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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SONAL PLASRUB INDUSTRIES PRIVATE LIMITED 211357 (PRELIMINARY REPORT) |
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Registered Office : |
L-25, M.I.D.C., Tarapur Industrial Area, District Thane, Boisar,
Mumbai 401506, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
13.07.1987 |
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Com. Reg. No.: |
11-044045 |
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CIN No.: [Company
Identification No.] |
U51900MH1987PTC044045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS39964B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals |
RATING & COMMENTS
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MIRAs Rating : |
Ca (19) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 well established company having moderate track. There
appears to be huge accumulated losses recorded by the company. However trade
relations are reported as fair. Business is active. Payments are reported to
be slow. Company can be considered for business dealings on a safe and 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 June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
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Source
: CIA |
LOCATIONS
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Registered Office : |
L-25, M.I.D.C., Tarapur Industrial Area, District Thane, Boisar,
Mumbai 401506, |
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Tel. No.: |
91-2525-273980 |
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Fax No.: |
91-2525-270324 |
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E-Mail : |
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Website : |
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Mumbai Office : |
404, Rimsan Estate Premises Co-op Society, |
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Tel. No.: |
91-22-40949499 |
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Fax No.: |
91-22-40949488 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prabodh Keshvji Purecha |
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Designation : |
Director |
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Address : |
23, Rameshwar Ram Gally Opposite, |
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Date of Birth/Age : |
22.05.1945 |
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Date of Appointment : |
08.11.2004 |
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Name : |
Mr. Manish Anil Purecha |
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Designation : |
Director |
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Address : |
23, Rameshwar Ram Gally Opposite, |
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Date of Birth/Age : |
30.10.1975 |
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Date of Appointment : |
30.03.1997 |
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Name : |
Mr. Prashant Keshavji Purecha |
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Designation : |
Director |
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Address : |
23, Rameshwar Ram Gally Opposite, |
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Date of Birth/Age : |
19.12.1962 |
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Date of Appointment : |
30.03.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
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No. of Shares |
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Mrs. Roopa P Purecha Mr. Prabodh K Purecha |
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970 |
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Mr. Prabodh K Purecha Mrs. Roopa P Purecha |
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1700 |
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Mrs. Bansari P Purecha Mr. Prashant K Purecha |
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1000 |
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Mr. Prashant K Purecha Mrs. Bansari P Purecha |
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1000 |
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Mr. Anil K Purecha Mrs. Minaxi A Purecha |
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1380 |
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Mr. Anil K Purecha Mr. Manish A Purecha |
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550 |
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Mr. Anil k Purecha (HUF) Mrs. Minaxi A Purecha |
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150 |
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Mr. Jigar Mahesh Torpani |
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600 |
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Ms. Rakhee Prabodh Purecha |
|
600 |
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Priyanka Enterprises |
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50 |
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Total |
|
8000 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 Chemicals |
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Exports : |
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Countries : |
v v v v v v |
GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
v
The Kapol Co Operative Bank Limited 1402/03, v
ICICI Bank, Mumbai v
Bank of v
City Bank v
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jagdish H Shetty Chartered Accountants |
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Address : |
1, Chaitanya Co-op Housing Society Limited, |
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Associates/Subsidiaries : |
Carp Fine Chem Line of business : Manufacturer of Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8000 |
Equity Shares |
Rs. 100 each |
Rs. 0.800 Million |
|
2000 |
13.5 % Cumulative Preference Shares |
Rs. 100 each |
Rs. 0.200 Million |
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Total |
|
Rs. 1.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8000 |
Equity Shares |
Rs. 100 each |
Rs. 0.800 Million |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.800 |
0.800 |
0.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.844 |
2.844 |
2.844 |
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4] (Accumulated Losses) |
(18.472) |
(22.193) |
(14.364) |
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NETWORTH |
(14.828) |
(18.549) |
(10.720) |
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LOAN FUNDS |
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1] Secured Loans |
19.758 |
7.686 |
4.371 |
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2] Unsecured Loans |
22.224 |
19.160 |
16.806 |
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TOTAL BORROWING |
41.982 |
26.846 |
21.177 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.154 |
8.297 |
10.457 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.583 |
13.356 |
8.781 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.427 |
0.102 |
0.102 |
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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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Inventories |
21.690
|
11.230 |
11.693 |
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Sundry Debtors |
17.306
|
8.657 |
11.654 |
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Cash & Bank Balances |
1.733
|
0.277 |
0.448 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.195
|
1.018 |
1.086 |
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Total
Current Assets |
41.924
|
21.182 |
24.881 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.780
|
26.343 |
23.307 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
30.780
|
26.343 |
23.307 |
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Net Current Assets |
11.144 |
(5.161) |
1.574 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.154 |
8.297 |
10.457 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover and Other Income |
68.210 |
34.975 |
63.140 |
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Total Income |
68.210 |
34.975 |
63.140 |
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Profit/(Loss) Before Tax |
3.721 |
(7.829) |
1.541 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
3.721 |
(7.829) |
1.541 |
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Total Expenditure |
64.789 |
42.804 |
61.599 |
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Earnings Per Share (Rs.) |
465.125 |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
5.45
|
(22.38) |
2.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.47 |
(22.66) |
4.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.25) |
0.42 |
(0.14) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(4.90) |
(2.87) |
(4.15) |
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Current Ratio (Current Asset/Current Liability) |
|
1.36 |
0.80 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
Note
Registered office of the company has been shifted from A/29 Noble
Chambers 4th
Foreign Exchange
Earnings :
Activities relating to exports, initiatives taken to increase exports,
development of new export markets for products and services, and exports plans.
During the year, total exports of the company in Rupee terms amount to
Rs. 13.131 Millions
Fixed Assets
AS PER WEBSITE
The Purecha Group of Industries was
established in 1997 with the determination and positive approach of the Purecha
Brothers the group established Maneksha Pharmachem in and then got an even
better market hold with establishing subject.
They specialize in Fine Chemicals, Specialty Chemicals and Bromination
Compounds. As one of
To meet the purchaser need in today's complex chemical market; their diverse
services provide their customers with unparallel flexibility and
responsiveness. Their unique integrated manufacturing capabilities enable them
to control every step of the manufacturing process, ensuring their customers a
superior, high quality end product.
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 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.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.