|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ICM PACKAGING PRIVATE LIMITED |
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Registered
Office : |
98, Jolly Maker Chambers No.2, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
11-174475 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U74950MH2007PTC174475 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI07922F |
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PAN No.: [Permanent Account No.] |
AABCI7479P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Barrier Packaging Material. |
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No. of Employees
: |
Information Declined by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses being recorded by 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 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.
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 |
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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 |
INFORMATION DECLINED BY
Management Non Coprative
LOCATIONS
|
Registered Office : |
98, Jolly Maker Chambers No.2, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-30011700 |
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Fax No.: |
91-22-22023774 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 21/1, MIDC, Chikhlohi, Kalyan Badlapur Road, Ambernath
(West), Dist – Thane – 421505, Maharashtra, India |
|
Tel. No.: |
91-251-2685705 / 2685300 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mrs. Tara Sarup |
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Designation : |
Chairman |
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Address : |
Powai Bungalow, Saki – Vihar Road, Powai, Mumbai – 400072,
Maharashtra, India |
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Date of Birth/Age : |
02.04.1921 |
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Date of Appointment : |
25.09.2007 |
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DIN No. : |
00501615 |
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Other
Directorship
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Name : |
Mr. Ajay Mohan |
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Designation : |
Director |
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Address : |
9 Somerset House Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
28.09.1976 |
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Date of Appointment : |
25.09.2007 |
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DIN No. : |
00501585 |
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Other
Directorship
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Name : |
Mr. Ashwin Mohan |
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Designation : |
Director |
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Address : |
9 Somerset House Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
08.03.1952 |
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Date of Appointment : |
25.09.2007 |
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DIN No. : |
00498161 |
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Other
Directorship
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Name : |
Mr. Laxminarayan Hariharan Chitoor |
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Designation : |
Additional Director |
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Address : |
C/302, Shree Mangesh, Junction of 6th and 8th Road, Chembur Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
22.10.1957 |
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Date of Appointment : |
30.03.2012 |
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DIN No. : |
00062585 |
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Other
Directorship
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Tara Sarup |
|
5000 |
|
Mr. Ajay Mohan |
|
5000 |
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Total |
|
10000 |
As on 28.02.2012
|
Names of Allottee |
|
No. of Allotted |
|
India Cork mills Private Limited |
|
390635 |
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Amartara Plastics Private Limited |
|
91035 |
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Total |
|
481670 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Barrier Packaging Material. |
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Products : |
· Preserva Superior Barrier Packaging Film · Evoh and Nylon Based Films |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Nyto / Nycen |
Tons. |
4200 |
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by Management |
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Bankers : |
Indian Overseas Bank, 2/10, Elphinstone Building, Veer Nariman Road, Fort,
Mumbai – 400023, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Dalal Doctor and Associates Chartered Accountants |
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Address : |
305, TV Industrial Estate, 245/A, S. K. Ahire Marg, Worli – 400030,
Maharashtra, India |
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Tel. No.: |
91-22-66625050 |
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Mobile No.: |
91-9867555050 / 9867555051 |
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Fax No.: |
91-22-66627890 |
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E-Mail : |
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Website : |
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PAN No. : |
AACFD9379H |
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Associates Company : |
·
Indian Cork Mill ·
ATA Investment Private Limited ·
Amartara Plastics Private Limited ·
ICM Plastic Private Limited ·
Premier Liner |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital : Rs.5.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.0.100 Million
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
342.755 |
276.755 |
165.200 |
|
|
3] Reserves & Surplus |
(111.397) |
(39.909) |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
231.458 |
236.946 |
165.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
424.773 |
321.031 |
302.331 |
|
|
2] Unsecured Loans |
162.187 |
39.316 |
10.011 |
|
|
TOTAL BORROWING |
586.960 |
360.347 |
312.342 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
818.418 |
597.293 |
477.642 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
561.506 |
460.974 |
78.064 |
|
|
Capital work-in-progress |
116.906 |
37.372 |
382.668 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
41.630 |
17.626 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.300
|
20.146
|
9.697 |
|
|
Sundry Debtors |
17.373
|
6.255
|
0.000 |
|
|
Cash & Bank Balances |
19.713
|
15.185
|
11.456 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
93.107
|
73.679
|
40.030 |
|
Total
Current Assets |
169.493
|
115.265 |
61.183 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
60.061
|
29.395
|
42.212 |
|
|
Other Current Liabilities |
10.309
|
4.151
|
1.809 |
|
|
Provisions |
0.747
|
0.398
|
0.258 |
|
Total
Current Liabilities |
71.117
|
33.944 |
44.279 |
|
|
Net Current Assets |
98.376
|
81.321
|
16.904 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
818.418 |
597.293 |
477.642 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(71.489) |
(39.909) |
Nil |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
53.960 |
5.592 |
0.000 |
|
|
|
Stores & Spares |
2.249 |
0.000 |
0.000 |
|
|
|
Others |
86.699 |
14.011 |
253.552 |
|
|
TOTAL IMPORTS |
142.908 |
19.603 |
253.552 |
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share (Rs.) |
(7148) |
(3990) |
Nil
|
|
|
|
Diluted Earnings
Per Share (Rs.) |
(2.09) |
(1.44) |
Nil
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.84
|
1.66 |
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38
|
3.40
|
1.38 |
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
No |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from Saki - Vihar Road,
Powai, Mumbai -400072, Maharashtra, India to present address w.e.f.01.04.2012
Financial
Results
The Company has incurred a net loss of Rs.71.489 Millions after providing for depreciation and that this loss, together with the losses of earlier years, brought forward, has been carried to the Balance Sheet.
Contingent liability
(As on 31.03.2011)
Contingent liability is disclosed in case of:
(a) A present obligation arising from past events, when it is not probable that an a present obligation arising from past events, outflow of resources will be required to settle the obligation
(b) A present obligation when no reliable estimate is possible; and
c) A possible obligation arising from past events where; the probability of outflow of resources is not remote. .
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74950MH2007PTC174475 |
|
Name of the
company |
ICM PACKAGING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
98, Jolly Maker Chambers No.2, Nariman Point, Mumbai – 400021,
Maharashtra |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10106883 |
|
Type of charge |
· Immovable property · Any interest in immovable property · Book debts ·
Movable property (not being pledge) |
|
Particular of
charge holder |
Indian Overseas Bank, 2/10, Elphinstone Building, Veer Nariman Road,
Fort, Mumbai -400001, Maharashtra, India |
|
Nature of
instrument creating charge |
a) Letter of
Hypothecation in F-110E. b) Supplemental
Narration Evidencing Creation of Supplemental Mortgage. |
|
Date of
instrument Creating the charge |
05.11.2011 |
|
Amount secured by
the charge |
Rs.500.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit (Unit
I and II) / Term Loans IV and V : BR + 3.00% p.a. Term Loans I, II
and III : BR + 3.25% p.a. LC (Unit I and
II) : Commission as per circular in
force. Terms of Repayment Cash Credit-I and
II / Letter of Credit-I and II : Repayable on Demand. Term Loan I : Repayable in 60 monthly installments of
Rs.3.367 Millions w.e.f. June 2010. Term Loan II :
Repayable in 60 monthly installments of Rs.1.675 Millions w.e.f. June 2010. Term Loan III :
Repayable in 48 monthly installments of Rs.0.833 Millions w.e.f. Jan' 2011. Term Loan IV :
Repayable in 36 monthly installments of Rs.1.875 Millions w.e.f. Nov' 2011. Term Loan V : Repayable in 60 monthly installments of
Rs.0.980 Millions Margin Cash Credit (Unit
I and II) : 15% -Stocks and Book Debts Term Loan I and
II : L and B - 40% ;
Machinery - 25% Term Loan
III : L and B - 40% ;
Machinery - 25% (Overall margin 64% on Project Cost) Term Loan IV : 43.09% on Total Project Cost Term Loan V : 20% of Capex LC (Unit I and
II) : 10% Extent and Operation of the charge The charge is to
operate as security, by way of first exclusive charge, for the due repayment
of credit facilities aggregating to Rs.500.600 Millions together with
interests, additional interests, costs, charges, expenses and all other
moneys payable by the Company to the Bank from time to time in terms of
sanction. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
A) Hypothecation,
by way of : 1) Exclusive
charge on current assets and fixed assets of the Company both existing and
future. 2) Documents of
title to goods, accepted hundies and hypothecation of merchandise. 3) Second charge
on the current assets of the Company for the Term Loan. 4) Second charge
on the fixed assets of the Company for the Working Capital limits. B) Equitable
Mortgage of the Company's immovable property viz. All those piece
and parcel of land bearing Plot No.21/1 admeasuring 26054 sq. mt. alongwith
the building and structures standing hereon and lying, being and situate at
Ambernath Industrial Area, within the limits of Morivali and Chikholi and
within the limits of Ambernath Municipal Council, Taluka and Registration
Sub-District Ulhasnagar and District and Registration District Thane. |
|
Date of
instrument modifying the charge |
14.05.2010 |
|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.439.300 Millions to
Rs.500.600 Millions. |
FIXED ASSETS
·
Land
·
Building – Factory
·
Furniture and Fixtures
·
Plant and Machinery
·
Computer
·
Office Equipments
·
Laboratory Equipments
·
Electrical Installations
·
Motor Cars
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
12 |
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.