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Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYNTHESIS WINDING TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
No. 95, 5th Cross, Electronic City, Bangalore 560100,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.03.2002 |
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Com. Reg. No.: |
030265 |
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Capital
Investment / Paid-up Capital : |
Rs.8.250 millions |
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CIN No.: [Company Identification
No.] |
U29299KA2002PTC030265 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS04110B |
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PAN No.: [Permanent Account No.] |
AAGCS8980E |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Exporter of Winding Machines |
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No. of Employees
: |
85 Approximately |
RATING & COMMENTS
|
MIRAs Rating : |
Ba (45) |
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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 : |
USD 159452 |
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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) |
|
India |
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 |
INFORMATION PARTED BY
|
Name : |
Ms. Kaveri |
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Designation : |
Marketing Department |
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Contact No.: |
91-80-30282036 |
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Date : |
24.04.2012 |
LOCATIONS
|
Registered Office /Factory : |
No. 95, 5th Cross, Electronic City, Bangalore 560100,
Karnataka, India |
|
Tel. No.: |
91-80-30282034 / 35 / 36 |
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Mobile No.: |
91-9845084484 (Mr. Kiran) |
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Fax No.: |
91-80-30200274 |
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E-Mail : |
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Website : |
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Area : |
4000 sq.ft |
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Location : |
Owned |
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Marketing Office: |
#12, Symphony C, Range Hills Road, Off Ganeshkind Road, Pune 411020,
Maharashtra, India |
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Tel. No.: |
91-20-25560661 / 64001821 |
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E-Mail : |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Lokesh Melukote |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1955 |
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Date of Appointment : |
22.03.2002 |
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Name : |
Mr. Seetharam Munikote |
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Designation : |
Director |
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Date of Birth/Age : |
24.08.1966 |
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Date of Appointment : |
22.03.2002 |
KEY EXECUTIVES
|
Name : |
Ms. Kaveri |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mr. Lokesh Melukote |
412500 |
|
Mr. Seetharam Munikote |
412500 |
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Total |
825000 |
AS ON 28.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Winding Machines |
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Products : |
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Exports : |
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Products : |
Winding Machines |
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Countries : |
·
European Countries ·
China |
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Imports : |
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Products : |
Auto Parts |
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Countries : |
Japan |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL INFORMATION
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Customers : |
·
Benzo India, Noida ·
ABB Limited, Bangalore |
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No. of Employees : |
85 Approximately |
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Bankers : |
State Bank of India, SSI, J P Nagar Branch, Bangalore 560078,
Karnataka, 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 : |
G Vishwanath and Company Chartered Accountant |
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Address : |
No. 208, 3rd Cross, 2nd Main, Hanumanth Nagar,
Bangalore 560019, Karnataka, India |
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|
|
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
825000 |
Equity Shares |
Rs. 10 each |
Rs.8.250 millions |
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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 |
8.250 |
8.250 |
8.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.613 |
27.007 |
23.633 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.863 |
35.257 |
31.883 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
0.000 |
0.073 |
23.832 |
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2] Unsecured Loans |
1.600 |
1.600 |
1.600 |
|
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TOTAL BORROWING |
1.600 |
1.673 |
25.432 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
41.463 |
36.930 |
57.315 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.009 |
9.019 |
7.897 |
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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 |
0.606 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
38.136
|
8.407 |
8.292 |
|
|
Sundry Debtors |
19.748
|
26.150 |
53.432 |
|
|
Cash & Bank Balances |
13.645
|
11.310 |
5.405 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
26.887
|
16.792 |
14.085 |
|
Total
Current Assets |
98.416
|
62.659 |
81.214 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.410
|
13.072 |
13.498 |
|
|
Other Current Liabilities |
31.135
|
12.179 |
7.988 |
|
|
Provisions |
15.023
|
9.497 |
10.310 |
|
Total
Current Liabilities |
68.568
|
34.748 |
31.796 |
|
|
Net Current Assets |
29.848
|
27.911 |
49.418 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
41.463 |
36.930 |
57.315 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
170.000 |
Expected Sales (2012-2013) : Rs.200.000 millions
The above information has been parted by Ms. Kaveri
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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Sales |
145.872 |
101.875 |
190.747 |
|
|
|
Other Income |
1.966 |
0.867 |
1.717 |
|
|
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TOTAL (A) |
147.838 |
102.742 |
192.464 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
107.514 |
56.097 |
102.687 |
|
|
|
Employees Remuneration |
29.433 |
21.902 |
24.445 |
|
|
|
Increase/(Decrease) in Finished Goods |
(16.876) |
(0.381) |
23.076 |
|
|
|
Administrative Expenses |
18.855 |
15.657 |
23.020 |
|
|
|
TOTAL (B) |
138.926 |
93.275 |
173.228 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.912 |
9.467 |
19.236 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.756 |
3.204 |
6.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.156 |
6.263 |
12.679 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.431 |
1.286 |
0.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.725 |
4.977 |
11.697 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.119 |
1.604 |
4.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.606 |
3.373 |
7.173 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
0.507 |
0.634 |
0.961 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.500 |
3.500 |
7.500 |
|
|
BALANCE CARRIED
TO THE B/S |
0.613 |
0.507 |
0.634 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7.717 |
12.547 |
69.142 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
3.123 |
2.598 |
1.536 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.58 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.11
|
3.28 |
3.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.61
|
4.88 |
6.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.14
|
6.94 |
13.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.14 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
1.03 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.80 |
2.55 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS OUTLOOK AND STRATEGY:
The Directors are delighted to announce that in spite of the
non recovery from recession in the Economy for World, the Company has done well
during the year. They have every hope that the Company can perform well during
the future years also as the economy is now looking up and the Company has been
able get good orders from the Public and Private Sector Companies. The company
is also making its effort to expand its business presence n the overseas
markets as well. The Power sector is in the expanding mode in the internal
economy and the company is hopeful of getting good orders from this sector as
well.
FORM 8
|
Corporate identity
number of the company |
U29299KA2002PTC030265 |
|
Name of the
company |
SYNTHESIS WINDING TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 95, 5th Cross, Electronic City, Bangalore 560100,
Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, SME Branch, J P Nagar, 5th Phase,
Bangalore 560078, Karnataka, India Email: surevict@gmail.com |
|
Nature of
instrument creating charge |
Supplemental
Agreement Of Loan Cum Hypothecation And Letter Of Confirmation For Extension
Of Mortgage By Deposit Of Title Deeds (Both Pertain To The Same Charge) |
|
Date of
instrument Creating the charge |
23.01.2009 |
|
Amount secured by
the charge |
Rs. 42.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Rate: Wcl- At
1.50% Above Sbar With A Minimum Of 13.75% P.A, Rising Or Falling Therewith,
On Daily Products With Monthly Rests. Present Effective Rate 13.75% Per
Annum. Penal Interest
For Non Compliance Of Terms Of Sanction: Max 2% Per Annum Over The Normal
Rate. Prepayment Penalty As Per Terms Of Sanction Terms of repayment Wcl - On Demand.
Advance Is For A Period Of 12 Months Margin RM/SIP/FG/RECEIVABLES : 25% LC/BG : 25% Extent and operation of the charge Exclusive First
Charge On The Assets Of The Company And To The Full Extent. Other Cash Credit
(Stock and Receivables) Rs. 27.500 millions;
Bank Guarantee Rs.15.000 millions; Total Rs. 42.500
millions. |
|
Short particulars
of the property charged (Including location of the property) |
Hypo. of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, furniture and
fittings; other movables, plant and machinery, vehicles and additional assets
as per list enclosed and assets to be purchased out of bank finance EM of
immovable property factory land and building at Plot No. 95, Electronic City,
Bangalore. |
|
Date of
instrument modifying the charge |
19.02.2007 |
|
Particulars of
the present modification |
The amount
secured by the charge stands Increased from Rs 24.000 millions to Rs 42.500
millions. |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Motor Cars
·
Vehicles
·
Generators
·
Office Equipments
·
Computer and Printer
·
Air Conditioner
·
Electrical Equipments
·
Factory Equipments
|
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 |
Yes |
|
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 |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
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 |
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 |
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 Intl
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 companys 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.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
PRL |
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 |
NO |
|
--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 SCs 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.