MIRA
INFORM REPORT
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Report Date : |
29.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SONIA FORGINGS PRIVATE LIMITED |
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Registered Office : |
G -9-685, Riico Industrial Area, Bhiwadi District, Alwar – 301 019, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.11.1993 |
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Com. Reg. No.: |
007791 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRS03973E |
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PAN No.: [Permanent
Account No.] |
AACCS5819E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Precision Turned Components and
Machinery, CNC Machineries, Cylinder Grinding Machines and Automotive
Components. |
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 47000 |
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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. 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 : |
G -9-685, Riico Industrial Area, Bhiwadi District, Alwar – 301 019, |
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Tel. No.: |
91-1493-221572 / 222112 / 573 |
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Mobile No.: |
91-9810064835 / 9351364835 |
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Fax No.: |
91-1493-512087 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Krishan Lal |
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Designation : |
Director |
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Address : |
E- 105, First Floor, Kalkaji, |
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Date of Birth/Age : |
28.03.1955 |
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Date of Appointment : |
04.11.1993 |
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Name : |
Mrs. Rakesh Kumari |
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Designation : |
Director |
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Address : |
E- 105, First Floor, Kalkaji, |
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Date of Birth/Age : |
20.09.1960 |
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Date of Appointment : |
04.11.1993 |
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Date of Ceasing: |
11.01.2005 |
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Name : |
Mr. Manish Thakur |
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Designation : |
Director |
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Address : |
E- 105, First Floor, Kalkaji, |
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Date of Appointment : |
04.01.2005 |
KEY EXECUTIVES
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Name : |
S. Hirawat and Associates |
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Designation : |
Company Secretary |
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Address: |
A-VI, 401-A, Kamal Apartment, Banipark, Jaipur – 302 016, |
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Tel. No.: |
91-141-2201270 |
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Mobile No.: |
91-9928397597 |
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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. Krishan Lal |
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189870 |
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Mr. Krishan Lal HUF |
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40000 |
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Mrs. Rakesh Kumari |
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95400 |
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Mr. Manish Thakur |
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72275 |
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Mr. Jij Infocom |
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5000 |
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Dristi Finance Limited |
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5000 |
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Mrs. Jaspreet Singh |
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5000 |
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Mrs. Manisha Khanna |
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10000 |
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Mr. Satish Chopara HUF |
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5000 |
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Dynamic Informatics Private Limited |
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10000 |
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Mr. K K Malhotra |
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5000 |
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Mr. Rajesh Kumar |
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5000 |
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Drishti Security Private Limited |
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50000 |
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Precision Turned Components and
Machinery, CNC Machineries, Cylinder Grinding Machines and Automotive
Components. |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Precision Turned Components and Machinery, CNC Machineries, Cylinder
Grinding Machines and Automotive Components. |
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700 Tonnes |
GENERAL INFORMATION
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Bankers : |
State Bank of Amar Colony, |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D K Goyal Chartered Accountants |
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Address : |
K L Datta and Company, SPL -1 (G), Industrial Area, Bhiwadi – 301 019,
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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151446 |
Equity Shares |
Rs. 10.00 each |
Rs. 1.514
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.975 |
4.975 |
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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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6.929 |
4.572 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.904 |
9.547 |
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LOAN FUNDS |
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1] Secured Loans |
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2.841 |
1.938 |
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2] Unsecured Loans |
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0.107 |
0.134 |
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TOTAL BORROWING |
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2.948 |
2.072 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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14.852 |
11.619 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.568 |
7.019 |
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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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0.764 |
0.630 |
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Sundry Debtors |
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10.657 |
8.761 |
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Cash & Bank Balances |
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0.125 |
0.242 |
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Other Current Assets |
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1.520 |
0.436 |
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Loans & Advances |
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1.374 |
1.271 |
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Total
Current Assets |
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14.440 |
11.340 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.441 |
6.070 |
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Provisions |
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0.717 |
0.669 |
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Total
Current Liabilities |
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6.158 |
6.739 |
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Net Current Assets |
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8.283 |
4.600 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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14.852 |
11.619 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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NA |
NA |
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Other Income |
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NA |
NA |
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Total Income |
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NA |
NA |
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Profit/(Loss) After Tax |
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6.280 |
NA |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.76 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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2.34 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SONIA FORGINGS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
15.12.2005 Deed of Guarantee |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 24.300
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 |
2nd
Charge on Land, Building, Plant and Machinery and all Current Assets of the
Company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Deed of
Guarantee |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Amar Colony, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Website details attached:
Subject is the most
eminent manufacturer and exporter of Precision Turned Components and Machinery,
CNC Machined Components, Cylinder Grinding Machines and Automotive Components. Since their inception in the year
1981, they have grown tremendously and emerged out as the most ideal company to
satisfy the requirements and specification of customers spread all over the
globe. Their premium quality products at most affordable rates have propelled
us to achieve maximum degree of customer satisfaction and a respectable name
among the customers. It’s their pro-active services, customer care and impeccable
quality products which places us far ahead of their competitors. They have the
best warehouse and shipping facilities so that the goods reach to the customers
without any hassle and on requested time. The overwhelming response of their
worldwide clients has helped us to elevate their standards of excellence.
They are able to successfully cater to the diverse needs of the clients with the support of their efficient and dedicated team of skilled workers who work with utmost dedication to deliver quality assured products. Their wide and comprehensive range of products includes:
- Precision
Turned Components and Machinery Components
- CNC Machined
Components
- Cylinder
Grinding Machines
- Automotive
Components
Infrastructure
They have a state of the art infrastructure clubbed with requisite
technology and superb working environment. They incorporate well-equipped
manufacturing plants capable of carrying out customized as well as bulk orders
in accordance with the client specifications. Their manufacturing unit is
complacent with the modern machineries which yield excellent results at low
cost. Skillful and highly qualified workers and professionals are their
pillars of success. Their comprehensive set-up has helped us to become the most
renowned manufacturer and exporter of Precision Turned Components and
Machinery, CNC Machined Components, Cylinder Grinding Machines and Automotive
Components in
Quality
- Strict quality controls adhering to national and international standards are adapted from procurement stage to final stage of dispatch of finished products.
- All products are sourced from the
superlative quality of raw material to ensure flawless manufacturing.
- Their quality control unit is clubbed
with all the latest market machineries and equipments.
- Only those products are exported, which
pass all the stringent and standard quality tests.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 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 |
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. |
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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