MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NHB
BEARINGS LIMITED |
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Registered Office : |
103, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14.08.1961 |
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Com. Reg. No.: |
11-87918 |
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CIN No.: [Company
Identification No.] |
U27108MH1995PTC087918 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTN00911B |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
The company is engaged in as manufacturers of Steel Balls from 3mm to
12.7 mm. |
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 190000 |
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Status : |
Good |
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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. Directors are reported
as experienced, respectable and resourceful businessmen. Their trade
relations are reported as fair. Payments are 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 / Corporate Office: |
103, |
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Tel. No.: |
91-22-26832498 / 26836783 |
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Fax No.: |
91-22-26831765 |
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E-Mail : |
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Website : |
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Head Office : |
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Overseas Office: |
5591,
Cortina, Crescent, |
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Tel. No.: |
91-905-5027369/5028946 |
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Factory 1 : |
Plot
No. 68/74, G. I. D. C., Antalia -396325, Billimora, |
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Tel. No.: |
91-2634-253439 |
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Fax No.: |
91-2634-253034 |
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E-Mail : |
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Factory 2 : |
Ankleshwar
Raod, Amalsad, Dist – Navsari -396 310, |
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Tel. No.: |
91-2634-2272255
/ 2272256 / 2272270 |
DIRECTORS
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Name : |
Mr.
Harsukh M. Mehta |
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Designation : |
Whole time
Director |
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Address : |
24-E, Mehta
House, |
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Date of Birth/Age : |
04.03.1928 |
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Date of Appointment : |
10.10.1968 |
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Name : |
Mr.
Bhaskar M. Mehta |
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Designation : |
Managing Director
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Address : |
24-E, Mehta
House, |
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Date of Birth/Age : |
17.08.1934 |
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Date of Appointment : |
12.09.1972 |
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Name : |
Sulochana H Mehta
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Designation : |
Director |
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Address : |
24-E, Mehta
House, |
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Date of Birth/Age : |
22.09.1933 |
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Date of Appointment : |
01.04.1987 |
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Name : |
Urmila B. Mehta |
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Designation : |
Director |
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Address : |
24-E, Mehta
House, |
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Date of Birth/Age : |
06.12.1941 |
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Date of Appointment : |
01.04.1987 |
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Name : |
Mr.
Dharmesh H. Mehta |
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Designation : |
Director |
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Address : |
24-E, Mehta
House, |
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Date of Birth/Age : |
05.06.1966 |
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Date of Appointment : |
02.08.1990 |
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Name : |
Mr.
Ashish B. Mehta |
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Designation : |
Director |
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Address : |
24-E, Mehta
House, |
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Date of
Birth/Age : |
21.11.1969 |
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Date of Appointment
: |
01.11.1993 |
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Name : |
Mr.
Kalpesh B. Mehta |
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Designation : |
Director |
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Address : |
Cozy Cottage,
Adiabad Estate, |
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Date of
Birth/Age : |
21.07.1971 |
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Date of
Appointment : |
01.04.1999 |
KEY EXECUTIVES
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Name : |
Mr. John Erickson |
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Designation : |
Key Executive (for |
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Tel. No.: |
91-860-673 6194 |
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Fax No.: |
91-860-673 0014 |
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E mail: |
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Name : |
Mr. Milan Ramaiya |
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Designation : |
Key Executive (for |
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Tel. No.: |
91-416-285 3666 |
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Fax No.: |
91-905-417 6878 |
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E mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr.
Harsukh M. Mehta |
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175000 |
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Harsukh
M. Mehta (HUF) |
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100000 |
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Sulochana H Mehta
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111350 |
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Mr.
Dharmesh H. Mehta |
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125000 |
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Sejal D Mehta |
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61300 |
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Hana D Mehta |
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25000 |
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Thea D Mehta |
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25000 |
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Priti Jayant
Doshi |
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60500 |
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Nita Rajesh
Gandhi |
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60500 |
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Bhaskar Mehta |
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200000 |
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Bhaskar Mehta
(HUF) |
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29400 |
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Urmila B. Mehta |
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141100 |
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Mr.
Ashish B. Mehta |
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160825 |
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Mr.
Kalpesh B. Mehta |
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160825 |
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Mr. Arusha Ajay
Tuli |
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51500 |
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Total |
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1487300 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in as manufacturers of Steel Balls from 3mm to
12.7 mm. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Ř
Dena Bank, Mumbai, Ř
Dena Bank, Ř
IDBI Bank Limited Ř
HDFC Bank, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kamdar,
Desai and Patel Chartered
Accountants |
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Address : |
Neekanth Niwas, 169/C
Dr. Ambedkar Road, Dadar TT Mumbai – 400014 |
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Tel. No.: |
91-22-24125897/24164785/24113693 |
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Fax No.: |
91-22-24166944 |
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E-Mail : |
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Web Site: |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1487300 |
Equity Shares |
Rs. 10.00 each |
Rs. 14.873 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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14.873 |
14.873 |
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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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32.687 |
28.855 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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47.560 |
43.728 |
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LOAN FUNDS |
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1] Secured Loans |
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46.552 |
15.278 |
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2] Unsecured Loans |
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67.383 |
59.561 |
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TOTAL BORROWING |
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113.935 |
74.839 |
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DEFERRED TAX LIABILITIES |
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9.176 |
8.335 |
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TOTAL |
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170.671 |
126.902 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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76.089 |
61.056 |
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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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5.000 |
5.000 |
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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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39.220 |
33.328 |
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Sundry Debtors |
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61.132 |
61.364 |
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Cash & Bank Balances |
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3.730 |
2.839 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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88.572 |
52.999 |
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Total
Current Assets |
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192.654 |
150.530 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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75.635 |
60.965 |
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Provisions |
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27.437 |
28.719 |
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Total
Current Liabilities |
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103.072 |
89.684 |
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Net Current Assets |
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89.582 |
60.846 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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170.671 |
126.902 |
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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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262.675 |
241.702 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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262.675 |
241.702 |
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Profit/(Loss) Before Tax |
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7.261 |
8.995 |
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Provision for Taxation |
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1.000 |
0.700 |
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Profit/(Loss) After Tax |
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6.261 |
8.295 |
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Imports Value |
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101.834 |
65.774 |
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Total Expenditure |
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254.907 |
233.128 |
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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2.38 |
3.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.76 |
3.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.70 |
4.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.56 |
3.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.87 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
v
Factory
land and building
v
Factory
flat
v
Office
building
v
Cycle
stand
v
Refrigerators
v
Air
conditioners
v
Typewriters
v
Laboratory
equipments
v
Water
cooler
v
Cooling
tower
v
Computer
system
v
Motor
car
v
Furniture
and fixture
v
Cycle
v
Motor
cycle
Operations:
During the year
under report the company has achieved the domestics sales Rs. 221.574 millions and
exports sales of Rs. 33.785 millions
The company is
receiving utmost co-operation from financial institutions and banks.
general
observations
Ř
Mr. Jayesh of Dynamic Engineering Services informed that they have
heard about the company but nothing adverse is reported on them. More information can be obtained from Mr.
Mukesh Mehta, partner of the concern.
Ř
It was reported that company had a difficult time in 1998-99, when
they had incurred substantial loss.
Ř
Mr. S. E. Gandhi of RMP Bearings Limited informed that he knows
Mehta family of NHB Group since last 36 years.
His group companies have aggregate transactions worth Rs. 3 / 4
millions. Mehta family is a respectable
and resourceful family. Their dealings
are satisfactory. They have not heard anything
adverse.
Ř
Customer Precision Fasteners could not opine in the matter, as
they have almost closed down.
Ř
Pragati founders now Trussa Engineering staff informed that they
do not know the subject company. Owners
were not available during investigation.
Ř
Mr. Indrajit Khurana of AKS Bearing India Limited do not know
either company or its' management.
Ř
Large companies like SKF, Tata, etc. require name of concerned
person, department and other details before they could give opinion on subject.
Ř
Mr. Rasikbhai Ajmera of Dhirajlal Morarji informed that subject
came into being from – New Heaven Ball Bearings, Mumbai. Directors are reported
as experienced, respectable and resourceful industrialists. Their dealings are
straightforward.
Ř
Mr. Jatin Shah of
|
Corporation identity number or foreign company registrations number of the company |
U27108MH1995PTC087918 |
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Name of the company |
NHB
BEARINGS LIMITED |
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Address |
103, |
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This Form is for |
Creation of charge |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
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Particular of the charge holder |
HDFC Bank, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400013, |
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Nature or description of the instrument creating charge |
Memorandum Recording past transaction of creation of mortgage by deposit of title deeds. |
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Date of the instrument creating charge |
02.06.2006 |
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Amount Secure by the charge |
Rs. 7.380 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The bank is entitled to charge interest at Such other rate as May be determined the bank form time to time. The mortgage / charge shall continue to subsist till such time all the borrower dues have been repaid in full together with interest, liquidated damages, costs, charges and expenses and all other monies whatsoever dues. |
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Particulars of the Property charged |
Mortgage
by deposit of title deeds in favour of the bank as security on ; 103, |
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History
About half a century ago, Mr. M D Mehta, the
founder was trading in parachutes and chemicals in the
Two enterprising Americans approached him with
a proposal to manufacture the steelballs.
The duo was equipped with the knowledge and technical know-how to
manufacture the balls, but no capital.
Mr. Mehta innovator at heart, decided to venture into the new product
line steel balls.
That was just the beginning. Subject grew exponentially, and in 1949,
manufacturing facilities were relocated to
Subject is led by a dynamic team – members of
second and third generation of the founder.
Armed with expertise acquired in their respective fields from renowned
Today, subject is one of the leading
manufacturers of balls in
They have earned their reputation by pursuing
a single-minded objective: Unquestionable Quality. And they have gained their clients’
trust, by providing them with world – class service that exceeds their
expectations.
To begin with they have strengthened their
quality system from ISO 9002 in April 1997 to QS 9000 in August 2000. An achievement that is a direct result of
keeping quality their top operating priority and aiming for zero defects.
Besides, they offer products for a diverse
range of applications tight from high precision balls for sophisticated use
such as bearings, CV joints, steering and pharmaceuticals, to those than
require simple tolerances as in cosmetics.
They provide these in various materials including low carbon steel,
chrome steel, stainless steel, brass, aluminum and other materials.
Their experienced sales and technical team
work in tandem with customers, gauging their exact needs, which help in
developing new products as per customer’s specific requirements.
Subject continuously monitor inventory and
deliver on a just-in-time basis fro their warehouse in
|
FEROUS |
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Chrome Steel |
SAE 52100 |
DIN 100Cr6 / B.S. En 31 |
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Carbon Steel |
SAE 1010 |
DIN 1.1121 |
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SAE 1086 |
- |
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300 Series Stainless Steel |
AISI 302 |
- |
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AISI 304 |
DIN 1.4301 / B.S. 304 S 15 |
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AISI 304 L |
DIN 1.4306 / B.S. 304 S 12 |
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AISI 316 |
DIN 1.4401 / B.S. 316 S 16 |
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AISI 316 L |
DIN 1.4404 / B.S. 316 S 12 |
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400 Series Stainless Steel |
AISI 420 |
DIN 1.4021 / B.S. 420 S 37 |
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AISI 420 B |
DIN X30Cr13 |
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AISI 420 C |
DIN 1.4016 / B.S. 430 S 15 |
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AISI 430 L |
DIN 1.4016 / B.S. 430 S 15 |
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AISI 440 C |
DIN 1.4125 |
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All 300 and 400 series stainless steel balls
can be supplied passivated.* |
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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. 40.45 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.54.37 |
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 |
|