MIRA
INFORM REPORT
|
Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
VIRAJ SYNTEX PRIVATE LIMITED |
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Registered Office : |
12/474-1, Gwaltoli, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.09.1994 |
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Com. Reg. No.: |
20-16888 |
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CIN No.: [Company
Identification No.] |
U17116UP1994PTC016888 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPV01240B |
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PAN No.: [Permanent
Account No.] |
AABCV1571F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Narrow Woven Fabrics, Braided Cords and
Equestrian Products. |
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 26000 |
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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 : |
12/474-1, Gwaltoli, |
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Tel. No.: |
91-512-2532082 / 2530447 / 2691938 |
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Fax No.: |
91-512-2691283 / 2534066 / 2534068 |
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E-Mail : |
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Website : |
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Factory 1 : |
J – 27, Panki Industrial Area, Site III, |
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Tel. No.: |
91-512-2530391 / 2532082 / 2691938 / 2692637 |
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Fax No.: |
91-512-2534068 / 2691283 |
DIRECTORS
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Name : |
Mrs. Satya Kohil |
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Designation : |
Director |
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Address : |
12/474-1, Gwaltoli, |
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Date of Birth/Age : |
09.06.1938 |
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Date of Appointment : |
10.01.1995 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
12/474-1, Gwaltoli, |
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Date of Birth/Age : |
05.08.1932 |
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Date of Appointment : |
06.09.1994 |
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Name : |
Mr. Rahul Kohil |
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Designation : |
Director |
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Address : |
12/474-1, Gwaltoli, |
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Date of Birth/Age : |
02.07.1971 |
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Date of Appointment : |
06.09.1994 |
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Name : |
Mrs. Vinita Kohil |
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Designation : |
Director |
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Address : |
12/474-1, Gwaltoli, |
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Date of Birth/Age : |
26.04.1971 |
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Date of Appointment : |
28.03.2006 |
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Partnership : |
Swaraj International 12/474-1, Gwaltoli, |
KEY EXECUTIVES
|
Name : |
Vineet Tripathi and Associates |
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Designation : |
Company Secretary |
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Address : |
26/75D, Cilandralok Complex, 5th Floor, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Rahul Kohil |
|
3824 |
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11451 |
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Satya Kohil |
|
6987 |
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Vinita Kohil |
|
56 |
|
Rajiv Kohil |
|
50 |
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Sushma Khosla |
|
100 |
|
Mamta Khanna |
|
100 |
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Total |
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22568 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Narrow Woven Fabrics, Braided Cords and
Equestrian Products. |
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Products : |
·
Narrow
Woven Fabrics ·
Braided
Cords/Ropes ·
Equestrian
Products |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Porwal Gupta and Company Chartered Accountants |
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Address : |
210, Vardan Complex, 77/146, |
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Associates/Subsidiaries : |
Rajiv Udyog Rajiv Udyog is also located in
Kanpur city itself and involved in fabrication of made up textiles items, civil
and military pattern tents, tarpaulins, canvas bags, mosquito nets, synthetic
web equipments, horse winter rugs, summer rugs, horse travel boots, saddle
pads etc. for more than four decades. The company is supplying its products
to Indian Defence Establishments very successfully. The company is fully
geared up to meet out orders from overseas customers also. Managing
Partner : Mr. Rajiv Kohli Address : 12/474 (2), Gwaltoli, Swaraj International Swaraj International is
located in Managing
Partner : Ms Ruchi Kohli Address : 12/474, Gwaltoli, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,568 |
Equity Shares |
Rs. 100/- each |
Rs. 2.257
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
2.256 |
2.256 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
4.312 |
2.802 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.568 |
5.058 |
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|
LOAN FUNDS |
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1] Secured Loans |
|
8.912 |
6.190 |
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2] Unsecured Loans |
|
2.646 |
2.509 |
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TOTAL BORROWING |
|
11.558 |
8.699 |
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DEFERRED TAX LIABILITIES |
|
0.259 |
0.311 |
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TOTAL |
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18.385 |
14.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
11.920 |
5.826 |
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Capital work-in-progress |
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0.000 |
0.774 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
3.866 |
4.777 |
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Sundry Debtors |
|
9.112 |
4.494 |
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Cash & Bank Balances |
|
0.146 |
0.028 |
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Other Current Assets |
|
3.584 |
0.684 |
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Loans & Advances |
|
1.123 |
0.739 |
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Total
Current Assets |
|
17.831 |
10.722 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
5.825 |
2.265 |
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Provisions |
|
5.541 |
0.989 |
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Total
Current Liabilities |
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11.366 |
3.254 |
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Net Current Assets |
|
6.465 |
7.468 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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18.385 |
14.068 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
87.372 |
29.758 |
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Other Income |
|
0.369 |
0.085 |
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Increasing Stock |
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0.000 |
0.876 |
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Total Income |
|
87.741 |
30.719 |
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Profit/(Loss) Before Tax |
|
2.336 |
4.405 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
2.336 |
4.405 |
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Expenditures : |
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Raw Material Consumed |
|
67.698 |
19.171 |
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Manufacturing Expenses |
|
5.917 |
2.052 |
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Administrative Expenses |
|
4.923 |
3.484 |
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Selling and Distribution Expenses |
|
3.131 |
0.896 |
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Financial Charges and Depreciation |
|
1.347 |
0.000 |
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Other Expenditure |
|
2.389 |
0.711 |
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Total Expenditure |
|
85.405 |
26.314 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.66 |
14.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.67 |
14.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.85 |
26.62 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.36 |
0.87 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.49 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.57 |
3.30 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
VIRAJ SYNTEX
PRIVATE LIMITED |
|
Presented By |
Mr. Rahul Kohil,
Director |
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1) Date and description of instrument creating the change |
LDOC 90 dated
22.09.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.400
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 |
Equitable
mortgage of land and building situated at J-27, Plant Site III, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 1.75 % over PLR of the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
LDOC BOB Known as
supplemental memorandum of entry dated 05.03.2005 |
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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. |
Charge over land
and building which was modified on 20.03.2002 for Rs. 4.500 Millions and
further modified on 17.02.2003 for Rs. 5.900 Millions is now being again
modified and the charge shall now be operative upto Rs. 7.900 million owing
to an increase in the Cash Credit limit by Rs. 2.000 Millions |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90273425 |
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Corporate
identity number of the company |
U17116UP1994PTC016888 |
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Name of the company
|
VIRAJ SYNTEX PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
12/474-1, Gwaltoli, |
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Type of charge |
Immovable Property Book Debts |
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Particular of
charge holder |
Bank of SSI Branch 117/K/21-B,
Sarvodaya nagar, |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Memorandum of entry and supplemental composite agreement of Hypothecation of
goods, book dents, movable machinery and vehicle dated 30.04.2007 for
securing a limit of Rs. 13.510 Millions. The charge was originally created on
22.09.1997 vide LDOC -90 known as memorandum of deposit of title deed dated
22.09.1997 for an amount of Rs. 3.400 Millions. |
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Date of
instrument Creating the charge |
30.04.2007 |
|
Amount secured by
the charge |
Rs. 13.510
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest C/C – 0.50 %
below BPLR with monthly rests. Margin Stock – 25 % Book Debts – 40 %
Extent operation of
the charge Land and Building
situated at J-27, Panki Industrial area, Site III, Situation : North
– Plot No 28 South – Plot No
J-26 East – 24 mtr
wide road no. 7 West – Plot No. G
– 66 and G – 67 Also secured by
Hypothecation of stock, book dents and plant and machinery as per list
attached |
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Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
16.10.2006 |
|
Particulars of the
present modification |
The limit has
been enhanced from Rs. 11.030 Millions to Rs. 11.030 Millions Earlier limit :
term loan Rs. 1.350 Millions, BG Rs. 2.200 Millions, cash credit Rs. 6.800
Millions CC Rs. 0.680 Million totaling to Rs. 11.030 Millions Present limit
term loan Rs. 1.350 Millions, TL 1.600 millions, BG Rs. 2.200 Millions, cash
credit Rs. 7.600 Millions CC Rs. 0.760 Millions totaling to Rs. 13.510
Millions |
AS PER
WEBSITE
Profile
Subject is an ISO 9001:2000 certified
company, established in 1994, is engaged in manufacturing of various
kinds of Webbings, Tapes, Ribbons, Elastic Tapes and Braided Cords, Ropes and
other Textile items made in Nylon, Polypropylene, Polyester and Cotton
material. All these products are manufactured on high tech machines imported
from Europe and
They
are in weaving, braiding and textile business since three generations and their
present Directors have over 50 years of working experience in Textile Industry.
Presently, they have been supplying various kinds of Tapes, Webbings, Cords,
Ropes, Elastic Tapes etc. to almost all the Saddlery Exporters in
They are
established and registered supplier of these items with their products matching
related specifications.
Expansion
Programme
As
they are located in the city of Kanpur, the heart of Equestrian accessories
production in India and also have been regularly supplying lot of Synthetic
Tapes, Webbings and Cords to the Saddlery Traders/Exporters in their city, they
have now diversified their manufacturing activities and they are now
manufacturing & exporting equestrian accessories using the Synthetic Tapes,
Webbings and Cords produced in house.
Since
their entry in export market in 2002, they have added valuable customers based
in
To
streamline all the above activities, they have good support of their Associate
companies/associates Rajiv Udyog
& Swaraj International
specializing in fabrication work of made up textile items for more than two
decades.
Since they manufacture raw material for the above products,
they will be in a position to give following advantages-
- Quick & Prompt sampling as per
their business requirement.
- Very wide range of designs and constant
new designs.
- Excellent Qualities.
- Quick delivery of orders.
- Most reasonable prices.
Product
NARROW WOVEN FABRICS
- Cotton /
Synthetic Tapes & Webbings
·
Heavy Duty Elastic Webbings
·
Tapes & Webbings for Equestrian
Products
·
Webbings for Army Waist Belts
·
Nylon Tapes / Webbings for Parachute
·
Binding Tapes
·
Heavy Duty Webbings for Cargo Lifting
Slings
·
Reinforcement / Top Line Tapes
·
Elastic Tapes
·
Narrow Woven (Jacquard Design) Tapes
& Webbings
·
Webbings for Industrial Safety Belts
& Body Harnesses
·
Tapes & Webbings for Fashion Waist
Belts & Garments
·
Nylon Impression Tapes for Hose Pipes
BRAIDED CORDS/ROPES
·
Cotton / Synthetic Cords for Leads
·
Mountaineering/Climbing Ropes
·
Solid Braided / Sash Cords
·
Cord Elastics
·
Cord Avalanche
·
Shoe laces in running length
·
Bungee Elastic Cords for Bungee Jumping
EQUESTRIAN PRODUCTS
·
Synthetic Halters
·
Lead Ropes/Cords/Tapes
·
Synthetic Bridles
·
Synthetic Lunging Reins
·
Bandages
·
Circingles
·
Ear Nets
·
Fly Nets/Veils
·
Hay Nets
·
Girths (Synthetic & Cotton)
·
Summer Rugs/Sheets
·
Winter Rugs/Blankets
·
Saddle Pads/Durries
·
Breast Plates
·
Whips (Braided)
·
Miscellaneous
Narrow Woven Fabrics
They have high speed imported needle looms for making all
types of tapes and webbings of width ranging from 2 mm to 200 mm and thickness
ranging from 0.15 mm to 5.0 mm. Their collection of weaving looms consists of
light, medium and heavy duty types for making thin tapes like ribbons and extra
thick tapes like heavy duty webbings.
Braided Cords/Ropes
They are equipped with highly advanced and imported braiding
machines for production of all types of braided cords of diameter ranging from
0.5 mm to 25.0 mm. Their machines consist from 8 spindle/carrier onwards and
upto 64 spindle/carrier including 12 and 18 spindle/carrier solid braiders for
solid cords/ropes. These are light, medium and heavy duty braiding machines to
cater all the needs of braiding.
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.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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. |
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 |
|