%20PRIVATE%20LIMITED%2021-Aug-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
GOPANI IRON AND POWER ( |
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Registered Office : |
310 Loha Bhawan, 3rd Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.04.1988 |
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Com. Reg. No.: |
46932 |
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CIN No.: [Company
Identification No.] |
U74300MH1988PTC046932 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPG01095D |
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PAN No.: [Permanent
Account No.] |
AACCG0988N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sponge Iron |
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 1380360 |
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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 records. 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. We spoke to Mr. Harpreet Singh, General Manager of the company.
Initially he was found non – co – operative. Atlast after a lot of
pursuasions, he has assured to part with some general information. If he
provides the same, we will send a. |
LOCATIONS
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Registered Office : |
310 Loha Bhawan, 3rd Floor, |
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Tel No.: |
91-22-2346949 |
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E-Mail : |
jgopani@hotmail.com |
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Factory : |
A-22, MIDC, Growth Centre, Post:Tadali, District
: Chanderpur - 442406, |
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Tel. No.: |
91-7172-237706 / 8 / 9 / 883 /
237710 / 23436949 |
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Fax No.: |
91-7172 – 237707 / 23401361 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jignesh G Gopani |
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Designation : |
Director |
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Address : |
604 – C Laxmi Apartments, Block No. 1, |
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Date of Birth/Age : |
09.03.1975 |
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Date of Appointment : |
10.09.2000 |
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Name : |
Mrs. Nagin C Gopani |
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Designation : |
Director |
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Address : |
310, Loha Shawan, |
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Date of Birth/Age : |
18.02.1949 |
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Date of Appointment : |
10.09.2000 |
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Name : |
Mr. Paresh C Gopani |
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Designation : |
Director |
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Address : |
37, LLyods House, |
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Date of Birth/Age : |
27.10.1965 |
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Date of Appointment : |
10.09.2000 |
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Name : |
Mr. Alkesh M Gopani |
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Designation : |
Director |
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Address : |
37, LLyods House, |
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Date of Birth/Age : |
18.06.1963 |
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Date of Appointment : |
03.06.2002 |
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Name : |
Mr. Joseph Benjamin Chiraparambil |
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Designation : |
Director |
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Address : |
A/14, Geesee Apartments, Vidyanagari Marg, Kalina, Santacruz, Mumbai –
400 098 |
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Date of Birth/Age : |
25.12.1941 |
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Date of Appointment : |
10.10.2005 |
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Name : |
Mr. Vinod Kumar Subkaran Jatia |
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Designation : |
Director |
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Address : |
Damodar Bhawan, 3rd Floor, Bhulabhai Desai Marg, Mumbai –
400 026, |
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Date of Birth/Age : |
02.04.1957 |
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Date of Appointment : |
10.10.2005 |
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Name : |
Mr. Jayant Shah |
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Designation : |
Director |
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Address : |
Plot No.9 -11, |
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Date of Birth/Age : |
09.11.1960 |
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Date of Appointment : |
27.06.2006 |
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Directorship in other company: |
Name of the company: Heena Builders Private Limited Designation: Director CIN of the company: U45202PN2002PTC016808 Name of the company: Hiraj Exports Private Limited Designation: Director CIN of the company: U51909MH1996PTC097911 Name of the company: J H Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016814 Name of the company: Jairaj Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016809 Name of the company: Jaison Construction Private Limited Designation: Director CIN of the company U45202PN2002PTC016813 Name of the company: Jayant Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016783 Name of the company: Jayhira Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016784 Name of the company: Kanchan Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016811 . Name of the company: Kohinoor Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016807 Name of the company: Malav Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016810 Name of the company: Pune Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016812 Name of the company: Sujay Developers Private Limited Designation: Director CIN of the company: U45101PN2000PTC014744 Name of the company: Suyog Geographic Information Systems Private Limited Designation: Director CIN of the company: U72200PN2000PTC014517 Name of the company: White Flint Realty Private Limited Designation: Director CIN of the company: U70101MH1997PTC106895 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
|
No. of Shares |
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Mr. Alkesh M Gopani |
|
2100 |
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Mr. Paresh G Gopani |
|
2100 |
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Mr. Jignesh G Gopani |
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6000 |
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M/s. Gopani International Private Limited |
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12250000 |
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M/s Sanford Steel Private Limited |
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2000000 |
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M/s. Salvador Steel Private Limited |
|
2000000 |
Equity Share Break up ( Percentage of Total Equity):
|
Sr. No. |
Category |
Percentage |
|
1 |
Directors or relatives of Directors |
0.06 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sponge Iron |
GENERAL INFORMATION
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Bankers : |
Punjab National Bank, Brady House, Fort,
Mumbai – 400 001, Email ID: pnbbradyhouse@rediffmail.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod S Mehta and Company Chartered Accountants |
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Address : |
114, Jolly Bhavan – 1, 10, New Marine Lines , Mumbai – 400 020, |
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Associates/Subsidiaries : |
Name of the company: Heena Builders Private Limited Designation: Director CIN of the company: U45202PN2002PTC016808 Name of the company: Hiraj Exports Private Limited Designation: Director CIN of the company: U51909MH1996PTC097911 Name of the company: J H Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016814 Name of the company: Jairaj Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016809 Name of the company: Jaison Construction Private Limited Designation: Director CIN of the company U45202PN2002PTC016813 Name of the company: Jayant Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016783 Name of the company: Jayhira Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016784 Name of the company: Kanchan Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016811 . Name of the company: Kohinoor Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016807 Name of the company: Malav Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016810 Name of the company: Pune Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016812 Name of the company: Sujay Developers Private Limited Designation: Director CIN of the company: U45101PN2000PTC014744 Name of the company: Suyog Geographic Information Systems Private Limited Designation: Director CIN of the company: U72200PN2000PTC014517 Name of the company: White Flint Realty Private Limited Designation: Director CIN of the company:
U70101MH1997PTC106895 |
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Holding Company: |
GOPANI INTERNATIONAL PRIVATE LIMITED |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24500000 |
Equity shares |
Rs.10/- each |
Rs.245.000 millions |
|
50000 |
Preference shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24300000 |
Equity shares |
Rs.10/- each |
Rs.243.000
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
243.000 |
162.600 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
102.090 |
53.892 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
345.090 |
216.492 |
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LOAN FUNDS |
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1] Secured Loans |
|
40.022 |
0.000 |
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2] Unsecured Loans |
|
54.610 |
56.546 |
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TOTAL BORROWING |
|
94.632 |
56.546 |
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DEFERRED TAX LIABILITIES |
|
53.680 |
25.131 |
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TOTAL |
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493.402 |
298.169 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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431.018 |
320.235 |
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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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71.840
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36.230 |
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Sundry Debtors |
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69.057
|
22.839 |
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Cash & Bank Balances |
|
2.201
|
1.103 |
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Other Current Assets |
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0.000
|
0.000 |
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Loans & Advances |
|
58.345
|
41.330 |
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Total
Current Assets |
|
201.443 |
101.502 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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125.460
|
117.851 |
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Provisions |
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15.000
|
7.100 |
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Total
Current Liabilities |
|
140.460 |
124.951 |
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Net Current Assets |
|
60.983 |
(23.449) |
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MISCELLANEOUS EXPENSES |
|
1.401 |
1.383 |
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TOTAL |
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493.402 |
298.169 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover ( including other income) |
|
748.477 |
393.309 |
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Total Income |
|
748.477 |
393.309 |
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Profit/(Loss) Before Tax |
|
83.154 |
86.676 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
83.154 |
86.676 |
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Expenditures : |
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Interest |
|
1.568 |
0.510 |
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Depreciation & Amortization |
|
50.163 |
25.074 |
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Preliminary Expenses written off |
|
0.000 |
0.000 |
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Loss on sale of assets |
|
0.000 |
0.000 |
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Administrative and other expenses |
|
0.000 |
0.000 |
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Cost of Materials |
|
0.000 |
0.000 |
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Total Expenditure |
|
665.322 |
306.633 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
11.10
|
22.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.10
|
22.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.14
|
20.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.240
|
0.400 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.68
|
0.83 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.43
|
0.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U74300MH1988PTC046932 |
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Name of the company |
GOPANI IRON AND POWER ( |
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Address |
A-22, MIDC, Growthcentre, Post Tadali,
Chanderpur – 442 406, |
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This Form is for |
Modification of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
|
Punjab National Bank, Brady House, Fort,
Mumbai – 400 001, Email ID: pnbbradyhouse@rediffmail.com |
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Nature or description of the instrument creating charge |
Deed of Hypothecation to secure various
credit facilities dated : 26/06/2006 |
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Date of the instrument creating charge |
26.03.2007 |
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Amount Secure by the charge |
Rs.300.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
v
Rate of Interest: Punjab National
Bank 11.75% P.A. minimum Union Bank of
India14.50 P.A. v
Terms of Payment: Repayment as per
sanction Letter v
Margin: Margin as per Sanction
Letter v
Extent and operation of the charge: The charge is
operative till repaid. |
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Particulars of the Property charged
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As Per Agreement Supplemental Memorandum
of Entry dated:26.06.2006 |
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Particulars of the present modification |
1)The total combined Limits stands
increased from Rs.200.000 millions to Rs.300.000 millions. 2) The company offered additional security
as mentioned in part III of schedule B of the supplemental memorandum of
entry dated 26.03.2007 pertaining to plot no. D – 16, MIDC, Chandrapur (
Tadeli), |
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.40.38 |
|
|
1 |
Rs.81.88 |
|
Euro |
1 |
Rs.55.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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. |
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 |
|