MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENDURANCE SYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
E – 92, MIDC Industrial Area, Waluj, Aurangabad 431136, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.08.1995 |
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Com. Reg. No.: |
92249 |
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CIN No.: [Company
Identification No.] |
U28113MH1995PTC092249 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKE00292F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Fabricate, Assembling and deal in Automobile Parts and Agriculture Implements of all kinds and Description, Automotive and other Gears Transmission Axles, Universal Joints, Springs, Spring Valves, Head lamps, Seats, Shock Absorbers, Front Focks, Sealed Beams, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1570000 |
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Status : |
Good |
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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 fine
track. Available information
indicates satisfactory financial responsibility of the company and its
management. General financial
position is satisfactory. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered/Corporate Office : |
E – 92, MIDC Industrial Area, Waluj, Aurangabad 431136, Maharashtra,
India |
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Tel. No.: |
91-240-2554902 / 2564582 / 2564595 |
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Fax No.: |
91-240-2555423 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Manufacturing Plants: |
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Overseas Plants: |
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R and D Centers: |
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Suspension
Division: |
Endurance
Systems (India) Private Limited E-92, MIDC Area, Waluj,Post Box No. 982,
Aurangabad (M.S.) 431 136. India |
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Tel. No.: |
91-240-2554902 / 2564582 / 2564595 |
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Fax No.: |
91-240-2555423 |
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Suspension
Division: |
Endurance
Technologies Private Limited K-228 and K-229, MIDC Area, Waluj,
Aurangabad (M.S.) 431136. India |
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Tel. No.: |
91-240-2556686 / 2556687 |
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Fax No.: |
91-240-2556685 |
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Transmission Division: |
High Technology
Transmission Systems (India] Private Limited K-226/1, MIDC Area, Waluj, Aurangabad
(M.S.) 431136. India. |
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Tel. No.: |
91-240-2552447 / 2563153 |
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Fax No.: |
91-240-2563553 |
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Website: |
DIRECTORS
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Name : |
Mr. Tarang Jain |
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Designation : |
Director |
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Address : |
Halcyon, Kanchanwadi, Opposite Walmi, Paithan Road, Aurangabad 431005,
Maharashtra, India |
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Tel. No. : |
91-240-2376090 |
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Fax No. : |
91-240-2376329 |
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Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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Address : |
31/B, M. L. Dahanukar Marg, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
11.02.1935 |
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Date of Appointment : |
28.08.1995 |
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Name : |
Mr. Anurag N. Jain |
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Designation : |
Director |
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Address : |
Gat No. 43-3-B, Kanchanwadi Aurangabad Pithan Road, Kanchanwadi,
Aurangabad 431035, Maharashtra, India |
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Date of Birth/Age : |
21.03.1962 |
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Qualification : |
MBA |
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Date of Appointment : |
13.11.2006 |
KEY EXECUTIVES
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Name : |
Mr. Pranvesh R. Tripathi |
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Designation : |
Company Secretary |
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Address : |
23, Dashmeshnagar, Aurangabad 431005, Maharashtra, India |
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Tel. No. : |
91-240-2564595 |
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Date of Birth : |
12.10.1973 |
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Date of Appointment : |
15.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 29.09.2005]
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Names of Shareholders |
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No. of Shares |
|
Naresh Chandra |
|
423500 |
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Anurag Jain |
|
907500 |
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Bajaj Auto Limited |
|
300000 |
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Suman Jain |
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475000 |
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Naresh Chandra and Suman Jain |
|
32500 |
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Anurag Jain |
|
500 |
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Anurag Jain and Varsha Jain |
|
61000 |
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Total |
|
2200000 |
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Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
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Bodies Corporate |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Fabricate and Assembling and deal in Automobile Parts and Agriculture Implements of all kinds and Description, Automotive and other Gears Transmission Axles, Universal Joints, Springs, Spring Valves, Head lamps, Seats, Shock Absorbers, Front Focks, Sealed Beams, etc. |
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Products : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
2500 |
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Bankers : |
No. 14, Pune
Mumbai Road, Wakdewadi, Pune 411003
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. C. Panpalia and Company Chartered Accountants |
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Address : |
Panpalia Building, Above Punjab National Bank, Vakhar Baug, High
School Road, Sangli 416416, Maharashtra, India |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International
Trade Centre, Senapati Bapat Road, Pune 411016, Maharashtra, India |
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Holding Company: |
Endurance Technologies Private Limited CIN No.: U34102MH1999PTC123296 |
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Subsidiaries: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2200000 |
Equity Shares |
Rs. 10/-
each |
Rs. 22.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.000 |
22.000 |
22.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
371.473 |
359.463 |
128.383 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
393.473 |
381.463 |
150.383 |
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LOAN FUNDS |
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1] Secured Loans |
507.797 |
587.753 |
456.416 |
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2] Unsecured Loans |
530.235 |
294.526 |
217.861 |
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TOTAL BORROWING |
1038.032 |
882.279 |
674.277 |
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DEFERRED TAX LIABILITIES |
97.288 |
96.435 |
36.953 |
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TOTAL |
1528.793 |
1360.177 |
861.613 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
891.146 |
881.205 |
563.407 |
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Capital work-in-progress |
12.571 |
20.538 |
6.928 |
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INVESTMENT |
17.075 |
17.075 |
0.672 |
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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 |
239.317
|
99.972 |
100.777 |
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Sundry Debtors |
470.222
|
416.733 |
193.129 |
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Cash & Bank Balances |
128.945
|
135.075 |
114.376 |
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Other Current Assets |
9.648
|
0.000 |
0.000 |
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Loans & Advances |
225.428
|
111.932 |
115.364 |
|
Total
Current Assets |
1073.560
|
763.712 |
523.646 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
406.167
|
266.673 |
196.461 |
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Provisions |
59.392
|
55.680 |
36.579 |
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Total
Current Liabilities |
465.559
|
322.353 |
233.040 |
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Net Current Assets |
608.001
|
441.359 |
290.606 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1528.793 |
1360.177 |
861.613 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
3764.263 |
2570.141 |
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Total Income |
|
3764.263 |
2570.141 |
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Profit/(Loss) Before Tax |
|
19.289 |
184.874 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
19.289 |
184.874 |
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Earnings in Foreign Currency : |
|
236.804 |
101.569 |
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Expenditures : |
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Interest |
|
60.802 |
44.279 |
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Depreciation & Amortization |
|
113.777 |
96.185 |
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Other Expenditure |
|
3570.395 |
2244.803 |
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Total Expenditure |
|
3744.974 |
2385.267 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
0.51
|
7.19 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
7.19 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.98
|
11.23 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.48 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
3.15 |
6.03 |
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Current Ratio (Current Asset/Current Liability) |
|
2.30
|
2.37 |
2.25 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
ENDURANCE
SYSTEMS INDIA PRIVATE LIMITED |
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Presented By |
Corporation Bank,
No. 14, Pune, Mumbai Road, Wakdewadi, Pune 411003 |
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1) Date and description of instrument creating the change |
28.12.2005 There is no instrument executed for creation of the charge. Equitable mortgage of the Company’s
immovable property at Satara has been effected by deposit of title deeds
relating to the said property with the bank evidence by the Memorandum of
Deposit of title deeds dated 28.12.2005. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 29.700
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 |
All that piece or
parcel of free hold pot Kharaba rocky land situate lying and being at Village
Bhambe admeasuring H. 3.03 [Acres 7.48 Aprrox.] out of 29.85 [Acres 73.75
approx] forming part of gut no. 27 and H. 987 [Acres 4.90 Approx.] out of
2.23 [Acres 5.51 Approx.] forming part of Gut No. 28 of Mouje Bhambe of Patan
Taluka in the Registration District of Satara and Sub District Patan together
with right of way attached and the said portion of land is delineated on the
plan annexed hereto by and as under that is to say: Gut No. 27 On or towards East by : Boundry of Village Kusavade On or towards South by : Boundry of Village Kusavade On or towards West by : Boundry of Village Kusavade On or towards North by : Boundry of Village Kusavade Gut No. 28 On or towards East by : Survey No. 29 of Kusavade Village On or towards South by : Survey No. 26 of Kusavade Village On or towards West by : Survey No. 27 of Kusavade Village On or towards East by : Boundry of Village Jambhe |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The Borrower has
been sanctioned credit facility of Rs. 29.700 Millions against security of
the property described in item 5 above |
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5) Name and Address and description of the person entitled to the
charge. |
Corporation Bank
No. 14, Pune Mumbai Road, Wakdewadi, Pune 411003 |
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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 |
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90353555 |
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Corporate
identity number of the company |
U28113MH1995PTC092249 |
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Name of the
company |
ENDURANCE
SYSTEMS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
E – 92, MIDC Industrial Area, Waluj, Aurangabad 431136, Maharashtra,
India |
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Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Corporation Bank Industrial Finance
Branch, 14, Wakdewadi, Mumbai Pune Road, Maharashtra, India E-mail: cb502@corpbank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Fourth
Supplemental Common deed of hypothecation of movables, assets and book debts |
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Date of
instrument Creating the charge |
28.05.2007 |
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Amount secured by
the charge |
Rs. 521.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Cash Credit : 1%
below corp Bank benchmark advance rate i.e presently at 12% p.a. PCL cum
PCFC/FDBN/FDBP/FDBD –Cum RPSFC : PCL upto 180 days 10.50% p.a. beyond 180
days to 270 days 13.50% p.a. FDBN/FDBP/FDBD – 10.50% p.a. for bills upto 90
days and beyond 90 to 180 days 12.50% p.a. PCFC and Post Shipment Credit in
FC – Respective LIBOR + 1% or at such lending rate that the bank may
determine FCTL 2% floating
over 1 years US$ LIBOR Rupee TL – 1%
below COBAR i.e presently at 12% p.a. [b] Terms of
repayment T L Repayment as
per respective repayment schedules [c] Margin as applicable [d] Extent and
operation of the charge Working Capital
limit of Rs. 270.000 Millions : Exclusive first charge by hypothecation of
movable comprising of inventory such as raw material, semi finished goods and
finished goods, stores and spares, packing material and bills receivables,
book debts and other current assets. Term Loans of Rs.
251.500 Millions : First charge by hypothecation of existing and future
movable fixed assets compring of plant and machinery, factory equipments,
electircla installation, computers, dies, moulds tools [e] others Description of
hypothecated assets is more particularly described in schedule A of the Deed
of hypothecation |
|
Short particulars
of the property charged |
Working Capital
limits of Rs. 270.000 Millions exclusive of
first charge by hypothecation of movable comprising of inventory such
as raw material, semi finished and finished goods, stores and spares, packing
material and bills receivables, book debts and other current assets. Term Loans of Rs.
251.500 Millions : First charge by hypothecation of existing and future
movable fixed assets comprising of plant and machinery, factory equipments,
electrical installation, computers, dies, moulds tools |
|
Date of latest
modification prior to the present modification |
28.12.2005 |
|
Particulars of
the present modification |
By present
modification the total credit facilities revised from Rs. 644.200 Millions to
Rs. 521.500 Millions comprising of working capital limits of Rs. 270.000
Millions and term Loans of Rs. 251.500 Millions. |
AS PER WEBSITE DETAILS:
Profile
ENDURANCE was established in 1985 as Anurang Engineering
Company Private Limited to manufacture Aluminium Die Casting products at
Aurangabad, Maharashtra (India). The Endurance Group is a global force in
Casting, Suspension, Transmission and Braking products with an annual sales of
€230 Million (RS. 12650 Millions) from domestic operations and approx. €140
(RS. 7700 Millions] Million from overseas operations for the year 2006-2007.
More than 3,700 employees work in 20 plants at 6 locations in India and about
625 employees in 6 overseas plants. ENDURANCE comprises of two main business
divisions i.e. the Die Casting Division and the Proprietary Component Division.
Under the Die Casting Division the main areas of operations are Casting,
Painting & Machining which are supported by well-equipped Tool Room
facilities. Under the Proprietary Component Division the main areas are
Suspension, Transmission and Braking.
ENDURANCE is a name that spells strength and the will to
perform. Their Core business is focused on becoming the component partner of
choice for leading Automobile Manufacturers. Assisted by a strict quality
regime, a constant interaction with customers and an eye on emerging needs,
they have carved a distinct niche to cater to the world’s leading Automotive
Manufacturers.
On the strength of their experience and the depth of their Technological
Expertise, they have now geared up to launch theirselves on the high growth
global circuit.
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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 |
|
