MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
KARESHMA DENTALS PRIVATE LIMITED |
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Registered Office : |
213 T V Industrial Estate 52 S K Ahire Marg, Worli, Mumbai:400025, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1997 |
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Com. Reg. No.: |
11-112553 |
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CIN No.: [Company
Identification No.] |
U2425MH1997PTC112553 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK12167B |
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PAN No.: [Permanent
Account No.] |
AAACK6059 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader, Dealer in trade , Import , Export, Marketing and
Distributors in all kind of Dental Products, Toothbrushes, Tooth Pastes and
other Dental Care Product. |
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 150000000 |
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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 company having satisfactory track
records. Trade relations are fair. General financial position is
satisfactory. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
213 T V Industrial Estate 52 S K Ahire Marg, Worli, Mumbai - 400025, |
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Tel. No.: |
91-22-24966912 |
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Fax No.: |
91-22-24950328 |
DIRECTORS
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Name : |
Mr. Jayesh Ramniklal Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
15.03.1952 |
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Date of Appointment : |
18.12.1997 |
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Name : |
Mr. Hitesh Raminklal Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
15.03.1965 |
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Date of Appointment : |
18.12.1997 |
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Name : |
Mr. Jayesh Amita |
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Designation : |
Director |
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Date of Birth/Age : |
1.11.1963 |
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Date of Appointment : |
30.03.1999 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Jayesh Ramniklal Mehta |
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39500 |
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Hitesh ramniklal Mehta |
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4 |
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Ajay Devi Gupta |
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500 |
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Mamta Ajay Gupta |
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500 |
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Amita jayesh Mehta |
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361000 |
Equity Shares Break-up:
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Category |
Percentage |
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Director or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Dealer in trade , Import , Export, Marketing and
Distributors in all kind of Dental Products, Toothbrushes, Tooth Pastes and
other Dental Care Product. |
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Products : |
Tooth Brush and Scrap |
GENERAL INFORMATION
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No. of Employees : |
11-20 People |
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Bankers : |
Union bank of Vile Parle (East)
branch, “Sahajeevan”, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandan Parmar and Company Chartered Accountant |
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Address : |
Office No.1, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Sahres |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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402000 |
Equity Sahres |
Rs.10/- each |
Rs.4.020
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4020.000 |
4020.000 |
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2] Share Application Money |
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45.325 |
45.325 |
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3] Reserves & Surplus |
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34395.109 |
37038.608 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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38460.434 |
41103.933 |
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LOAN FUNDS |
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1] Secured Loans |
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1573.678 |
3174.525 |
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2] Unsecured Loans |
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370.000 |
370.000 |
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TOTAL BORROWING |
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1943.678 |
3544.525 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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40404.112 |
44648.458 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11000.598 |
13192.813 |
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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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5625.000 |
0.000 |
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DEFERREX TAX ASSETS |
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2563.006 |
1454.541 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1790.730 |
3012.679 |
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Sundry Debtors |
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751.759 |
18151.923 |
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Cash & Bank Balances |
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2564.023 |
507.175 |
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Other Current Assets |
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24.045 |
130.662 |
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Loans & Advances |
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18324.475 |
11105.443 |
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Total
Current Assets |
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23455.032 |
32907.882 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2217.120 |
2915.970 |
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Provisions |
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27.000 |
0.000 |
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Total
Current Liabilities |
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2244.120 |
2915.970 |
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Net Current Assets |
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21210.912 |
29991.912 |
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MISCELLANEOUS EXPENSES |
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4.596 |
9.192 |
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TOTAL |
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40404.112 |
44648.458 |
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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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9429.541 |
14431.924 |
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Other Income |
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Total Income |
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9429.541 |
14431.924 |
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Profit/(Loss) Before Tax |
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[3724.969] |
[2701.193] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[3724.969] |
[2701.193] |
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Expenditures : |
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Interest |
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397.953 |
443.979 |
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Depreciation & Amortization |
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1676.934 |
1743.234 |
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Other Expenditure |
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1650.082 |
14945.904 |
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Total Expenditure |
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3724.969 |
17133.117 |
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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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[39.50] |
[18.72] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[39.50] |
[18.72] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[10.81] |
[5.86] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.10] |
[0.07] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05 |
0.07 |
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Current Ratio (Current Asset/Current Liability) |
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10.45 |
11.28 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
KARISHMA DENTAL PRIVATE LIMITED |
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Presented By |
KARISHMA DENTAL
PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Letter evidencing Deposit of Title Deeds and Declaration both
dated:14.05.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.000
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 |
Flats as Per
schedule to said Letter dated 14.05.2001 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Above Flats are
offered as collateral security by way of first charge of mortgage by deposit
of title deeds to secure loan given to Karishma Brush Private Limited To be
Repaid in twenty equal quarterly installments of Rs. 0.600 Millions each
beginning on 15.11.2002 to be governed by all other terms and conditions
contained in loan Agreement dated 14.05.2001 |
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5) Name and Address and description of the person entitled to the charge. |
EIDC LIMITED, EDC
House, 1st floor, |
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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 |
KARISHMA DENTAL
PRIVATE LIMITED |
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Presented By |
Union Bank Of Vile Parle(East)
Branch, Mumbai |
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1) Date and description of instrument creating the change |
S-3 Hypothecation (Goods) Agreement Dated:15.11.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15.500
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 |
Hypothecation of
Entire Plant and machinery Present and future belonging to the Borrower which
now or hereinafter from time to time during this security shall be brought
in, stored or be I or about the Borrower’s premises or godown/s at Plot
No.57/5/2 (A) Bhenarol Village, Dunetha, Denman and / or in transit or with
Borrower’s Agents r wherever else they may be. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The security as
stated in column no.3 above has been taken to secure the various facilities
aggregating to Rs.15.500 Millions Granted by the Bank of the company |
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5) Name and Address and description of the person entitled to the charge. |
Union bank of Vile Parle (East)
branch, “Sahajeevan”, |
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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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.54 |
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1 |
Rs.80.21 |
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Euro |
1 |
Rs.54.51 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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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
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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/normal. |
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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