MIRA
INFORM REPORT
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Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ATHREYA ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
4 – D, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.02.1995 |
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Com. Reg. No.: |
30163 |
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CIN No.: [Company
Identification No.] |
U93090TN1995PTC030163 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA02172C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Suppliers of Computer Accessories and Electrical Components. |
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 |
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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 well-established company having satisfactory track record.
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 : |
4 – D, |
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Tel. No.: |
91-44-24349630 / 24336967 / 28341016 |
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Fax No.: |
91-44-24348013 / 28342016 |
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E-Mail : |
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Corporate Office : |
No. S / 293, |
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Tel. No.: |
91-44-24825177 |
DIRECTORS
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Name : |
Mr. M S Parthasarathi |
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Designation : |
Director |
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Address : |
26, |
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Date of Appointment : |
13.02.1995 |
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Name : |
Mr. M P Shankar |
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Designation : |
Director |
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Address : |
26, |
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Date of Birth/Age : |
10.06.1962 |
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Date of Appointment : |
13.02.1995 |
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Name : |
Ms. Gayathri Santiianam |
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Designation : |
Director |
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Address : |
26, |
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Date of Birth/Age : |
02.08.2004 |
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Date of Appointment : |
01.11.1999 |
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Name : |
Mr. J Ganesh Amaranth |
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Designation : |
Director |
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Address : |
No. 7, Geegee Apartments, 8 Kasturi Estate, |
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Date of Appointment : |
01.11.1999 |
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Name : |
Mr. Rathna Krishnan |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names Of Shareholders |
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No. of Shares |
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Mr. M P Krishnan |
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52500 |
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Mr M P Shankar |
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52500 |
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Mr. M S Parthasarathy |
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15000 |
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Mr. M P Hemalatha Santhanam |
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15000 |
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Mrs. V Seethal Akshmi |
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15000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Suppliers of Computer Accessories and Electrical Components. |
GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Sate
Bank of Ambattur
Industrial Estate, No. 86A and B, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
50 (Old No. 29), |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity shares |
Rs. 10/-
each |
Rs. 1.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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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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1.500 |
1.500 |
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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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4.586 |
3.935 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.086 |
5.435 |
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LOAN FUNDS |
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1] Secured Loans |
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4.618 |
5.538 |
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2] Unsecured Loans |
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0.594 |
0.558 |
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TOTAL BORROWING |
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5.212 |
6.096 |
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DEFERRED TAX LIABILITIES |
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0.457 |
0.515 |
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TOTAL |
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11.755 |
12.046 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.964 |
6.616 |
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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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0.000 |
0.000 |
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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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1.396 |
1.075 |
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Sundry Debtors |
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6.569 |
7.390 |
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Cash & Bank Balances |
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0.012 |
0.048 |
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Other Current Assets |
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0.500 |
0.003 |
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Loans & Advances |
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2.401 |
2.526 |
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Total
Current Assets |
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10.878 |
11.042 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.732 |
4.332 |
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Provisions |
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1.355 |
1.280 |
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Total
Current Liabilities |
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6.087 |
5.612 |
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Net Current Assets |
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4.791 |
5.430 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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11.755 |
12.046 |
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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 (Estimated) |
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20.000 |
0.000 |
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Total Income |
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20.000 |
0.000 |
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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1.85 |
2.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.78 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
U93090TN1995PTC030163 |
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Name of the company |
ATHRAYA ENTERPRISES PRIVATE LIMITED |
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Address |
4 – D, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property, Book Debts, Movable property (not being pledge) |
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Particular of the charge holder |
Sate
Bank of Ambattur
Industrial Estate, No. 86A and B, |
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Nature or description of the instrument creating charge |
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Date of the instrument creating charge |
02.09.2006 |
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Amount Secure by the charge |
Rs. 19.846 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest Rate of interest as per the agreement b) Terms of Repayment Terms and conditions per the agreement c) Margin Margin as per the agreement d) Extent and operation of the charge As per agreement |
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Description of the property charge whether it is a charge on |
NA |
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Modification charge Charge identification number of the charge to be modified |
NA |
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Date of instrument modifying the charge |
17.07.2006 |
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Particulars of the Property charged |
The overall limits extended to the company and tech plast industry has been enhanced as follows in the annexure II attached |
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Name of the company |
ATHRAYA
ENTERPRISES PRIVATE LIMITED |
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Presented
By |
STATE
BANK OF AMBATTUR
INDUSTRIAL ESTATE, CHENNAI 600 058 |
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1) Date and description of instrument creating the change |
Dated 22.03.1997 Agreement for the grant of small industrial advances and hypothecation receivables, book debts and other assets and also ancillary agreement (working capital finance) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.900 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 goods, book-debts, immovables and other assets of the borrower incluing documents of title to goods and other assets, outstanding monies, receivables, documents, contracts, securities and machineries etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of interest is 2.755 over SBI advance rate with a minimum of 17.25% p. a. + interest tax 0.75% with quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of Ambattur
Industrial Estate, |
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6) Date and brief description of instrument modifying the charge |
Dated 09.06.2004 Extension of Equitable Mortgage by way of Deposit of Title Deeds. |
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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. |
Extension of Equitable Mortgage of Company’s
All other terms and conditions remain the same. |
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Name of the company |
ATHRAYA
ENTERPRISES PRIVATE LIMITED |
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Presented
By |
THE
CHIEF MANAGER STATE
BANK OF AMBATTUR
INDUSTRIAL ESTATE BRANCH |
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1) Date and description of instrument creating the change |
22.03.1997 General agreement for the grant of small industrial advance and hypothecation of receivables, book – debts and other assets and also ancillary agreement dated 22.03.1997 (working capital finance) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.900 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 goods, book debts, immovable and other assets of the borrower including documents of title to goods and other assets, outstanding money, receivables, documents, contract, securities and machinery etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest shall be charged by the bank at the rate of 2.75% over SBI advance rate with a minimum rate of 17.25% p. a. plus interest tax of 0.75% p. a. with quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
The Chief Manager State Bank Of Ambattur Industrial Estate Branch |
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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 |
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 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.40.67 |
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1 |
Rs.82.12 |
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Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--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 |
NO |
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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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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
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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 |
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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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