MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIDDHI COOKWARE PRIVATE LIMITED |
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Registered Office : |
103, Ambika Apartment, Carter Road No. 3, Borivali (East), Mumbai-400066,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.08.2006 |
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Com. Reg. No.: |
11-163764 |
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CIN No.: [Company
Identification No.] |
U74999MH2006PTC163764 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR22734F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Kitchen Wares. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2200 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old and relatively small company in its field. Trade
relations are fair. Scale of activity is limited. No complaints have been
heard from market sources. The concern can be considered for small to mediocre business dealings,
initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Mayur Dohi |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9833392477 |
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Date : |
26.11.2008 |
LOCATIONS
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Registered Office : |
103, Ambika Apartment, Carter Road No. 3, Borivali (East),
Mumbai-400066, Maharashtra, India |
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Tel. No.: |
91-22-28090674/ 32449380 |
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Mobile No.: |
91-9820211125/ 9833392477 |
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Fax No.: |
91-22-28624806 |
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E-Mail : |
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Website : |
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Area : |
575 sq.ft (Owned) |
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Factory : |
Survey No. 01, Plot No. 50, New Vevoar Industrial Estate, Manar Road,
Palghar (East), Maharashtra, India |
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Tel. No.: |
91-2525-250588 |
DIRECTORS
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Name : |
Mr. Pankaj Jani |
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Designation : |
Director |
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Address : |
103, Ambika Apartments, Carter Road, No. 3, Borivali (East),
Mumbai-400066, Maharashtra, India |
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Date of Birth/Age : |
01.07.1977 |
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Qualification : |
HSC |
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Date of Appointment : |
14.08.2006 |
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Name of Other Sole Proprietorship: |
Karan Marketing Address: 103, Ambika Apartments, Carter Road, No. 3, Borivali (East),
Mumbai-400066, Maharashtra, India |
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Name : |
Mr. Manoj Jani |
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Designation : |
Director |
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Address : |
103, Ambika Apartments, Carter Road, No. 3, Borivali (East),
Mumbai-400066, Maharashtra, India |
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Date of Birth/Age : |
02.02.1980 |
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Qualification : |
B.Com |
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Date of Appointment : |
14.08.2006 |
KEY EXECUTIVES
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Name : |
Mr. Mayur Dohi |
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Designation : |
Marketing Manager |
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Mobile No. : |
91-9833392477 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pankaj Jani |
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5000 |
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Manoj Jani |
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5000 |
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Total |
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10000 |
As on 22.07.2008
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List of Allottees |
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No. of Shares Allotted |
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Pankaj Jani |
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95000 |
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Manoj Jani |
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295000 |
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Total |
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390000 |
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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Kitchen Wares. |
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Products : |
·
Aluminium Kadai ·
Aluminium Deep Kadai ·
Aluminium Tawa ·
Flat Tawa ·
S.S. Fry Pan/ Deep Kadai ·
Aluminium Fry Pan/ Sauce Pan ·
Casserole / Fast Pan ·
Aluminium Tawa ·
Aluminium Top/ Langdi ·
Appachatti/ Appampatram ·
Steel Vagharia / Toaster |
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Brand Names : |
SIDDHI |
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Terms : |
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Selling : |
Credit ( 60-90 Days) |
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Purchasing : |
Credit ( 30-60 Days) |
GENERAL
INFORMATION
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Suppliers : |
·
Ambica Packaging Industries ·
Amit Presstools Industries ·
Arkem Industries ·
Ashok Traders ·
Balaji Trading Company ·
Bhagwati Enterprises ·
Chamunda Palstics ·
Chem Engineering Company ·
Chirag Trading Company ·
Crystal Enterprises ·
Dharmi Paper Convertors ·
E I Dupont India Private Limited ·
Gautam Industries ·
G L Woods Works ·
Hindalco Industries Limited ·
J K Enterprises ·
Laminating and Packaging Product |
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Customers : |
·
Amrutlal Babulal ·
Ashok Traders ·
Chief Chif Appliances Private Limited ·
C K Plastics ·
Hamilton Housewares Private Limited ·
Harmony Metals ·
Heera Traders ·
JCC Appliances Private Limited ·
Mohan Metal ·
Navkar Steel Center ·
Pragati Marketing ·
Rahul Sales ·
Shree Giriraj Trading ·
The Metal Crafter ·
Vardhaman ·
Apex Distributers ·
Deep Marketing ·
Jay Trade ·
Pratham Sales |
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No. of Employees : |
55 (Office 5, Factory {contract workers} 50) |
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Bankers : |
·
State Bank of India, Backbay Reclamation Branch, Raheja Chamber,
Nariman Point, Mumbai-400021, Maharashtra, India ·
Abhudaya Co operative Bank ·
ICICI Bank ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D NKanbar and Company Chartered Accountant |
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Address : |
404, Marker Chamber V, 221, Nariman Point, Mumbai-400021, Maharashtra,
India |
CAPITAL STRUCTURE
As on 29.09.2007
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 |
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]
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Particulars |
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31.03.2008 |
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Sales Turnover (Approximately) |
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20.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.150 |
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3] Reserves & Surplus |
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0.206 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.456 |
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LOAN FUNDS |
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1] Secured Loans |
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7.209 |
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2] Unsecured Loans |
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0.250 |
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TOTAL BORROWING |
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7.459 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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7.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.258 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.185 |
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Sundry Debtors |
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4.950 |
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Cash & Bank Balances |
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1.170 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.481 |
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Total
Current Assets |
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11.786 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.200 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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7.200 |
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Net Current Assets |
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4.586 |
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MISCELLANEOUS EXPENSES |
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0.071 |
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TOTAL |
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7.915 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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32.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.64 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Nirali Cookware
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L and N Engineering, Lower Parel
Fixed Assets:
·
Computer
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Plant and Machinery
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Electric Installation
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Office Equipments
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Tools and Equipments
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Vehicle (Bike)
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Furniture and Fixtures
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U74999MH2006PTC163764 |
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Name of the
company |
RIDDHI COOKWARE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
103, Ambika Apartment, Carter Road No. 3, Borivali (East),
Mumbai-400066, Maharashtra, India |
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Type of charge |
Book Debts Movable Property Floating Charge Others |
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Particular of
charge holder |
State Bank of India, Backbay Reclamation Branch, Raheja Chamber,
Nariman Point, Mumbai-400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Loan-Cum-Hypothecation |
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Date of
instrument Creating the charge |
10.10.2006 |
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Amount secured by
the charge |
Rs. 8.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest DCC : 11.75% p.a
With monthly rest Medium Term Loan:
12.75% p.a. with monthly rest Terms of
Repayment Term Loan in 60
installments as under, 1st to commence on 01.04.2007 and last
March, 2012: 01.04.2007 to
31.03.2009 24 installments of Rs. 0.030 Million each 01.04.2009 to
31.03.2010 12 installments of Rs. 0.040 Million each 01.04.2010 to
31.03.2012 24 installments of Rs. 0.050 Million each. Margin As prescribed by
the Bank form time to time. Extent and
Operation of the charge First Charge |
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Short particulars
of the property charged |
R/Ms such as
bars, aluminum sheets, ingots, finished good such as Tawa Frying pans and
other house hold items book-debts and vehicles and all other movable assets
including receivables, documents of title to goods, outstanding monies,
bills, invoices, documents, contracts, insurance policies, guarantees,
engagements, securities, investments and rights and present M/c viz.
Anodizing plant, Grooving machine, Furance Oven, Balsting machine, and all
future M/cs. |
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] 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.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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27 |
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 |
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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 |
|
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 |
|
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 |
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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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