%20PRIVATE%20LIMITED%20-%20TRADE%20INDIA%2030-Aug-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SWASTIK POWER ELECTRONICS ( |
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Registered Office : |
Building No. 5, Gala No. 1 to 4, Dharani Arcade, Anjur Phata, District
Thane 421 302, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.09.2002 |
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CIN No.: [Company
Identification No.] |
31909MH2002PTC137121 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES08891B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter dealings in power solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 12680 |
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Status : |
Mediocre |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. The
company has substantial loans from it’s bankers. Trade relations are fair.
Payments are reported as slow but correct. However the company can be considered for small to mediocre business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Building No. 5, Gala No. 1 to 4, Dharani Arcade, Anjur Phata, District
Thane 421 302, Maharashtra, India |
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Tel. No.: |
91-2522-2782000 / 279000 |
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Fax No.: |
91-2522-279881 |
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E-Mail : |
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Head Office : |
237 / 238, Telipada, |
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Tel. No.: |
91-2522-278000 |
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Fax No.: |
91-2522-279555 |
DIRECTORS
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Name : |
Mr. Shyam Amare |
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Designation : |
Director |
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Address : |
269, Mayuresh Darshan Apartment, |
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Date of Birth/Age : |
22.08.1968 |
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Date of Appointment : |
09.09.2002 |
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Name : |
Mr. Prashant Amare |
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Designation : |
Director |
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Address : |
269, Mayuresh Darshan Apartment, |
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Date of Birth/Age : |
10.10.1969 |
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Date of Appointment : |
09.09.2002 |
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Name : |
Mrs. Chhaya Amare |
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Designation : |
Director |
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Address : |
269, Mayuresh Darshan Apartment, |
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Date of Birth/Age : |
26.01.1974 |
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Date of Appointment : |
01.05.2005 |
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Name : |
Mrs Jyoti Amare |
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Designation : |
Director |
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Address : |
269, Mayuresh Darshan Apartment, |
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Date of Birth/Age : |
30.11.1973 |
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Date of Appointment : |
01.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shyam Amare |
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10000 |
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Mr. Prashant Amare |
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10000 |
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Total |
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20000 |
Equity shares 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 : |
Manufacturer and Exporter dealings in power solutions. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Dombivali Nagari Sahakari Bank Limited 186, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S V Mohile and Associates Chartered Accountants |
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Address : |
Mangal Murti, |
CAPITAL STRUCTURE
Authorised 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 |
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 |
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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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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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1.670 |
0.428 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.170 |
1.928 |
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LOAN FUNDS |
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1] Secured Loans |
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6.572 |
5.079 |
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2] Unsecured Loans |
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0.530 |
1.431 |
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TOTAL BORROWING |
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7.102 |
6.510 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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10.272 |
8.438 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.150 |
5.284 |
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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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0.488 |
0.234 |
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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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5.249 |
3.394 |
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Sundry Debtors |
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8.264 |
3.738 |
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Cash & Bank Balances |
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0.302 |
0.074 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.063 |
0.333 |
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Total
Current Assets |
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14.878 |
7.539 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.448 |
4.593 |
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Provisions |
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0.844 |
0.107 |
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Total
Current Liabilities |
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10.292 |
4.700 |
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Net Current Assets |
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4.586 |
2.839 |
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MISCELLANEOUS EXPENSES |
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0.048 |
0.081 |
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TOTAL |
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10.272 |
8.438 |
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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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58.935 |
26.112 |
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Total Income |
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58.935 |
26.112 |
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Profit/(Loss) Before Tax |
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2.000 |
0.306 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.000 |
0.306 |
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Expenditures : |
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Interest |
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0.755 |
0.891 |
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Depreciation & Amortization |
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0.628 |
0.307 |
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Other Expenditure |
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55.546 |
24.608 |
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Total Expenditure |
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56.929 |
25.806 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.39 |
1.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.39 |
1.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.98 |
2.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.63 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.48 |
5.81 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
31909MH2002PTC137121 |
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Name of the company |
SWASTIK POWER ELECTRONICS ( |
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Address |
Building No. 5, Gala No. 1 to 4, Dharani
Arcade, Anjur Phata, District Thane 421 302, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property (not being pledge) |
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Particular of the charge holder |
Dombivali Nagari Sahakari Bank Limited 186, |
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Nature or description of the instrument creating charge |
Hypothecation of Tangible Moveable property |
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Date of the instrument creating charge |
01.03.2007 |
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Amount Secure by the charge |
Rs. 1.200 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 is @ 13.50% p a b) Terms of Repayment: Repayable in 60 Equarted Monthly Installments of Rs. 0.028 millions each c) Margin: Margin 25% d) Extent and operation of the charge: Charge by way hypothecation of plant and machineries. Furnitures and fixtures in favour of the bank. |
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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 |
NA |
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Particulars of the Property charged |
Hypothecation of Plant and Machineries, Furnitures and Fixtures present and future. |
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Name of the company |
SWASTIK
POWER ELECTRONICS ( |
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Presented
By |
MR.
MILIND LIMAYE (BRANCH MANAGER D N S B) |
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1) Date and description of instrument creating the change |
Agreement for assignment takeover of business dt. 15.05.2003 Declaration of indent dt. 15.05.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 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 |
Date of acquisition of property 15.05.2003 All stock of raw material, semi finished and finished goods, all products, goods any and every tangible moveable property in or about borrowers premises, godowns. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest : 15% Margin 30% Charge to cover all outstanding sums, interests, costs and charges payable by the company to the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Dombivali Nagari Sahakari Bank Limited Bhiwandi Branch, Bhiwandi |
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6) Date and brief description of instrument modifying the charge |
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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. |
By way of first modification on 22.03.2004 registered on 22.04.2004 wide Sr. No. 12 term loan of Rs. 2.411 millions , 0.334 millions and 0.255 millions was granted in addition to existing CC Limit of Rs. 2.000 millions . Similarly equitable cortgage of commercial galas / godowns no 1 2 3 4 in Dharani Arcade, Bhiwandi was registered. By way of second modification on 25.03.2004 all present and future furniture and fixtures and electrical installations were hypothecated for therm loan II of Rs. 0.334 millions By way of fourth modification on 02.02.2005 registered on 17.06.2005 wide Sr. No. B 16 Cash credit limit was enhanced from Rs. 2.000 millions to Rs. 3.000 millions against all present and future stock and book debts as particularly described in the instrument. Rate of interest: 13.50% By way of fifth modification on 15.06.2005 charge on commercial galas / godowns no 1 2 3 4 in Dharani Arcade, Bhiwandi was extended by Rs. 1.000 millions to Rs. 6.000 millions The present total charge is as under
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Company Profile:
Subject, is a dedicated company towards for power
failure/power fluctuation. Their range of products includes Inverter, UPS and
Stabilizers. They are in the business of power solution for more than 8 years.
They are ISO-9000 certified company. They have established dealer network in
throughout Maharashtra and part of
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
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Currency |
Unit
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Indian Rupees |
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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 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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37 |
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. |
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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