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Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VARNA COATS PRIVATE LIMITED |
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Registered
Office : |
No .73/38,21st Cross, Doddanna Industrial Estate, Near To Peenya II
Stage, Hegganahalli Main Road, Bangalore -560091, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.10.2010 |
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Com. Reg. No.: |
08-055617 |
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Capital Investment/
Paid-up Capital: |
Rs.0.300 Million |
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CIN No.: [Company Identification
No.] |
U24100KA2010PTC055617 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV10303G |
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PAN No.: [Permanent Account No.] |
AADCV5715F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Paints, Resins,
Powder – Coatings, Distempers etc. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 1200 |
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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 successor of Varna Paints and Allid products, a
partnership concern started in the year 1989. The company has recommended its
commercial business activities from April 2011. Trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
LOCATIONS
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Registered Office : |
No .73/38,21st Cross, Doddanna Industrial Estate, Near To Peenya II
Stage, Hegganahalli Main Road, Bangalore -560091, Karnataka, India |
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Tel. No.: |
91-80-28361181 |
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Fax No.: |
91-80-28362266 |
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E-Mail : |
DIRECTORS
As on 29.09.2011
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Name : |
Mr. Nagaraja Rao Krishna Rao |
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Designation : |
Director |
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Address : |
2/9-1 13th |
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Date of Birth/Age : |
02.09.1956 |
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Date of Appointment : |
22.10.2010 |
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Din No.: |
03084017 |
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Other Directorship:
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Name : |
Mr. Sathyanarayana Homma Chinnaswamy |
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Designation : |
Director |
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Address : |
231 1st MN, 2nd CRS, RRN, BEML LYT, 4th
Stage, |
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Date of Birth/Age : |
21.10.1956 |
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Date of Appointment : |
22.10.2010 |
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Din No.: |
03222176 |
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Other Directorship:
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Name : |
Mr. Pradeep Mathad |
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Designation : |
Director |
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Address : |
37-2, 1st |
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Date of Birth/Age : |
05.04.1959 |
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Date of Appointment : |
22.10.2010 |
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Din No.: |
03056996 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Mr. Nagaraja Rao Krishna Rao |
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1515133 |
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Mr. Sathyanarayana Homma Chinnaswamy |
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1515133 |
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Mr. Pradeep Mathad |
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1515133 |
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Total |
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4545399 |
As on 29.09.2011
Equity Shares Break –up
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Paints, Resins,
Powder – Coatings, Distempers etc. |
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Products : |
·
Aluminium Architectural Products ·
Acoustics for Generators ·
AC Generator ·
·
Bus Body ·
Control Panels and Telecommunication Enclosures ·
Dental Equipments ·
Earth Moving Equipments such as Dumpers, Trucks and Tippers ·
Laboratory Furnitures ·
Machine Tools Casting Pats ·
Material Handing Equipments ·
Office Cabins and Furniture ·
Passenger Vehicles ·
Tractors and Tillers |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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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 Lakshmipathiah and Company |
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Address : |
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Pan No.: |
AAKPJ2581P |
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CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4545400 |
Equity Share |
Rs.10/- each |
Rs.45.454 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
4545399 |
Equity Share |
Rs.10/- each |
Rs.45.453
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
30000 |
Equity Share |
Rs.10/- each |
Rs.0.300
Million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2011 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.300 |
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LOAN FUNDS |
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1] Secured Loans |
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0.029 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.029 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.329 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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DEPOSITS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.011 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.011 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
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0.003 |
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Other Current Liabilities |
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0.000 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.003 |
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Net Current Assets |
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0.008 |
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MISCELLANEOUS EXPENSES |
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0.317 |
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TOTAL |
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0.329 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2011 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.11 |
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Current Ratio (Current Asset/Current Liability) |
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3.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Construction
of the firm |
Yes |
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Premises
details |
No |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
Yes |
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No.
of Employees |
No |
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Name
of Person Contacted |
No |
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Designation
of contact person |
No |
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Turnover
of firm for last three years |
No |
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Profitability
for last three years |
No |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
- |
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Capital
the business |
Yes |
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Details
of sister concerns |
No |
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Major
Suppliers |
No |
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Major
Customers |
No |
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Payment
Terms |
No |
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Export
/ Import Details [If Applicable] |
No |
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Market
Information |
- |
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Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
Yes |
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Incorporation
details, if applicable |
Yes |
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Last
accounts filed at ROC |
Yes |
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Major
Shareholders, if applicable |
Yes |
Financial Results:
The company has not started any activity during
the period. Hence the profit and loss account is not prepared. The preliminary
expenses spent is Rs.0.313 Millions
The paid up Share Capital is Rs.0.300 Million
The company has not started any Business.
Therefore the company has not declared any dividend during the year
Particulars of conservation of energy,
Technology Absorption and Foreign Exchange and out go
AS PER WEB SITE DETAILS
PROFILE:
Subject The Company was established in the year 1989 and has
been in operation since then as a very successful organization meeting the
requirements of its customer in many parts of
The Year 2002 was mile stone and a big leap in diversifying the product line and in Quality system. We have taken a giant step and Ventured in to “Manufacturing of Powders Paints”, Simultaneously introduced the “Computerised Colour Matching system through Spectrophotometer” and also “Became an ISO 9001 : 2000 Certified” company.
The company has its manufacturing facility to produce
quality Specialty Industrial Paints and Powders at Asia’s biggest industrial
hub – Peenya Industrial Area,
The plant has got the capacity to produce Paints and Powders for both domestic and export markets.
Constant up gradation of its various facilities and training
knowledge in the R and D unit has made the company one o unique industrial
establishment in
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.53.84 |
|
|
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.