MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION DETAILS
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Name : |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
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Registered Office : |
No. 88 / D, 12th Cross, 8th Main Mahalaxmi
Layout, Bangalore 560 086, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.09.2005 |
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Com. Reg. No.: |
08-37274 |
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CIN No.: [Company
Identification No.] |
U29222KA2005PTC037274 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI02505G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Diesel Generators Sets |
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 9000 |
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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 / Factory : |
No. 88 /D, 12th Cross, 8th Main Mahalaxmi Layout,
Bangalore 560 086, Karnataka, India |
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Tel. No.: |
91-80-23597567 / 65582042 / 23597576 / 6558202 |
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Mobile No.: |
91-9886006491 / 9845028450 / 9886106121 / 9242842794 / 9886754337 |
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Fax No.: |
91-80-23597567 / 65582042 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. P K Shetty |
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Designation : |
Director |
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Address : |
No. 8, G F Bhavani Nilaya, I Main, 5th Block, K P West,
Bangalore 20, Karnataka, India |
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Date of Birth : |
28.08.1968 |
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Date of Appointment : |
20.09.2005 |
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Name : |
Mrs. Rashmi P Shetty |
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Designation : |
Director |
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Address : |
No. 8, G F Bhavani Nilaya, I Main, 5th Block, K P West,
Bangalore 20, Karnataka, India |
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Date of Birth : |
06.12.1977 |
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Date of Appointment : |
20.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. P K Shetty |
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9000 |
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Mrs. Rashmi P Shetty |
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1000 |
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Total |
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10000 |
AS ON 30.09.2007
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage of
Holding |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diesel Generators Sets |
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Export to : |
Middle East, Australia and Europe |
PRODUCTION STATUS
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Products |
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Unit |
Actual
Production |
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Diesel Generators Sets |
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Pcs |
75 – 100 Pcs /
Per Month |
GENERAL
INFORMATION
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Customers : |
Ø Bharti Mobile Limited (Airtel) Ø Tata Teleservices Limited Ø Leading Builders and Infrastructure Companies Ø Engineering Industries Ø Hospitals Ø Clinics Ø Banks Ø Petrol Bunks Ø Food Malls Ø Service Industry Ø Government Institutions like HAL Ø
Zilla Panchayat |
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No. of Employees : |
15 |
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Bankers : |
No. 70, Ist
Floor, Gandhi Bazaar Main Road, Basavanagudi, Bangalore 560 004, Karnataka,
India
# 70/2, 2nd
Floor, Miller Road, Bangalore – 560052, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vishnu Daya and Company Chartered Accountants |
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Address : |
GF No. 7, Karuna Complex, No. 337, Sampige Road, Malleswaram,
Bangalore 560 003, Karnataka, India |
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Tel. No.: |
91-80-23312779, 23560633, 23313725 |
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Memberships : |
Karnataka Small Scale Industries Association [KASSIA] |
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Subsidiaries: |
Professional
Diesel Power Engineers Legal Status: Sole Proprietory Concern Name of Proprietor: Mr. Prashanth Shetty |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity shares |
Rs. 10/- each |
Rs. 0.600 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.815 |
1.815 |
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3] Reserves & Surplus |
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0.869 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.356 |
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NETWORTH |
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1.784 |
2.271 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1.503 |
0.000 |
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TOTAL BORROWING |
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1.503 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.098 |
0.033 |
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TOTAL |
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3.385 |
2.304 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.600 |
0.806 |
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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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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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5.319 |
0.639 |
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Sundry Debtors |
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6.927 |
3.742 |
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Cash & Bank Balances |
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0.774 |
0.606 |
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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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0.859 |
1.299 |
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Total
Current Assets |
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13.879 |
6.286 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.695 |
4.652 |
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Provisions |
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0.399 |
0.136 |
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Total
Current Liabilities |
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13.094 |
4.788 |
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Net Current Assets |
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0.785 |
1.498 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.385 |
2.304 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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12.493 |
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Other Income |
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0.254 |
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Total Income |
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12.747 |
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Change in Stock |
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0.639 |
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Profit/(Loss) Before Tax |
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0.556 |
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Provision for Taxation |
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0.200 |
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Profit/(Loss) After Tax |
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0.356 |
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Total Expenditure |
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12.830 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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NA |
2.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
4.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
5.02 |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.18 |
2.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.06 |
1.31 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10064569 |
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Corporate
identity number of the company |
U29222KA2005PTC037274 |
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Name of the
company |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 88 / D, 12th Cross, 8th Main Mahalaxmi
Layout, Bangalore 560 086, Karnataka |
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Type of charge |
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Particular of
charge holder |
Centurion Bank of
Punjab Limited # 70/2, 2nd
Floor, Miller Road, Bangalore – 560052, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Hypothecation of goods, vehicle, plant and machinery, stock and book debts |
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Date of
instrument Creating the charge |
17.05.2008 |
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Amount secured by
the charge |
Rs. 24.498
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
Facility – BPLR Minus 1.50 % [Presently @ 13.5 % p.a.] Term Loan – BPLR Minus
1.50 % [Presently@ 13.5 % p.a.] Terms of
Repayment Cash Credit – 12
Months Term Loan –
Repayable in 36 equal monthly installments Margin CC – Stock 25 % Book Debts – 30 %
Extent and
Operation of the charge To cover loan amount,
interest and other incidentals |
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Short particulars
of the property charged |
All Stocks, raw
Materials, Work in progress, finished goods both present and future. All book
debts present and future |
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Date of latest
modification prior to the present modification |
12.07.2007 |
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Particulars of
the present modification |
The total loan
limit is increased from Rs. 15.000 Millions to Rs. 24.498 Millions |
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Corporate
identity number (CIN) Foreign company registration number |
U29222KA2005PTC037274 |
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Name of the
Company |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
|
Address |
No. 88 /D, 12th Cross, 8th Main Mahalaxmi
Layout, Bangalore 560 086, Karnataka, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Movable property
(not being pledge) |
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Particulars of
the charge holder |
The Federal Bank
Limited No. 70, Ist
Floor, Gandhi Bazaar Main Road, Basavanagudi, Bangalore 560 004, Karnataka,
India |
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Amount secured by
the charge |
Rs. 0.300 million
|
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Brief of the
principal terms and conditions |
Rate of Interest:
11% Term of
Repayment: Repayable in 36
months monthly installments of Rs. 0.010 million commencing from 27.03.2007 Margin: 22% Extent and
operation of the charge: The said amount
shall operate to the extent of Rs. 0.300 million Plus Interest, Commission,
Expenses, Costs and other charges thereon.
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Description of
the property charged indicating |
Hypothecation by
way of first charge on Tata Mobile (TATA 2007) NEW Regn No. KA-52 6126,
Chassis No. 374466ASZ905193 and Engine No. 497SP38ASZ808944 |
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Nature or
description of the instruments(s) creating or modifying the charge (copy to
be attached) |
Agreement for Federal
Proposal Car Loan Scheme |
As per web site
details:
Company
They, Professional Diesel
Power are a team of Electro Mechanical Engineers specialized in the
field of manufacturing, installation, commissioning, preventive maintenance, servicing
and overhauling of Diesel Generator
Sets. Since their inception in the year 1995, they have managed to
position themselves in this highly competitive field by giving priority to
quality and after sales service above everything else. Commitment to customer
satisfaction is achieved by pursuit of excellence in all aspects with high
technical skills, communication and team work. This helps them to reduce delays
in delivery and provides high degree of flexibility in meeting customer
demands.
Products
They are the authorized generator original equipment manufacturers
(GOEM's) for Ashok Leyland, Mahindra, Tata & HTC Powered, Diesel Gensets
and Dealers for Caterpillar, Simpson, and Powered Diesel Gensets with Stamford,
Kirloskar, Leroysomer, Crompton, and IEC Alternators.
Production Facility
They have a full-fledged manufacturing unit which is well located
with easy access to leading transporters and in close proximity to suppliers.
They have facilities for assembly and testing of Gensets with an in-house load
bank. All Gensets are tested prior to dispatch and have to undergo the
stringent quality checks. Highly skilled workmen are employed to ensure
consistent quality Gensets. They also have in-house manufacturing facilities
for Acoustic Enclosures & Automatic Mains Failure (AMF) Panels.
Endeavors and Quality
Their well qualified, technically proficient and highly motivated
team of engineers has enabled them to surpass consistent growth and success.
They believe that quality assurance means getting it at very first time. They
work closely with the customers to determine their exact needs and ensure that
quality is designed into products. Quality is critical, strategic and integral
part of the business, they indulge with. The service department consists of
highly skilled and experienced engineers to work on various brands like
Caterpillar, Cummins, Mahindra, Greaves, Simpson, Ashok Leyland, Kirloskar
Engineers and NGEF, Crompton, IEC, ELGI and Stamford Alternators.
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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
36 |
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 |
|