MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
K-AIR SPECIALITY GASES PRIVATE LIMITED |
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Registered Office : |
Gate No:245,6,7,9 Plot No.1, Karabwadi Chakan Khed, Pune-410501
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.03.2001 |
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Com. Reg. No.: |
25-16015 |
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CIN No.: [Company
Identification No.] |
U24111PN2001PTC016015 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK05813D |
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PAN No.: [Permanent
Account No.] |
AABCK5630N |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Suppliers of Specialty and Industrial Gases, Bulk cryogenic liquid Supplies
and equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 59000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usua trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Gate No:245 6 7 9 Plot No.1 Karabwadi Chakan Khed, Pune-410501
Maharashtra |
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Tel. No.: |
91-2135-255354/ 255355 |
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Fax No.: |
91-2135/ 254417 |
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Website : |
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Head Office : |
201, A Kumar Pride Senate, Senapati Bapat Road, Pune 411016
Maharashtra India |
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Tel. No.: |
91-20-56020330 / 56020340 |
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Fax No.: |
91-20-56012777 |
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Branches: |
M 86, Waluji, Aurangabad 431136, Maharashtra India |
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Tel. No.: |
91-240-2552100 |
DIRECTORS
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Name : |
Mr. Deepak Indrabhan Karnawat |
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Designation : |
Director |
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Address : |
A-201, Kalpataru Enclave, D.P. Road, Aundh, Pune:411007 Maharashtra |
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Date of Appointment : |
30.03.2001 |
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Name : |
Mr. Kiran Indrabhan Karnawat |
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Designation : |
Director |
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Address : |
Flat No:6, Woodside Villa, Anand Park, Pune:411007, Maharashtra |
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Date of Appointment : |
30.03.2003 |
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Name : |
Mr. Indrabhan Chunilal Karnawat |
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Designation : |
Director |
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Address : |
Nandanvan Apts, Burudgaon Road, Ahmpdnagar -414002, Maharashtra |
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Date of Appointment : |
20.08.2004 |
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Name : |
M/s Sadhana Deepak Karnawa |
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Designation : |
Director |
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Address : |
A-201, Kalpataru Enclave, D.P. Road, Aundh, Pune:411007 Maharashtra |
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Date of Appointment : |
20.08.2004 |
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Name : |
M/s. Rupali Kiran Karnawai |
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Designation : |
Director |
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Address : |
Flat No.6, Woodside villa, Anand Park, Pune:411007, Maharashtra |
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Date of Appointment : |
20.08.2004 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Deepak Indrabhan Karnawat |
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90790 |
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Kiran Indrabhan Karnawat |
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152210 |
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Indrabhan Chunilal Karnawat |
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50000 |
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Suman Indrabhan Karnawat |
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25000 |
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Sadhna Deepak Karnawat |
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43000 |
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Rupali Kiran Karnawat |
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27000 |
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Ronak Kiran Karnawat |
|
1000 |
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Sana Kiran Karnawat |
|
1000 |
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Deepak Indrabhan Karnawat (HUF) |
|
10000 |
List of Bonus Shares:
|
Name of Allotte |
No. of Bonus
Shares Allotted: |
|
Deepak Karnawat |
1,36,185 |
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Indrabhan Karnawat |
75,000 |
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Kiran Karnawat |
2,28,315 |
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Ronak Karnawat |
1,500 |
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Rupali Karnawat |
40,500 |
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Sadhana Karnawat |
64,500 |
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Sana Karnawat |
1,500 |
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Suman Karnawat |
37,500 |
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Deepak karnawat(HUF) |
15,000 |
BUSINESS DETAILS
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Line of Business : |
Suppliers of Specialty and Industrial Gases, Bulk cryogenic liquid
Supplies and equipments |
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Products : |
Specialty Gases, Industrial Gases, Bulk Cryogenic Liquid, Equipments,
Conversion Charts |
GENERAL
INFORMATION
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No. of Employees : |
Unknown |
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Bankers : |
Corporation Bank Camp Branch
Pune:411001 Maharashtra laxmanshettigar@rediffmail.com Bank of
Maharashtra Pimpri Branch,
Pimpri, Pune-411 018 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nahar Mutha Associates Chartered Accountant |
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Address : |
34, Maruti Lane, Ratnadeep Building, Fort, Mumbai:411001 Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
4.000 |
4.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.839 |
8.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.839 |
12.000 |
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LOAN FUNDS |
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1] Secured Loans |
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26.131 |
27.962 |
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2] Unsecured Loans |
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6.310 |
1.895 |
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TOTAL BORROWING |
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32.441 |
29.857 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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47.280 |
41.857 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.298 |
26.444 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.002 |
0.002 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.764 |
6.055 |
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Sundry Debtors |
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24.950 |
23.912 |
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Cash & Bank Balances |
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2.710 |
2.116 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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7.676 |
5.870 |
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Total
Current Assets |
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41.100 |
37.953 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.120 |
22.555 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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24.120 |
22.555 |
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Net Current Assets |
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16.980 |
15.398 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.013 |
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TOTAL |
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47.280 |
41.857 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.62 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.70 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporate identity
number of the company |
U2411PN2001PTC016015 |
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Name of the
company |
K-Air Speciality
Gases Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Gate No:245 6 7 9
plot No:1, Karabwadi Chakan Khed Pune:410501 Maharashtra India |
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This form is for |
Creation of
Charge |
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Type of charge |
Equitable
mortgage of propert by depositing the title deeds |
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Particular of
charge holder |
Corporation Bank Camp Branch Pune:411001
Maharashtra |
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Nature of
instrument creating charge |
Memorandum of
Deposit of Title Deeds By A Company Dated 04/04/2006 |
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Date of
instrument Creating the charge |
04.04.2006 |
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Amount secured by
the charge |
Rs.107.300
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Secures all
monies upto a limit of Rs.107.300 Millions |
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Description of the
property charged indicating whether it is a charged on |
Immovable
Properties |
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Particulars of
the property charged |
Plot No:M.86,
MIDC, Waluj Industrial Area, Aurangabad |
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Charge
identification number of the charge to be modified |
-- |
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Name of the company |
K-Air Specialty
Gases Private Limited |
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Presented By |
K-Air Specialty
Gases Private Limited |
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1) Date and description of instrument creating the change |
Agreement cum deed of hypothecation and cash credit agreement dated
30.08.2001 executed by and between k-Air Specialty Gases Private Limited
(herewith referred to as Borrower)n and Bank of Maharashtra, Pimpri Br.
(herewith referred to as the Bank) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.850 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 |
All the stock of
raw material, goods in process and all semi-finished goods, finished goods
and articles together with all stores, components, and spare now lying or
stored in the borrowers godown, and/or other premises at or other premises at
or wherever else the same may be situated or stored or lying and all the
present and future book debts, outstanding money, receivable, claims and bill
arising out of sale belonging to the Borrower. Hypothcation of
plant and machinery at the factory situated at chakan. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) At the request
of the borrower, the bank has agreed to grant credit facility upto Rs.3.100
Millions by way of Term Loan, Rs.4.500 Millions by way of cash credit
facility and Rs. 0.250 Millions by way of bank guarantee. The Borrower has agreed
to utilize the credit facilities only for the purpose Specified for The borrower has
agreed to pay interest and /or commission to the Bank in respect of Credit
facilities from time to time on the out standing in the respective accounts
at such respective rates as agreed with the bank. The borrower has
agreed to keep a margin of 25% on the hypothecated goods The borrower has
agreed to keep a margin the hypothecated goods in good and marketable
conditions. 2) The borrower
has also agreed to keep the hypothecated good fully insured against loss or
damage by fire, riot, civil commotion and other risk. Premises where the
hypothecation goods are used/lying for inspection or to take particulars all
or any part of the said hypothecated goods. The Bank has a right to take charge/
possessions, seize, recover, receive, appoint receiver to remove and sell or
dispose of by public auction or private contact, dispatch for
realization or otherwise dispose of
the hypothecated goods and to recover and receive the said debts and assets
in such manner and upon such terms and conditions as the bank or any of them
may think fit |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra Pimpri Branch,
Pimpri, Pune-411 018 |
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6) Date and brief description of instrument modifying the charge |
Composite deed of
hypothecation for all facilities dtd. 28.07.2003 |
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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. |
By Present
agreement dtd. 28.07.2003 following facilities have been granted by the bank. 1)
Cash Credit
has been enchaced from Rs. 4.500 Millions to Rs.7.500 Milliosn 2)
Bank
Guarantee has been enchanced from Rs. 0.250 Millions to Rs. 5.00 Millions 3)
Letter of
credit for Rs.0.250 Millions 4)
Fresh terms
loan for Rs. 3.000 Millions 5)
Earlier
terms loan of Rs. 3.100 Millions remains unchanged. The total limit
now stands to Rs. 18.000 Millions and security have been created as under:- First and
exclusive charge and security by way of hypothecation charge and security by
way of hypothecation security charged in favour of the bank over the
company’s present and future movable plants, machinery goods stocks of raw
materials, item , inventories, stock in process, semi finished and finished
goods, process, semi finished and finished goods, stores and spares not
relating to plant and machinery (consumable stores and spares), stock in
transit, Bill receivable, and book debts and
all of the Company’s other movable assets and properties both present
and future situated or located at any place and now lying, being, affixed or
installed at any place and now at any time an the company’s goodwill and all
outstanding monies, claims, receivables, Book Debts due or become due to ht
company’s at any time or from time to time and all of the company’s other
terms and conditions:- Rate of
Interest:- 1% over prime lending rate as may be prescribed by the bank with
minimum rate of interest 12.50% p.a. Margin :25% |
As Per Web Site:
The company is one of the emerging suppliers of Speciality & Industrial gases, Bulk cryogenic liquid supplies & equipments. Founded in 1999, it has built a reputation of one of the most reliable suppliers of wide portfolio of gases to its customers in Indian Subcontinent & Middle East Countries.
The company activities are majorly focused on distribution of Speciality Gases, pure gases, speciality gases of ultra high purity upto 6.0 grades, Electronic & Research grades, calibration standards, and hydrocarbons, liquid blends, Semiconductor, grades. The company has successfully been catering to myriad industries such as Pharmaceuticals, Research, Engineering, Metal Fabrication, Steel Producers, Automobile, etc
Supply of Bulk Cryogenic liquids, vide importation of large fleet of ISO tanks, Liquid Argon, CO2, Ammonia, etc are various products.
Its flexible solutions of catering to its customer requirements & meeting them with every possible option are the largest factor, which has led to consistent growth. It has endowed perpetual progression through technology updation & has been imparting to its customers. Strong belief in Safe Handling, Achieving High Level of customer satisfaction, Fair Practices, Integrity of products, Environment friendly approach has helped them achieve key high profile corporate customer portfolio.
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.42.74 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|