%20PRIVATE%20LIMITED%2024-Feb-2007_files/image002.jpg)
MIRA INFORM REPORT
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Report
Date : |
24.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
ASPHALT
CONSTRUCTION (INDIA) PRIVATE LIMITED |
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Registered
Office : |
59, Bombay Samachar Marg, Sonawala Building, 1st
Floor, Fort, Mumbai – 400 023, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
10.10.1991 |
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Com.
Reg. No.: |
11-63553 |
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CIN
No.: [Company
Identification No.] |
U45202MH1991PTC063553 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMA07307G |
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Legal
Form : |
Private limited
liability company |
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Line
of Business : |
To construct, erect, build, repair, re-model, demolish, develop,
improve and maintain buildings, structures, houses, apartments, hospitals,
schools, places of worship, highways, roads, paths, streets, sideways,
platforms, runways, courts, alleys, pavements and to other similar
construction leveling. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Normal |
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Maximum
Credit Limit : |
USD 50000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Slow but
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is engaged in the business of construction,
maintenance, repairs etc of buildings, streets, pavements, roads, highways etc.
Though the Company’s business is progressing satisfactorily its profitability
is very thin. Financial position is satisfactory. Trade relations are
reported as fair. Payments are reported as slow, but correct. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
59, Bombay Samachar Marg, Sonawala Building, 1st
Floor, Fort, Mumbai – 400 023, Maharashtra, India |
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Tel.
No.: |
91-22-22662885/22702232/22702350 |
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Fax
No.: |
91-22-24925037/24927513 |
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E-Mail
: |
91-22-24921849 |
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Website
: |
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Area : |
Rented - 400
sq.fts |
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Branches
: |
Located
at :- 2,
Baretto Lane, 1st Floor, Kolkata – 700 069, West Bengal Tel.
91-33-2436130 Fax. 91-33-2435532 |
DIRECTORS
|
Name : |
Mr. Vinay
S. Jhunjhunwala |
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Designation
: |
Director |
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Date
of Birth : |
31.01.1951 |
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Date
of Appointment : |
10.10.1992 |
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Address
: |
D-103, Poonam Apartments, 1st Floor,
A.B.Road, Worli, Mumbai – 400018, Maharashtra |
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Name : |
Mr.
Purshottam Sharma |
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Designation
: |
Director |
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Date
of Birth : |
03.06.1958 |
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Date of
Appointment : |
10.10.1992 |
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Address
: |
59, Sonawala Building, 1st Floor,
Bombay Samachar Marg, Fort, Mumbai – 400023, Maharashtra |
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Name : |
Mr.
Aditya Jhunjhunwala |
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Designation
: |
Director |
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Date
of Birth : |
02.02.1977 |
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Date of
Appointment : |
03.05.1999 |
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Address
: |
D-103, Poonam Apartments, 1st Floor,
A.B.Road, Worli, Mumbai – 400018, Maharashtra |
KEY EXECUTIVES
|
Name |
Mr. Vinay
Banwarilal Jhunjhunwala |
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Designation |
Director |
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Address |
Juhu Tara
Road, Jhunjhunwala Cottage, Mumbai – 400 049, Maharashtra |
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Name |
Mr.
Purshottam Rameshwarlal Sharma |
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Designation |
Director |
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Address |
59,
Bombay Samachar Marg, Sonawala Building, Fort, Mumbai – 400 001, Maharashtra |
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Name : |
Mr. Mahesh
Soni |
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Designation
: |
Company
Secretary |
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Qualification
: |
B.Com,
A.C.A., F.C.S. |
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Address
: |
8, Navi
Wadi, Off. No. 6, Dadiseth Agiary Lane, Mumbai – 400002, Maharashtra, India |
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Tel.No.
: |
91-22-22060788/22019270 |
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Fax
No. : |
91-22-22091374 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Vinay
S. Jhunjhunwala |
10100 |
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Mr.
Purshottam Sharma |
100 |
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Ms.
Minakshi V. Jhunjhunwala |
1,92,950 |
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Ms.
Ishiram Kumar |
10,000 |
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Mr.
Aditya V. Jhunjhunwala |
5,000 |
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Ms.
Anisha V. Jhunjhunwala |
5,000 |
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Total |
2,13,150 |
BUSINESS DETAILS
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Line
of Business : |
To construct, erect, build, repair, re-model,
demolish, develop, improve and maintain buildings, structures, houses, apartments,
hospitals, schools, places of worship, highways, roads, paths, streets,
sideways, platforms, runways, courts, alleys, pavements and to other similar
construction leveling. |
GENERAL INFORMATION
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No. of
Employees : |
124 persons -- 4 persons as office staff, 20 persons at
sites and 100 persons on temporary basis |
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Bankers
: |
Bank of Maharashtra Fort Branch, Mumbai – 400001 Maharashtra |
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Facilities : |
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Banking Relations : |
Unknown |
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Auditors
: |
M. Saboo and Company Chartered Accountants D-9/002, Yogi Nagar, Borivali (West), Mumbai – 400091,
Maharashtra Tel.No: 91-22-28980943/28983624 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2,50,000 |
Equity
Shares |
Rs.10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
213150 |
Equity
Shares |
Rs.10/- each |
Rs. 2.131 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
2.131 |
2.131 |
2.131 |
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3]
Reserves & Surplus |
11.438 |
8.989 |
7.330 |
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NETWORTH
|
13.569 |
11.120 |
9.461 |
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LOAN
FUNDS |
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1]
Secured Loans |
11.249 |
11.499 |
13.659 |
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2]
Unsecured Loans |
7.929 |
6.584 |
8.787 |
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TOTAL
BORROWING
|
19.178 |
18.083 |
22.446 |
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DEFERRED
TAX LIABILITIES |
0.720 |
1.412 |
1.255 |
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TOTAL
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33.467 |
30.615 |
33.162 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
8.849 |
11.386 |
7.900 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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6.240 |
8.313 |
8.787 |
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Sundry Debtors
|
26.755 |
26.507 |
24.183 |
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Cash & Bank Balances
|
2.437 |
3.033 |
2.522 |
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Loans & Advances
|
9.477 |
11.369 |
11.579 |
Total Current Assets
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44.909
|
49.222 |
47.071
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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17.680 |
27.096 |
19.582 |
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Provisions
|
2.611 |
2.897 |
2.227 |
Total Current Liabilities
|
20.291
|
29.993 |
21.809
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Net
Current Assets
|
24.618
|
19.229 |
25.262
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
33.467 |
30.615 |
33.162 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
78.112 |
90.466 |
68.870 |
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Profit/(Loss) Before Tax
|
3.041 |
2.486 |
2.177 |
Provision for Taxation
|
-- |
-- |
0.656 |
Profit/(Loss) After Tax
|
3.041 |
2.486 |
1.521 |
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Import Value
|
NA |
NA |
38.398 |
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Total Expenditure
|
75.071 |
87.980 |
66.693 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
|
3.89 |
2.75 |
2.21 |
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Net Profit Margin
(PBT/Sales) |
(%) |
3.89 |
2.75 |
3.02 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.66 |
4.10 |
3.96 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.22 |
0.22 |
0.23 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
2.91 |
4.32 |
4.68 |
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Current Ratio
(Current
Asset/Current Liability) |
|
2.21 |
1.64 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
During the year the company earned a net profit of Rs. 2.177
millions from its operations
Fixed Assets :
Ř Factory Shed
Ř Plant and Machinery
Ř Plant and Machinery
Ř Furniture and Fixtures
Ř Motor Car
Ř Office Equipments
Ř Computer
The
company’s generic names of principal products/services is Civil Construction.
We visited
the office of the company where following observations were carried on:-
Ř
Name
Board could be sighted and the visibility of the Name Board is high.
Ř
The
company’s office is located at an easy location.
Ř
Subject
is located in a downmarket area.
Ř
Subject
is situated in commercial locality.
Ř
Items
such as Telephone, Fax Machine and Air Conditioner could be seen at the
company’s office.
Form 8 Particular for creation or
modification of charges
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Name of
the company |
ASPHALT CONSTRUCTIONS INDIA PRIVATE LIMITED |
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Presented By |
Mr. Vinay kumar Jhunjhunwala |
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1) Date
and description of instrument creating the change |
Composite Deed of Hypothecation for all facilities dated
10.03.2000 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.26.075 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 |
First and exclusive charges and security by way of
hypothecation security charges in favour of the Bank over the Borrower s
present and future movables, Plants, Machineries, Goods, stock in process,
semi finished and finished goods, stores and spares, stock in trade, goods in
process movable in transit, Bills receivable and book debts and all the
Borrower’s other movable assets and properties both present and future
situated or located at any place and now lying, being affixed or installed at any time and the
borrower’s goodwill and all outstanding monies, claims receivables, book
debts due or become due to the borrower at any time or from time to time and
all of the Borrower’s rights, titles or interest therein goods under L.C. |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
Details of Facilities
Repayment of term loan as per
schedule and security to cover principal amount together with interest, cost
and expenses etc. |
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5) Name
and Address and description of the person entitled to the charge. |
Bank of Maharashtra Fort Branch, Mumbai-400023 |
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6)
Date and brief description of
instrument modifying the charge |
Composite deed of hypothecation for all facilities dated
11.04.2005 |
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7)
Particulars of modifications specifying the terms and conditions or the extent
of operations of the charge in which modification is made and the details of
the modification. |
Vide aforesaid agreement dated 11.04.2005 the following
credit facilities aggregating to Rs.33.358 millions are sanctioned to the
company by the aforesaid bank and hence present extend and operation of the
charges is enhanced/modified upto Rs.33.358 milllions, the deatails of which
are as under:
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Name
of the company |
ASPHALT CONSTRUCTIONS INDIA PRIVATE LIMITED |
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Presented By |
Mr. Vinay kumar Jhunjhunwala |
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1) Date
and description of instrument creating the change |
Composite Deed of Hypothecation for all facilities dated
10.03.2000 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.26.075 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 |
First and exclusive charges and security by way of
hypothecation security charges in favour of the Bank over the Borrower s
present and future movables, Plants, Machineries, Goods, stock in process,
semi finished and finished goods, stores and spares, stock in trade, goods in
process movable in transit, Bills receivable and book debts and all the
Borrower’s other movable assets and properties both present and future
situated or located at any place and now lying, being affixed or installed at any time and the
borrower’s goodwill and all outstanding monies, claims receivables, book
debts due or become due to the borrower at any time or from time to time and
all of the Borrower’s rights, titles or interest therein. |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
Details of Facilities
Repayment of term loan as per
schedule and security to cover principal amount together with interest, cost
and expenses etc. |
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5) Name
and Address and description of the person entitled to the charge. |
Bank of Maharashtra Fort Branch, Mumbai-400023 |
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6)
Date and brief description of
instrument modifying the charge |
Composite deed of hypothecation for all facilities dated
12.05.2004 |
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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. |
Vide aforesaid agreement dated 12.05.2004 the following
credit facilities aggregating to Rs.27.500 millions are sanctioned to the
company by the aforesaid bank and hence present extend and operation of the
charges is enhanced/modified upto Rs.27.500 milllions, the details of which
are as under:
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AS PER WEBSITE
Thermoplastic Road
Marking
Subject offers Thermoplastic Road Marking Systems.
Pre-heating, and marking units are indirectly heated systems by thermal oil,
thermal oil jacket around the pots ensure optimum heating. The system is also
equipped with thermostatic control mechanism to get optimum heating of
materials. Adequate heating of materials ensure good quality marking with
desired retro reflectivity. Marking unit has a screed box and lines can be
adjusted by the height of the sliding skids.
Marking unit is also equipped with an automatic glass bead
dispensing gun PP-1030 type for dispensing widths of 10 to 30 cm and the
dispensing quantity is infinitely adjustable. Power station attached to the
1000 kg. pre heater is 3 KW 1-cylinder Honda engine with hydraulic drive for
the pre heater. Asphalt constructions also manufactures Milling Machines.
Milling machines are designed to remove carriageway
pavements when repairing traffic areas of all kinds. The machine is operated by
one driver who steers the machine. Set the required milling depth and monitors
the transfer of milled material to a truck by a loading conveyor. This
reclaimed material is so finely granulated that it can be reused to produce new
asphalt in a mixing plant. The required milling depth can be set on both sides
of the operator’s platform. Excellent performance and accurate results have
ensured that milling machines have become established for maintaining roads
throughout the world. Asphalt construction has carried out milling works of
more than 1.0 million square meters for various clients like Municipal
Corporations, Public Works Department Road Construction Contractors, Port
Trusts etc.
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
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.44.28 |
|
UK Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & 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/normal. |
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 |