MIRA
INFORM REPORT
|
Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
301, Plot No. 5, Shopping Complex Derawala Nagar, Gujrawala Town,
Phase 4, New Delhi – 110009 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1988 |
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Com. Reg. No.: |
55-32120 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC032120 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS10074B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
Stainless Steel and Alloy Steel Fasteners, Socket Head Cap Screws, Allen CSK
Screws, Hex Head screws and Bolts, Grub Screws, Philips Pan Head Screws,
Slotted screws, Nuts, Nylock Nuts, High Tensile Fasteners, Studs etc. |
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 109468 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
reported as slow but correct. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
301, Plot No. 5, Shopping Complex Derawala Nagar, Gujrawala Town,
Phase 4, New Delhi – 110009, India |
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Tel. No.: |
91-11-27127954/ 27465933 |
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Fax No.: |
91-11-27465933 |
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Mobile : |
91-9812034145/ 9215911228 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Sudhir Kumar Jain |
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Designation : |
Whole Time Director |
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Address : |
F-12/2, Model Town Delhi, India |
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Date of Birth/Age : |
24.08.1960 |
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Date of Appointment : |
17.06.1988 |
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Name : |
Mrs. Sandhya Jain |
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Designation : |
Whole Time Director |
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Address : |
Railway Road, Rohtak , Haryana, India |
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Date of Birth/Age : |
29.03.1958 |
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Date of Appointment : |
17.06.1988 |
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Name : |
Mrs. Madhu Jain |
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Designation : |
Whole Time Director |
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Address : |
F-12/2, Model Town Delhi, India |
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Date of Birth/Age : |
14.11.1959 |
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Date of Appointment : |
12.09.1992 |
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Name : |
Mr. Rajesh Jain |
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Designation : |
Whole Time Director |
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Address : |
Railway Road, Rohtak , Haryana, India |
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Date of Birth/Age : |
28.06.1958 |
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Date of Appointment : |
19.09.1988 |
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Name : |
Mr. Kamal Kant Jain |
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Designation : |
Whole Time Director |
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Address : |
Jain F-12/2, Model Town Delhi, India |
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Date of Birth/Age : |
31.03.1962 |
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Date of Appointment : |
17.06.1988 |
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Name : |
Mrs. Mirdula Kain Lal |
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Designation : |
Whole Time Director |
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Address : |
Lal Sarak Hansi, Haryana, Idnia |
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Date of Birth/Age : |
19.05.1953 |
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Date of Appointment : |
17.06.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Sudhir Kumar Jain |
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74800 |
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Mrs. Mirdula Kain Lal |
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100 |
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Mrs. Sandhya Jain |
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30000 |
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Mrs. Madhu Jain |
|
55710 |
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Mr. Rajesh Jain |
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4800 |
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Mrs. Deepa Jain |
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35000 |
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Mrs. Rita Jain |
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25085 |
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Mr. Lalit Kumar Jain |
|
9915 |
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Mrs. Sushila Devi Jain |
|
25610 |
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Ms. Chandni Jain |
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100 |
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Mr. Rahul Jain |
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100 |
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Ms. Mona Jain |
|
100 |
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Ms. Sahil Jain |
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100 |
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Total |
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261420 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Stainless Steel and Alloy Steel Fasteners, Socket Head Cap Screws, Allen CSK
Screws, Hex Head screws and Bolts, Grub Screws, Philips Pan Head Screws,
Slotted screws, Nuts, Nylock Nuts, High Tensile Fasteners, Studs etc. |
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Products : |
·
Hex Head (H/T and F/T) ·
SHCS (H/T and F/T) ·
Allen CSK (H/T and F/T)
·
Nuts ·
Self Tapping ·
Thread Bars ·
BHCS ·
Low Head SHCS (H/T and F/T) ·
Square Head / T Bolts ·
Torx Screws ·
Rivets ·
SAI Specials ·
Screws Assembled With Washers ·
Stainless
Steel ·
Alloy Steel
Fasteners ·
Socket Head
Cap Screws ·
Allen CSK
Screws ·
Hex Head
screws ·
Bolts ·
Grub Screws ·
Philips Pan
Head Screws ·
Slotted
screws ·
Nylock Nuts ·
High Tensile
Fasteners |
GENERAL
INFORMATION
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No of Employees : |
250 |
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Bankers : |
Main Branch, Near Session Court, Rohtak – 124001, Haryana, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
VED Jain and Associates Chartered Accountant |
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Address : |
33 Babar Road, 1st Floor, Bengali Market, New Delhi –
110001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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261420 |
Equity Shares |
Rs.10/- each |
Rs.2.614
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.614 |
2.614 |
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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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24.753 |
21.849 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
27.367 |
24.463 |
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LOAN FUNDS |
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1] Secured Loans |
|
61.019 |
38.212 |
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2] Unsecured Loans |
|
33.715 |
30.066 |
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TOTAL BORROWING |
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94.734 |
68.278 |
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DEFERRED TAX LIABILITIES |
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0.034 |
0.266 |
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TOTAL |
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122.135 |
93.007 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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47.674 |
34.011 |
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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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1.014 |
1.013 |
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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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40.330 |
27.889 |
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Sundry Debtors |
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69.285 |
51.622 |
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Cash & Bank Balances |
|
2.027 |
5.067 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
9.734 |
7.498 |
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Total
Current Assets |
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121.376 |
92.076 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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40.411 |
30.109 |
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Provisions |
|
7.518 |
3.984 |
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Total
Current Liabilities |
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47.929 |
34.093 |
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Net Current Assets |
|
73.447 |
57.983 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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122.135 |
93.007 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
223.443 |
154.697 |
107.803 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
223.443 |
154.697 |
107.803 |
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Profit/(Loss) Before Tax |
5.055 |
7.507 |
5.936 |
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Provision for Taxation |
2.151 |
3.343 |
2.150 |
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Profit/(Loss) After Tax |
2.904 |
4.164 |
3.786 |
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Expenditures : |
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Financial Charge |
8.087 |
4.707 |
3.204 |
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Depreciation |
7.779 |
4.779 |
2.487 |
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Other Expenditure |
202.522 |
137.704 |
96.176 |
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Total Expenditure |
218.388 |
147.190 |
101.867 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
1.30
|
2.69 |
3.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.26
|
4.85 |
5.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.99
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5.95 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.31 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.21
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4.18 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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2.53
|
2.70 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1988PTC032120 |
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Name of the
Company |
SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
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|
Address |
301, Plot No. 5, Shopping Complex Derawala Nagar, Gujrawala Town,
Phase 4, New Delhi – 110009, India |
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This form is for |
Modification of
Charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property
(Not being pledge) Receivables |
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Particulars of
the charge holder |
State Bank of
India Civil Lines,
Rohtak – 124001, Haryana, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Letter of
Arrangement SME - |
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Date of the
instrument creating or modifying the charge |
15.10.2007 |
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Amount secured by
the charge |
Rs.71.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 0.75% below SBAR
(SBAR = 12.75% w.e.f. 09.04.2007) Subject to a minimum of 12% p.a. Term of
Repayment: Working Capital
is available for 12 months Margin: Raw Materials 25% Semi Finished
Goods 25% Finished
Goods 25% Compostic
Consumable Spares 30% Domestic
Receivable 50% Letters of
Credit 15% Extent and
operation of the charge: For fund based
facilities: Hypothecation of raw materials, stock in process, consumable Book
Debts, Receivable Fixed Assets and Machinery to be purchased Third Party
Guarantee of Sudhir Jain, Rajesh Jain, Sandhya Jain and Madhu Jain. For Non Fund
based facilities: Extension of charge on entire fixed assets of the company
for whole working capital. Collateral
security in the form equitable mortgage of land and building as prescribed in
Agreement attached. |
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Short particulars
of the property charged (including location of the property) |
For fund based
facilities: Hypothecation of raw materials, stock in process, consumable Book
Debts, Receivable Fixed Assets and Machinery to be purchased Third Party
Guarantee of Sudhir Jain, Rajesh Jain, Sandhya Jain and Madhu Jain. For Non Fund
based facilities: Extension of charge on entire fixed assets of the company
for whole working capital. Collateral
security in the form equitable mortgage of land and building as prescribed in
Agreement attached. |
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Particular of the
present modification |
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Name of the company |
SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr. Sudhir Kumar
Jain |
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1) Date and description of instrument creating the change |
Agreement of Term
Loan with Overall limit was executed on 15.01.2005 State Bank of
India, MGT Branch, Rohtak and The Company |
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2) Amount secured by the charge/amount owing on the securities of charge |
Facility
Rs.10.000 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 |
Equitable
Mortgage of existing factory land and building and installment machinery. And
the machinery to be installed in the new shed which is to be constructed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests on
daily balance out standing @ 9.50% p.a. paid on monthly basis |
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5) Name and Address and description of the person entitled to the charge. |
NA |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.97 |
|
UK Pound |
1 |
Rs.79.53 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|