MIRA
INFORM REPORT
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Report Date : |
20.01.2007 |
IDENTIFICATION DETAILS
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Name : |
KBK
CHEM – ENGINEERING PRIVATE LIMITED |
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Registered Office : |
6,
Swami Chhaya Apartment, Madhuban Colony, Karvenagar, Pune-411052, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.10.1997 |
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Com. Reg. No.: |
111151 |
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CIN No.: [Company
Identification No.] |
U74210MH1997PTC111151 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01654C |
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PAN No.: [Permanent
Account No.] |
AAACK6827G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of Distillery Parts, Errection and Commissioning |
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
10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported as
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terns
and conditions. |
LOCATIONS
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Registered Office : |
6,
Swami Chhaya Apartment, Madhuban Colony, Karvenagar, Pune-411052, |
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E-Mail : |
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Factory
1 : |
Plot
No.45, F-2 Block, MIDC, Bhosari, Pune-411026, |
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Tel.
No.: |
91-20-56115146 |
DIRECTORS
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Name : |
Mr.
Kiran Hari Thombre |
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Designation : |
Whole
time Director |
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Address : |
K 13,
Sujal Apartments, S. No.127, Near Chaitanya Nagar, Warje, Pune-411052, |
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Date of Birth/Age : |
15.09.1971 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mr.
Kiran Raghunath Dangwal |
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Designation : |
Whole
time Director |
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Address : |
Flat
No.304, Aj Classic, Behind Vittthal Mandir, Karvenagar, Pune-411052, |
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Date of Birth/Age : |
04.05.1967 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mr.
Dhananjay Vasant Rudruke |
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Designation : |
Whole
time Director |
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Address : |
E-4,
Paschimrang, Sriram Society, Warje, Pune-411052, |
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Date of Birth/Age : |
14.06.1972 |
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Date of Appointment : |
01.03.2002 |
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Name : |
Mr.
Sanjay Srinivas Desai |
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Designation : |
Director |
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Address : |
G-30,
Chidanand, 129/1, |
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Date of Birth/Age : |
17.10.1967 |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr.
Gangadhar Yashwant Bhide |
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Designation : |
Whole
time Director |
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Address : |
E-1,
Paschimrang, Sriram Society, Warje, Pune-411052, |
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Date of Birth/Age : |
20.12.1953 |
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Date of Appointment : |
08.10.1997 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Kiran Hari Thombre |
2240 |
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Mr.
Kiran Raghunath Dangwal |
2240 |
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Mr.
Dhananjay Vasant Rudrake |
1470 |
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Mr.
Gangadhar Yashwant Bhide |
3570 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Distillery Parts, Errection and Commissioning |
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Products : |
Engineering
Products, Printed Circuit Board, CNC Machined Components |
GENERAL INFORMATION
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Bankers : |
Ø
Bank of Ø Bank of Ø
Saraswat Cooperative Bank Limited, Karve Nagar Branch, Pune Ø
The Sarawati Co-operative Bank Limited, Ø
Janata Sahakari Bank Limited,
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Banking Relations : |
Satisfactory |
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Auditors : |
Deepak
Sugandhi & Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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95200 |
Equity
Shares |
Rs.10/- each |
Rs.0.952 millions |
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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0.952 |
0.136 |
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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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1.062 |
1.587 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.014 |
1.723 |
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LOAN FUNDS |
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1] Secured Loans |
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7.253 |
1.591 |
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2] Unsecured Loans |
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0.075 |
0.075 |
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TOTAL BORROWING |
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7.328 |
1.666 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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9.342 |
3.389 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.173 |
1.713 |
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Capital work-in-progress |
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0.025 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.769 |
8.268 |
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Sundry Debtors |
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24.259 |
3.951 |
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Cash & Bank Balances |
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0.084 |
2.452 |
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Deposits |
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11.183 |
0.123 |
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Loans & Advances |
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1.566 |
0.879 |
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Total Current Assets |
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42.861 |
15.673 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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39.868 |
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Provisions |
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Total Current Liabilities |
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39.868 |
14.001 |
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Net Current Assets |
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2.993 |
1.672 |
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MISCELLANEOUS EXPENSES |
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4.151 |
0.004 |
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TOTAL |
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9.342 |
3.389 |
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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 [including other income] |
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85.362 |
16.071 |
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Profit/(Loss)
Before Tax |
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3.934 |
0.700 |
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Provision
for Taxation |
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3.643 |
0.000 |
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Profit/(Loss)
After Tax |
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0.291 |
0.700 |
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Total Expenditure |
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83.104 |
14.425 |
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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0..34 |
4.35 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.60 |
4.35 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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8.73 |
4.03 |
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Return
on Investment (ROI) (PBT/Networth) |
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1.95 |
0.41 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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23.43 |
9.09 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.07 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
K.B.K. CHEMICAL ENGINEERING PRIVATE
LIMITED |
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Presented By |
Mr. Kiran Hari Thombare – Director |
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1) Date and description of instrument creating the change |
Deed of Simple Mortgage dated 11.06.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.750 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 charge and Mortgage on all the piece and parcel of property of Apartment No.6 on the 2nd Floor of the Building constructed on Plot No.5 out of S.No.38/2 of Hingane budruk, Karvenagar, within registration district Pune, sub-Registration Talika Maveli, and within the limits of Pune Municipal Corporation ad measuring about 72.84 Sq.mtrs. (Built up) and which is bounded as under : On or towards East : By Flat No.5 Duct and Staircase On or towards West : By front open space On or towards South : By side Margin On or towards North : By side Margin together with all rights, title, interest therein. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 14.5% p.a. Repayment : 84 equated monthly instalments of Rs.0.015 millions each starting from July 2002 |
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5) Name and Address and description of the person entitled to the charge. |
Janata Sahakari Bank Limited, Pune |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
K.B.K. CHEMICAL ENGINEERING PRIVATE
LIMITED |
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Presented By |
Mr. Kiran Hari Thombare – Director |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 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 |
Stock, shell, copper sheets, welding materials etc. (As per agreement of hypothecation) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 13% p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Ganesh Nagar, Pune-411052 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
K.B.K. CHEMICAL ENGINEERING PRIVATE
LIMITED |
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Presented By |
Mr. Kiran Hari Thombare – Director |
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1) Date and description of instrument creating the change |
Dated 29.12.2002 Agreement of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.290 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 |
2 copper condensers (shell and tube type, area 20m2, 410m2) (as noted in second schedule to agreement of hypothecation) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 14% p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Ganesh Nagar, Pune-411052 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
K.B.K. CHEMICAL ENGINEERING PRIVATE
LIMITED |
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Presented By |
Mr. Kiran Hari Thombare – Director |
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1) Date and description of instrument creating the change |
Dated 03.08.2001 Agreement of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.400 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 |
Stock of Raw Materials : Mild Steel Gasket, nut bolts, glasses, copper etc. (as noted in second schedule to agreement of hypothecation) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 14.5% p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Ganesh Nagar, Pune-411052 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
K.B.K. CHEMICAL ENGINEERING PRIVATE
LIMITED |
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Presented By |
Saraswat Co-Operative Bank Limited |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Movable Property (Packing Credit) dated 29.12.2004. Agreement of Hypothecation of Movable Property dated 29.12.2004 Equitable Mortgage by way of Deposit of Title deeds dated 29.12.2004. (these three agreements constitute single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.500 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 |
The Borrower’s both do hereby Hypothecate to and in favour of the Bank all Stock, Tangible Movable Property including the said material and including the stock for the time being whether new or manufactures or in process of manufacturing and every tangible movable property/ machinery/ plant. Furniture, fixture (both present and future) belonging to the Borrower’s and lying and at the borrowers place of business, at Karve Nagar and Bhosri or wherever else the same way be kept. The following property is also provided to secure aforesaid limit : All the piece and parcel of Flat/ apartment No.6 admeasuring about 72.84 Sq.mtrs. (Built up) on the Second floor of the building known as Swami Chaya Apartments constructed on the property bearing Plot No.5 olut of survey No.38/2, CTS No.1189 of Mouje Hingane Budruk (Maharshi Karvenagar), within the registration District Pune, Sub-Registration Taluka- Mulshi and within the limits of Pune ?Municipal Corporation, together with such percentage i.e. 10.5% of undivided share in the common areas and facilities of the land and building as has been annexed to the said apartment and with all easementary rights annexed to the said apartment and with all fixtures, furniture and fittings in the said apartment and with all rights, title and interest. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Type of Facility : One time Packing Credit/ Post Shipment Limit Rate of Interest : @ 8.5% p.a. or at such other rate as may be fixed by the Bank form time to time. Repayment : As per agreement |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-Operative Bank Limited Karve Nagar Branch, Pune |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.44.34 |
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|
1 |
Rs.87.61 |
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Euro |
1 |
Rs.57.61 |
RATING EXPLANATIONS
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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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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