MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEKSONS PRIVATE LIMITED |
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Registered
Office : |
Modi Chambers, Opera House, Worli, Mumbai 400 004, |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
18.12.1953 |
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Com. Reg. No.: |
11-009186 |
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Capital
Investment/ Paid-up Capital: |
Rs.13.400 millions |
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CIN No.: [Company Identification
No.] |
U51900MH1953PTC009186 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09610G |
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PAN No.: [Permanent Account No.] |
AABCT0552A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Automobile Parts. |
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No. of
Employees: |
Information declined by the management |
RATING & COMMENTS
|
MIRAs Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 820000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. The
management of the company has not filed its financials of the company after
the year 2008. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non Co Operative (91-22-23859232/25409351)
LOCATIONS
|
Registered Office : |
Modi Chambers, Opera House, Worli, Mumbai 400 004, |
|
Tel. No.: |
91-22-25346351 / 23859232 / 24930304 |
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Fax No.: |
91-22-25340561 / 23867769 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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|
|
|
Factory : |
P B No. 20, Majiwada, |
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Tel. No.: |
91-22-25340351 / 25341352 / 25340353 |
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Fax No.: |
91-22-25340561 |
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Niraj D Dolwani |
|
Designation : |
Director |
|
Address : |
Prassanna Kutir, Worli Seaface, Mumbai 400 018, |
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Date of Birth/Age : |
20.09.1965 |
|
Date of Appointment : |
12.09.1992 |
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DIN No.: |
00063885 |
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|
|
|
Name : |
Mr. Vishnu T. Dolwani |
|
Designation : |
Director |
|
Address : |
Prassanna Kutir, Worli Seaface, Mumbai 400 018, |
|
Date of Birth/Age : |
23.03.1941 |
|
Date of Appointment : |
01.07.1971 |
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DIN No.: |
00064021 |
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|
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Name : |
Mr. Daulat Tekchand Dolwani |
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Designation : |
Managing Director |
|
Address : |
Prassanna Kutir, Worli Seaface, Mumbai 400 018, |
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Date of Birth/Age : |
12.09.1938 |
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Date of Appointment : |
18.02.1960 |
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DIN No.: |
00066490 |
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Name : |
Mr. Ramesh Jaidev Dolwani |
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Designation : |
Director |
|
Address : |
Prassanna Kutir, Worli Seaface, Mumbai 400 018, |
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Date of Birth/Age : |
13.06.1970 |
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Date of Appointment : |
12.09.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
D. T. Dolwani |
|
667 |
|
V. T. Dolwani |
|
2288 |
|
Vishni Daulat Dolwani |
|
220 |
|
Ramesh Jaidev Dolwani |
|
224 |
|
Niraj Daulat Dolwani |
|
388 |
|
Renuka Shyam Kotak |
|
152 |
|
Asha Harish Satiani |
|
152 |
|
Bala Ajoomal |
|
44 |
|
Shobha Motiani |
|
44 |
|
Jyoti Jeshnani |
|
40 |
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Sita Jeshnani |
|
40 |
|
Mohini Jaidev Dolwani |
|
140 |
|
Janki Rupani |
|
40 |
|
Sanjay Vishnidas Dolwani |
|
790 |
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Pankaj Daulat Dolwani |
|
645 |
|
Veena Vishnidas Dolwani |
|
160 |
|
Nishoo Sethi |
|
326 |
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Preeti Vishnidas Dolwani |
|
174 |
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|
458 |
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Neena R. Dolwani |
|
25 |
|
JDV Automotive Engineering Private Limited, |
|
2952 |
|
|
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N.R.I. Without
Repatriation |
|
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|
Ramesh Jaidev Dolwani |
|
635 |
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Niraj Daulat Dolwani |
|
828 |
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|
|
|
|
N.R.I. With
Repatriation |
|
|
|
Ramesh Jaidev Dolwani |
|
1288 |
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Niraj Daulat Dolwani |
|
340 |
|
Veena R. Dolwani |
|
340 |
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Total |
|
13400 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
22.00 |
|
Directors or relatives of directors |
|
78.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Automobile Parts. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2008)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Radiators including heavy duty Radiators |
Numbers |
564800 |
51053 |
|
Oil Coolers / Air water hoses |
Numbers |
19000 |
37361 |
|
Fuel and Oil |
Numbers |
1200000 |
-- |
|
Miscellaneous |
Numbers |
384000 |
-- |
Installed capacity being a technical matter, the
auditors have not verified the same and have relied on certificate of the
Director.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Facilities : |
* Collaterally secured by pledge of term deposit with bankers lodged by
subsidiary Teksons Cooling Systems Private Limited. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dayal and Lohia Chartered Accountants |
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Address : |
Kamanwala Chambers, 1st Floor, Office No. 6, |
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Tel. No.: |
91-22-66372969-70 |
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Fax No.: |
91-22-66372949 |
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E-Mail : |
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|
AAAFD1548C |
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Subsidiaries : |
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Teksons Cooling Systems Private Limited CIN No.: U29190MH1992PTC065831 |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19200 |
Equity Share |
Rs.1000/- each |
Rs.19.200 Millions |
|
800 |
Preference Shares |
Rs.1000/- each |
Rs.0.800 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13400 |
Equity Share |
Rs.1000/- each |
Rs.13.400 Millions
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.400 |
13.400 |
13.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
192.558 |
174.667 |
174.751 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
205.958 |
188.067 |
188.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
41.066 |
37.179 |
22.263 |
|
|
TOTAL BORROWING |
41.066 |
37.179 |
22.263 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
247.024 |
225.246 |
210.414 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
47.386 |
57.732 |
65.919 |
|
|
Capital work-in-progress |
0.468 |
0.702 |
0.785 |
|
|
|
|
|
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INVESTMENT |
36.148 |
27.301 |
35.976 |
|
|
DEFERREX TAX ASSETS |
10.213 |
4.035 |
5.512 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
91.764
|
97.986 |
72.991 |
|
|
Sundry Debtors |
84.084
|
63.380 |
38.889 |
|
|
Cash & Bank Balances |
14.718
|
9.384 |
6.848 |
|
|
Other Current Assets |
0.101
|
0.110 |
0.210 |
|
|
Loans & Advances |
20.153
|
18.737 |
22.761 |
|
Total
Current Assets |
210.820
|
189.597 |
141.699 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.342 |
32.010 |
|
|
|
Other Current Liabilities |
29.669
|
22.111 |
|
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
58.011
|
54.121 |
39.477 |
|
|
Net Current Assets |
152.809
|
135.476 |
102.222 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
247.024 |
225.246 |
210.414 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
218.681 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
278.774 |
218.681 |
145.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
266.704 |
218.271 |
188.025 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
12.070 |
0.410 |
(42.155) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(4.694) |
0.494 |
(2.392) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
16.764 |
(0.084) |
(39.763) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
(63.492) |
(63.408) |
(23.645) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(46.728) |
(63.492) |
(63.408) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
94.279 |
87.150 |
59.705 |
|
|
|
Dividends |
1.543 |
1.168 |
1.273 |
|
|
TOTAL EARNINGS |
95.822 |
88.318 |
60.978 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
75.737 |
61.661 |
48.875 |
|
|
|
Components and Spare parts |
0.000 |
0.201 |
0.990 |
|
|
|
Capital Goods |
0.545 |
2.499 |
1.665 |
|
|
TOTAL IMPORTS |
76.282 |
64.361 |
51.530 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1251.04 |
(6.27) |
(2967.39) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
6.01
|
(0.04) |
(27.26) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.67
|
0.17 |
(20.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.00 |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.49 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63
|
3.50 |
3.59 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2008 Rs.
in millions |
As
on 31.03.2007 Rs.
in millions |
As
on 31.03.2006
|
|
Small scale Industrial undertakings
|
2.511 |
1.474 |
39.477 |
|
Others |
25.831 |
30.536 |
|
|
Total |
28.342 |
32.010 |
39.477 |
OPERATIONS
The Operations of the company is on recovery path registering a marginal
profit but due to huge accumulated losses the net results register a loss. The total
revenue (including Gross sales and other income) for the year aggregated to
Rs.278.774 millions as against a revenue of Rs.218.681 millions for the
previous financial year registering an increase of 27.47%. The operating
results registered a profit of Rs.12.070 millions as against a loss of Rs.0.410
millions in the previous year.
The company is trying all possible tasks to increase the domestic sales
and exports. It is exploring all opportunities to get back to the status of
profit making. The directors are hopeful that the result in the coming years
could be encouraging.
EXPORTS
The export for the year ended on 31st march 2008 is Rs.94.728 Millions
which shows fall of 1.42% over the last year ended 31st march 2008
export sales Rs.96.094 Millions
During the year 2004.05 the company imported Plant and Machinery for the
manufacture of Aluminum Radiations under the export Promotion Capital goods
Scheme of Government of India. As per terms of licenses the company had to
comply with an export performance of Rs.960.040 Millions (includes Rs.760.090
Millions being average of three years export prior to import) over a period of 8 years up to the year
2012-13. This obligation includes Rs.760.090 Millions as a normal export
computed as an average of the preceding 3 Years
SUBSIDIARY COMPANY
Teksons Cooling Systems Private Limited
During the year the performance of the Teksons Cooling Systems Private
Limited, a Subsidiary of the Company resulted in a profit of Rs.9.713 millions before
tax and profit of Rs.5.296 millions after tax.
FIXED ASSETS
Tangible
·
·
·
Buildings
·
Plant and Machinery
·
Computers
·
Furniture, Fixture and
Equipments
·
Vehicles
Intangible
·
Software
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.55.93 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.