MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
COOLING PEOPLE PUNE PRIVATE LIMITED |
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Registered Office : |
Venkateshwara House, Office no.1 & 2, 1st
Floor, Near Sharada Centre, Off |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.06.1991 |
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Com. Reg. No.: |
11-62185 |
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CIN No.: [Company
Identification No.] |
U29191MH1991PTC062185 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Heat Exchangers Units and Ammonia Receivers |
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 71000 |
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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 experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments 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 : |
Venkateshwara House, Office no.1 & 2,
1 st floor, Near Sharada Centre, Off |
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Tel. No.: |
91-20-25433092 / 25458952 / 25458954 / 25458956 |
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Fax No.: |
91-20-25460270 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Kishor Shankar Joglekar |
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Designation : |
Chairman cum Managing Director |
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Address : |
Sankalp Society, |
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Date of Birth/Age : |
20.08.1953 |
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Date of Appointment : |
24.06.1991 |
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Name : |
Ms. Ashwini Kishor Joglekar |
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Designation : |
Director |
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Address : |
Sankalp Society, |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
24.06.1991 |
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Name : |
Mr. Chandrashekhar Narayan Phadke |
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Designation : |
Director |
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Address : |
Amod 32 Savli Society, |
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Date of Birth/Age : |
17.08.1953 |
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Date of Appointment : |
24.06.1991 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Kishor Shankar Joglekar |
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48135 |
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Kishor Ashwini Joglekar |
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19254 |
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Chandrashekhar Narayan Phadke |
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28882 |
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Total |
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96271 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Heat Exchangers Units and Ammonia Receivers |
GENERAL INFORMATION
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Customers : |
(I)
INDUSTRIAL REFRIGERATION : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Paithankar and Paranjape Chartered Accountants |
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Address : |
2 Geeta Apartments, 5/10 Erandawane, Pune – 411004, |
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Tel. No.: |
91-20-25438862 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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96,271 |
Equity Shares |
Rs. 10/- each |
Rs. 0.963
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.963 |
0.963 |
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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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16.715 |
14.994 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.678 |
15.957 |
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LOAN FUNDS |
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1] Secured Loans |
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12.870 |
12.142 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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12.870 |
12.142 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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30.548 |
28.099 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.456 |
4.192 |
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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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0.018 |
0.018 |
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DEFERREX TAX ASSETS |
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0.273 |
0.158 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.720 |
3.559 |
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Sundry Debtors |
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28.322 |
18.723 |
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Cash & Bank Balances |
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7.184 |
6.455 |
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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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4.539 |
5.666 |
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Total
Current Assets |
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45.765 |
34.403 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.488 |
6.928 |
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Provisions |
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4.476 |
3.744 |
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Total
Current Liabilities |
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22.964 |
10.672 |
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Net Current Assets |
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22.801 |
23.731 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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30.548 |
28.099 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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124.606 |
NA |
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Other Income |
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7.026 |
NA |
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Total Income |
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131.632 |
NA |
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Profit/(Loss) Before Tax |
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3.478 |
NA |
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Provision for Taxation |
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1.325 |
NA |
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Profit/(Loss) After Tax |
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2.153 |
NA |
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Earnings in Foreign Currency : |
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Total Earnings |
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6.191 |
5.265 |
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Expenditures : |
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Total Expenditure |
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128.154 |
NA
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.64 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.79 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.54 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.03 |
1.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.99 |
3.22 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
COOLING PEOPLE
PUNE PRIVATE LIMITED |
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Presented By |
Managing
Director COOLING PEOPLE PUNE PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.290
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock of
compressor, agitators 40 hp motor pipes, fittings, channels etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate
2.75 % p.a. over PLR subject to minimum of 17.75 % or such other rates as may
be notified by the Bank |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
15.12.2005 No Instrument Company has given
Continuing oral assent to the Bank to continue to hold the title deeds
already deposited |
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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. |
The extension of
equitable mortgage of immovable property situated at Plot No. 4 Shed No. D – 1 and D – 2 Gat Commercial Units no. 1
& 2 situated on 1st floor CTS No. 17/2, Final plot No. 13/2 of
TP scheme Erandwane Pune 411004, made to cover the enhanced charge for Cash
credit of Rs. 6.000 millions |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29191MH1991PTC062185 |
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Name of the
company |
COOLING PEOPLE PUNE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Venkateshwara House, Office no.1 & 2, 1st
Floor, Near Sharada Centre, Off |
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Type of charge |
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Particular of
charge holder |
Bank of |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
02.02.2007 |
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Amount secured by
the charge |
Rs. 2.250 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0 % over BOIPLR at
present @ 12 % on Monthly rests Terms of
repayment 60 EMI’s of Rs.
50051 commencing from two months after disbursement Margin 25 % against
Plant and Machinery and stock and 40 % against book debts Extent operation
of the charge Oral assent made
by depositing of title deeds of equitable mortgage and hypothecation
agreement made for hypothecation of Plant and Machinery and stock and book
debts located at Shed No. C 3, Ghulane Industrial Estate, Village Pirangut,
Pune. |
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Short particulars
of the property charged |
Factory Premises
and Plant and Machinery at Industrial Shed Nos. C – 3 to C – 6, Ghulane Industrial Estate, Village
Pirangut, Pune. |
As Per Website
A company based in Pune, in the business of executing
turnkey projects of refrigeration & air-conditioning.
The company was formed in 1987 with a sole purpose
of offering well designed refrigeration & air-conditioning plants backed up
by prompt & efficient after sales service, which is most important, being a
service oriented industry.
They have so far successfully completed a variety of refrigeration &
air-conditioning jobs, right from comfort air-conditioning to low temperature
brine chilling units upto minus 65º C, block ice plants, air chilling plants,
crushed Tube Ice plants, cold stores & freezers and refrigerated air
driers.
They have been approved and have executed jobs for
leading consultants such as Uhde India Limited, ICB Limited, Toyo
Engineering Limited, Krebs & Cie (I) Limited, RJ Associates, Kvaerner
Powergas, PDIL, Jacobs H & G etc.
In last 15 years they have executed more than 500
nos. of projects all over
They have their own service set-up comprising of
refrigeration mechanics trained in Kirloskar/ACCEL workshops in compressor
assembly and hence most of the compressor servicing work is taken care by them
without having to bother the equipment manufacturer's personnel.
Their senior technical personnel are ex-Kirloskar
Pneumatic and/or Alfa Laval, having at least 24 years of precious experience in
refrigeration & air-conditioning projects and as such each of their plants
is backed up by a sound design which is very important for smooth operation of
the refrigeration system.
They supply skid
mounted refrigeration package units for air chilling, water chilling as well as
brine chilling systemswith R22 refrigerant.
They have supplied
many such skid mounted units in India as well as exported these to Jeddah -
Saudi Arabia, Amman - Jordan, Lagos - Nigeria, Doha - Qatar, Egypt, U.A.E., Al
Buraimi - Oman etc. either directly or through their Indian Clients.
They also supply compression based refrigeration plants with Ammonia
refrigerant.
They have supplied equipments using AQUA AMMONIA
ABSORPTION SYSTEM of refrigeration for chilling brine i.e. for applications
with below zeroº c. temperature requirements, using low grade heat source such
as waste steam. Operation of these plants is very silent since there are no
reciprocating compressors involved. The only moving part is an ammonia
multistage pump.
Industry Applications :
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Food and Beverage Industries
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Chemical Industries
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Pharmaceutical Industries
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Petrochemical Industries
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Dairy Industries
Design
The design of their refrigeration
system combines economical, ecological and technological aspects. The optimised
solution is the result.
Installation
Specialized in all aspects of refrigeration plant construction including turn
key operations, they carry out all welding, fabrication, erection and
commissioning - usually without using sub-contractors. As a result, clients
involve them in the construction and installation of demanding industrial
refrigeration plants, as well as in the maintenance work to follow.
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.39.73 |
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|
1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
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 |
NO |
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--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. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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