MIRA
INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KESH KNITWEAR PRIVATE LIMITED |
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Registered Office : |
T -118, MIDC Bhosari, Pune -
411 026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.07.1993 |
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Com. Reg. No.: |
11-72946 |
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CIN No.: [Company
Identification No.] |
U74999PN1993PTC072946 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK06212D |
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PAN No.: [Permanent
Account No.] |
AAACK7309P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cotton and Woollen Knitted Sweater. |
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 70000 |
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Status : |
Satisfactory - Improving |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company. Its financial position
is improving and expected to wipe – off previous losses soon. Trade relations
are fair. Business is active.
Payments are however reported as slow but correct. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office / Factory: |
T -118, MIDC Bhosari, Pune -
411 026, Maharashtra, India |
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Tel. No.: |
91-9520-27121910 / 27127043 |
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Fax No.: |
91-9520-27123763 / 27921911 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Bharat Pittie |
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Designation : |
Managing Director |
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Name : |
Mr. Anuj Gopal Rathi |
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Designation : |
Director |
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Address : |
21-22 4th Floor, Volkart House, B D Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
03.12.1962 |
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Date of Appointment : |
03.03.1995 |
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Date of Ceasing : |
15.07.2005 |
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Name : |
Mr. Girdharlal Mukundlal Pittie |
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Designation : |
Director |
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Address : |
243-244 C Kalpataru Opposite Boat Club, Pune – 411 001, Maharashtra,
India |
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Date of Birth/Age : |
19.02.1933 |
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Date of Appointment : |
03.09.1995 |
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Name : |
Mr. Dheeraj Bansidhar Gupta |
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Designation : |
Director |
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Address : |
1 Under Hill Land Civil Lines, New Delhi, India |
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Date of Birth/Age : |
19.05.1957 |
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Date of Appointment : |
03.03.1995 |
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Name : |
Mrs. Jayshree Anuj Rathi |
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Designation : |
Director |
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Address : |
21-22, 4th Floor, Volkart House, B D Road, Mumbai – 400
026, Maharashtra, India |
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Date of Birth/Age : |
23.09.1963 |
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Date of Appointment : |
16.07.1993 |
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Date of Ceasing : |
15.07.2005 |
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Name : |
Mrs. Veena Girdharlal Pittie |
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Designation : |
Director |
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Address : |
243-244 C Kalpataru Opposite Boat Club, Pune – 411 001, Maharashtra,
India |
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Date of Birth/Age : |
16.10.1993 |
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Date of Appointment : |
21.08.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Deven |
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Designation : |
Export Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders [As on 31.03.2007] |
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No. of Shares |
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Mr. Bharat Girdharlal Pittie |
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400000 |
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Mrs. Jayshree Anuj Rathi |
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250000 |
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Mrs. Veena Girdharlal Pittie |
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850000 |
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50 |
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Total
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1500050 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cotton and Wool Sweater. |
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Exports : |
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Countries : |
Germany, United States, United Kingdom |
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Imports : |
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Countries : |
Italy |
GENERAL
INFORMATION
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No. of Employees : |
270 |
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Bankers : |
Canara Bank Address :
Industrial Finance Branch, 11 M G Road, Pune – 411 001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P C Parmar and Company Chartered Accountants |
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Address : |
Parmar House , 2413 Gen Thimayya Road, East Street, Camp, Pune – 411
001, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500050 |
Equity Shares |
Rs. 10/- each |
Rs.15.001
millions |
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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15.001 |
15.001 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[1.110] |
[3.428] |
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NETWORTH |
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13.891 |
11.573 |
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LOAN FUNDS |
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1] Secured Loans |
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31.541 |
33.007 |
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2] Unsecured Loans |
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2.643 |
2.643 |
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TOTAL BORROWING |
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34.184 |
35.650 |
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DEFERRED TAX LIABILITIES |
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0.525 |
0.000 |
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TOTAL |
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48.600 |
47.223 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.521 |
17.693 |
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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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0.026 |
0.026 |
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DEFERREX TAX ASSETS |
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0.000 |
0.540 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.829 |
25.551 |
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Sundry Debtors |
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8.146 |
2.235 |
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Cash & Bank Balances |
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0.942 |
1.353 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
9.852 |
8.982 |
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Total
Current Assets |
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37.769 |
38.121 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.683 |
9.148 |
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Provisions |
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0.033 |
0.009 |
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Total
Current Liabilities |
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4.716 |
9.157 |
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Net Current Assets |
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33.053 |
28.964 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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48.600 |
47.223 |
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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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85.422 |
69.688 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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85.422 |
69.688 |
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Profit/(Loss) Before Tax |
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0.719 |
0.531 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.719 |
0.531 |
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Total Expenditure |
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84.703 |
69.157 |
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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0.84 |
0.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.84 |
0.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.35 |
0.94 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.80 |
3.87 |
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Current Ratio (Current Asset/Current Liability) |
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8.01 |
4.16 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporate
identity number of the company |
U74999PN1993PTC072946 |
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Name of the
company |
KESH KNITWEAR
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
T -118, MIDC Bhosari, Pune -
411 026, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Canara Bank Industrial
Finance Branch, 11 M G Road, Pune – 411 001, Maharashtra, India |
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Amount secured by
the charge |
Rs. 13.500
millions |
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Description of the
property charged indicating whether it is a charged on |
· Immovable Properties · Plant and Machinery · Stock in Trade |
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Particulars of
the property charged |
Plant and
Machinery used in the manufacturing of Woolen Garments Stock in goods,
Knitted Garments of Woolen, Stock in Trade Bad Debts, Vehicle, Furniture and
Fixture situated at registered office. |
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Charge
identification number of the charge to be modified |
90091274 |
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Brief description
of the instrument modifying the charge under section 135 |
·
Supplemental
common hypothecation agreement · Letter Evidencing deposit of title deeds |
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Date of
instrument modifying the charge |
20.03.2006 |
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Particulars of
the present modification |
The credit facilities
have been increased from Rs. 52.500 millions to Rs. 67.200 millions |
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Name of the
company |
KESH KNITWEAR PRIVATE LIMITED |
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Presented By |
Canara Bank, IFB Branch, Pune |
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1) Date and description
of instrument creating the change |
No document
executed Letter evidencing
deposit of title deeds dated 13.02.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 30.000
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 |
All that piece
and parcel of land and building, located at Plot No. T 118, adm. About
234.500 Sq.Mtrs, Located at Pimpri Industrial Area, MIDC Bhosari, Pune |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The above
property is be4ing offered as a collateral security on first charge basis to
various credit limits sanctioned to the company and also to secure the
interests, costs, charge and expenses thereon. |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank, IFB
Branch, M G Road, Pune |
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 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
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
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