MIRA
INFORM REPORT
|
Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIAMOND FABRICATIONS INDIA PRIVATE LIMITED |
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Registered Office : |
C-19, Abhimanshree Co-operative Society, Baner Road, Pashan, Pune
411008, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.01.1992 |
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Com. Reg. No.: |
65030 |
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CIN No.: [Company
Identification No.] |
U27310PN1992PTC065030 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03801A |
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PAN No.: [Permanent
Account No.] |
AAACD6323L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Designer of Reaction Vessels, Pressure Vessels,
Boiler and Boiler Ancillary Equipments etc. |
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 11000 |
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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 and took over the
running business of erstwhile Proprietory concern Diamond Engineers and
Fabricators. Directors are reported
as experienced and respectable businessman.
Trade relations are fair.
Business is active. Payments
are reported as usually correct and as per commitments. The Company can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-19, Abhimanshree Co-operative Society, Baner Road, Pashan, Pune
411008, Maharashtra, India |
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Tel. No.: |
91-20-27120141 |
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E-Mail : |
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Website : |
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Factory 1 : |
S-133, ‘S’ Block, MIDC, Behind Century Enka, Bhosari, Pune 411026,
Maharashtra, India |
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Tel. No.: |
91-20-27120141 / 27120642 |
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Fax No.: |
91-20-27120154 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Subhas Anant Kogekar |
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Designation : |
Director |
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Address : |
C – 19, Abhimanshree Co-operative Society Pashan, Pune 411008,
Maharashtra, India |
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Date of Birth/Age : |
08.06.1946 |
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Date of Appointment : |
26.01.1992 |
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Name : |
Smeeta Subhash Kogekar |
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Designation : |
Director |
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Address : |
C – 19, Abhimanshree Co-operative Society Pashan, Pune 411008,
Maharashtra, India |
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Date of Birth/Age : |
21.03.1955 |
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Date of Appointment : |
26.01.1992 |
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Name : |
Mr. Prasad Purandare |
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Designation : |
Director |
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Address : |
1170/28, Shri Kamal Co-operative Society Revenue Colony, Pune 411005,
Maharashtra, India |
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Date of Birth/Age : |
07.04.1975 |
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Date of Appointment : |
01.05.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Subhash Kogekar |
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310 |
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Smeeta Kogekar |
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10 |
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Subhash Kogekar |
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4330 |
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Smeeta Kogekar |
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1500 |
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Total |
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6150 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Designer of Reaction Vessels, Pressure Vessels,
Boiler and Boiler Ancillary Equipments etc. |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
Ř Abhi Computer Ř Britex
Engineering Works Ř Champion Bright
Steel India Ř Crompton Greaves
Limited Ř Ajay Offsets
Private Limited Ř A. R. G.
Enterprises Ř Balaji Agencies Ř Bombay
Engineering Works Ř Diamond
Engineers and Fabricators Ř Eagle Engineers Ř J. J.
Enterprises Ř Nilesh Nahata
and Company Ř Joshi Metal Art Ř Rohan
Enterprises Ř Sai Tools Centre
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Customers : |
Ř
Alfa laval India Limited Ř
Industrial Oxygen Company Limited Ř
Auqatech Asia Private Limited Ř
J. N. Marshall Limited Ř
ATV Projects India Limited Ř
Krupp Industries Limited Ř
Advani Oerlikon Limited Ř
Kirloskar Brothers Limited Ř
Ador Samia Limited Ř
Kirloskar Pneumatics Limited Ř
Breathwaite Company Limited Ř
Kirloskar Mcquay Limited Ř
Burn Standard Limited Ř
Larsen & Toubro Limited Ř
B.G. Shirke & company Limited Ř
Mahindra Ashtech Limited Ř
Blue Star Limited Ř
Mather & Platt Limited Ř
Bharat Forge Limited Ř
National Heavy Engg. Co-operative Limited Ř
Cimmco Birla Limited Ř
Praj Industries Limited Ř
Cogent Engineers Private Limited Ř
Thermax Limited Ř
Finolex Cables Limited Ř
Telco Limited Ř
Fabtech Engineers Ř
Wachandnagar Industries Limited Ř
Greaves Foseco Limited Ř
Wartsila Lad Ř
Ion Exchange India Limited |
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No. of Employees : |
210 Workers and 25 Staff |
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Bankers : |
Ř
Cosmos
Co-operative Bank Limited 269/270, Shaniwar
Peth, Khadki Branch, Pune 411030, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nilesh Nahata and Company Chartered Accountants |
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Address : |
101/1, 1st floor, Mahadev Apartment, Main Road, Nehrunagar,
Pimpri, Pune 411018, Maharashtra, India |
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Tel. No.: |
91-20-27458178 |
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Mobile No.: |
91-9822065433 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed :
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No. of Shares |
Type |
Value |
Amount |
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6150 |
Equity Shares |
Rs. 100/- each |
Rs. 0.615
Million |
Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
7644 |
Equity Shares |
Rs. 100/- each |
Rs. 0.764
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.764 |
0.764 |
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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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2.195 |
1.656 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.959 |
2.420 |
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LOAN FUNDS |
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1] Secured Loans |
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3.624 |
5.485 |
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2] Unsecured Loans |
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0.634 |
0.641 |
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TOTAL BORROWING |
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4.258 |
6.126 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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7.217 |
8.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.742 |
2.879 |
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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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0.123 |
0.123 |
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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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4.263 |
4.171 |
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Sundry Debtors |
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4.553 |
5.193 |
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Cash & Bank Balances |
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0.037 |
0.039 |
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Other Current Assets |
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0.545 |
0.451 |
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Loans & Advances |
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0.524 |
0.061 |
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Total
Current Assets |
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9.922 |
9.915 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.500 |
4.329 |
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Provisions |
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0.070 |
0.042 |
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Total
Current Liabilities |
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5.570 |
4.371 |
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Net Current Assets |
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4.352 |
5.544 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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7.217 |
8.546 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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12.811 |
5.531 |
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Other Income |
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0.053 |
0.409 |
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Total Income |
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12.864 |
5.940 |
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Profit/(Loss) Before Tax |
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0.565 |
0.254 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.565 |
0.254 |
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Expenditures : |
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Raw Material Consumed |
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7.025 |
2.680 |
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Salaries, Wages, Bonus, etc. |
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0.815 |
0.227 |
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Managerial Remuneration |
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0.336 |
0.240 |
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Payment to Auditors |
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0.025 |
0.017 |
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Interest |
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0.605 |
0.777 |
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Insurance Expenses |
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0.018 |
0.016 |
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Power & Fuel |
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0.324 |
0.109 |
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Depreciation & Amortization |
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0.000 |
0.000 |
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Other Expenditure |
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3.151 |
1.620 |
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Total Expenditure |
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12.299 |
5.686 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.39 |
4.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.41 |
4.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.46 |
1.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.32 |
4.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.78 |
2.26 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Ř
Computer
Ř
Factory Shade
Ř
Furniture
Ř
Land
Ř
Maruti Car
Ř
Office Equipments
Ř
Plant and Machinery
Ř
Scooter
Ř
Electrical Installation
INSPECTION
AGENCIES
Ř
Bureau Veritas Inspection services
Ř
Nuclear Power Corporation
Ř
Bax counsel Inspection Bureau Private Limited
Ř
Project Development India Limited
Ř
Det Norske Veritas
Ř
Quest Inspection Services
Ř
Engineer India Limited
Ř
R.D.S.O
Ř
Humphrays and Glasgow consultants Private Limited
Ř
SGS India Limited
Ř
Indian Boiler Regulations
Ř
Tata Consulting Engineers
Ř
Indian Register of Shipping
Ř
Technimont ICB Limited
Ř
Kvaerner Power Gas India Limited
Ř
Uhde India Limited
Ř
Lloyds Register Industrial Services India Limited
Form 8
Bank Charges
Report as per Registry
|
This Form is for |
Modification of Charge |
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Charge
identification number of the charge to be modified |
80029945 |
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Corporate
identity number of the company |
U27310PN1992PTC065030 |
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Name of the
company |
DIAMOND FABRICATIONS INDIA PRIVATE LIMITED
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Address of the registered
office or of the principal place of
business in India of the company |
C – 19,
Abhimanshri Society Baner Road, Pashan, Pune 411008, Maharashtra, India |
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Type of charge |
Ř
Book Debts Ř
Floating
Charge Ř
Others |
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Particular of
charge holder |
Cosmos
Co-operative Bank Limited 269/270, Shaniwar
Peth, Khadki Branch, Pune 411030, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Second Supplemental
Deed of hypothecation of Stock, Book Debts and Machinery |
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Date of
instrument Creating the charge |
21.04.2007 |
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Amount secured by
the charge |
Rs. 4.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest 11.50% p.a.
presently applicable as per sanction letter [b] Terms of
Repayment on Demand subject
to review within 12 months as per sanction letter [c] Margin 25% in Banks
Favour [d] Extent and operation
of the charge To the extend of
Rs. 4.000 Millions [e] Others Additional
security by way of guarantors and collateral security of Fixed Deposit of Rs.
0.500 Millions |
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Short particulars
of the property charged |
All its Stock in
trade, raw material etc. situated at 5-133, S-Block MIDC Bhosari or elsewhere
in India more particularly described in scheduled IV to the agreement
Debtors, Machinery, Guarantors as per sanction letter. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
Previous limit of
Rs. 2.350 Millions only now enhanced by 1.650 Millions only becoming the
total limit of Rs. 4.000 Millions only. |
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Name of the company |
DIAMOND FABRICATIONS [INDIA] PRIVATE
LIMITED |
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Presented By |
Cosmos Co-operative Bank Limited 269/270, Shaniwar
Peth, Khadki Branch, Pune 411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
20.02.2006 hypothecation of Tangible Goods/Movable Property |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500
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 |
Land and Building
at S – 133, MIDC, Bhosari, Pune 411026, Maharashtra, India Collateral
Security : Land and Building at W-133 MIDC, Bhosari, Pune and Plant and
Machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 10%
p.a. Period : 60
months Installment : Rs.
0.010 Millions per month |
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5) Name and Address and description of the person entitled to the charge. |
Cosmos Co-operative Bank Limited 269/270, Shaniwar
Peth, Khadki Branch, Pune 411030, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.44 |
|
UK Pound |
1 |
Rs. 78.73 |
|
Euro |
1 |
Rs. 57.69 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|