MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
BAS ENGINEERING PRIVATE LIMITED |
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Registered Office : |
A-2, Udyog Nagar Industrial Area, New Rohtak Road, Peeragarhi Chowk,
New Delhi – 110041 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.05.1997 |
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Com. Reg. No.: |
55-87067 |
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CIN No.: [Company
Identification No.] |
U72200DL1997PTC087067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB06498C / DELB07409D |
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PAN No.: [Permanent
Account No.] |
AAACB4915A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on business of designing, manufacturing, developing, hireing,
light engineering facility and manufacture engineering industrial products
and to provide engineering services.
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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 590000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. 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 / Factory : |
A-2, Udyog Nagar Industrial Area, New Rohtak Road, Peeragarhi Chowk,
New Delhi – 110041, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Paramjit Singh |
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Designation : |
Director |
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Address : |
53/67, |
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Date of Appointment : |
05.05.1997 |
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Name : |
Mr. Radhe Mohan Kapur |
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Designation : |
Director |
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Address : |
C-13, Panchsheel Enclave, |
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Date of Birth/Age : |
24.10.1941 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mrs. Vijay Kapur |
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Designation : |
Director |
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Address : |
C-13, Panchsheel Enclave, |
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Date of Birth/Age : |
04.10.1945 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mr. Yadur Kapur |
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Designation : |
Director |
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Address : |
C-13, Panchsheel Enclave, |
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Date of Birth/Age : |
19.06.1970 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mr. Harvansh P. Chawla |
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Designation : |
Director |
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Address : |
C-17, Nizamuddin East, |
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Date of Birth/Age : |
19.06.1970 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mr. Harvansh P. Chawla |
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Designation : |
Director |
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Address : |
C-17, Nizamuddin East, |
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Date of Birth/Age : |
07.06.1970 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mr. Dinesh C Kothari |
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Designation : |
Director |
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Address : |
M-227, greater kailash Ii, |
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Date of Birth/Age : |
07.06.1970 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mr. Balbir Singh |
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Designation : |
Director |
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Address : |
53/67, |
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Date of Appointment : |
05.05.1997 |
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Name : |
Mr. Rajiv Jain |
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Designation : |
Director |
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Address : |
B-9/6225, Vasant Kunj, |
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Date of Appointment : |
02.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Paramjit Singh |
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2059 |
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Dale Kaur |
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2059 |
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Radhe Mohan Kapur |
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316355 |
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Vijay Kapur |
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169937 |
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Yadur Kapur |
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351202 |
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Ring Road Motors Private Limited |
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2593247 |
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Total |
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3434859 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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75.50 |
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Directors of relatives of directors |
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24.50 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on business of designing, manufacturing, developing, hireing,
light engineering facility and manufacture engineering industrial products and
to provide engineering services. |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
State Bank of Kotak Mahindra Primus Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R S Singhvi and Company Chartered Accountants |
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Address : |
S-5, Greater Kailash Part –I, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,434,859 |
Equity Shares |
Rs. 10/- each |
Rs. 34.349
Millions |
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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34.349 |
34.349 |
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2] Share Application Money |
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21.000 |
21.000 |
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3] Reserves & Surplus |
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92.620 |
65.178 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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147.969 |
120.527 |
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LOAN FUNDS |
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1] Secured Loans |
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340.915 |
357.926 |
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2] Unsecured Loans |
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2.489 |
3.000 |
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TOTAL BORROWING |
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343.404 |
360.926 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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491.373 |
481.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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159.791 |
151.788 |
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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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0.493 |
4.489 |
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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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187.508 |
193.463 |
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Sundry Debtors |
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182.582 |
171.600 |
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Cash & Bank Balances |
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8.400 |
16.190 |
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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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59.336 |
44.892 |
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Total
Current Assets |
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437.826 |
426.145 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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102.101 |
97.790 |
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Provisions |
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4.837 |
3.571 |
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Total
Current Liabilities |
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106.938 |
101.361 |
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Net Current Assets |
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330.888 |
324.784 |
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MISCELLANEOUS EXPENSES |
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0.201 |
0.392 |
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TOTAL |
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491.373 |
481.453 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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4141.139 |
3762.751 |
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Total Income |
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4141.139 |
3762.751 |
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Profit/(Loss) Before Tax |
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41.575 |
49.723 |
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Provision for Taxation |
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14.134 |
18.194 |
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Profit/(Loss) After Tax |
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27.441 |
31.529 |
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Expenditures : |
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Financial Charges |
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27.514 |
15.761 |
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Depreciation & Amortization |
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19.383 |
16.572 |
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Other Expenditure |
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4052.667 |
3680.695 |
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Total Expenditure |
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4099.564 |
3713.028 |
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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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0.66 |
0.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.00 |
1.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.96 |
8.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.04 |
3.84 |
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Current Ratio (Current Asset/Current Liability) |
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4.09 |
4.20 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report as per Registry
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Name of the company |
BAS ENGINEERING
PRIVATE LIMITED |
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Presented By |
Mr. Yadur Kapur |
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1) Date and description of instrument creating the change |
Nil [Record of
Mortgage by deposit of title deeds dated 29.06.2005] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Financial
facilities aggregating to limit of Rs. 360.000 Millions lent and advanced or
agreed to be lent and advanced by Kotak Mahindra Primus Limited, 36-38A,
Nariman Bhavan, Nariman Point, Mumbai
to BAS Engineering Private Limited together with interest, costs,
charges, expenses and all other moneys due and payable by it to Kotak
Mahindra Primus Limited |
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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 |
Equitable
Mortgage over the property owned by the Company being all piece and parcel of
land adm. 2000 sq. mts. With all present and future super structure thereon,
situated at Industrial Plot bearing No. UV – 60 & 61 in the Industrial
Estate at Udyog Vihar, Phase IV, Gurgaon, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charges
operate as security inter alia for the due payment and discharge by BAS Engineering
Private Limited to Kotak Mahindra Primus Limited of Financial facilities
aggregating to Rs. 360.000 Millions together with interest, costs, charges,
expenses and all other money payable by it to Kotak mahindra Primus Limited
under the relevant documents. The Company shall
keep the Mortgage Premises in good conditions at its own costs and to insure
the Mortgage Premises. The Securities
created under the said facilities are to be continuing securities for all the
moneys, intentness and liabilities aforesaid. |
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5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra
Primus Limited 36-38 A, Nariman
Bhavan, Nariman Point, Mumbai – 400021 |
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6) Date and brief description of instrument modifying the charge |
Nil [Record of
Mortgage by deposit of title deeds dated 30.06.2005] |
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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. |
The extent of
charge has been extended from Rs. 360.000 Millions to Rs. 390.000 Millions.
The same has been recorded in the Record of Mortgage by constructive deposit
of title deeds. |
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U72200DL1997PTC087067 |
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Name of the
company |
BAS ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
A-2, Udyog Nagar Industrial Area, New Rohtak Road, Peeragarhi Chowk,
New Delhi – 110041, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Kotak Mahindra
Primus Limited 36-38 A, Nariman
Bhavan, Nariman Point, Mumbai – 400021 |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of Entry |
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Date of
instrument Creating the charge |
06.04.2007 |
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Amount secured by
the charge |
Rs. 55.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For the first
thirty five months, 9.75 % p.a. less Kotak Mahindra Bank Prime Lending Rate
less 5.25 % p.a. and for the next twenty four months, 10 % based on KMB’s PLR
less 5.0 % KMB’s PLR is 15 % p.a. Terms of
repayment To be repaid in
60 monthly installments by way of 60 post dated Cheques. Extent operation
of the charge The charges
operate as security inter alia for the due payment and discharge by BAS
Engineering Private Limited to Kotak Mahindra Primus Limited of Financial
facilities aggregating to Rs. 55.000 Millions together with interest, costs,
charges, expenses and all other money payable by it to Kotak mahindra Primus
Limited under the relevant documents. Charge is a continuous charge. |
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Short particulars
of the property charged |
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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.40.45 |
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|
1 |
Rs.82.70 |
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Euro |
1 |
Rs.55.94 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
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 |
|