MIRA
INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BHARAT BRIGHT BARS PRIVATE LIMITED [w.e.f. 03.04.2011] |
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Formerly Known
As : |
M P SHAH BRIGHT BARS PRIVATE LIMITED |
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Registered
Office : |
Block No.4, 1st Floor, Saraswati Bhavan, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation: |
04.04.2000 |
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Com. Reg. No.: |
11-125583 |
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Capital
Investment / Paid-up Capital : |
Rs.4.750 Millions |
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CIN No.: [Company Identification
No.] |
U27104MH2000PTC125583 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, supplier and exporter of Mild Steel Bars,
Steel Bars and SAE 8620 Steel Bars |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [43] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 57000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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. Profit and loss
account of the company is not available |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 : |
Block No.4, 1st Floor, Saraswati Bhavan, |
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Tel. No.: |
91-22-23812225 / 66363126 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
B-25, M.I.D.C, Murbad Thane, Maharastra-421401, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bharat Kumar Khemchand Jaiin |
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Designation : |
Director |
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Address : |
Block No.4, 1st Floor, Saraswati Bhavan, |
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Date of Birth/Age : |
17.07.1970 |
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Date of Appointment : |
04.04.2000 |
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DIN : |
00495310 |
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Name : |
Mr. Chandanmal Khemchand Jain |
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Designation : |
Director |
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Address : |
Block No.4, 1st Floor, Saraswati Bhavan, |
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Date of Birth/Age : |
05.06.1966 |
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Date of Appointment : |
04.04.2000 |
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DIN : |
00495351 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Jain |
|
3550 |
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Chandanmal Jain |
|
8200 |
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Gautam Jain |
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1950 |
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Bharat Jain |
|
12250 |
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Bharat Jain HUF |
|
2600 |
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Chandanmal Jain HUF |
|
2250 |
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Kishormal Jain HUF |
|
1500 |
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Kishormal Jain |
|
100 |
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Manjudevi Jain |
|
1700 |
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Pushpa D.Jain |
|
1300 |
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Pushpa R. Jain |
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4300 |
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Saitidevi Jain |
|
1500 |
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Vadanidevi Jain |
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1700 |
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Dinesh Shah (HUF) |
|
400 |
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Jeevan Jain |
|
2600 |
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Sureshkumar Jain (HUF) |
|
1600 |
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Total |
|
47500 |
As on 09.12.2011
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Names of Allottees |
|
No. of Shares
Allotted |
|
Chandanmal Jain |
|
3000 |
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Chandanmal Jain HUF |
|
2000 |
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Vadamidevi Jain |
|
1250 |
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Pavani B Jain |
|
250 |
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Total |
|
6500 |
As on 30.09.2011
|
Equity Share
Break Up Category |
Percentage |
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Directors or relatives of Directors |
43.05 |
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Other top fifty shareholders |
56.95 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, supplier and exporter of Mild Steel Bars,
Steel Bars and SAE 8620 Steel Bars |
PRODUCTION STATUS [As on 31.03.2010]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Bright Bars |
MT. |
3600 |
2469255 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Central Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.S. Bapna and Company Chartered Accountants |
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Address : |
304-B, Standard House, 83, |
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Tel. No.: |
91-22-22066301 |
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Mobile No.: |
91-9869083505 |
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Fax No.: |
91-22-22093177 |
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E-Mail : |
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PAN : |
AAAPB6679E |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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55,000 |
Equity Shares |
Rs.100/- each |
Rs.5.500
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
47,500 |
Equity Shares |
Rs.100/- each |
Rs.4.750
millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50,000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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47,500 |
Equity Shares |
Rs.100/- each |
Rs.4.750
millions |
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After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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55,000 |
Equity Shares |
Rs.100/- each |
Rs.5.500
millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
54,000 |
Equity Shares |
Rs.100/- each |
Rs.5.400
millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.750 |
4.750 |
4.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.749 |
8.647 |
7.471 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.499 |
13.397 |
12.221 |
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LOAN FUNDS |
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1] Secured Loans |
43.848 |
31.437 |
23.919 |
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2] Unsecured Loans |
5.168 |
5.613 |
2.994 |
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TOTAL BORROWING |
49.016 |
37.050 |
26.913 |
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DEFERRED TAX LIABILITIES |
0.831 |
0.785 |
0.768 |
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TOTAL |
64.346 |
51.232 |
39.902 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.583 |
8.140 |
7.386 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.789 |
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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 |
34.456
|
29.164 |
26.133 |
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Sundry Debtors |
27.261
|
20.214 |
9.896 |
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Cash & Bank Balances |
0.422
|
0.694 |
0.909 |
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Other Current Assets |
0.568
|
0.365 |
0.000 |
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Deposit |
1.841 |
1.460 |
0.000 |
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Loans and Advances |
0.000 |
0.000 |
1.692 |
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Total
Current Assets |
64.548
|
51.897 |
38.630 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.586
|
7.490 |
5.472 |
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Other Current Liabilities |
5.612
|
0.825 |
0.000 |
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Provisions |
0.592
|
0.500 |
1.440 |
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Total
Current Liabilities |
7.790
|
8.815 |
6.912 |
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Net Current Assets |
56.758
|
43.082 |
31.718 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.009 |
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TOTAL |
64.346 |
51.232 |
39.902 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.92
|
3.42 |
2.77 |
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Current Ratio (Current Asset/Current Liability) |
|
8.29
|
5.89 |
5.59 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
The operations during the period have resulted in a profit of Rs. 1.792
millions [before appropriation]. However, the directors have continuously been engaged
in examining and exploring various options and opportunities for business operations of the company.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27104MH2000PTC125583 |
|
Name of the
company |
M P SHAH BRIGHT
BARS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Block No 4, 1st Floor, Saraswati Bhavan, Mumbai – 400007, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10111118 |
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Type of charge |
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Particular of
charge holder |
Central Bank of Email : bmmums0632@centralbank.co.in
|
|
Nature of
instrument creating charge |
Agreement of Hypothecation
dated 18th December, 2010, Letter of credit Agreement |
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Date of
instrument Creating the charge |
18.12.2010 |
|
Amount secured by
the charge |
Rs.46.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– Cash Credit: Base
Rate plus 4.75% ODBD: Base Rate
plus 4.75% Inland/Import: As
per central office guidelines Terms of
Repayment - On Demand Margin – Cash Credit-25% ODBD-40% Inland/Import-25% Extent and
Operation of the charge - Central Bank, Byculla Branch to be the first charge
holder |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Tangible moveable
properties and all other articles at B-25, MIDC, Murbad, District - Thane,
Maharashtra, All the book
debts,outstanding,moneys,receivables,claims,bills,contracts,securities,investments,
Tangivle movable properties and assets including plant, machineries, tools
and accessories at Block No.4,1st Floor, Saraswati Bhavan, Mumbai-400007 |
|
Date of
instrument modifying the charge |
23.01.2010 |
|
Particulars of
the present modification |
Charge Amount
increased from 31.500 millions to Rs. 46.500 millions |
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Electrical
Fitting
- Transformer
- Tools and
Dies
- Refrigerator
- Crane Machine
- Weight Scale
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.49.12 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.64.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
4 |
|
--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 |
|
43 |
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.