, receivables and other current assets. Stock
of commercial laundry equipment/machinery of the company and collateral
equitable mortgage of immovable property of directors and their individual
guarantee. |
|
Short particulars
of the property charged |
Residential House
at D-5/197 DLF Ph I Gurgaon having G+1+2 floor structure with a plot area of
504 sq yds. |
|
Date of latest
modification prior to the present modification |
17.03.2006 |
|
Particulars of
the present modification |
Overall Limit
increased from Rs. 10.000 Millions to Rs. 15.000 Millions in which Cash
Credit Limit enhancement from existing CC Limit of Rs. 8.000 Millions to Rs.
12.000 Millions. And Bank Guarantee Limit of Rs. 2.000 Millions to Rs. 3.000
Millions. Aggregate total
amount of charge of Rs. 15.000 Millions The charge is created to secure the entire
enhanced credit facilities. |
FIXED ASSETS:
·
Building
·
Industrial Plot
·
Office Plat
·
Water Purifier
·
Invertor
·
Mobile Phone
·
Pager
·
Television
·
Tools and Equipments
·
Welding Machine
·
Water Tank System
·
Air Conditioner
·
Fan
·
Vehicles
·
Car
·
Motor Cycle
·
Computer
·
Furniture and
Fixtures
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.