MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENGICON AIRTECH PRIVATE LIMITED |
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Registered Office : |
Gat No.255/A, Building No.253, Jyothiba Industrial Estate, Talwade,
Pune – 412114, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.03.2003 |
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Com. Reg. No.: |
017838 |
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CIN No.: [Company
Identification No.] |
U29199PN2003PTC017838 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01272F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Industrial Fans-Centrifugal, Axial Type, Industrial Ventillatoin and Exhaust Systems etc. |
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 18000 |
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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 : |
Mrs. Madhavi |
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Designation : |
Assistance Accountant |
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Date : |
22.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gat No.255/A, Building No.253, Jyothiba Industrial Estate, Talwade,
Pune – 412114, Maharashtra, India |
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Tel. No.: |
91-20-27690606/ 27692980 |
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Fax No.: |
91-20-27690325 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. (Factory is a shed behind office) |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. V. Sudhakaran |
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Designation : |
Director |
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Address : |
Gauri Plot No.49, Sector 25, Pradhikaran, Pune – 411044, Maharashtra,
India |
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Date of Birth/Age : |
25.11.1957 |
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Qualification : |
Engineering |
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Date of Appointment : |
28.02.2003 |
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Name : |
Mrs. Sudha Sudhakaran |
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Designation : |
Director |
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Address : |
Gauri Plot No.49, Sector 25, Pradhikaran, Pune – 411044, Maharashtra,
India |
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Date of Birth/Age : |
25.11.1957 |
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Date of Appointment : |
28.03.2003 |
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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Sudha Sudhakaran |
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22500 |
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Sudhakaran V. |
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22500 |
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Total |
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45000 |
(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 Industrial Fans-Centrifugal, Axial Type, Industrial
Ventillatoin and Exhaust Systems etc. |
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Products : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Manufacture
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No. of Employees : |
55 (Office – 15 and Factory – 40) |
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Bankers : |
Pimpri Town Branch, Pimpri Colony, Pune – 411017, Maharashtra, India |
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Facilities : |
CC – Rs.2.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. D. Kendhe and Company Chartered Accountant |
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Address : |
404, Jaygandhi Chembers, Shukrawar Peth, Pune – 411002, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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155000 |
Equity Shares |
Rs.10/- each |
Rs.1.550
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.550 |
0.850 |
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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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2.056 |
0.589 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.606 |
1.439 |
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LOAN FUNDS |
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1] Secured Loans |
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3.801 |
1.267 |
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2] Unsecured Loans |
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0.350 |
0.080 |
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TOTAL BORROWING |
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4.151 |
1.347 |
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DEFERRED TAX LIABILITIES |
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0.094 |
0.073 |
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TOTAL |
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7.851 |
2.859 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.497 |
1.876 |
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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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1.434 |
2.517 |
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Sundry Debtors |
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6.315 |
3.867 |
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Cash & Bank Balances |
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0.075 |
0.004 |
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Other Current Assets |
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0.638 |
0.235 |
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Loans & Advances |
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3.091 |
0.156 |
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Total
Current Assets |
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11.553 |
6.779 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.239 |
5.215 |
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Provisions |
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1.000 |
0.636 |
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Total
Current Liabilities |
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7.239 |
5.851 |
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Net Current Assets |
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4.314 |
0.928 |
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MISCELLANEOUS EXPENSES |
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0.040 |
0.055 |
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TOTAL |
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7.851 |
2.859 |
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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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34.714 |
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Other Income |
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0.000 |
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Total Income |
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34.714 |
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Profit/(Loss) Before Tax |
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1.466 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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1.466 |
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Total Expenditure |
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33.248 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.22 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.22 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.74 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.41 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.16 |
5.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.60 |
1.16 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- Kinetic
Engineering, Pune
- Mukund
Flescpack Limited, Pune
Form 8:
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Corporate
identity number of the company |
U29199PN2003PTC017838 |
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Name of the
company |
ENGICON AIRTECH PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Gat No.255/A, Building No.253, Jyothiba Industrial Estate, Talwade,
Pune – 412114, Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property Floating Charge Stock in trade
and receivables |
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Particular of
charge holder |
Pimpri Town Branch, Pimpri Colony, Pune – 411017, Maharashtra, India |
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Nature of
instrument creating charge |
Supplemental
Agreement of Loan-cum-hypothecation |
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Date of
instrument Creating the charge |
12.03.2007 |
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Amount secured by
the charge |
Rs.6.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: ROI @13.00% p.a.
with monthly rests Terms of
Repayment: Repayable on
Demand Margin: Raw Materials 25% Domestic
Receivable 40% Term Loan 25% Bank Guarantee
25% Extent and operation
of the charge: Credit facility
DCC Rs.2.500 Millions + SME Sr Plus Rs.0.500 Million + Bank Guarantee of
Rs.3.000 Millions Aggregating Rs.6.000 Millions |
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Particulars of
the property charged |
Present and
Future Stock and Book Debts as per maintained at the registered office, Pune |
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Particulars of
the present modification |
Now by this
modification credit facility is eanhanced from Rs.2.500 Millions to Rs.6.000
Millions only (DCC Rs.2.500 Millions SME Sr Plus Rs.0.500 Million + Bank
Guarantee of Rs.3.000 Millions) |
Website Details:
Profile:
Subject are
pleased to introduce as the pioneer in design, manufacturing and installation
of Air Handling Equipments, Air Handling Systems, Air Pollution Control Equipment
and systems, and equipments like Centrifugal
fans (Blower), Axial Flow Fans, Mancooler, Dust Collector, Ventilation
Systems since last eleven years.
They have a well equipped manufacturing unit in Talawade,
Pune along with a qualified technical staff, testing equipments and facilities
to test the Fans / Blowers as per I.S. 4894 – 1987. They have supplied
fans of highest capacity of 3,00,000 m3 / hr (S.I.S.W.) maximum pressure upto
1700 mm wg in single stage design and upto 8,00,000 m3/hr for D.I.D.W.
They have supplied and installed their equipments to almost
each and every field of industries. And over the years they have able to
serve their customers to their satisfaction with their emphasis on sound design
prompt delivery and exceptional pricing.
Organisation
Profile:
Local Sales Tax Registration No.: B.S.T- 412114 / S /
669 W.E.F 1.4.2003
Central Sales Tax Registration No. : C.S.T.- 412114 / C /
597 W.E.F 1.4.2003
Vat Tin No. : 27050009475 V
Cst Tin No.: 27050009475 C
Central Excise Registration No.: Aabce1606nxm001
W.E.F 16.04.03 Range-Akurdi-1, Division- Pune-1
Income Tax Permanent Account No.: AABCE 1606 N
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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