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Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
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Name : |
HALLIBURTON OFFSHORE SERVICES INC. |
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Registered
Office : |
A-18, M.I.D.C., Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.02.1984 |
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Country of
Incorporation : |
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Capital
Investment / Paid-up Capital : |
Rs.349.628 Millions |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH07266A |
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PAN No.: [Permanent Account No.] |
AAACH5154M |
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FCRN : |
F01098 |
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Legal Form : |
Foreign Company |
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Line of Business
: |
Services Provider in oil field industries. |
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No. of Employees
: |
300 (Approximately) (Mumbai Office) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
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Maximum Credit Limit : |
-- |
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Status : |
Foreign Registered Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a foreign company registered in Cayman Islands. Given
address is a Project office of the company in India. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct. It 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.
INFORMATION PARTED BY
|
Name : |
Mr. Jay Dedhia |
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Designation : |
Tax (Finance Department) |
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Contact No.: |
91-22-67809500 |
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Date : |
03.03.2012 |
LOCATIONS
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Registered Office : |
A-18, M.I.D.C., Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-67809500/ 67809799 |
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Fax No.: |
91-22-67809599/9699 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Branch Office : |
84, Jolly Maker Chamber II, Nariman Point, Mumbai-400021, |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. Alan M. Bennett |
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Designation : |
Director |
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Name : |
Mr. James R Boyd |
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Designation : |
Director |
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Name : |
Mr. Milton Carroll |
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Designation : |
Director |
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Name : |
Mrs. Naco K. Diccani |
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Designation : |
Director |
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Name : |
Mrs. Malcolm Gillis |
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Designation : |
Director |
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Name : |
Mr. David J. Lesur |
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Designation : |
Director |
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Name : |
Mr. Robert A. Malone |
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Designation : |
Director |
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Name : |
Mr. J. Landis Martin |
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Designation : |
Director |
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Name : |
Mr. Debral L Reed |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jay Dedhia |
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Designation : |
Tax (Finance Department) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
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Line of Business : |
Services Provider in oil field industries. |
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Terms : |
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Selling : |
L/C/ Cash/ Credit |
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Purchasing : |
L/C/ Cash/ Credit |
GENERAL INFORMATION
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Customers : |
MNC Company |
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No. of Employees : |
300 (Approximately) (Mumbai Office) |
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Bankers : |
·
Standard Chartered Bank, Mumbai, Maharashtra,
India ·
American Express Bank Limited, Mumbai ·
Citi
Bank, N. A., Mumbai |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nangia and Company Chartered Accountants |
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Address : |
Suite-4A, Plaza M-6, Jasola, New Delhi – 110025, India |
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Tel. No.: |
91-11-47371000/ 41748000 |
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Fax No.: |
91-11-47371010 |
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E-Mail : |
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PAN.: |
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CAPITAL STRUCTURE
|
PARTICULARS |
As on 31.03.2011 (Rs. in
Millions) |
|
Opening Balance |
37.852 |
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Remittances from Head Office |
1811.000 |
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Rupee receipts under contracts |
221.533 |
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Interest on Time Deposits |
1.992 |
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Scrap Sales |
0.053 |
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Income Tax Refund |
16.980 |
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|
2089.410 |
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Payments made on behalf of Head Office |
(461.846) |
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Expenses for the year |
(1277.936) |
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Total |
349.628 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
(INDIA PROJECT
OFFICE)
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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HEAD OFFICE ACCOUNT |
349.628 |
37.852 |
30.809 |
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TOTAL |
349.628 |
37.852 |
30.809 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
249.817 |
2.905 |
3.220 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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 |
39.271
|
22.734 |
31.001 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
134.282
|
85.357 |
69.590 |
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Total
Current Assets |
173.553
|
108.091 |
100.591 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
73.742
|
73.144 |
73.002 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
73.742
|
73.144 |
73.002 |
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Net Current Assets |
99.811
|
34.947 |
27.589 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
349.628 |
37.852 |
30.809 |
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PROFIT & LOSS
ACCOUNT
(INDIA PROJECT
OFFICE)
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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EXPENSES |
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Salaries, Wages and Bonus |
195.149 |
327.003 |
276.411 |
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Medical Expenses |
11.335 |
3.261 |
3.501 |
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Insurance |
1.676 |
1.891 |
1.649 |
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Employee Benefits |
9.836 |
1.995 |
12.940 |
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Equipment Rental and Operational Charges |
66.547 |
37.086 |
37.279 |
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Travel Expenses |
114.214 |
94.607 |
113.644 |
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Supplies |
214.052 |
281.847 |
251.259 |
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Outside Fees and Services |
83.092 |
68.860 |
75.520 |
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Telephone, Telex and Postage |
8.963 |
9.061 |
9.687 |
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Freight, Clearing Expenses and Custom Duty |
184.929 |
241.246 |
69.096 |
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Vehicles Fuel, Oil and Repairs |
22.620 |
8.680 |
2.337 |
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Office Expenses |
350.411 |
88.395 |
63.408 |
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Sales Promotion, Advertising and Entertainment |
1.489 |
2.415 |
5.141 |
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Utilities |
10.766 |
11.478 |
12.892 |
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Bank Charges and Other Financial Expenses |
2.541 |
5.996 |
4.936 |
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Depreciation |
0.315 |
0.315 |
0.094 |
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TOTAL EXPENDITURE TRANSFERRED TO THE HEAD OFFICE
ACCOUNT |
1277.935 |
1184.136 |
939.794 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors – Nil
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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 |
-- |
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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 |
No |
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16) Details of sister concerns |
No |
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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) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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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 |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
BACKGROUND
The company incorporated
and existing under the laws of Cayman Islands, is primarily engaged in
activities related to oil and gas exploration. The Company has established an
office at Mumbai, lndia ('The lndia Project Office’) under the general
permission of the Reserve Bank of lndia ('RBI') vide letter no .EC.CO.FID/2311
/I859 (Act)/ 83-84 dated 2nd February 1984.
The financial
statements presented reflect the assets and liabilities in Indian Rupees of the
lndia Project Office of Halliburton Offshore Services Inc. and the related
Statement of Expenses, as recorded in the books of accounts of the lndia
Project Office, in accordance with the accounting policies.
TRADE REFERENCES
·
ONGC
·
Transocean
·
Jubiliant Oil and Gas
Private Limited
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 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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
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.