MIRA INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
R D ASHAR PRIVATE LIMITED |
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Registered Office : |
R D Ashar Compound, Wagle Industrial Estate, Main Road, Thane -400604,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.11.1982 |
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Com. Reg. No.: |
11-28628 |
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CIN No.: [Company
Identification No.] |
U51504MH1982PTC028628 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNER07450C |
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PAN No.: [Permanent
Account No.] |
AACCR0867M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Conveyor Belts. |
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 15000 |
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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 usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
R D Ashar Compound, Wagle Industrial Estate, Main Road, Thane -400604,
Maharashtra, India |
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Tel. No.: |
91-22-25823739 |
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Fax No.: |
91-22-25820864 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Kamlini D Ashar |
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Designation : |
Director |
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Address : |
601, Parishram Appartment, 40, Pali Hill, Bandra (West),
Mumbai-400050, |
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Date of Birth/Age : |
27.09.1937 |
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Date of Appointment : |
05.11.1982 |
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Name : |
Mr. Ritin D Ashar |
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Designation : |
Director |
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Address : |
601, Parishram Appartment, 40, Pali Hill, Bandra (West),
Mumbai-400050, |
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Date of Birth/Age : |
28.08.1965 |
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Date of Appointment : |
22.10.2001 |
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Name : |
Mr. Harikumar S Menon |
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Designation : |
Director |
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Address : |
B-204, Eternia Hiranandani, Powai II, |
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Date of Birth/Age : |
16.07.1959 |
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Date of Appointment : |
10.07.2003 |
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Name : |
Mr. D R Ashar |
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Designation : |
Director |
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Name : |
Mr. Gopaldas H Ashar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. C B Chandran |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Ms. Kamlini D Ashar |
1070 |
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Mr. Ritin D Ashar |
1070 |
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Mr. Harikumar S Menon |
540 |
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Ms. Anjali M Balan |
1 |
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Ms. Aruna M Bhatia |
1 |
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Ms. Damayanti H Bhatt |
1 |
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Ms. Darpana M Bhatia |
1 |
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Ms. Kalavati H Bhatia |
1 |
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Ms. Kanaklata B Patel |
1 |
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Ms. Parvatibai S Tankar |
1 |
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Ms. Pravina D Kapadia |
1 |
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Mr. Kishore H Doshi |
1 |
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Ms. Ramaben R Seth |
1 |
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Ms. Shanta C Menon |
1 |
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Ms. Sharda K Doshi |
1 |
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Ms. Vijayabai J Ashar |
1 |
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Ms. Vimla C Paleja |
1 |
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Mr. Vishal M Bhatia |
1 |
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Ms. Yeshwanti V Kapadia |
1 |
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Mr. Kintu K Bajaj |
1 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Conveyor Belts. |
GENERAL INFORMATION
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Bankers : |
v
ICICI Bank v
The Thane Janta Sahakari Bank Limited, Shreenagar
Branch, Thane-400604, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A P Shirodkar Chartered Accountants |
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Address : |
25, Asavari, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2697 |
Equity Shares |
Rs.100/-
each |
Rs.0.270
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.269 |
0.269 |
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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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3.533 |
1.683 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.802 |
1.952 |
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LOAN FUNDS |
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1] Secured Loans |
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7.311 |
6.974 |
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2] Unsecured Loans |
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1.269 |
1.269 |
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TOTAL BORROWING |
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8.580 |
8.243 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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12.382 |
10.195 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.623 |
5.955 |
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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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0.100 |
0.100 |
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DEFERREX TAX ASSETS |
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0.053 |
0.073 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.318 |
5.752 |
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Sundry Debtors |
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2.713 |
1.469 |
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Cash & Bank Balances |
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4.939 |
2.577 |
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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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6.585 |
4.250 |
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Total
Current Assets |
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21.555 |
14.048 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.956 |
9.989 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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14.956 |
9.989 |
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Net Current Assets |
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6.599 |
4.059 |
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MISCELLANEOUS EXPENSES |
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0.007 |
0.008 |
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TOTAL |
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12.382 |
10.195 |
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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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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.19 |
9.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Subject is an ISO 2000 Certified company
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of
the company |
U51504MH1982PTC028628 |
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Name of the company |
R D ASHAR PRIVATE LIMITED |
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Address |
R D Ashar Compound, Wagle Industrial Estate, Main Road, Thane -400604,
Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
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The Thane Janta Sahakari Bank Limited Shreenagar Branch Thane-400604 |
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Nature or description of the instrument creating charge |
Hypothecation of all stock and book debts |
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Date of the instrument creating charge |
08.11.2006 |
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Amount Secure by the charge |
Rs.7.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest @ 13.50% p.a. (at monthly rest) i.e. @ 0.50% p.a. above PLR Terms of repayment 12 months. Renewed on yearly basis. In the month of September 2007 Margin 30% Extent and operation of the charge Charge exclusively created in favour of the bank |
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Description of the property charge whether it is a charge on |
Supplemental deed of hypothecation |
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Modification charge Charge identification number of the charge to be modified |
90148672 |
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Date of instrument creating or evidencing the charge |
08.11.2006 |
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Date of Acquisition of the property |
08.11.2006 |
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Amount of the charge |
Rs.7.500 millions |
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Particulars of the Property charged
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Hypothecation of stock and book debts lying at premises of the company |
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Particulars of present modification |
Charge for cash credit facilities enhanced from Rs.2.500 millions to
Rs.7.500 millions. |
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Name of the company |
R D Ashar Private Limited |
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Presented By |
Mrs. Kamalini D Ashar, Director |
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1) Date and
description of instrument creating the change |
Loan agreement,
hypothecation of tangible movable machinery and plant, hypothecation of goods,
plant and machinery and debts (for Rs.1.000 millions L/C limit) Loan agreement,
hypothecation of tangible movable machinery and plant, hypothecation of
goods, plant and machinery and debts (for Rs.1.000 millions O.B.D. limit) Loan agreement,
hypothecation of tangible movable machinery and plant, hypothecation of
goods, plant and machinery and debts (for Rs.2.500 millions cash credit
facility) Loan agreement,
hypothecation of tangible movable machinery and plant, hypothecation of
goods, plant and machinery and debts (for Rs.3.000 millions pre shipment and
post shipment limit) Loan agreement ,
hypothecation of tangible movable machinery and plant (for Rs.2.500 millions
B/G limit) Term loan
agreement, hypothecation of tangible movable machinery and plant
hypothecation of goods, plant and machinery and debts (for Rs.0.173 millions) (All documents
dated 31.03.2004 to constitute a single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
(Rs. In 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 |
Hypothecation of
all present and future plant and machinery, machinery spares, machinery stores,
spares and accessories, being common in respect of all charges more
particularly referred as hypothecated assets specified in hypothecation of
tangible movable machinery and plant and hypothecation of all stocks of
finished goods, stocks of raw material and semi finished goods and consumable
stores and spares all its stock of goods and other merchandise, all tangible
movable machinery and plant machines, spares, machinery stores, spares and
accessories both present and future, book debts outstanding decrees, monies
receivables, claims and bills more particularly specified in hypothecation of
goods, plant and machinery and debts. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest as may be prescribed by the bank as per prevailing
Banking rules in case of cash credit limit, OBD limit and pre shipment and
post shipment limit and term loan. Commission as may be determined by the bank from time to time in case
of LC limit and BG limit
2% penal interest for defaults Charge to cover all outstanding sums, interests, costs and charges
payable by the company to the bank. |
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5) Name and
Address and description of the person entitled to the charge. |
The Thane Janata Sahakari Bank Limited Sreenagar Branch, Thane (West) |
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6) Date and brief description of instrument
modifying the charge |
N.A. |
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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. |
N.A. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.44 |
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1 |
Rs.82.03 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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--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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
|
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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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