MIRA
INFORM REPORT
|
Report Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VISHVACHAYA
STEELS PRIVATE LIMITED |
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Registered Office : |
44/104
Navsahyadri Society, Kothrud, Pune – 411029, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
05.01.1987 |
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Com. Reg. No.: |
11-42094 |
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CIN No.: [Company
Identification No.] |
U27106MH1987PTC042094 |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers
of Ladder Type and Perforated Type cable Trays and its Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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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 a well established company having moderate track. Trade relations are fair. Payments are reported
as slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
44/104
Navsahyadri Society, Kothrud, Pune – 411029, Maharashtra, India |
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Tel. No.: |
91-20-25383212 |
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Website : |
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Corporate
Office : |
27/4,
Divyadarshan Commercial Complex, Dahanukar colony, Kothrud, Pune – 411038,
Maharashtra, India |
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Tel.
No.: |
91-20-25383047
/ 25383212 / 56205546 |
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Mobile
No.: |
91-9822330073 |
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Fax
No.: |
91-20-25383212
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E-Mail
: |
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Factory
1 : |
Shubhamkaroti
Industrial Estate, Gat No. 1546, Pirangut, Tal. Mulshi, District Pune |
DIRECTORS
|
Name : |
Mrs.
Jayashri Ravikant Dhotre |
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Designation : |
Director
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Address : |
5920,
Shubhamraroti, Navasayadri Society, Pune – 411052, Maharashtra, India |
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Date of Birth/Age : |
04.04.1954 |
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Date of Appointment : |
05.01.1987 |
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Name : |
Mr.
Vishwajit R. Dhotre |
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Designation : |
Director
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Address : |
5920,
Shubhamraroti, Navasayadri Society, Pune – 411052, Maharashtra, India |
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Date of Birth/Age : |
16.01.1980 |
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Date of Appointment : |
19.01.1998 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mrs.
Jayashri Ravikant Dhotre |
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91800 |
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Mr.
Vishwajit R. Dhotre |
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500 |
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Mr.
Ravi Gopal Dhotre |
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5800 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Ladder Type and Perforated Type cable Trays and its Accessories. |
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Products : |
Steels
/ Cables and Trays |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
The
Cosmos co-operative Bank Limited Ganesh
Nagar Branch, 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India Saraswat
Cooperative Bank Limited |
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Facilities : |
Cash
Credit and Term Loan from The Cosmos co-operative Bank Limited |
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Banking Relations : |
Satisfactory
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Auditors : |
Deekay
and Company Chartered
Accountants 1616,
Sadashiv Peth, Pune - 411030 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
98200 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.982 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.982 |
0.982 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[0.457] |
[1.161] |
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NETWORTH |
|
0.525 |
[0.179] |
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LOAN FUNDS |
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1] Secured Loans |
|
4.747 |
3.037 |
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2] Unsecured Loans |
|
1.631 |
1.331 |
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TOTAL BORROWING |
|
6.378 |
4.368 |
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DEFERRED TAX LIABILITIES |
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0.244 |
0.294 |
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TOTAL |
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7.147 |
4.483 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.388 |
1.589 |
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INVESTMENT |
|
1.079 |
1.074 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.044 |
0.198 |
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Other Current Assets |
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6.938 |
5.579 |
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Loans & Advances |
|
1.478 |
1.412 |
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Total Current Assets |
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8.460 |
7.189 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.788 |
5.379 |
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Provisions |
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Total Current Liabilities |
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4.788 |
5.379 |
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Net Current Assets |
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3.672 |
1.810 |
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MISCELLANEOUS EXPENSES |
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0.008 |
0.010 |
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TOTAL |
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7.147 |
4.483 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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11.805 |
8.483 |
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Profit/(Loss)
Before Tax |
|
0.022 |
[0.434] |
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Provision
for Taxation |
|
[0.009] |
0.205 |
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Profit/(Loss)
After Tax |
|
0.031 |
[0.639] |
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Total
Expenditure |
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11.783 |
8.917 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.26 |
[7.53] |
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Net
Profit Margin (PBT/Sales) |
(%) |
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0.19 |
[5.12] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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0.20 |
[4.94] |
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Return
on Investment (ROI) (PBT/Networth) |
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0.04 |
[2.42] |
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Debt
Equity Ratio (Total
Liability/Networth) |
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21.27 |
[54.45] |
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Current
Ratio (Current
Asset/Current Liability) |
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1.77 |
1.34 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Factory
Building
v
Office
Building
v
Plant
and Machinery
v
Furniture
and Fixture
v
Office
Equipments
v
Motor
Car
v
Tempo
v
Computer
The company has achieved a turnover of Rs. 11.658 millions during the current year and considering the orders on hand position, the company has good prospects in future.
Quantitative
Details of principal items of Raw Materials and Semi Finished Goods ;
v
Raw
Materials
v
Die
v
HR
Sheet ad SS Sheet
v
MS
Scrap
v
Zinc
v
Semi
Finished Goods
v
Compacter
v
Accessories
v
Store
Structure
v
Cable
Trays
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Name of the company |
Vishvachaya Steels Private Limited |
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Presented By |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune –
411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
Date : 02.09.2003 Description : Hypothecation of Tangible Goods |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Plot No. 13 & 14 situated at Pirangut |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 15 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Name of the company |
Vishvachaya Steels Private Limited |
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Presented By |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune –
411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
Date : 15.12.2004 Description : Hypothecation of Tangible Goods / Movable Property |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock and all products, goods and every tangible movable property of Borrowing lying at Gat No No. 1546 Pirangut, Mulshi, Pune |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 13 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Name of the company |
Vishvachaya Steels Private Limited |
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Presented By |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune –
411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
Date : 06.04.2004 Description : Hypothecation of Tangible Goods / Movable Property |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.180 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
100 ton power press with electric pully welding machine Collateral plant and machinery as situated in the schedule of agreement |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 13 % p.a. Repayment by monthly instalments of Rs. 0.004 millions |
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5) Name and Address and description of the person entitled to the charge. |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Name of the company |
Vishvachaya Steels Private Limited |
|
Presented By |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune –
411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
Date : 15.12.2004 Description : Hypothecation of Tangible Goods / Movable Property to secure a demand cash credit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
100 ton power press machine, Electric Motor, electric starter, electrical foundation |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 13 % p.a. Monthly instalments of Rs. 0.007 millions |
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5) Name and Address and description of the person entitled to the charge. |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U27106MH1987PTC042094 |
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Name of the company |
Vishvachaya Steels Private Limited |
|
Address |
44/104
Navsahyadri Society, Kothrud, Pune – 411029, Maharashtra |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
The
Cosmos co-operative Bank Limited 269/270, Shaniwar Peth, Pune –
411030, Maharashtra, India |
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Amount Secure by the charge |
Rs. 0.300 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Facility cash credit Interest 12 % p.a. Margin 25 % |
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Description of the property charge whether it is a charge on |
Stock in trade and Book Debts |
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Modification charge Charge identification number of the charge to be modified |
10003984 |
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Date of instrument modifying the charge |
19.05.2006 |
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Particulars of the Property charged |
Stock and Receivables at the registered office of the company. |
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Particular of Present Modification |
Factory land and building at plot no. 13 & 14 Gat No. 1546 Pirangut, Mulshi, Pune is given as collateral security. |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.75 |
|
UK
Pound |
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.57.55 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
37 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|