MIRA INFORM REPORT
|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
DURGA BEARINGS PRIVATE LIMITED |
|
|
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|
Registered
Office : |
39, New |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
31.03.2004 |
|
|
|
|
Com. Reg. No.: |
18-052850 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 0.200 Million |
|
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|
|
CIN No.: [Company Identification
No.] |
U51503TN2004PTC052850 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader, Exporter and Importer of all types of Bearings. |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 159000 |
|
|
|
|
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 record. There appears an increase in the sales turnover as well as net
profitability during 2012. Trade relations are reported as fair. Business is active. Payment
terms are reported as usually correct. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Regional Office 1 : |
39, New |
|
Tel. No.: |
91-44-26440414 / 42858504 (8 Lines) / 42020404 (8 Lines) |
|
Fax No.: |
91-44-26442595 / 42858385 |
|
E-Mail : |
brmgrdel@durgabrgs.com mktgcoim@durgabrgs.com indusmkt@hotmail.com |
|
Website : |
|
|
|
|
|
Regional Office 2 : |
# 601, VI Floor, |
|
Tel. No.: |
91-22-26876073, 26876596 |
|
Fax No.: |
91-22-26876074 |
|
E-Mail : |
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|
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|
Regional Office 3 : |
# 10/26 C, Utsav, 1st Floor, 1st R Block, Rajaji
Nagar, West of cord Road , Bengaluru - 560 004, Karnataka, India |
|
Tel. No.: |
91-80-22688000 ( 8 Lines) |
|
Fax No.: |
91-80-22688043 |
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E-Mail : |
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Branch Office : |
Located at:
|
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Manoj Kumar Sultania |
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|
Designation : |
Director |
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|
Address : |
No. 39, New |
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Date of Birth/Age : |
04/08/1962 |
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Date of Appointment : |
31/03/2004 |
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DIN : |
02041799 |
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|
|||||||||||||||||||||||||||
|
Name : |
Ms. Sharmila Sultania |
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|
Designation : |
Director |
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|
Address : |
No. 39, New |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
02/09/1970 |
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|
Date of Appointment : |
31/03/2004 |
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DIN : |
02041722 |
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Other Directorship:
|
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|
|||||||||||||||||||||||||||
|
Name : |
Ms. Kusum Sultania |
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|
Designation : |
Director |
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|
Address : |
No. 39, New |
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|
Date of Birth/Age : |
20/06/1964 |
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|
Date of Appointment : |
31/03/2004 |
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DIN : |
02041738 |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Name : |
Mr. Bishnu Kumar Sultania |
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|
Designation : |
Director |
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|
Address : |
No. 39, New |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
10/01/1964 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
31/03/2004 |
|||||||||||||||||||||||||||
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DIN : |
02446574 |
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Other Directorship:
|
||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Manoj Kumar Sultania |
|
6670 |
|
Sharmila Sultania |
|
3360 |
|
Kusum Sultania |
|
3360 |
|
Bishnu Kumar Sultania |
|
6610 |
|
Total |
|
20000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of all types of Bearings. |
|
|
|
|
Products : |
Machine Bearings
|
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Omprakash and Company Chartered Accountants |
|
Address : |
322 (Old No. 356), |
|
Tel. No. : |
91-44-25385665 / 25394495 |
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E-Mail : |
|
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PAN No.: |
AADOB8964D |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.200 |
0.200 |
|
(b) Reserves & Surplus |
|
39.539 |
29.822 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
39.739 |
30.022 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
63.705 |
65.935 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
63.705 |
65.935 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
0.000 |
0.000 |
|
(c) Other
current liabilities |
|
326.454 |
274.048 |
|
(d) Short-term
provisions |
|
2.459 |
3.677 |
|
Total Current
Liabilities (4) |
|
328.913 |
277.725 |
|
|
|
|
|
|
TOTAL |
|
432.357 |
373.682 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
58.027 |
43.309 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
74.805 |
97.723 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
132.832 |
141.032 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
97.295 |
44.045 |
|
(c) Trade
receivables |
|
187.920 |
157.688 |
|
(d) Cash
and cash equivalents |
|
11.169 |
27.738 |
|
(e)
Short-term loans and advances |
|
0.000 |
0.000 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
296.384 |
229.471 |
|
|
|
|
|
|
Preliminary Expenses |
|
0.187 |
0.225 |
|
|
|
|
|
|
Deferred
Revenue Expenditure |
|
2.954 |
2.954 |
|
|
|
|
|
|
TOTAL |
|
432.357 |
373.682 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
22.954 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
23.154 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
69.847 |
|
|
TOTAL BORROWING |
|
|
69.847 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
93.001 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
22.976 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
11.592 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
78.500
|
|
|
Sundry Debtors |
|
|
175.107
|
|
|
Cash & Bank Balances |
|
|
4.277
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
64.823
|
|
Total
Current Assets |
|
|
366.230
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.000
|
|
|
Sundry Creditors |
|
|
255.011
|
|
|
Provisions |
|
|
4.483
|
|
Total
Current Liabilities |
|
|
311.170
|
|
|
Net Current Assets |
|
|
55.060
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.263 |
|
|
|
|
|
|
|
|
Deferred Revenue Expenditure |
|
|
3.110 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
93.001 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
959.943 |
538.467 |
|
|
|
|
Other Income |
7.391 |
6.793 |
|
|
|
|
TOTAL (A) |
967.334 |
545.260 |
765.155 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative, sales and other Expenses |
|
|
|
|
|
|
Preliminary Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
535.825 |
756.459 |
|
|
|
Including
Financial and Depreciation Expenses |
Including Financial
and Depreciation Expenses |
Including
Financial and Depreciation Expenses |
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
||||
|
|
|
||||
|
Less |
FINANCIAL
EXPENSES (D) |
||||
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
9.435 |
8.696 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
NA |
2.566 |
3.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
NA |
6.869 |
5.682 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
343.42 |
1147.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.26 |
0.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.55 |
2.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.31 |
0.38
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.60
|
2.20 |
3.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.82 |
1.18
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
|
|
|
|
Loans from related parties |
|
|
|
Pooja Sultania |
0.180 |
0.000 |
|
Suman Devi
Sultania |
(4.545) |
(4.153) |
|
Deepak Kumar
Sultania |
(3.182) |
(3.290) |
|
Durga Devi
Sultania |
17.956 |
16.136 |
|
Bishnu Kumar
Sultania HUF |
7.063 |
6.479 |
|
Mahabir Prasad
Sultania HUF |
6.201 |
5.944 |
|
Manoj Kumar
Sultania HUF |
6.464 |
6.065 |
|
Durga Associates |
15.578 |
29.515 |
|
|
|
|
|
Loans from Directors |
|
|
|
Sharmila Sultania |
9.260 |
8.704 |
|
Kusum Sultania |
6.625 |
3.966 |
|
Manoj Kumar
Sultania |
1.458 |
0.777 |
|
Bushnu Kunar
Sultania |
0.187 |
(5.027) |
|
Total |
63.245 |
65.116 |
FIXED ASSETS:
- Air
Conditioner
- Coffee
Machine
- Furniture and
Fittings
- Electrical
Fitting
- AMS Machine
- Vehicles
- Office
Equipment
- Strapping
Machine
- Air
Conditioner
- Xerox Machine
- Labeller
- Coffee
Machine
- Sealing
Machine
- Safes
- Packing Machine
- Stacker
Machine
- Generator
- Pallat Truck
- Water
Dispenser
- Weighing
Machine
- Bearing
Washing Machine
- Measuring
Instruments
- Polishing
Machine
- Boregauge
- Slipgauge
- Surface
Finish Tester
- Paper
Shredding Machine
- Electronic
Weigh Machine
- Building
Reconstruction
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 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. 60.34 |
|
|
1 |
Rs. 90.79 |
|
Euro |
1 |
Rs. 77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.