MIRA
INFORM REPORT
|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
STAR FLEX LAMINATORS PRIVATE LIMITED |
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Registered
Office : |
B-155, B-155, Induastrial Area, Baikampadi, Manglore – 575001,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.08.2001 |
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Com. Reg. No.: |
08-029361 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.500 Millions |
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CIN No.: [Company Identification
No.] |
U02422KA2001PTC029361 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of packaging material. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 90000 |
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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 established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payment 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) |
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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 |
INFORMATION DENIED BY
|
Name : |
Mrs. Bharti |
|
Designation : |
Administrative Manager |
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Contact No.: |
91-824-2400954 |
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Date : |
23.05.2012 |
LOCATIONS
|
Registered Office : |
B-155, Induastrial Area, Baikampadi, Manglore – 575001, Karnataka,
India |
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Tel. No.: |
91-824-2400955/2400956/54 |
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Fax No.: |
91-824-2400957 |
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E-Mail : |
DIRECTORS
As on 26.08.2011
|
Name : |
Mr. Joseph Lobo |
|
Designation : |
Whole – time Director |
|
Address : |
No. 19, Farheen Vakola, Santacruz (East), Mumbai – 400055, Maharashtra,
India |
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Date of Birth/Age : |
30.11.1946 |
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Date of Appointment : |
03.08.2001 |
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DIN No.: |
00409490 |
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Name : |
Mr. Balachandra Kunder |
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Designation : |
Whole – time Director |
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Address : |
# 201, Anmol, 2nd Marola Pipe Line, Andheri Kurla, Mumabi –
400059, Maharashtra, India |
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Date of Birth/Age : |
16.04.1951 |
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Date of Appointment : |
03.08.2001 |
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DIN No.: |
00409577 |
KEY EXECUTIVES
|
Name : |
Mrs. Bharti |
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Designation : |
Administrative Manager |
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Name : |
R K Bhat and Company |
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Designation : |
Company Secretaries |
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Address : |
No. 624, 1st Floor, 24th Cross, 15th
Main, BSK II Stage, Banagalore – 560070, Karnataka, India |
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Tel. No.: |
91-80-26714987 |
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Fax No.: |
91-80-26715046 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Balachandra Kunder |
|
250000 |
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Joseph Lobo |
|
250000 |
|
Vitesh V Kotian |
|
250000 |
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Total |
|
750000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.08.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of packaging material. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
The South Indian Bank Limited, Fernandez Building Hampankatta, Mangalore
– 575001, 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 : |
Rajan Dsouza Chartered Accountant |
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Address : |
No. 301, West Gate Termius, Opp. Unity Health, Mangalore – 575002,
Karnataka, India |
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Tel. No.: |
91-824-2436483 |
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Mobile No.: |
91-9844043403 |
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Fax No.: |
91-824-2468851 |
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E-Mail : |
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PAN.: |
ABTPD0559R |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500
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 |
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|
|
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|
1] Share Capital |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
15.728 |
13.610 |
11.289 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.228 |
21.110 |
18.789 |
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LOAN FUNDS |
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1] Secured Loans |
43.938 |
44.849 |
23.735 |
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|
2] Unsecured Loans |
11.868 |
11.973 |
4.411 |
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TOTAL BORROWING |
55.806 |
56.822 |
28.146 |
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DEFERRED TAX LIABILITIES |
2.019 |
0.673 |
0.000 |
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TOTAL |
81.053 |
78.605 |
46.935 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
54.128 |
51.536 |
19.031 |
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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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|
|
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Inventories |
43.173
|
49.687 |
40.492 |
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|
Sundry Debtors |
10.550
|
9.967 |
6.637 |
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Cash & Bank Balances |
0.025
|
0.014 |
0.027 |
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Other Current Assets |
2.278
|
4.344 |
1.495 |
|
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Loans & Advances |
0.013
|
0.018 |
0.436 |
|
Total
Current Assets |
56.039
|
64.030 |
49.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
27.351
|
34.598 |
19.465 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.763
|
2.453 |
1.718 |
|
Total
Current Liabilities |
29.114
|
37.051 |
21.183 |
|
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Net Current Assets |
26.925
|
26.979 |
27.904 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
81.053 |
78.605 |
46.935 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
276.521 |
164.068 |
128.300 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
272.223 |
160.506 |
125.372 |
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PROFIT BEFORE
TAX |
4.298 |
3.562 |
2.928 |
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Less |
TAX |
2.181 |
1.241 |
0.654 |
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PROFIT AFTER TAX |
2.117 |
2.321 |
2.273 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.600 |
0.450 |
0.300 |
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BALANCE CARRIED
TO THE B/S |
1.517 |
1.871 |
1.973 |
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Earnings Per
Share (Rs.) |
4.61 |
4.74 |
3.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.77
|
1.41 |
1.77 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.67
|
5.56 |
4.63 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.16 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
1.76 |
1.13 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.73 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
No |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
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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% |
-- |
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14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U02422KA2001PTC029361 |
|
Name of the
company |
STAR FLEX LAMINATORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-155, Induastrial Area, Baikampadi, Manglore – 575001, Karnataka,
India Email: starflex@rediffmail.com
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90194554 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
The South Indian Bank Limited, Fernandez Building Hampankatta,
Mangalore – 575001, Karnataka, India Eamil: cms@companiesinn.com |
|
Nature of
instrument creating charge |
Agreement of hypothecation. Equitable Mortgage. |
|
Date of
instrument Creating the charge |
23.09.2010 |
|
Amount secured by
the charge |
Rs. 65.382 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest CCOL: 13.50% FSL(Existing) : No change FSL(M) (Existing) : No change LC: As per terms. Terms of Repayment CCOL : On Demand FSL(Existing) : No Change FSL(M) (Existing) : No Change LC : On Demand Margin CCOL : 25% on stock and 40% on book debts. FSL(Existing) : No Change FSL(M)(Existing) : No Change LC: 10% cash margin. Extent and Operation of the charge First charge on the stocks and book debts of the company. First charge on the machineries of the company. First charge on the immovable property of the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the available stocks, book debts and machineries of the company
both present and future. Land admeasuring 1.068 Acres situated in Sy No.84, Plot No.B-155,
Baikampady Industrial area of, Mangalore Taluk together with all buildings, existing
and/or to be constructed thereon in future. |
|
Particulars of
the present modification |
The total limit has been modified to Rs.65.382 Millions as follows: CCOL: Rs.30.000 Millions FSL(Existing) : Rs.20.000 Millions FSL(M) (Existing) : Rs.8.382 Millions LC : Rs.7.000 Millions (Enhanced from Rs.3.500 Millions) |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Motor Vehicle
·
Furniture and Fixture
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.56.28 |
|
|
1 |
Rs.88.25 |
|
Euro |
1 |
Rs.70.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.