MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
AQUARIUS ENGINEERS PRIVATE LIMITED |
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Registered Office : |
'Aquarius
House' Plot No. 65, S No. 297, Sheelavihar Colony, Off Karve Road, Erandavana,
Pune 411038, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.08.1997 |
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Com. Reg. No.: |
11-110008 |
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CIN No.: [Company
Identification No.] |
U29244MH1997PTC110008 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA02409B |
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PAN No.: [Permanent
Account No.] |
AACCA2748L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters and manufacturers of
concrete pump, concrete batching plants, batching plant, concrete paver and
slipform paver. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 58000 |
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Status : |
Good |
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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. |
LOCATIONS
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Registered Office : |
'Aquarius
House' Plot No. 65, S No. 297, Sheelavihar Colony, Off Karve Road,
Erandavana, Pune 411038, Maharashtra, India |
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Tel. No.: |
91-20-25445227 |
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Fax No.: |
91-20-25445228 |
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E-Mail : |
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Website : |
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Factory 1 : |
190, 191
Kundaim Industrial Estate, Kundaim, |
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Tel. No.: |
91-832-2396334,
2395974 |
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Fax No.: |
91-832-2396253 |
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Regional Offices : |
Located at :
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DIRECTORS
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Name : |
Mr. S. Milind Bhadbhade |
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Designation : |
Managing Director |
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Address : |
7, Anand Baugh Society, Navi Peth, Pune – 411030, |
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Date of Birth/Age : |
27.01.1955 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mr. V. Ashok Dikshit |
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Designation : |
Director |
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Address : |
12 Shamali Society, |
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Date of Birth/Age : |
13.01.1953 |
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Date of Appointment : |
16.08.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Milind Bhadbhade |
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81000 |
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Nita M. Bhadbhade |
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9000 |
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Ashok Dikshit |
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900 |
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Indumati S. Bhadbhade |
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10 |
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Tanvi M Bhadbhade |
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10 |
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Sadashiv T Bhadbhade |
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10 |
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Mona M Bhadbhade |
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10 |
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Mona M Bhadbhade - HUF |
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10 |
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Milind Bhadbhade - HUF |
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10 |
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Total |
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90960 |
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Equity Share
Breakup |
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Percentage of Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters and manufacturers of
concrete pump, concrete batching plants, batching plant, concrete paver and slipform
paver. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Khandelwal Jain and Associates Chartered Accountants |
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Address : |
12-B, Baldota Bhavan, 5th Floor, 117, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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50,000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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Total |
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Rs. 2.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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90,900 |
Equity Shares |
Rs. 10/- each |
Rs. 0.909
Million |
|
60 |
Preference Shares |
Rs. 10/- each |
Rs. 0.001
Million |
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Total |
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Rs. 0.910 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.910 |
0.910 |
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2] Reserves & Surplus |
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13.650 |
10.208 |
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NETWORTH |
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14.560 |
11.118 |
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LOAN FUNDS |
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1] Secured Loans |
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15.222 |
12.961 |
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2] Unsecured Loans |
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1.925 |
0.000 |
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TOTAL BORROWING |
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17.147 |
12.961 |
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DEFERRED TAX LIABILITIES |
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0.866 |
0.468 |
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Negative Bank Balance |
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0.000 |
0.193 |
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TOTAL |
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32.573 |
24.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.466 |
5.743 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.961 |
14.213 |
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Sundry Debtors |
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14.860 |
9.415 |
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Cash & Bank Balances |
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1.690 |
0.000 |
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Loans & Advances |
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4.364 |
1.647 |
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Total
Current Assets |
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34.875 |
25.275 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.920 |
5.425 |
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Provisions |
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3.848 |
0.853 |
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Total
Current Liabilities |
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13.768 |
6.278 |
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Net Current Assets |
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21.107 |
18.997 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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32.573 |
24.740 |
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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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75.671 |
37.274 |
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Other Income |
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Total Income |
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75.671 |
37.274 |
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Profit/(Loss) Before Tax |
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6.926 |
2.410 |
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Provision for Taxation |
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3.394 |
1.282 |
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Profit/(Loss) After Tax |
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3.532 |
1.128 |
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Earnings in Foreign Currency : |
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Total Earnings |
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0.213 |
NA |
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Imports : |
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Total Imports |
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10.953 |
NA |
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Expenditures : |
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Total Expenditure |
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68.745 |
34.864 |
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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4.67 |
3.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.15 |
6.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.95 |
7.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.48 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.12 |
1.74 |
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Current Ratio (Current Asset/Current Liability) |
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2.53 |
4.03 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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Name of the company |
AQUARIUS
ENGINEERS PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
27.05.2003 No Instrument,
company has created an Equitable Mortgage by deposit of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.310
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 |
The company has extended
security of its immovable property comprising of buildings and other
securities, fixed plant and machinery, equipments, installation, fixtures and
fittings, structures both present and future. Description of
property : Office premises
No. 7 and 8 at CTS No. 297, Sheela Vihar Colony, Erandwane Kothrud, Pune
411038 known as Aquarius House having area of 710 sq. ft. for each office
i.e. total 1420 sq.ft. + parking space. Flats 2A, in the
building called Aquarius House adm. 24.165 sq. mts. Alongwith covered parking
space no. 1, situated at CTS No. 297, Sheela Vihar Colony, Erandwane,
Kothrud, Pune – 411038 Flat 2B in the
building called Aquarius House adm. 60.40 sq. mts. Alongwith covered parking
space no. 1, situated at CTS No. 297, Sheela Vihar Colony, Erandwane,
Kothrud, Pune – 411038 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility : Term
Loan Repayable on
demand Interest : @ 1.25
% over PTLR rate at present 13.25 % p.a. with quarterly rests or at such
rates as may be notified by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Pune Main Branch,
Camp, Pune –
411001 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U29244MH1997PTC110008 |
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Name of the
company |
AQUARIUS ENGINEERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
'Aquarius
House' Plot No. 65, S No. 297, Sheelavihar Colony, Off Karve Road,
Erandawane, Pune 411038, Maharashtra |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Bank of Pune Main Branch,
Camp, Pune –
411001 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
All tangible
movable properties and assets of whatsoever nature both present and future including
all stocks of goods, spares parts, components including spare parts and
stores relating to plant and machinery lying in office No 7 and 8 at 297,
Sheela Vihar Colony, Kothrud, Pune – 411029 |
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Charge
identification number of the charge to be modified |
90084909 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplemental deed
of hypothecation dated 22.04.2006 |
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Date of
instrument modifying the charge |
22.04.2006 |
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Particulars of
the present modification |
Enhancing cash
credit limit from Rs. 12 Millions to Rs. 15 millions, interest @ 2 % over the
BOI PLR at present 12.75 % payable at monthly rests. Other terms remain the
same. |
AS PER WEBSITE
Aquarius Engineers manufacture Concrete Pumps, Concrete
Batching Plants and supply complete range of Concrete Paving machines.
Aquarius Engineers began its operations in 1981 as
an engineering consultancy firm. In 1985 it diversified into a sales &
service organization, representing world leaders in the construction equipment
business.
Aquarius Engineers has grown dramatically, since
then, into a multifaceted, multi-venture, manufacturing conglomerate. With two prestigious joint ventures under its
wings, a state-of-art manufacturing plant at
Aquarius offers the latest in technology from its
extensive equipment portfolio. From Stationary Pumps, Mobile Line Pumps, Truck
Mounted Boom Pumps and Pavers to the state-of-art Concrete Batching Plants,
Aquarius can claim to have it all! Be it the ‘S’ valve design of the concrete
pumps or the ‘Mixer Mind’ of the high performance Twin Shaft
Mixers, Aquarius guarantees its customers the most up-to-date in
global technology.
Aquarius House’, the prominent head office of
Aquarius Engineers, is located at Pune. An efficient sales &
service network is set up within the country, with regional offices at Delhi, Mumbai,
Hyderabad, Bangalore, Kolkata, Ahmedabad, Indore and Chandigarh. It also has a spares stock/infrastructure at
Pirangut, near Pune, as well as at
To strengthen its activity of delivering the latest
in technology, Aquarius has developed its own Software Cell as a part
of its Product Development Team. In addition to the local market it
also now caters to the South East Asian market.
A second factory is under way at Pune, spread over
an expanse of 8.5 acres of land. This will augment the manufacturing
capacity of existing product line as well as help in addition of new products.
A new
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.41.24 |
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|
1 |
Rs.82.55 |
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Euro |
1 |
Rs.56.06 |
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 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
65 |
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 |
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