MIRA
INFORM REPORT
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Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
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Name : |
BENTELER AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
A-3, Phase II, Chakan MIDC Area, Khalumbre, Khed Taluka, Pune-410501, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
17.07.2008 |
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Com. Reg. No.: |
132446 |
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Capital
Investment / Paid-up Capital : |
Rs.192.760
Millions |
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CIN No.: [Company Identification
No.] |
U34101PN2008FTC132446 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB06013A |
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PAN No.: [Permanent Account No.] |
AABCB1827C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automotive Parts. |
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No. of Employees
: |
250 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 92000 |
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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 subsidiary of Benteler Automotive International, Germany.
Even though, the company was incorporated in the year 2008, its business
activities commenced during the year June, 2010. There appears huge
accumulated losses in the of the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great
caution. NOTE: The latest
profit and loss 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.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Ganesh Guruvanna Mane |
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Designation : |
Director |
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Contact No.: |
91-9845162622 |
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Date : |
02.07.2012 |
LOCATIONS
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Registered Office / Factory: |
A-3, Phase II, Chakan MIDC Area, Khalumbre, Khed Taluka, Pune-410501,
Maharashtra, India |
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Tel. No.: |
91-2135-612200 |
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Mobile No.: |
91-9845162622 [Mr. Ganesh Guruvanna Mane] |
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Fax No.: |
91-2135-612201 |
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E-Mail : |
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Website : |
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Area : |
110000 sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 30.06.2011
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Name : |
Mr. Vasudevan Rajagopalan |
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Designation : |
Managing Director |
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Address : |
Flat No.22, |
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Date of Birth/Age : |
24.09.1951 |
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Date of Appointment : |
27.03.2010 |
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Din No.: |
02959498 |
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Name : |
Mr. Ganesh Guruvanna Mane |
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Designation : |
Director |
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Address : |
C001, Terrance Garden Apartments, BSK 3rd Stage, 3rd
Phase, Ittamadi, |
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Date of Birth/Age : |
19.12.1966 |
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Date of Appointment : |
17.07.2008 |
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Din No.: |
01880727 |
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Name : |
Per Jerker Eric Alstrom |
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Designation : |
Director |
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Address : |
Berksher Berg 21 |
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Date of Birth/Age : |
26.01.1956 |
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Date of Appointment : |
06.05.2009 |
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Din No.: |
02770040 |
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Name : |
Johann Christoph Rabe |
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Designation : |
Director |
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Address : |
AM Wasserturm, 21 |
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Date of Birth/Age : |
26.01.1956 |
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Date of Appointment : |
26.11.2008 |
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Din No.: |
02573147 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
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Names of Shareholders |
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No. of Shares |
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Benteler Automotive International GMBH, |
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19275955 |
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Benteler AG, |
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1 |
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Total |
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19275956 |
As on 30.06.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automotive Parts. |
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Exports : |
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Products : |
Automotive Parts |
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Countries : |
·
Spain ·
USA ·
Italy |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
China ·
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailer and End Users |
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No. of Employees : |
250 [Approximately] |
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Bankers : |
Royal Bank of Scotland, Pune, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune-411001, Maharashtra, India |
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Tel. No.: |
91-20-30585764 / 30585765 |
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Fax No.: |
91-20-30585775 |
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Pan No.: |
AAAFB9852F |
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Holding Company
: |
Benteler Automotive International GMBH, Germany |
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Ultimate Holding
Company : |
Benteler International AG |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19275956 |
Equity Shares |
Rs.10/- each |
Rs.192.760
Millions |
NOTE: of the above shares 19275955 equity shares (31
March 2010 – 11511430 equity shares) of Rs.10/- each fully paid are held by Benteler
Automotive International GmbH, the holding company. The ultimate holding
company is Benteler International AG.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 [9 Months] |
31.03.2010 [12th
Months] |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
192.760 |
115.114 |
22.027 |
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2] Share Application Money |
0.000 |
39.825 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(169.515) |
0.000 |
0.000 |
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NETWORTH |
23.245 |
154.939 |
22.027 |
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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 |
428.139 |
0.000 |
0.000 |
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TOTAL BORROWING |
428.139 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
451.384 |
154.939 |
22.027 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.446 |
0.540 |
0.166 |
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Capital work-in-progress |
305.738 |
89.853 |
5.275 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.089
|
56.540 |
14.187 |
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Other Current Assets |
228.545
|
0.000 |
0.000 |
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Loans & Advances |
94.177
|
50.231 |
3.469 |
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Total
Current Assets |
324.811
|
106.771 |
17.656 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
175.322
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40.814 |
0.025 |
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Other Current Liabilities |
2.986
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0.796 |
1.617 |
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Provisions |
2.303
|
1.208 |
0.000 |
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Total
Current Liabilities |
180.611
|
42.818 |
1.642 |
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Net Current Assets |
144.200
|
63.953 |
16.014 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.593 |
0.572 |
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TOTAL |
451.384 |
154.939 |
22.027 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 [12th
Months] |
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SALES |
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Income |
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NA |
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Other Income |
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NA |
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TOTAL |
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NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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67.119 |
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Advertising Expenses |
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TOTAL |
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67.119 |
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PROFIT / (LOSS)
BEFORE TAX |
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NA |
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Less |
TAX |
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NA |
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PROFIT / (LOSS)
AFTER TAX |
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NA |
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Earnings /
(Loss) Per Share (Rs.) |
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NA |
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KEY RATIOS
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PARTICULARS |
|
31.12.2010 [9 Months] |
31.03.2010 [12th
Months] |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
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26.19
|
0.28 |
0.07 |
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Current Ratio (Current Asset/Current Liability) |
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1.80
|
2.49 |
10.75 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
Rs. In Millions
|
Particulars |
31.12.2010 [9 Months] |
31.03.2010 [12th
Months] |
31.03.2009 |
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Sundry Creditors |
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Dues to Others |
175.322
|
40.814 |
0.025 |
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Check List by
Info Agents |
Available in
Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
Yes |
BACKGROUND:
Subject was
incorporated on 17th July, 2008 as a private limited company under
the Companies Act,1956. The company has registered office at Pune. During the
year the company was working on market analysis, supplier base, feasibility
study with various OEM's on different projects, suitable project site location
etc., The Company is in the process of establishing automotive parts
manufacturing facility in India.
FIXED ASSETS:
- Computers
- Furniture and Fixtures
- Office Equipments
- Land and Building
- Plant and Machinery
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.55.83 |
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|
1 |
Rs.87.40 |
|
Euro |
1 |
Rs.70.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
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|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.