MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ULTRA PRECISION SPINDLES PRIVATE LIMITED |
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Registered Office : |
S. No. 166, First Floor, Nanded Phata, Pune Sinhagad Road,
Pune-411001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.08.2002 |
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Com. Reg. No.: |
25-17250 |
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CIN No.: [Company
Identification No.] |
U29299PN2002PTC017250 |
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IEC No.: |
3104014426 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEU05286B |
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PAN No.: [Permanent
Account No.] |
AAAC45820F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Spindles |
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 11000 |
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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 meeting its normal
Commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Aman |
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Designation : |
Account Officer |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office : |
S. No. 166, First Floor, Nanded Phata, Pune Sinhagad Road,
Pune-411001, Maharashtra, India |
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Tel. No.: |
91-20-24391881/ 24392372/ 24390444 |
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E-Mail : |
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Area : |
750 sq. ft. (Rented) |
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Factory : |
G.R.D Industrial Area, Sinhagad Nanded Phata, India |
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Area : |
Rented |
DIRECTORS
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Name : |
Mr. Suresh Vasant Warade |
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Designation : |
Director |
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Address : |
A-25, Nikash Skies, Someshwar Wadi, Parshan, Pune-411008, Maharashtra,
India |
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Date of Birth/Age : |
27.11.1962 |
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Date of Appointment : |
28.08.2002 |
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Name : |
Mr. Vikas Dattatray Dangat |
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Designation : |
Director |
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Address : |
Ajantha Society, Durga Nagar, Senapati Bapat Road, Pune-411016,
Maharashtra, India |
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Date of Birth/Age : |
18.11.1963 |
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Date of Appointment : |
28.02.2002 |
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Name : |
Mr. Pradeep Devkaran Waghela |
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Designation : |
Director |
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Address : |
367, Somwar Peth, Flat No. 29, 3rd Floor, Pune-411011,
Maharashtra, India |
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Date of Appointment : |
28.08.2002 |
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Name : |
Mr. Rajesh Bhaskar Mandlik |
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Designation : |
Director |
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Address : |
410/ A, Pancharatna Apartments, Near Bhairoba Nala, Pune-411013,
Maharashtra, India |
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Date of Appointment : |
28.08.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Aman |
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Designation : |
Account Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 10.04.2006
|
Names of Shareholders |
|
No. of Shares |
|
Suresh V Warade |
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5000 |
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Vikas D Dangat |
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5000 |
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Pradeep D Waghela |
|
7500 |
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Rajesh B Mandlik |
|
7500 |
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Total |
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25000 |
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Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Spindles |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Bearing |
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Countries : |
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Terms : |
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Selling : |
Credit ( 30-60-90 Days) |
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Purchasing : |
Credit ( 30-60-90 Days) |
GENERAL
INFORMATION
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Customers : |
OEM’s Automobile
Engineering
Allied
Engineering Industries
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No. of Employees : |
12 (Office 5, Factory 7) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. R. Deval Chartered Accountant |
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Address : |
11, Atul Vihar, Lane No. 9,
Dhanukar Colony, Khothrud, Pune-411038, Maharashtra, India |
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Name : |
Paresh K Shah and Company Chartered Accountant |
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Address : |
“Prestige Point” Office # 76, 2nd Floor, Shukarwar Peth,
Opposite, Chinchechi Talim, Pune-411002, Maharashtra, India |
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Group Company : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.250
Million |
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 |
0.250 |
0.250 |
0.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.008 |
0.939 |
0.224 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.258 |
1.189 |
0.474 |
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LOAN FUNDS |
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1] Secured Loans |
2.795 |
1.747 |
0.000 |
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2] Unsecured Loans |
1.062 |
0.100 |
0.000 |
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TOTAL BORROWING |
3.857 |
1.847 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.147 |
0.001 |
0.000 |
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TOTAL |
6.262 |
3.037 |
0.474 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.653 |
2.213 |
0.225 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.030 |
0.025 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.010 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.595
|
0.293 |
0.252 |
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Sundry Debtors |
2.124
|
1.351 |
0.519 |
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Cash & Bank Balances |
0.403
|
0.020 |
0.098 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.600
|
0.443 |
0.067 |
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Total
Current Assets |
3.722
|
2.107 |
0.936 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.454
|
0.682 |
0.467 |
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Provisions |
0.698
|
0.637 |
0.242 |
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Total
Current Liabilities |
2.152
|
1.319 |
0.709 |
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Net Current Assets |
1.570
|
0.788 |
0.227 |
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MISCELLANEOUS EXPENSES |
0.009 |
0.011 |
0.012 |
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TOTAL |
6.262 |
3.037 |
0.474 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
10.312 |
6.456 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
10.312 |
6.456 |
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Profit/(Loss) Before Tax |
|
1.926 |
1.141 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.926 |
1.141 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
0.869 |
NA |
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Total Expenditure |
|
8.386 |
5.315 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
18.68
|
17.67 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
18.68
|
17.67 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.99
|
26.41 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
0.95 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
2.66 |
1.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.59 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration |
AAAC45820F |
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Central Sales Tax Registration |
27210041688-C |
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VAT/ TIN Registration |
27210041688 – C |
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Import Export Code |
3104014426 |
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Name of Bank |
Saraswat Co-Operative Bank |
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Account Since |
2002 |
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Credibility Factors |
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IndiaMART Client Since |
2 Years |
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Years of Establishment |
2002 |
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Turn Over |
Rs. 12.500 Millions (07-08 Approximately) |
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Turn Over Year |
Rs. 15.000 Millions (08-09 Expected) |
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Trade Affiliations |
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SSI Registration |
27-25-11-00373-Part II |
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Standards & Certifications |
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Quality Management Systems |
ISO-9001-2000 |
Trade References:
- Cummins India Limited, Pune
- Tata Motors, Pune
- ATNS India Private Limited, Chichavad, Pune
Bankers Charges Report
as per Registry
|
Name of the company |
ULTRA PRECISION SPINDLES PRIVATE LIMITED |
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Presented By |
The Saraswat
Co-operative Bank Limited |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
of Movable Property Dated 20th April, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Million
CC Limit |
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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 |
The Borrowers
doth do hereby hypothecate to and in favour of the Bank all the Stock and
Debentures, Tangible Movable Property (both present and Future) belonging to
the borrower and lying and being at his place of business at S. No. 166,
First Floor, Sinhagad Road, Nanded Phata, Pune-411041, Maharashtra, India or
elsewhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of Interest
: As per agreement or at such rate as may from time to time be fixed by the
Bank 2. Repayment : on
Demand, 25-17250 |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, Ganesh Nagar Branch,
Pune-411052, Maharashtra, India |
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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 modified
|
80017533 |
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Corporate
identity number of the company |
U29299PN2002PTC017250 |
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Name of the
company |
ULTRA PRECISION SPINDLES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
S. No. 166, First Floor, Nanded Phata, Pune Sinhagad Road,
Pune-411001, Maharashtra, India |
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Type of charge |
Immovable
Property Floating Charge |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Ganesh Nagar Branch,
Pune-411052, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of Redeposit
of Title Deeds 1st February 2007 |
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Date of
instrument Creating the charge |
01.02.2007 |
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Amount secured by
the charge |
Rs. 2.245
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.00% with
monthly rests, and such rate as may be fixed by the bank in future form time
to time. Terms of
Repayment 60 Monthly
installments of Rs. 0.048 Million each Margin Hypothecation of
test equipments machinery to be purchased – 25% Extent and
Operation of the charge Type of Facility
: Term Loan Others Other Term and
condition are remaining same. |
|
Short particulars
of the property charged |
All that piece or
parcel of land admeasuring about 03.02 Areas i.e. 302.67 sq. mts. ,out of
Suvery No. 166 Hissa No.1 of Mouje Dhayani, together with construction
thereon within the Registration District Pune, Taluka Haveli and together
with all easementary rights annexed to the said land and together with
bunglow / building constructed and/ or to be constructed thereon with all
fixtures, furnitures, furniture and fittings therein and wherever else may be
kept. More details as per Annexure I and II |
|
Particulars of
the present modification |
All that piece or
parcel of land admeasuring about 03.02. Areas i.e. 302.67 sq. mts. Out Survey
No. 166 Hissa No. 1 of Mouje Dhayari, together with construction thereon
within the Registration District Pune, Taluka Haveli and together with all
easementary rights annexed to the said land and together with bunglow/
building constructed and / was provided as a Collateral Security to same Term
Loan limit of Rs. 2.245 Millions |
AS PER WEBSITE
Profile:
Established in the year 1993 by two
mechanical engineers, They, at subject endeavor to provide fast and reactive spindle
re-manufacturing services, with an emphasis on accuracy, quality and economy.
They have established a modern infrastructure to manufacture a wide range of
spindles, as per the customers' requirements. The manufactured spindles are
successfully running for different applications namely automobile industries, bearing industries, ferrite grinding, tool and
cutter grinding, stainless steel spindles for EDM.
They are capable to re-manufacture wide range of precision grinding spindles,
which include electro-high frequency and belt driven spindles of all types and
makes.
They are authorized by VOUMARD Machines
Company SA and West Wind Air Bearings Limited, UK, to repair their range of
spindles in India.
About The Founders:
Pradeep Waghela,
mechanical engineer, has 22 years of experience in spindle reconditioning
services. He has worked for 19 years with SKF Bearings India Limited in their existing
state-of-the-art spindle room and has repaired more than 15000 nos. of spindles
in his career with SKF. This includes four generations of spindles viz. belt
driven, high frequency, hydrostatic and hydrostatic high frequency. He is
responsible for designing and manufacturing of spindles.
Rajesh Mandlik, mechanical
engineer, started his career with SKF as a production engineer. He was user of
grinding spindles and was looking after hard machining of taper roller
bearings. At UPSPL he is responsible for marketing and technical services of
new spindles and reconditioning services. The experience with SKF gave them
prospective to start ultra precision spindles.
Subject is member of SV group of companies, whose business
is primarily into robotics and automation. Group directors, Vikas Dangat and Suresh Warade are ex-SKF engineers, who
started business in 1996 and since then the company is growing at a healthy
rate of 40% every year.
Before venturing into business, Vikas Dangat, a mechanical engineer, has worked
in grinding department of SKF and has significant experience in technical
knowledge of grinding operations. Suresh Warade, an electronic engineer, was
handling electronic maintenance of grinding machines in SKF and has expertise
in AC drives of high frequency spindles. At UPSPL both are responsible for
business and product development.
INFRASTRUCTURE
AND FACILITIES
The state-of-the-art infrastructure enables precision
machine tool spindles to be brought back to the original manufacturer’s specifications.
Inspection of all critical parts of the spindle is carried out with latest
meteorological instruments, to decide upon the optimum method of refurbishment
if required.
They have strong technical back up and following facilities to offer these services.
- State-of-the-art temperature controlled dust free spindle room.
- All meteorological equipments for inspection of spindle components.
- Cleaning booth to ensure removal of finest particles of dust from
dismantled components.
- Necessary tooling & equipment to refurbish the components.
- Test bench for dynamic testing and run in trials of spindles.
- Well-equipped tool room with cylindrical grinding machine, jig
boring machine and other GPM.
- Hub with latest design software for
designing of new spindles.
THE
RANGE OF SPINDLES
Manufacturing Range: They manufacture belt driven
spindles up to 40000-rpm max. They have supplied spindles for following
applications.
- Internal Grinding Spindles for bore grinding of bearings,
connecting rod and other mass production components.
- Spindles for machining centers
- Spindles for grinding ferrite core.
- Dressing spindles.
- Spindles for grinding optical lenses.
- Spindles on dynamo testing machines in automobile industries.
- Spindles for tool and cutter grinding machines.
Reconditioning Range: They have repaired HF spindle up to 120000-rpm max
and belt driven up to 45000-rpm max.
- High frequency grinding spindles of Voumard, GMN, Gamfior.(They are
authorized by Voumard)
- PCB drilling spindles, west wind air bearing spindles, excellon
automation USA, kavo Germany. (Authorized by West wind Air Bearings UK)
- Belt driven spindles for internal grinding. Voumard, GMN, Gamfior,
Femaina, Fortuna and of other makes.
- Tail stock spindles on SPMs.
- Centre less grinding and surface grinding spindles.
- Main spindles on VMC/HMC/CNC turning
centers.
QUALITY
Quality
is the basic mantra. They
believe that quality is the most important factor to sustain in the
fiercely petitive industry. The objective is to ensure that the spindles They
make meet all international quality standards and rms. The focus is on providing best quality products to
the clients. They have a strict in-house quality control regime hich enables
them to them to achieve the most stringent and exacting standards. The well
equipped QC boratory ensures quality consistency in the products.
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.42.28 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|