|
Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
AERO PHARMA PRIVATE LIMITED |
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|
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Registered
Office : |
Flat No.9,
Siddhi Vinayak Apartment, B.K. Marg, Mulund (East), Mumbai – 400081, |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.02.1983 |
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Com. Reg. No.: |
11-29373 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.15.100
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U24239MH1983PTC029373 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19844G |
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PAN No.: [Permanent Account No.] |
AAACA9856B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cosmetics and Toileteries. |
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No. of Employees
: |
100 (Approximately) (Office – 30 and Factory – 70) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 350000 |
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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.
INFORMATION PARTED BY
|
Name : |
Ms. Vibhuti |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-27692164 |
|
Date : |
16.05.2012 |
LOCATIONS
|
Registered Office : |
Flat
No.9, Siddhi Vinayak Apartment, B.K. Marg, Mulund (East), Mumbai – 400081, |
|
Tel. No.: |
91-22-27690020/ 25652781/ 25916579/ 25685627 |
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Mobile No.: |
91-98
21106673 (Mr. Alok Kamat) |
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Fax No.: |
91-22-27690637/ 27672637 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Administrative
Office : |
B-32(B)
TTC Industrial Area, Rabale, Navi Mumbai - 400 701, |
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Tel. No.: |
91-22-27692164/
2760 2536 |
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Fax No.: |
91-22-27692637 |
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E-Mail : |
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|
|
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Factory 1 : |
B-34(B)
TTC Industrial Area, Rabale, Navi Mumbai - 400 701, |
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Tel. No.: |
91-22-27692164/
27602536 |
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Fax No.: |
91-22-27692637 |
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E-Mail : |
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|
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Factory 2: |
B-37,
MIDC, Murbad, District – Thane - 421401, |
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Tel. No.: |
91-22-2524222026/
2524222027 |
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Fax No.: |
91-22-2524222029 |
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E-Mail : |
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Factory 3: |
Aero
Pharma Silvassa Preeti
Industrial Estate, 1st Floor, Amli, Silvassa (D. & N.H.)
396230 |
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Tel. No.: |
91-260-2646867
/ 2644128 |
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Fax No.: |
91-260-2646858 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Ravindra Anandrao Kamat |
|
Designation : |
Director |
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Address : |
Flat
No.9, Siddhi Vinayak Apartment, B.K. Marg, Mulund (East), Mumbai – 400081, |
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Date of Birth/Age : |
29.08.1951 |
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Date of Appointment : |
21.02.1983 |
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DIN No.: |
00284568 |
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|
|
|
Name : |
Mrs. Sushma Kamat |
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Designation : |
Director |
|
Address : |
Flat
No.9, Siddhi Vinayak Apartment, B.K. Marg, Mulund (East), Mumbai – 400081, |
|
Date of Birth/Age : |
29.03.1954 |
|
Date of Appointment : |
01.04.1995 |
|
DIN No.: |
00314094 |
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|
|
|
Name : |
Mr. Alok Ravindra Kamat |
|
Designation : |
Whole-time Director |
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Address : |
25-26, Siddhi Vinayak Apartments, B. K. Marg, Mulund
(East), Mumbai – 400 081, |
|
Date of Birth/Age : |
24.03.1982 |
|
Date of Appointment : |
04.03.2008 |
|
DIN No.: |
01596335 |
KEY EXECUTIVES
|
Name : |
Ms. Vibhuti |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ravindra
A. Kamat |
|
1205000 |
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Sushma
R. Kamat |
|
295000 |
|
Alok Ravindra Kamat |
|
10000 |
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|
|
|
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Total |
|
1510000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cosmetics and Toileteries. |
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Exports : |
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Products : |
Cosmetics and Toiletries |
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Countries : |
·
·
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60 days) |
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Purchasing : |
L/C, Cash and Credit (30-60 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
100 (Approximately) (Office – 30 and Factory – 70) |
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Bankers : |
· The Thane Janata Sahakari Bank Limited Panch Pakhadi Branch, Panchpakhadi, Thane – 400601, Maharashtra, India · Dombivli Nagari Sahakari Bank Limited Madhukunj, Plot No.P/52, MIDC, Phase II, Kalyan – Shil Road, Sonarpada, Dombivli East, Dombivli – 421204, Maharashtra, India · Standard Chartered Bank · ICICI Bank · HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
C. Balarama
Murthy and Company Chartered
Accountants |
|
Address : |
Behind
Income Tax Office, 408 Maker Bhavan 3, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
|
PAN No.: |
AFJPC4606A |
CAPITAL STRUCTURE4
(AS ON 21.02.1983)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1510000 |
Equity Shares |
Rs.10/- each |
Rs.15.100
Millions |
|
|
|
|
|
NOTE:
(Out of the above 4,50,000 Equity shares are
issued as bonus by capitalization out of General reserve these equity shares
rank parri passu with the existing share) 755000 Equity shares are issued as
bonus by rank parri passu with the existing shares in year 2007-08.
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 |
15.100 |
15.100 |
15.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
73.178 |
64.750 |
62.099 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
88.278 |
79.850 |
77.199 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
42.745 |
57.523 |
56.010 |
|
|
2] Unsecured Loans |
16.829 |
15.415 |
28.873 |
|
|
TOTAL BORROWING |
59.574 |
72.938 |
84.883 |
|
|
DEFERRED TAX LIABILITIES |
6.963 |
6.125 |
6.340 |
|
|
|
|
|
|
|
|
TOTAL |
154.815 |
158.913 |
168.422 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
42.847 |
44.344 |
45.428 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
40.719 |
40.240 |
40.778 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
107.256
|
92.827 |
88.659 |
|
|
Sundry Debtors |
45.130
|
40.812 |
28.185 |
|
|
Cash & Bank Balances |
2.555
|
2.047 |
2.428 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.281
|
23.790 |
14.856 |
|
Total
Current Assets |
173.222
|
159.476 |
134.128 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
51.545
|
45.922 |
19.350 |
|
|
Other Current Liabilities |
49.547
|
34.839 |
31.921 |
|
|
Provisions |
0.881
|
4.386 |
0.641 |
|
Total
Current Liabilities |
101.973
|
85.147 |
51.912 |
|
|
Net Current Assets |
71.249
|
74.329 |
82.216 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.815 |
158.913 |
168.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
324.271 |
285.743 |
206.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
302.758 |
277.032 |
193.436 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.513 |
8.711 |
12.574 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.675 |
8.298 |
9.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.838 |
0.413 |
3.040 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.572 |
3.440 |
3.514 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.266 |
(3.027) |
(0.474) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.838 |
0.215 |
0.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.428 |
(2.812) |
0.468 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.428 |
(2.812) |
0.468 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.58 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
350.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.400.000 Millions
The above information has been parted by Ms. Vibhuti
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.60
|
(0.98) |
0.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29
|
(1.49) |
(0.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
(0.04) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
1.87
|
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.97 |
1.77 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
51.545 |
45.922 |
19.350 |
|
|
|
|
|
|
Total |
51.545 |
45.922 |
19.350 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
OPERATIONS:
During the year the total turnover of the
company has increased from Rs.285.742 Millions to Rs.324.270 Millions, registering
the Increase of 13% over the previous year’s performance. The board is
confident that the prospects of the company for the ensuing year are also good
and the company should register a decent growth in sales and profit.
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24239MH1983PTC029373 |
|
Name of the
company |
AERO PHARMA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No.9, Siddhi
Vinayak Apartments. B K Marg, Mulund
(East), Mumbai – 400081, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others: Bank
Guarantee |
|
Particular of
charge holder |
Dombivli Nagari
Sahakari Bank Limited Madhukunj, Plot
No.P/52, M.I.D.C. Phase II , Kalyan
- Shil Road, Sonarpada, Dombivli East, Dombivli – 421204, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1) Composite Deed
of Hypothecation (Cash Credit of Rs.52.500 Millions + Term Loan of Rs.7.500
Millions + Bank Guarantee of Rs.5.000 Millions) of Rs.65.000 Millions 2)
Composite Deed of Hypothecation of Term loan of Rs.17.500 Millions 3)
Composite Deed of Hypothecation (Cash Credit of Rs.50.000 Millions + Term Loan of Rs.17.500 Millions) of
Rs.67.500 Millions 4) Composite Deed of Hypothecation of Cash Credit of
Rs.52.500 Millions. (All the above
documents constitute single Charge of Rs.67.500 Millions) |
|
Date of
instrument Creating the charge |
20/09/2011 |
|
Amount secured by
the charge |
Rs.67.500
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 13.25% P.A. Terms of
Repayment 12 Months (Cash
Credit Facility is subject to renewal and review annually) Term Loan- 60
Month Margin 30% Extent and
Operation of the charge Rs.67.500
Millions and operation of charge on entire hypothecated current assets
including book debts and stocks and plant and machinery, equipments, and
other assets as detailed in the documents. |
|
Short particulars
of the property charged |
Entire
hypothecated current assets including book debts and stocks and plant and
machinery, equipments, and other assets as detailed in the documents. |
FIXED ASSETS:
· Leasehold Land
· Factory Building
· Plant and Machinery
· Furniture and Fixture
· Mobile Phone
· Software Development
· Air Conditioner
· Office Equipment
· Computers
· Motor Car
· Residential Flat
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.53.84 |
|
|
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 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.