MIRA
INFORM REPORT
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Report Date : |
17.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MAGNAMIOUS SYATEMS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.10.1995 |
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Com. Reg. No.: |
11-094056 |
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CIN No.: [Company
Identification No.] |
U7200MH1995PTC094056 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM16037A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of providing computer hardware and
software services |
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 61000 |
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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. Payment are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-611-5106/ 26115128 |
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Branches : |
Location: Pune, |
DIRECTORS
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Name : |
Mr. Rajnikant Jiten Mehta |
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Designation : |
Chairman cum Managing Director |
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Address : |
Char |
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Date of Birth/Age : |
29.08.1966 |
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Name : |
Mr. Dinesh Deepak Jhaveri |
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Designation : |
Director |
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Address : |
1502 |
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Date of Birth/Age : |
23.06.1965 |
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Name : |
Mr. Jiten Jaina Mehta |
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Designation : |
Director |
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Address : |
Cahr Bungalow LT Raod, Borivali (West), Mumbai;400092, |
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Date of Birth/Age : |
11.10.1967 |
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Name : |
Mr. Deepak C. Jhaveri |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rajnikant Jiten Mehta |
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900 |
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Jiten Jaina Mehta |
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400 |
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Dinesh Deepak Jhaveri |
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900 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of providing computer hardware and
software services |
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Products : |
Computer Hardware Computer Software Computer Service |
GENERAL INFORMATION
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Suppliers : |
Redinggter (Private)Limited Citrix System Asia Pacific Private limited Frish Computer Limited Tech Pacific Limited Wipro Limited |
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Customers : |
Galaxy Surfactors Limited Fans Exchange (I) limited Gome Engineering Private Limited Curetes Farbes Limited |
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No. of Employees : |
Around 30 |
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Bankers : |
Union Bank of Citi Bank Hosan Trust Bank Limited United Bank of Punjab National Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K V Mody and company Chartered Accountant |
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Address : |
15/8, Green House, American Complex, Goregaon(East), Mumbai:63 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Share |
Rs.10/- each |
Rs.0.300 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
0.300 |
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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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14.962 |
10.955 |
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4] (Accumulated Losses) |
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0.000 |
(0.002) |
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NETWORTH |
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15.262 |
11.253 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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2.082 |
1.153 |
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TOTAL BORROWING |
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2.082 |
1.153 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.344 |
12.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.176 |
2.898 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
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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1.127 |
1.058 |
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Sundry Debtors |
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23.423 |
11.985 |
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Cash & Bank Balances |
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0.523 |
2.627 |
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Other Current Assets |
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1.232 |
1.062 |
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Loans & Advances |
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10.964 |
4.215 |
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Total
Current Assets |
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37.269 |
20.947 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.101 |
11.439 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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23.101 |
11.439 |
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Net Current Assets |
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14.168 |
9.508 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.344 |
12.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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0.000 |
0.000 |
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Other Income |
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102.095 |
85.676 |
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Total Income |
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102.095 |
85.676 |
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Profit/(Loss) Before Tax |
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6.367 |
4.909 |
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Provision for Taxation |
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3.360 |
1.775 |
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Profit/(Loss) After Tax |
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4.007 |
3.134 |
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Expenditures : |
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Interest |
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0.160 |
0.315 |
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Depreciation & Amortization |
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0.352 |
0.237 |
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Other Expenditure |
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95.221 |
80.214 |
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Total Expenditure |
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95.733 |
80.766 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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3.92 |
3.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.74 |
20.58 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.51 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.61 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
MAGNAMIOUS
SYSTEMS PRIVATE LIMITED |
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Presented By |
Shri Jiten Rajnikant
Mehta- Director of Magnamious Systems Private Limited |
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1) Date and description of instrument creating the change |
Agreement of Hypothecationof Goods between the company and united Bank
of Indian dated 5th day of September |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.300 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 the company
consisting of computers, Printers, Floppy Disc and consumable , etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin: 25% Interest: 31.75%
p.a with Quartely Re[payment: on
Demand; Review within one Security: Priamry :
Hypothecation of Stocks consiting of computers/ Peripherels consumables etc. Additional:
assignment of LIC policies Personal
Guarnator: Niranjan Jain Prop: Home
Builders |
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5) Name and Address and description of the person entitled to the charge. |
United Bank of Panaji BranchRua
Heliodre Salgado. Kamat Nagar, Panaji – 403 001, |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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Corporate
identity number of the company |
U72200MH1995PTC094056 |
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Name of the
company |
MAGNAMIOUS SYSTEM
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
102, |
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This form is for |
Creation of
charge |
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Type of charge |
Equitable mortage
or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Union Bank of 19,Sahajeevan, Vile Parle(East),
Mumbai:400057, |
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Nature of
instrument creating charge |
Memorandum of
Deposit of Title Deed General Term Loan
Agreement |
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Date of
instrument Creating the charge |
26.06.2006 |
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Amount secured by
the charge |
Rs.3.250 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Equitable Mortage
of immovable prioperty to secure a term Loan of Rs. 3.250 Millions Interest@ 12.50%
P.A. with monthly rests. Repayment- 84
installments of Rs.0.038 Million Each |
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Description of
the property charged indicating whether it is a charged on |
Immovable
Properties |
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Particulars of
the property charged |
Equitable Mortage
of immovable property Viza. Shop No:2, admeasuring about 480Sq.ft at Sainath Sadan
CHS Limited. Survey No: 139, Hissa No:9, C.T.S. No.1941, T.P.S. V, Highway
Service Road, Village Vile Parle (East), Taluka Andheri(East), Mumbai in then
Registration Dist. And Sub Dist. Of |
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Charge
identification number of the charge to be modified |
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Director Reports
The Management we recognized any dividend for
the year .
During the Year gross fixed assets of Rs.0.630
Millions was added to Fixed assets.
The company was fates adequate care to insure all
its insurable interests
Fixed Assets:
Furniture and Fixture
Computers
Premises
Motor Car
Tempo, Fan MAchine
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.90 |
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1 |
Rs.80.78 |
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Euro |
1 |
Rs.55.18 |
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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