MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
C. S. DIESEL ENGINEERING PRIVATE LIMITED |
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Registered Office : |
15, QRGH, Laxmi Industrial Estate, New Link Road, P O Azad Nagar, Andheri
[West], Mumbai – 400053, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.09.1980 |
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Com. Reg. No.: |
11-23181 |
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CIN No.: [Company
Identification No.] |
U34100MH1980PTC023181 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11075B |
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PAN No.: [Permanent
Account No.] |
AAACC4519R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provides Technical Assistance for Selection of Engines, Technical
Review of Requirements, Installation Recommendations. |
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 88000 |
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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, respectable and resourceful
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 : |
15, QRGH, Laxmi Industrial Estate, New Link Road, P O Azad Nagar,
Andheri [West], Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-26360777 / 26361225 / 26365305 / 56924389 / 90 / 91 |
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Fax No.: |
91-22-26365729 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Chandrakant P. Shah |
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Designation : |
Chairman |
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Address : |
11, |
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Date of Birth/Age : |
08.05.1941 |
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Date of Appointment : |
15.11.1984 |
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Name : |
Ms. Shobhna C. Shah |
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Designation : |
Whole Time Director |
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Address : |
11, |
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Date of Birth/Age : |
07.01.1979 |
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Date of Appointment : |
01.04.1986 |
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Name : |
Mr. Sowmil C. Shah |
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Designation : |
Whole Time Director |
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Address : |
11, |
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Date of Birth/Age : |
12.11.1972 |
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Date of Appointment : |
10.05.1995 |
KEY EXECUTIVES
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Name : |
D. B. Karande and Company |
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Designation : |
Company Secretary |
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Address : |
13 Shree Niketan, Pandurang Wadi, Goregaon [East], Mumbai – 400063 16, Second Floor, Sathye Baug, |
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Tel. No. : |
91-253-2310893 |
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Mobile No.: |
91-33034079 |
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Fax No.: |
91-253-28748861 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Chandrakant P. Shah |
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9600 |
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Shobhna C. Shah |
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47560 |
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Sowmil C. Shah |
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67120 |
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Shilpa T Valia |
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400 |
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Chandrakant P. Shah – HUF |
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75320 |
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Total |
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200000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Provides Technical Assistance for Selection of Engines, Technical
Review of Requirements, Installation Recommendations. |
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Products : |
Diesel Engine Spares |
GENERAL INFORMATION
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No. of Employees : |
62 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. B. Pokle and Company Chartered Accountants |
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Address : |
201, 2nd Floor, Chitrakoot, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.880 |
15.627 |
9.455 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.880 |
17.627 |
11.455 |
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LOAN FUNDS |
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1] Secured Loans |
4.747 |
4.017 |
1.562 |
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2] Unsecured Loans |
17.650 |
16.600 |
19.600 |
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TOTAL BORROWING |
22.397 |
20.617 |
21.162 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.193 |
0.211 |
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TOTAL |
44.277 |
38.437 |
32.828 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.062 |
17.393 |
18.347 |
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Capital work-in-progress |
3.302 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.350 |
0.350 |
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DEFERREX TAX ASSETS |
0.523 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.249
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12.642 |
7.607 |
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Sundry Debtors |
46.168
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33.970 |
22.096 |
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Cash & Bank Balances |
1.204
|
1.053 |
0.589 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.964
|
9.738 |
6.917 |
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Total
Current Assets |
79.585
|
57.403 |
37.209 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.295
|
29.498 |
21.828 |
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Provisions |
14.900
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7.211 |
1.250 |
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Total
Current Liabilities |
56.195
|
36.709 |
23.078 |
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Net Current Assets |
23.390
|
20.694 |
14.131 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.277 |
38.437 |
32.828 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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92.460 |
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Other Income |
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6.537 |
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Total Income |
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98.997 |
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Profit/(Loss) Before Tax |
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0.405 |
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Provision for Taxation |
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0.279 |
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Profit/(Loss) After Tax |
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0.126 |
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Expenditures : |
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Purchases made for re-sale |
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73.072 |
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Increase/(Decrease) in Finished Goods |
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1.597 |
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Salaries, Wages, Bonus, etc. |
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8.631 |
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Managerial Remuneration |
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1.011 |
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Interest |
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3.601 |
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Depreciation & Amortization |
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1.939 |
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Other Expenditure |
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8.741 |
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Total Expenditure |
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98.592 |
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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 |
(%) |
NA
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NA |
0.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
0.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
0.73 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.59
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3.25 |
3.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.42
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1.56 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U34100MH1980PTC023181 |
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Name of the
company |
C. S. DIESEL ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
15, QRGH, Laxmi Industrial Estate, New Link Road, P O Azad Nagar,
Andheri [West], Mumbai – 400053, Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
State Bank of Industrial Finance
Branch, Andheri [East] Snehal Chambers,
Telli Galli, Mumbai – 400069, |
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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 |
14.12.2006 |
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Amount secured by
the charge |
Rs. 9.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rs. 8.000
Millions 12.50 % Bank Guarantee :
Rs. 1.000 Millions Commission as
applicable All the above
facilities with the limits are payable on demand. |
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Short particulars
of the property charged |
All present and future
stocks, raw materials, goods and vehicles and all other movable assets of the
borrower including receivables, documents of title to goods, outstanding
monies, bills, invoices, documents, contracts, insurance policies guarantee.
Engagements, Securities, investments and rights and the present and future
machinery. |
FIXED ASSETS
- Building
- Furniture and
Fixture
- Plant and
Machinery
- Electrical
Fitting
- Tools
- Air
Conditioners
- Computers
- Motors and
Vehicles
- Office
Equipments
AS PER WEBSITE
SUBJECT OFFER
FOLLOWING SERVICES
- After Sales
Service
- Warranty
Support
- Generator
Hiring Accoustic Enclosures
- Heat Recovery
System
- Repower &
Replacement
- Customer
Training
- Engine Cut
Model
- A.V.M. Pads
- After Sales
Service for
- Fuel Flow
Monitor
- Lube Oil
Coolant Checking
- Fraco Power
Capacitor
- Parts Support
- Valvoline Oil
- Up-grade Kits
- Alternate
Fuel
- Health Check
- Power
Solution
- Energy Audit
- Batteries
- Single Point
Service Contract
- By back
- Coil Cooler
(Remote Radiator)
AS PER WEBSITE
FACILITIES AT
THEIR SERVICES CENTRE
- Complete
Calibration arrangement for Fuel Pump and Injectors
- Overhauling
at Cummins Engine, Complete testing arrangement on Hydraulic Dynamometer for
engines. They can test the engines and check the HP and performance f the
engine
- Complete
repair of Engine Sub Assemblies like Cylinder Heads,
- Carry out
repairing of Radiator, Starter / Air Starter / Hydraulic Starter and Carry
out calibration of Torque wretch etc
- Follow the
quality Control System set up by their principals carry out periodical
Audit of their Dealership and
- Possess full
range of services tools, checking Instruments as prescribed in the
standard quality manual of Cummins Diesel Sales and Service (I) Limited,
Pune
MACHINERY AT THE
SERVICES CENTRE INCLUDES
- Hydraulic
Dynamometer with cooling tower
- Hydraulic
Crane & Overhead Crane
- Fuel Pump
calibration stand
- Radial drill
machine
- Hydraulic
press (40 Tones) Oven
- Cleaning
System Booths (Pressurize Cleaning, Dip Tank for Chemical Cleaning &
High Pressure Water Spray Cleaning)
- Pedestal
Grinder & Valve Sheet Grinder
- Compressor
- Lub Oil
Checking tool
- Torque Wrench
calibration Stand
- Special
tools, Gauges, Hand Tools, Measuring Tools, Handling / Lifting Tackles
- Mobile rack
system for storing material
PRODUCT
AND SERVICES
- Cummins Engine and Spares and Services
- Heat Recovery Unit
- Accoustic Encolsures
- Tata Cumines And Spare part
- Gensents on Hire
- D M Plants
- Valvoline Oil
- Dataloging
- Solutions
- Upgrade Kits
OFFSHORE
BUSINESS
- 650 KW KTA 3067 GENSETS
650 KW KTA 3067 G Engine was
supplied to ONGC for Mumbai High Offshore Process Platform as an Emergency D.
G. Set. The set was installed at
- 10 / 50 KW GENSET FOR OFFSHORE APPLICATION
They have so far supplied more
than 30 D. G. sets which are working on various ONGC Platforms in Mumbai High.
The Engines are completely flame proof meeting EEMUA 107 (1992) approved by
Lloyds,
- CUMMINS ENGINES FOR FIRE WATER PUMP APPLICATION ON OFFSHORE
PLATFORMS
Through M/S. Kirloskar Brothers
Limited, Pune, they have supplied Cummins Engines on ONGC Offshore Platforms
coupled to KBL Fire Pumps. These Engines are also flame proof engines with
safety controls working on pneumatic and dual starting systems.
- ENGINES INSTALLED ON CORVETTES
They have installed Cummins
Engines on new class of ships (Corvette Class) for Indian Navy. Corvette Class of
Ships are powered with 4 x 350 KW D. G. Sets (VTA - 1710 - MG Engines). The
first 2 Vessels INS Khukri and INS Kuthar were built in MDL in Mumbai. The
entire assistance for installation, trials and commissioning meeting stringent
Naval requirements / specifications was provided by them.
Carried out Installation and commissioning of 4 x350kw DG sets (VTA 1710 MG
Engines) on corvette vessel INS Kirch shifted from GRSC Calcutta to MDL Mumbai
- FIRST KTA-1150 ENGINE FOR MARINE APPLICATION
They have obtained order for
first KT-1150 Engine for Marine Genset and Main Propulsion. M/S. Escorts
selected KTA-1150-M Engine for their Vessel ML Udhi. The vessel was built at
Shaparia Dock, Mumbai. The Engines were successfully installed and tested.
- ORDER FOR 275 KVA-DG SET ON ONGC OFFSHORE VESSELS
ONGC have selected KT-1150-MG
Engines to be installed on their Sindhu Class Vessels. They have Procured order
for 8 Sets of KT-1150-MG Engines which include installation and commissioning.
- CUMMINS ENGINES FOR SCI VESSELS
Considering prompt and efficient
services provided to SCI on ONGC manned vessels, Sagarika I and Sagarika II,
Cummins Engines were selected for 10 Offshore Vessels built at Robin Shipyard
- CUMMINS ENGINE FOR GEOLOGICAL SURVEY
Shipping Corporation preferred
to install Cummins Engines on two of their survey Vessels built at Delta
Shipyard in
- REPOWERING OF 100 AND200 KW PRIME MOVERS OF RUSSIAN D/AS OF MISSILE
BOATS -1241 RE AND 1241 PE Class ships of Indian Navy - 85 KW MAIN GENERATOR FOR FLOATING OUTPOST VESSEL BEING BUILT BY
MAZAGON DOCK LIMITED - THEY WERE AWARDED SPEIAL BREAK DOWN AND SERVICE CONTRACT
FOR CUMMINS ENGINES INSTALLED ON TIE TAMPING MACHINES OF CENTRAL RAILWAY AND WESTERN RAILWAY - CONTRACT FOR ATTENDING CUMMINS ENGINES INSTALLED ON ONGC
OFFSHORE PLATFORM
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.39.33 |
|
|
1 |
Rs.79.74 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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 |
|