MIRA INFORM REPORT
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Report No. : |
347341 |
|
Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
DMD DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
303, Jewellers Apartment, Peddar Road, Mumbai – 400026, Maharashtra |
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Tel. No.: |
91-261-3918434 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
11-197319 |
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Capital
Investment / Paid-up Capital : |
Rs.150.000 Million |
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CIN No.: [Company Identification
No.] |
U45202MH2009PTC197319 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCD2762N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the development of commercial and residential
projects. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 470000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2009 having
moderate track. It is engaged in the development of commercial and
residential projects. As per registrar of companies, the date of balance sheet (i.e.
financial field) is shown as 31.03.2014 but the documents related to the
financials are not available from any source. However, as per financial of the year 2013, company’s financial
position seems to be moderate due to adverse capital structure of the company
marked by low reserves level and huge borrowings taken during the year 2013. Further, rating also considers promoter’s rich experience in real
estate development, in residential as well as commercial segment. Trade relations are reported as fair. Business is active. Payment are
reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings with some caution. Note : Detailed Profit and Loss A/c of the company is not available. |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
Long term bank
facilities = BB- (Suspended) |
|
Rating Explanation |
Inadequate credit
quality and high credit risk. |
|
Date |
March, 2015 |
Reason for Suspension: Absence of requisite information.
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Saloni |
|
Designation : |
HR Department |
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Contact No.: |
91-261-3918434 |
|
Date : |
27.10.2015 |
|
Name : |
Mr. Dhwanil Patel |
|
Designation : |
Director |
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Contact No.: |
91-9099988412 |
|
Name : |
Mr. Ankur Latha |
|
Designation : |
Chief Accountant |
|
Contact No.: |
91-8238741115 |
LOCATIONS
|
Registered Office : |
303, Jewellers Apartment, Peddar Road, Mumbai – 400026, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Sagar House, Parshwnagar Complex, Majura Gate, Surat – 395002, Gujarat, India |
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Tel. No.: |
91-261-3918434 |
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E-Mail : |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Dharmeshbhai Padamsibhai Patel |
|
Designation : |
Director |
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Address : |
1102, Adharshila Apartment, Ghod Dod Road, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
01.06.1959 |
|
Date of Appointment : |
25.11.2009 |
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DIN No.: |
00014810 |
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Other Directorship :
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Name : |
Mr. Manjulaben Dharmeshbhai Patel |
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Designation : |
Director |
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Address : |
1102, Adharshila Apartment, Ghod Dod Road, Surat - 395007, Gujarat, India |
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Date of Birth/Age : |
01.06.1963 |
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Date of Appointment : |
25.11.2009 |
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DIN No.: |
00014816 |
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Other Directorship :
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Name : |
Mr. Dhwanil Dharmeshbhai Patel |
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Designation : |
Director |
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Address : |
1102 Adharshila Apartment, Opposite of Citymall, Ghoddod Road, Surat - 395007, Gujarat, India |
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Date of Birth/Age : |
07.04.1991 |
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Date of Appointment : |
16.03.2012 |
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DIN No.: |
03057771 |
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KEY EXECUTIVES
|
Name : |
Ms. Saloni |
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Designation : |
HR |
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|
|
|
Name : |
Mr. Ankur Latha |
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Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Dharmesh Patel |
|
11249998 |
|
Manjulaben Patel |
|
3750000 |
|
Jayendrika Bhojak |
|
1 |
|
Madhusudan International |
|
1 |
|
Total |
|
15000000 |
As on 17.06.2015
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Dharmesh Patel |
|
6250000 |
|
Manjulaben Patel |
|
3750000 |
|
Dhawanil Patel |
|
3000000 |
|
Total |
|
13000000 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the development of commercial and residential
projects. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Financial Institution : |
Reliance Capital Limited, "H" Block 1st Floor,
Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710,
Maharashtra, India |
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Auditors : |
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Name : |
PKMG and Company Chartered Accountants |
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Address : |
4021, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India |
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PAN No.: |
AALFP0373J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary (As on 31.03.2013) : |
Dharam Sons Developers Private Limited, India |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (As on 31.03.2013) : |
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CAPITAL STRUCTURE
After 29.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs.10/- each |
Rs.280.000
Million |
As on 29.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
150.000 |
50.000 |
50.000 |
|
(b) Reserves &
Surplus |
17.595 |
0.020 |
0.000 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
167.595 |
50.020 |
50.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
287.835 |
450.490 |
419.626 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
287.835 |
450.490 |
419.626 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
508.887 |
348.678 |
225.196 |
|
(b) Trade payables |
122.651 |
42.417 |
30.276 |
|
(c) Other current
liabilities |
778.281 |
732.814 |
76.915 |
|
(d) Short-term provisions |
2.451 |
0.069 |
0.074 |
|
Total Current Liabilities
(4) |
1412.270 |
1123.978 |
332.461 |
|
|
|
|
|
|
TOTAL |
1867.700 |
1624.488 |
802.087 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7.342 |
5.325 |
0.271 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
88.884 |
82.221 |
0.800 |
|
(c) Deferred tax assets
(net) |
0.088 |
0.020 |
0.000 |
|
(d) Long-term Loan and Advances |
18.512 |
32.238 |
5.654 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
114.826 |
119.804 |
6.725 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
109.100 |
|
(b) Inventories |
1434.079 |
1305.734 |
681.420 |
|
(c) Trade receivables |
47.629 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
248.945 |
189.393 |
1.928 |
|
(e) Short-term loans and
advances |
20.780 |
7.394 |
0.028 |
|
(f) Other current assets |
1.441 |
2.163 |
2.886 |
|
Total Current Assets |
1752.874 |
1504.684 |
795.362 |
|
|
|
|
|
|
TOTAL |
1867.700 |
1624.488 |
802.087 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
PROFIT (LOSS) FOR
PERIOD |
17.574 |
0.000 |
0.000 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
243.434 |
220.930 |
2.618 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(34.256) |
(179.330) |
(537.645) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.21 |
20.39 |
12.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.34 |
2.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
50.000 |
50.000 |
150.000 |
|
Reserves & Surplus |
0.000 |
0.020 |
17.595 |
|
Net worth |
50.000 |
50.020 |
167.595 |
|
|
|
|
|
|
long-term borrowings |
419.626 |
450.490 |
287.835 |
|
Short term borrowings |
225.196 |
348.678 |
508.887 |
|
Current Maturities of
Long Term Debt |
2.618 |
220.930 |
243.434 |
|
Total borrowings |
647.440 |
1020.098 |
1040.156 |
|
Debt/Equity ratio |
12.949 |
20.394 |
6.206 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
No |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from others |
91.553 |
2.340 |
|
Loans and advances from directors |
155.987 |
218.844 |
|
Total |
247.540 |
221.184 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10548896 |
30/01/2015 |
1,500,000,000.00 |
SYNDICATE BANK |
SME BRANCH, SALABATPURA, SURAT - 395002, GUJARAT, INDIA |
C43494285 |
|
2 |
10531532 |
21/10/2014 |
50,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA |
C33756644 |
|
3 |
10418493 |
30/03/2013 |
400,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE BRANCH, OPP. MANDARWAJA FIRE STATION, RING ROAD, SURAT - 395002, GUJARAT, INDIA |
B72809767 |
|
4 |
10418497 |
29/03/2013 |
400,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE BRANCH, OPP. MANDARWAJA FIRE STATION, RING ROAD, SURAT - 395002, GUJARAT, INDIA |
B72810054 |
* Date of charge modification
FIXED ASSETS
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
- Other Equipments
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.64.95 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.