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MIRA
INFORM REPORT
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Report Date : |
26.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHARAT AUTOMOTIVE PRESSING (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
BHARAT AUTOMAT PRIVATE LIMITED |
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Registered Office : |
W-149, S-Block, MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.09.1997 |
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Com. Reg. No.: |
11-110843 |
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CIN No.: [Company
Identification No.] |
U34300MH1997PTC110843 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02545E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Motor Parts |
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 48104 |
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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. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Gaikwad D. N. |
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Designation : |
Account Manager |
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Contact No.: |
91-9767895998 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office/ Factory : |
W-149, S-Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27122320/ 27121320 |
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Fax No.: |
91-20-27127477 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Suresh Kumar Chawla |
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Designation : |
Director |
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Address : |
W-149, S-Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Date of Birth/Age : |
29.12.1962 |
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Qualifications : |
B.E. |
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Date of Appointment : |
23.09.1997 |
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Name : |
Mrs. Sashi Suresh Chawla |
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Designation : |
Director |
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Address : |
W-149, S-Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Date of Birth/Age : |
22.09.1965 |
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Qualifications : |
Graduate |
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Date of Appointment : |
05.07.2002 |
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Name : |
Mr. Ramesh Chandra Chawla |
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Designation : |
Director |
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Address : |
W-149, S-Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Date of Birth/Age : |
20.04.1955 |
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Date of Appointment : |
23.09.1997 |
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. Ramesh Chandra Chawla |
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188100 |
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Mr. Suresh Kumar Chawla |
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139000 |
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Mrs. Sashi Suresh Chawla |
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6250 |
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Total |
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333350 |
(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 Motor Parts |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Tata Motors
Limited · Kirloskar Oil
Engines Limited · Hindustan Motors · KLT Automotive
and Tubular Products Limited |
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No. of Employees : |
30 |
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Bankers : |
· State Bank of
India Industrial Finance Branch, Pimpri, Pune 411037, Maharashtra, India · HDFC Bank,
Bhandarkar Road, Pune · Bank of
Maharashtra, Pimpri Pune |
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Facilities : |
CC Rs.0.270 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S K Naredi and Company Chartered Accountant |
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Address : |
310, 3rd Floor, Building No.1, Gera Garden, 7A Koreagoan
Park, Pune – 411001, Maharashtra, India |
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Name : |
Pradeep Kumat Naredi Chartered Accountant |
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Address : |
310, Gera Garden, 7A Koreagoan Park, Pune – 411001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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536400 |
Equity Shares |
Rs.10/- each |
Rs.5.364
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
5.364 |
4.738 |
3.334 |
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2] Share Application Money |
0.250 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.412 |
4.964 |
2.595 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.026 |
9.702 |
5.929 |
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LOAN FUNDS |
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1] Secured Loans |
15.665 |
9.427 |
3.752 |
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2] Unsecured Loans |
0.000 |
0.000 |
2.520 |
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TOTAL BORROWING |
15.665 |
9.427 |
6.272 |
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DEFERRED TAX LIABILITIES |
1.427 |
0.870 |
0.584 |
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TOTAL |
29.118 |
19.999 |
12.785 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.038 |
13.872 |
8.742 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
11.564
|
7.842 |
8.305 |
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Sundry Debtors |
8.518
|
7.175 |
6.069 |
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Cash & Bank Balances |
0.056
|
0.012 |
0.134 |
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Other Current Assets |
3.213
|
3.665 |
0.000 |
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Loans & Advances |
0.000
|
0.000 |
2.512 |
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Total
Current Assets |
23.351
|
18.694 |
17.020 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.299
|
12.892 |
12.829 |
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Provisions |
0.000
|
0.000 |
0.231 |
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Total
Current Liabilities |
13.299
|
12.892 |
13.060 |
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Net Current Assets |
10.052
|
6.072 |
3.960 |
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MISCELLANEOUS EXPENSES |
0.028 |
0.055 |
00083 |
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TOTAL |
29.118 |
19.999 |
12.785 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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84.302 |
57.073 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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84.302 |
57.073 |
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Profit/(Loss) Before Tax |
|
2.115 |
1.575 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
2.115 |
1.575 |
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Expenditures : |
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Interests |
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2.260 |
1.088 |
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Depreciation |
|
1.135 |
0.769 |
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Other Expenditure |
|
78.792 |
53.641 |
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Total Expenditure |
|
82.187 |
55.498 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.51
|
2.76 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.51
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2.76 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.99
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4.84 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.16 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.41
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2.30 |
3.26 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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1.45 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Tata Motors, (Pimpri, Pune)
· Kirloskar Oil Engine Limited, (Pune)
· Tata Motors (Lucknow)
· Caparo Engineering India Private Limited, (Pune)
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U34300MH1997PTC110843 |
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Name of the
Company |
BHARAT AUTOMOTIVE PRESSING (INDIA) PRIVATE LIMITED |
|
Address |
W-149, S-Block, Bhosari, Pune – 411026, Maharashtra, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Immovable Propriety
Book Debts Movable Property
(Not being pledge) |
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Particulars of
the charge holder |
State Bank of India Industrial Finance Branch, Pimpri, Pune 411037, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and/ or creation of equitable mortgage on additional properties for
existing limits and enhanced limits and additional facilities. Letter of
confirmation for extension of mortgage by deposit of title deeds covering
enhanced limits and/ or creation of equitable mortgage on additional
properties for security the existing limits and enhanced limits and
additional facilities. |
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Date of the
instrument creating or modifying the charge |
18.01.2007 |
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Amount secured by
the charge |
Rs.16.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As per Agreement Terms of
repayments: As per Agreement Margin: As per Agreement Extent and
operation of the charge: Hypothecation of current
assets and additional collateral security of immovable property. |
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Short particulars
of the property charged (including location of the property) |
All present and
future goods, Book Debts, movable and other assets. Additional collateral
security of immovable property at Plot No.W-149, Pimpri Indistrial Area. |
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Particular of the
present modification |
The mortgage on
immovable properties of the company i.e. all that piece and parcel of land known
as Plot Nos. W-148 and W-149 in Pimpri Industrial Area within the limits of
PCMC was extended to cover the enhanced facilities. (Now the total of
facilities covered by mortgage Rs.20.000 Millions) List of Facilities – CC Rs.10.000
Millions SLC – Rs.1.000
Million LC – Rs.1.000
Million BG – Rs.4.000
Millions TL – Rs.4.000
Millions |
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Name of the company |
BHARAT AUTOMOTIVE PRESSING (INDIA) PRIVATE LIMITED |
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Presented By |
State Bank of
India Industrial
Finance Branch, Pimpri, Pune |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of medium Term advance to small scale Industrial and
Hypothecation of movable, Book Debts and other assets. Ancillary agreement
fro medium term loan against pledge of movable machineries (Ancillary
agreement A) Both the above agreement dated 21.07.2005 and executed for
creation of single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 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 |
Hypothecation of
all present and future goods, book debts, movable and other assets of the
borrower including documents of title to goods and other assets such as
outstanding moneys, receivable, claims, bills, invoice, documents contract,
engagement, security,, investment, and right and the present machinery and
all future machinery belonging to or in the possession of or under the
control of the borrower whether lying stored and kept and whether in
possession of the borrower or of the Bank or of any third party, whether in
India or else where there out the world (including all such as goods,
machineries, movable and other assets as many be course of shipment transit
delivery) by way first charge. List of Machinery
– Enclosed to the agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests at the rate
of 2.50% above the SBIAR with a minimum of 12.75% p.a. Repayment: as per
agreement. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch, Pimpri, Pune 411037, |
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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.40.18 |
|
UK Pound |
1 |
Rs.79.25 |
|
Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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|
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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 |
|
--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 |
|