MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
RELIANCE UTILITIES LIMITED |
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Formerly Known As : |
RELIANCE QUANTUM DESIGNS.COM PRIVATE LIMITED |
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Registered Office : |
307, Prakash Market, 3rd Floor, 39, Jaganath Shankar Seth
Road, Opera House, Mumbai-400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.2000 |
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Com. Reg. No.: |
11-124459 |
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CIN No.: [Company
Identification No.] |
U99999MH2000PLC124459 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR01647C |
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PAN No.: [Permanent
Account No.] |
AABCR8359K |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
To carry on the business of general electric power supply company in
all the branches and to construct, lay down, establish, fix and carry out all
necessary power stations, cables, wires, lines, accumulators, lamps and works
and to generate, accumulate, distribute and supply electricity and to light
cities, towns, streets, docks, markets, theatres, buildings and places both
public and private. To generate, develop and accumulate electric hydropower, mechanical,
thermal, wind, fusion and solar power and energy at any place or places and
to transit, distribute and supply such power and to carry on the business of
power and energy supply company in all its branches. To carry on the business offsetting up facilities for generation/distribution
of all forms of energy, whether from conventional sources such as thermal,
hydel, nuclear or from non conventional sources such as tide, wind, solar,
geo-thermal etc. including operation/maintenance of facilities for generation
and distribution of all forms of energy. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Reliance Group. Company’s financial position is
weak. It has some accumulated losses. Payments are reported as slow and
delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
307, Prakash Market, 3rd Floor, 39, Jaganath Shankar Seth
Road, Opera House, Mumbai-400004, Maharashtra, India |
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Tel. No.: |
91-22-30411452 |
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E-Mail : |
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Factory 1 : |
Village Motikhavdi, P.O. Digvijaygram, Taluka Lalpur, Jamnagar-361280,
Gujarat, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arjun Vasant Betkekar |
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Designation : |
Director |
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Address : |
Flat No.204, Building No.7A, Dwarkamai, Gurusharnam Complex CHS,
Vishrali Naka, Raigad Bazar Road, Panvel-410206, Raigad, Maharashtra, India |
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Date of Birth/Age : |
23.08.1958 |
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Date of Appointment : |
21.01.2004 |
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Name : |
Mr. Parag Shantilal Parekh |
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Designation : |
Director |
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Address : |
603, Indraprasth, Nilkanth Valley, M.G. Road, Ghatkopar,
Mumbai-400077, Maharashtra |
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Date of Birth/Age : |
23.06.1961 |
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Date of Appointment : |
21.01.2004 |
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Name : |
Mr. Bimal C. Pathak |
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Designation : |
Director |
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Address : |
C2-78, Vrindavan, 2nd Floor, Agra Road, Ghatkopar (West),
Mumbai-4000896, Maharashtra |
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Name : |
Ms. Mangal K. Kulkarni |
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Designation : |
Director |
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Address : |
B-26, Bhattia Bhuvan, Gokhale Road, Dadar (West), Mumbai-400028,
Maharashtra |
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Name : |
Mr. Virendra Kumar Gandhi |
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Designation : |
Additional Director |
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Address : |
15/1101, Seawoods Estates, NRI Complex, Sector-54, 56 and 59, Palm Beach
Road, Nerul, Navi Mumbai-400706, Maharashtra, India |
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Date of Birth/Age : |
12.10.1955 |
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Date of Appointment : |
20.05.2006 |
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Other Directorships : |
Colonial Capital Private Limited Equity Link Trading (India) Private Limited Greenwich Capital Private Limited Jewel Communications Private Limited Newton Capitals Private Limited Perigee Trading Private Limited Reme Trading Private Limited Warburg Capital Private Limited Reliance Jamnagar Power Private Limited |
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Name : |
Mr. Ayakad Rama Subramanian |
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Designation : |
Director |
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Address : |
Building No.6, Flat No.2, Versova View CHS Limitede, Four Bunglows,
Andheri (West), Mumbai-400053, Maharashtra |
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Date of Birth/Age : |
18.02.1942 |
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Date of Appointment : |
10.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Reiance E. Vision.com Private Limited |
1900 |
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Reliance Netcentre.com Private Limited |
7600 |
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Reliance Web Spiders.com Private Limited |
7600 |
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Reliance Qualnet.com Private Limited |
7600 |
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Reliance Access Developers Private Limited |
1700 |
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Reliance Webbiz.com Private Limited |
7700 |
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Reliance Utilities and Power Limited |
9500 |
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Total |
40000 |
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Mr. Bimal C. Pathak |
100 |
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Mr. Mangal K. Kulkarni |
100 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of general electric power supply company in all
the branches and to construct, lay down, establish, fix and carry out all
necessary power stations, cables, wires, lines, accumulators, lamps and works
and to generate, accumulate, distribute and supply electricity and to light
cities, towns, streets, docks, markets, theatres, buildings and places both
public and private. To generate, develop and accumulate electric hydropower, mechanical,
thermal, wind, fusion and solar power and energy at any place or places and
to transit, distribute and supply such power and to carry on the business of
power and energy supply company in all its branches. To carry on the business offsetting up facilities for
generation/distribution of all forms of energy, whether from conventional
sources such as thermal, hydel, nuclear or from non conventional sources such
as tide, wind, solar, geo-thermal etc. including operation/maintenance of
facilities for generation and distribution of all forms of energy. |
GENERAL
INFORMATION
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Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri,
Baroada-390015, Gujarat, India |
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Banking
Relations : |
Moderate |
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Auditors : |
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Name : |
Joy Dalia & Company Chartered Accountants |
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Address : |
B/12, Shalimar Apartments, ADJ. Shopper’s Stop, S.V. Road, Andheri
(West), Mumbai-400058, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.075) |
(0.059) |
(0.043) |
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NETWORTH |
0.025 |
0.041 |
0.057 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.070 |
0.060 |
0.040 |
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TOTAL BORROWING |
0.070 |
0.060 |
0.040 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.095 |
0.101 |
0.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.098 |
0.098 |
0.098 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.010
|
0.013 |
0.008 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
0.010
|
0.013 |
0.008 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.013
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0.010 |
0.010 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.013
|
0.010 |
0.010 |
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Net Current Assets |
(0.003)
|
0.003 |
(0.002) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
0.095 |
0.101 |
0.097 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Total Income |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) Before Tax |
(0.016) |
(0.016) |
(0.013) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(0.016) |
(0.016) |
(0.013) |
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Expenditures : |
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Payment to Auditors |
0.010 |
0.010 |
0.010 |
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Other Expenditure |
0.006 |
0.006 |
0.003 |
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Total Expenditure |
0.016 |
0.016 |
0.013 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.00
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0.00 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.00
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0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(160.00)
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(123.08) |
(162.500) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.64)
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(0.39) |
(0.23) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.32
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1.71 |
0.88 |
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Current Ratio (Current Asset/Current Liability) |
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0.78
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1.30 |
0.80 |
LOCAL AGENCY
FURTHER INFORMATION
As no manufacturing activities were carried out during the year ended 31.03.2004,
information in respect of Manufacturing Activities required under Para 3 and 4
of part II of Schedule VI of the Companies Act, 1956 is not given.
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U99999MH2000PLC124459 |
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Name of the company |
RELIANCE UTILITIES LIMITED |
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Address |
307, Prakash Market, 3rd Floor, 39, Jaganath Shankar Seth
Road, Opera House, Mumbai-400004, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Book debts Movable property |
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Particular of the charge holder |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroada-390015, Gujarat, India |
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Nature or description of the instrument creating charge |
Deed of hypothecation dated 22.11.2006 executed by Reliance Utilities Limited in favour of ICICI Bank Limited |
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Date of the instrument creating charge |
22.11.2006 |
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Amount Secure by the charge |
Rs.6.950 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : Rate of interest shall mean till the commencement date of the project, the rate of interest per annum equal to 1.50% over the prevailing London Inter Bank Offer Rate for United States Dollars and 1.20% over LIBOR thereafter. Terms of repayment : The validity of the Letter of credit facilities i.e. the time period ofor issurance of any LC shall expire on 13.11.2007. the Bank shall be required to issue LC’s with maximum tenor of only 36 months. All LCs issued hereunder shall have a maximum usance period of 35 months. Margin : Not applicable. However, the Bank shall be entitled to, at its sole discretion, vary the margins and the borrower shall thereafter be bound to maintain such margin not withstanding any margin earlier agreed. Extent and operation to the charge : As per Clause 3 of Deed of hypothecation dated 22.11.2006 being filled as attachment to this form. |
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Particulars of the Property charged |
As per clause 3 of Deed of hypothecation dated 22.11.2006 being filled as attachment to this form. |
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.44.22 |
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UK Pound |
1 |
Rs.85.27 |
|
Euro |
1 |
Rs.58.24 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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/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 |
|