MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MONGA ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
5, Arun Bazar, Near Bank of |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.05.1968 |
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Com. Reg. No.: |
14010 |
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CIN No.: [Company
Identification No.] |
U22106MH1968PTC014010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM22788D |
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PAN No.: [Permanent
Account No.] |
AAACM3782A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
versatile high frequency plastics welding machines. |
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 41348 |
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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 records. 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 : |
5, Arun Bazar, Near Bank of |
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Tel. No.: |
91-22-28821662 / 28821334 |
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Fax No.: |
91-22-28895654 / 28895854 |
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E-Mail : |
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Website : |
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Factory : |
Behind Post Office, Bhosari Industrial Estate, Pune – 411 026 |
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Tel. No.: |
91-20-27120021 / 27120022 |
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Fax No.: |
91-20-27122562 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. O P Monga |
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Designation : |
Director |
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Name : |
Mr. Kailash Omprakash Monga |
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Designation : |
Director |
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Address : |
Xanadu No. 261 / 2 / 9, Plot No. 11 – A, Opposite Hotel Green Park, Baner Road, Pune
– 411 045, Maharashtra, India |
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Date of Birth/Age : |
26.11.1949 |
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Date of Appointment : |
04.09.1986 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
202 Annapurna, Sanewadi Aundh,
Pune – 411 007, |
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Date of Birth/Age : |
01.06.1954 |
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Date of Appointment : |
01.06.1996 |
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Name : |
Mr. Arun Omprakash Monga |
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Designation : |
Director |
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Address : |
8, White Fields Apartment, Ashok Nagar, Pune – 411 007, |
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Date of Birth/Age : |
19.07.1962 |
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Date of Appointment : |
01.10.1995 |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Omprakash Monga |
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Designation : |
Chairman Cum Managing Director |
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Address : |
D -12 Rani Sati Nagar, Chincholi, Opposite Sachdeva Petrol Pumps, |
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Date of Birth/Age : |
23.07.1952 |
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Date of Appointment : |
04.09.1986 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kailash Omprakash Monga |
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8995 |
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Mrs. Pushpa Omprakash Monga |
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5075 |
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Mr. Mahesh Omprakash Monga |
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8995 |
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Mr. Arun Omprakash Monga |
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9835 |
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Mr. Rakesh Omprakash Monga |
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700 |
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Mr. Amol Kailash Monga |
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700 |
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Mr. Vishal Mahesh Monga |
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700 |
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Mr. |
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1510 |
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Total
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36510 |
Equity Share Break – up (Percentage of Total Equity)
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of versatile
high frequency plastics welding machines. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Bank of Address1: Malad, Mumbai Address2: Pimpri Branch, Pune – 411 018, Address3: |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Jagdish B Shah Chartered Accountants |
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Address : |
115, Rewa Chambers, 10, New Marines Lines, Mumbai – 400 020, |
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Associates/Subsidiaries : |
·
CIN of the Subsidiary
Company:U29260MH1996PTC100984
Name of the subsidiary company: Monga Strayfield Private Limited -
REGISTERED OFFICE 5,Arun bazar,S.V.Road,Malad (W)
Mumbai-400064.INDIA.
Fax:+91-(0)22 28895654 · Name of the Subsidiary Company: Strayfield Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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62010 |
Equity shares |
Rs. 100/-
each |
Rs. 6.201
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.201 |
3.651 |
3.651 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.136 |
2.994 |
1.789 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.337 |
6.645 |
5.440 |
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LOAN FUNDS |
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1] Secured Loans |
7.921 |
2.322 |
3.259 |
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2] Unsecured Loans |
0.354 |
0.128 |
0.028 |
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TOTAL BORROWING |
8.275 |
2.450 |
3.287 |
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DEFERRED TAX LIABILITIES |
0.347 |
0.358 |
0.366 |
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TOTAL |
18.959 |
9.453 |
9.093 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.739 |
2.761 |
3.043 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
12.528 |
3.777 |
3.170 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.277
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8.691 |
5.199 |
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Sundry Debtors |
2.140
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1.381 |
1.334 |
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Cash & Bank Balances |
0.971
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0.186 |
0.586 |
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Other Current Assets |
3.102
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0.831 |
0.994 |
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Loans & Advances |
0.295
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0.219 |
0.152 |
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Total
Current Assets |
18.785
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11.308 |
8.265 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.174
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7.613 |
4.241 |
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Provisions |
2.919
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0.780 |
1.144 |
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Total
Current Liabilities |
16.093
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8.393 |
5.385 |
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Net Current Assets |
2.694
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2.915 |
2.880 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.959 |
9.453 |
9.093 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
44.088 |
30.772 |
22.099 |
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Other Income |
0.000 |
0.000 |
2.414 |
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Increase (Decrease) in Stock of Finished
Goods |
0.000 |
0.000 |
0.552 |
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Total Income |
44.088 |
30.772 |
25.065 |
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Profit/(Loss) Before Tax |
5.822 |
1.239 |
0.188 |
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Provision for Taxation |
0.000 |
0.000 |
(0.002) |
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Profit/(Loss) After Tax |
5.822 |
1.239 |
0.190 |
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Earnings in Foreign Currency |
5.706 |
10.330 |
2.166 |
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Imports on FOB Value |
N.A. |
N.A. |
1.261 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
4.675 |
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Administrative Expenses |
0.000 |
0.000 |
6.199 |
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Raw Material Consumed |
0.000 |
0.000 |
13.617 |
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Miscellaneous Expenses Amortized |
0.000 |
0.000 |
0.001 |
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Interest |
0.333 |
0.233 |
0.000 |
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Depreciation & Amortization |
0.434 |
0.412 |
0.384 |
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Other Expenditure |
37.498 |
28.887 |
0.000 |
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Total Expenditure |
38.265 |
29.532 |
24.876 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
13.20
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4.02
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0.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.20
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4.02
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0.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.84
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8.80
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1.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.56
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0.18
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0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.35
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1.63 |
1.59 |
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Current Ratio (Current Asset/Current Liability) |
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1.16
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1.34 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Land
- Land at Bhosari
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Land at Chakan
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Buildings
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Office Premises at Mumbai
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Office Premises at Pune
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Plant and
Machinery
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Machinery
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Computer and Printers
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Vehicles
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Motor Car
-
Scooter
·
Furniture and
Fittings
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Name of the
company |
MONGA ELECTRONICS PRIVATE LIMITED |
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Presented
By |
Bank of |
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1) Date and
description of instrument creating the change |
No Instrument –
equitable mortgage by way of deposit of title deed and recording of oral ascent
at Panjim on 16.09.1997 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.640
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 |
Company’s
immovable property i.e. all that piece of land known as Plot No. C - 4 Rs.
(22) within the village limit of Bhosari and Registration Sub-District Haveli
and Registration District - Pune admeasuring 2656 sq.mtrs and bounded as
mentioned hereunder and building construction thereon Boundary details: On or towards the
North –by estate Road On or towards the
south – by Plot No. C -13-4 Rs. (23) On or towards the
East – by Reserved space On or towards the
West – by Plot No. C-4 (21) and reserved plot |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
For securing due repayment by the
mortgagor to the bank at Pimpri
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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 |
Bank Letter dated
06.12.2005 Term Loan
Agreement dated 06.12.2005 for Rs. 6.000 millions and Equitable Mortgage by
deposit of title deeds on 12.12.2005 |
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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 Company has
repaid the credit facilities obtained for Bill Purchase, Term Loan
(Machinery),. Letter of Credit and Term Loan (Vehicle) Aggregating to RS.
1.640 millions Presently the
charge remains fro Cash Credit of Rs. 2.000 millions with additional Term
Loan for Rs. 6.000 millions aggregating to Rs. 8.000 millions on the
following properties: a) Plot No. C-4 (Rs) 22, MIDC, Bhosari, Pune
admeasuring 2656 sq.mtrs. b) Plot / Building at Gut No. 1849 /1, New
Plot No. 483/1/A, Mendankarwadi, Chakan, Taluka Khed, District Pune admeasuring 6000 sq.mtrs. c) Shop No.5, Ground Floor, situated at City Survey
No. 145, 146 and 147, Survey No. 170, Malad Arun Premises Co-operative
Society Limited, Arun Bazar, |
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Corporation identity number or foreign company registrations number of
the company |
U22106MH1968PTC014010 |
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Name of the company |
MONGA ELECTRONICS
PRIVATE LIMITED |
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Address |
5, Arun Bazar, Near Bank of |
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This Form is for |
Modification of Charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
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Bank of India Limited Address: Pimpri Branch, P.B. No. 1101, E-Mail ID: boipimpribr@vsnl.net
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Nature or description of the instrument creating charge |
Supplementary Deed of Hypothecation creating security for enhancement
of the present cash credit limit from Rs. 2.000 millions to Rs. 4.000
millions |
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Date of the instrument creating charge |
15.03.2007 |
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Amount Secure by the charge |
Rs. 4.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest: 0% over BOI PLR – Minimum 12.00% monthly rests or as per H.O. guidelines w.e.f.
03.01.2007 Terms of repayment: Cash Credit : On Demand Margin: 25% on Limit against stocks 35% on limit against Book Debts Extent and operation of the
charge:
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Short Particulars of the property charged (including location of the
property) |
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Particulars of the present modification |
Enhancement of the present cash credit limit from Rs. 2.000 millions
to Rs. 4.000 millions vide bank sanction letter dated 02.02.2007 and
instrument creating charge by supplementary Deed of Hypothecation dated
15.03.2007 |
WEBSITES DETAILS:
Flexible PVC Sheets
have been welded into utility articles using the High frequency welding technique
for many years. Strong, effective welding is achieved in seconds, and the cost
effective solutions offered by higher kW output of machine have proved valuable
to high-volume products.
Since 1957,
consistent innovation and dedication to quality have made MEPL leaders in the
manufacture of versatile high frequency plastics welding machines. And welded
them to clients all over
Anticipating the
needs of a fast growing plastics welding industry, their R and D now offers
world standard high frequency plastics machines from 1 kW to 40 kW output. And
regularly accepts the challenge of custom-building machines.
A dynamic sales team working closely with clients all over
Their machines are also at work in
They stand committed
to bringing the latest technology to clients ... to innovating continually...
to participating in the prosperity of Indian industry.
Fabrication of
utility articles out of flexible PVC sheets and films by High Frequency Welding
Technique is an established and accepted method. Embossing of various designs
and figures on thick PVC leather cloth is also done by this method by makers of
auto upholstery and in the furniture industry.
Inflatable Items
:
Balloons, Dolls,
Beach Balls, Swimming Pads and aids.
Advertising Aids :
Advertising
premiums, Wallets, Tool kit covers.
Automobile Items
:
To wheeler sheets, Jeep
hoods, Door trims, Sun visors, Heel mats.
Surgical Items :
Aprons, Saline bags,
Transfusion sets, Blood collection bags.
Footwear Items :
Embossing on fancy
footwear, Sandals, Chappals.
Miscellaneous :
Rainwear, Tents,
Flask belts, Hats, Cassette boxes, Umbrella covers, Hosiery and dress
materials.
Starting from 1957, MONGA has, over the years, emerged as a leader in the manufacture of versatile High Frequency Plastic Welding Machines and Radio Frequency Dryers. There has also been development in steel fabrication, plastic novelties and toys.
Managed by a team of professional and seasoned Engineers and technicians,
quality is their hallmark. Their factory is equipped with precision machines,
tools and equipment. Research and development is also an integral part of their
work. They use the latest types of testing equipment to help them turn out
quality products conforming to standards, which are accepted worldwide, and as
such their products enjoy a high industry approval.
Already, their machines are at work in
..... AND THE PROCESS CONTINUES.....
Products:
·
Induction Heaters Enquiry Form
·
Induction Heaters
·
Hydro Extractors
·
Impulse Sealers
·
High Frequency Plastic Welders
OTHER INFORMATION:
REPRESENTATIVES
Artek Enterprises
Private Limited
31
13, Nehru Place,
New Delhi-110 019,
Tel. No.011-6484672
Fax. No. 011-6216934
E-Mail : arteke@vsnl.com
Mr. Vinay D. Shukla,
5, Niranjan Society,
Near Kamla Kamdhenu Hall,
Drive in Road,Memnagar,
Ahemdabad- 380 052
Tel No. 079-7453392
Email-vinaydshukla@rediffmail.com
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 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|