MIRA INFORM REPORT
|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MODEL INFRA CORPORATION PRIVATE LIMITED (w.e.f. 09.11.2009) |
|
|
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Formerly Known
As : |
MODEL BUCKETS AND ATTACHMENTS PRIVATE LIMITED |
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Registered
Office : |
704, Dempo Trade Centre, Patto, Panjim – 403001, Goa |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.11.2003 |
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Com. Reg. No.: |
24-003328 |
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Capital Investment
/ Paid-up Capital : |
Rs.688.487 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U29244GA2003PTC003328 |
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|
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PAN No.: [Permanent Account No.] |
AADCM7125J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Buckets and
Mugs Storage Bins, Security Systems and Garden Furniture. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2260000 |
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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 established company having a moderate track record. The
financial for the year 2012 is not available. As per the previous year’s, the company recorded continuous losses. However, trade relations are reported to be fair. Business is active.
Payments are reported to be unknown. The company can be considered for business dealings with some
caution. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB+ (Long Term Fund) |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
January 2013 |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Udin |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9945601960 |
|
Date : |
10.06.2013 |
LOCATIONS
|
Registered Office : |
704, Dempo Trade Centre, Patto, Panjim – 403001, Goa, India |
|
Tel. No.: |
91-832-2437770-73 |
|
Mobile No.: |
91-9945601960 (Mr. Udin) |
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Fax No.: |
91-832-6644932 |
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E-Mail : |
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Website : |
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Corporate Office : |
SMK Chambers, 2nd Floor, 1st Main Road, Sector A, New
Town, Yelahanka, Bangalore – 560106, Karnataka, India |
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Tel. No.: |
91-80-43340333 |
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Fax No.: |
91-80-43340332 |
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|
|
|
Factory : |
Located at
|
DIRECTORS
As on: 30.01.2013
|
Name : |
Mr. Karthik Balachandran Athreya |
|
Designation : |
Additional Director |
|
Address : |
502, 5th Floor, Gayatri Apartments, No. 87, Road No. 3 Hindu Colony, Dadar (East), Mumbai - 400 014, Maharashtra, India |
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Date of Birth/Age : |
29.04.1974 |
|
Date of Appointment : |
26.10.2007 |
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DIN No.: |
01797014 |
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Name : |
Mr. Naveen Kumar Nag |
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Designation : |
Director |
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Address : |
601-A, Dempo Trade Centre, Patto, Panjim - 403001, Goa, India |
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Date of Birth/Age : |
02.10.1950 |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
01877939 |
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|
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|
Name : |
Mr. Vijay Haridas Shah |
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Designation : |
Additional Director |
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Address : |
64-302, Tulip Valley of Flowers, Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India |
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Date of Birth/Age : |
19.07.1960 |
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Date of Appointment : |
29.05.2012 |
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DIN No.: |
03502649 |
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|
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|
Name : |
Mr. Robert Monis |
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Designation : |
Additional Director |
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Address : |
301, 3rd Floor, Vijayadurga Residency, Mathikere, 14th Cross, SBM Colony, Opposite J.P. Park, Bangalore - 560054, Karnataka, India |
|
Date of Birth/Age : |
06.06.1967 |
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Date of Appointment : |
23.11.2012 |
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DIN No.: |
06432345 |
KEY EXECUTIVES
|
Name : |
Mr. Udin |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.01.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ganesh Kumar Ishwar |
|
13480 |
|
Clearwater Capital Partners Singapore Fund III Pte Limited, Singapore |
|
64816333 |
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Fraserville Investments Pte Limited, Singapore |
|
64816334 |
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Ecofil Technologies (India) Private Limited |
|
4202560 |
|
|
|
|
|
Total |
|
133848707 |
As on: 14.03.2013
|
Names of Allottes |
|
No. of Shares |
|
Clearwater Capital Partners Singapore Fund III Pte Limited, Singapore |
|
19000000 |
|
Fraserville Investments Pte Limited, Singapore |
|
19000000 |
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|
|
|
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Total |
|
38000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.01.2013
|
Category |
|
Percentage |
|
|
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
96.85 |
|
Bodies corporate |
|
3.14 |
|
Other top fifty shareholders |
|
0.01 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Buckets and
Mugs Storage Bins, Security Systems and Garden Furniture. |
PRODUCTION STATUS (As on: 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Buckets, Track Frames and Others |
MT |
NA |
38227 |
9396 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
Address : |
41, Circular Road, United India Colony, Kodambakkam, Chennai - 600024, Tamilnadu, India |
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PAN No.: |
AAAFV0781D |
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Subsidiary Company: |
CIN No.: U29307KA2009PTC050551
CIN No.: U28999TN2001PTC048200 |
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Associate : |
TimeTooth Technologies Private Limited CIN No.: U74900DL2009PTC187599 |
CAPITAL STRUCTURE
After: 30.01.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
171848707 |
Equity Shares |
Rs.10/- each |
Rs.1718.487 Millions |
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As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68848707 |
Equity Shares |
Rs.10/- each |
Rs.688.487 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 |
|
|
|
|
|
1] Share Capital |
688.487 |
268.487 |
52.195 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.999 |
32.999 |
117.050 |
|
|
4] (Accumulated Losses) |
(154.382) |
(25.625) |
0.000 |
|
|
NETWORTH |
567.104 |
275.861 |
169.245 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
859.671 |
868.981 |
942.601 |
|
|
2] Unsecured Loans |
0.200 |
6.926 |
214.576 |
|
|
TOTAL BORROWING |
859.871 |
875.907 |
1157.177 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
5.945 |
12.464 |
|
|
|
|
|
|
|
|
TOTAL |
1426.975 |
1157.713 |
1338.886 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
532.647 |
557.789 |
563.876 |
|
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Capital work-in-progress |
12.802 |
11.129 |
22.509 |
|
|
|
|
|
|
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INVESTMENT |
135.134 |
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
579.214
|
614.662 |
679.328 |
|
|
Sundry Debtors |
235.514
|
205.086 |
159.671 |
|
|
Cash & Bank Balances |
93.747
|
65.086 |
39.301 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
95.279
|
66.651 |
126.160 |
|
Total
Current Assets |
1003.754
|
951.485 |
1004.460 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
243.946
|
330.676 |
182.441 |
|
|
Other Current Liabilities |
10.184
|
30.405 |
55.724 |
|
|
Provisions |
3.232
|
1.614 |
13.799 |
|
Total
Current Liabilities |
257.362
|
362.695 |
251.964 |
|
|
Net Current Assets |
746.392
|
588.790 |
752.496 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1426.975 |
1157.713 |
1338.886 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1348.042 |
1296.176 |
1313.186 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
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|
|
|
|
|
TOTAL |
1455.642 |
1385.472 |
1339.733 |
|
|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(107.600) |
(89.296) |
(26.547) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
27.103 |
26.898 |
19.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(134.703) |
(116.194) |
(46.346) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(5.946) |
(6.518) |
4.972 |
|
|
|
|
|
|
|
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|
|
PROFIT/ (LOSS)
AFTER TAX |
(128.757) |
(109.676) |
(51.318) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(25.625) |
84.051 |
135.369 |
|
|
|
BALANCE CARRIED
TO THE B/S |
(154.382) |
(25.625) |
84.051 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
93.352 |
372.420 |
13.883 |
|
|
TOTAL EARNINGS |
93.352 |
372.420 |
13.883 |
|
|
|
|
|
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|
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|
IMPORTS |
|
|
|
|
|
|
|
|
|
3.111 |
19.935 |
|
|
|
Components and Steel |
|
12.286 |
3.027 |
|
|
TOTAL IMPORTS |
NA |
15.397 |
22.962 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.60) |
(5.93) |
(9.83) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(9.55) |
(8.46) |
(3.91) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.77) |
(7.60) |
(2.96) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.24) |
(0.42) |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.52 |
3.18 |
6.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.90 |
2.62 |
3.99 |
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 |
Yes |
|
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% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2011 |
As on 31.03.2010 |
|
Other debt unsecured |
0.200 |
6.926 |
|
|
|
|
|
Total |
0.200 |
6.926 |
REVIEW OF OPERATIONS:
During the year the Company generated a total revenue of Rs.1348.042 Millions as compared to the last year revenue of Rs.1296.176 Millions. During the year the Company has incurred a Net loss of Rs 128.757 Millions as compared to the last year's net loss of Rs.109.676 Millions.
The Company has taken several new initiatives to increase the business by focusing on other areas such as Defence, Automobile etc. Keeping this in view and to strengthen its manufacturing and engineering capabilities the Company has invested in the following companies during the year
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Office Equipments
- Factory Equipments
- Computer Equipments
- Furniture and Fixtures
- Vehicles
- Aircrafts
- Helicopters
- Knowhow
- Computer Software
- Patents Trademarks
- Licenses
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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.