MIRA
INFORM REPORT
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Report Date : |
27.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TORNA ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
F-136, Ansa Industrial Premises,
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.06.1995 |
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Com. Reg. No.: |
11-89599 |
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CIN No.: [Company
Identification No.] |
U74210MH1995PTC089599 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09617G |
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PAN No.: [Permanent
Account No.] |
AABCT4975D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of providing all type of technical assistance
and engineering services including services related to risk management,
project management, industrial hygiene engineering dust and fume control
systems and working as designers, suppliers, consultants and undertaking turn
key contracts in these fields for all types of industries including chemicals
an other manufacturing industries. |
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 14000 |
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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 : |
F-136, Ansa Industrial Premises,
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Tel. No.: |
91-22-56925904 / 56925905 |
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Fax No.: |
91-22-28523689 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vilas Pandurang Nikam |
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Designation : |
Director |
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Address : |
F - 105, Golden Rays, Raheja Vihar Powai, Mumbai – 400072, |
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Date of Birth/Age : |
20.04.1960 |
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Date of Appointment : |
15.06.1995 |
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Name : |
Mr. Sandhya Vilas Nikam |
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Designation : |
Director |
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Address : |
105, Golden Rays, Raheja Vihar Powai, Mumbai – 400072, |
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Date of Birth/Age : |
07.02.1960 |
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Date of Appointment : |
15.06.1995 |
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Name : |
Mr. Pratapsingh B. Ghorpade |
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Designation : |
Director |
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Address : |
4 Vasundhara Daulat Nagar, Santacruz [West], Mumbai – 400054, |
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Date of Birth/Age : |
01.08.1926 |
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Date of Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vilas Pandurang Nikam |
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46000 |
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Mr. Sandhya Vilas Nikam |
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4000 |
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Total |
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50000 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of providing all type of technical assistance
and engineering services including services related to risk management,
project management, industrial hygiene engineering dust and fume control
systems and working as designers, suppliers, consultants and undertaking turn
key contracts in these fields for all types of industries including chemicals
an other manufacturing industries. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Demister Pad for Incinerator Scrubber
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Qty |
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1 |
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Powder Feeding Hopper with Dust Extraction |
Qty |
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2 |
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Components for Air Pollution Control System |
Qty |
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-- |
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Hood Extension |
Qty |
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-- |
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Rotary Dryer Dust Control Product Recovery System |
Qty |
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7 |
GENERAL INFORMATION
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Customers : |
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Bankers : |
State Bank of Sakinaka Branch,
Lekhraj Bhavan, Mumbai – 400072, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Y. K. Desai and Company Chartered Accountants |
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Address : |
106, Prospect Chambers, 317/321, |
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Tel. No.: |
91-22-22045015 |
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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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100000 |
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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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Reserves & Surplus |
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3.201 |
2.689 |
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NETWORTH |
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3.701 |
3.189 |
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LOAN FUNDS |
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1] Secured Loans |
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0.028 |
0.005 |
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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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0.028 |
0.005 |
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DEFERRED TAX LIABILITIES |
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0.211 |
0.000 |
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TOTAL |
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3.940 |
3.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.159 |
1.080 |
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Capital work-in-progress |
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0.000 |
0.117 |
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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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0.208 |
0.226 |
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Sundry Debtors |
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0.555 |
0.187 |
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Cash & Bank Balances |
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2.377 |
1.769 |
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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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0.096 |
0.070 |
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Total
Current Assets |
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3.236 |
2.252 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.455 |
0.259 |
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Provisions |
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Total
Current Liabilities |
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0.455 |
0.259 |
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Net Current Assets |
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2.781 |
1.993 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.004 |
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TOTAL |
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3.940 |
3.194 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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2.945 |
1.444 |
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Total Income |
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2.945 |
1.444 |
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Profit/(Loss) Before Tax |
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0.881 |
[0.326] |
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Provision for Taxation |
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0.369 |
[0.122] |
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Profit/(Loss) After Tax |
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0.512 |
[0.204] |
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Earnings in Foreign Currency : |
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Total Earnings |
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1.200 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
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0.343 |
0.104 |
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Other Expenditure |
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1.721 |
1.666 |
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Total Expenditure |
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2.064 |
1.770 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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17.39 |
[14.13] |
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Net Profit Margin (PBT/Sales) |
(%) |
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29.92 |
[22.58] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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20.05 |
[9.78] |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
[0.10] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.13 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
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7.11 |
8.69 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Plot
- Computers
- Office
Equipments
- Furniture and
Fixture
- Fax machines
- EPABX
- Instrument
- Motor Car
The focus of the company is to provide comprehensive solutions to issued
faced in offered in the fields of :
- Industrial
Hygiene Engineering
- Hazardous
Waste Management including Air Pollution Control Systems
- Process
Safety
- Project
Engineering Services
Solutions are offered in the form of Engineering Services and also
appropriate products and systems.
During the year they did several design, feasibility products for the
Procter and Gamble Hygiene and Health Care Limited. Plant of Maudideep,
On the Industrial front they could successfully design systems for
Procter and Gamble Pakistan Limited and provide technical services to JKF,
Another significant development was that they become the Authorised
distributor in
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 |
U74210MH1995PTC089599 |
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Name of the
company |
TORNA ENGINEERING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
F-136, Ansa Industrial Premises,
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Type of charge |
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Particular of
charge holder |
State Bank of Sakinaka Branch,
Lekhraj Bhavan, Mumbai – 400072, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
cum hypothecation |
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Date of
instrument Creating the charge |
25.09.2006 |
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Amount secured by
the charge |
Rs. 3.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
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Short particulars
of the property charged |
All present and future
stocks, raw materials, goods, book debts, an all present and future stocks,
raw material, goods, bookdebts and all present and future stocks, raw
materials, goods, book debts and other movable assets of the borrowers
including, documents of title to goods, outstanding monies, bills invoices. |
AS PER WEBSITE
A Mumbai based Project Engineering company with focus
on :-
Industrial Hygiene Engineering- Hazardous Waste Management
- Process Safety
- Incorporated in 1995.
- Well equipped Design office & Fabrication workshop with
Pilot plant facility.
- A highly motivated team of engineers & draughtsman.
- Experienced Associates for back-up & specialized services.
- A Complete Solution Provider.
- Domestic & International work experience.
Products / Systems / Services
- Industrial Hygiene Engineering
- Flexible Extraction Arm
- Central Vacuum Cleaning Systems
- Hazardous Waste Management
- Process Safety
- Project Engineering Services
- Modular Ducting
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.74 |
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1 |
Rs.80.34 |
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Euro |
1 |
Rs.56.30 |
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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