MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNFLEX PIPES PRIVATE LIMITED |
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Registered Office : |
Bldg No. 10, Shop No. 280, Kapad Market, Ichalkaranji – 416115, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.09.2001 |
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Com. Reg. No.: |
016427 |
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CIN No.: [Company
Identification No.] |
U29292PN2001PTC016427 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPS04766G |
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PAN No.: [Permanent
Account No.] |
AAFCS5913A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of PVC Pipes |
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 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaint |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. The company’s profitability is under severe pressure and
has some accumulated losses. However, no complaints have been heard from
market sources. The company can be considered for business dealings with slight
caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Yogesh |
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Designation : |
Accountant Director |
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Contact No.: |
91- 230- 2433991 |
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Date : |
28.11.2008 |
LOCATIONS
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Registered Office : |
Bldg No. 10, Shop No. 280, Kapad Market, Ichalkaranji – 416115,
Maharashtra, India |
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Tel. No.: |
91- 230- 2433991/ 2430268 |
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Fax No.: |
91- 230- 2433991 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Plot No. B- 27, 38, Parwati Co- op, INDL Estate, Dist. Kolhapur |
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Tel. No.: |
91- 2322- 252086 |
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Location : |
Owned |
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Branches : |
Located at Bargaon, Karnataka |
DIRECTORS
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Name : |
Mr. Balasaheb K Katkale |
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Designation : |
Director |
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Address : |
10/ 285, Vivekanand Colony, Pujari Mela, Ichalkaranji, Dist – Kolhapur
– 416115, Maharashtra |
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Date of Appointment : |
07.09.2001 |
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Name : |
Mr. Bhartesh B Ketkale |
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Designation : |
Director |
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Address : |
10/ 285, Vivekanand Colony, Pujari Mela, Ichalkaranji, Dist – Kolhapur
– 416115, Maharashtra |
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Date of Appointment : |
07.09.2001 |
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Name : |
Mr. Gomtesh B Ketkale |
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Designation : |
Director |
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Address : |
10/ 285, Vivekanand Colony, Pujari Mela, Ichalkaranji, Dist – Kolhapur
– 416115, Maharashtra |
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Date of Appointment : |
07.09.2001 |
KEY EXECUTIVES
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Name : |
Mr. Yogesh |
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Designation : |
Accountant Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 24.09.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Balasaheb K Katkale |
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5386 |
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Mr. Bhartesh B Ketkale |
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2487 |
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Mr. Gomtesh B Ketkale |
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1127 |
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Total |
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9000 |
AS ON 24.09.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 PVC Pipes |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
21 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D D Gondkar and Company Chartered Accountant |
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Address : |
4/ 105, Kapad Market, Ichalkaranji – 416115, Maharashtra, India |
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Tel. No.: |
91- 230- 2434091 |
CAPITAL STRUCTURE
AS ON 24.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.000 Million
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000 |
Equity Shares |
Rs. 100/- Each |
Rs.0.900 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.900 |
0.900 |
0.900 |
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2] Deposits From Directors |
2.790 |
1.729 |
0.813 |
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3] Reserves & Surplus |
(0.872) |
(0.686) |
0.027 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.818 |
1.943 |
1.740 |
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LOAN FUNDS |
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1] Secured Loans |
13.752 |
12.841 |
7.687 |
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2] Unsecured Loans |
1.726 |
1.785 |
1.785 |
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TOTAL BORROWING |
15.478 |
14.626 |
9.472 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.296 |
16.569 |
11.212 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.114 |
8.185 |
5.813 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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0 |
0 |
0 |
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INVESTMENT |
0.751 |
0.836 |
0.682 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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6.865 |
9.021 |
6.495 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.093
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5.025 |
4.582 |
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Sundry Debtors |
9.356
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9.276 |
8.156 |
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Cash & Bank Balances |
0.975
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0.710 |
1.217 |
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Other Current Assets |
0.503
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0.213 |
0.212 |
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Loans & Advances |
0.630
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1.045 |
1.389 |
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Total
Current Assets |
18.557
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16.269 |
15.556 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.447
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7.993 |
10.855 |
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Provisions |
0.687
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0.739 |
0.000 |
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Total
Current Liabilities |
7.134
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8.732 |
10.855 |
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Net Current Assets |
11.422
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7.536 |
4.702 |
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MISCELLANEOUS EXPENSES |
0.009 |
0.012 |
0.015 |
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TOTAL |
18.296 |
16.569 |
11.212 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales and Other Income |
73.785 |
74.915 |
78.837 |
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Profit/(Loss) Before Tax |
(0.185) |
(0.714) |
0.141 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(0.185) |
(0.714) |
0.141 |
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Expenditures : |
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Depreciation & Amortization |
1.837 |
1.624 |
0.141 |
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Other Expenditure |
72.133 |
74.005 |
78.555 |
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Total Expenditure |
73.970 |
75.629 |
78.696 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
(00.25)
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(00.95) |
00.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
(00.25)
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(00.95) |
00.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(00.72)
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(02.82) |
00.63 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06)
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(0.36) |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.02
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12.02 |
11.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.60
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1.86 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Sun Irrigation Private Limited, Ichalkaranji
- New Model Private Limited, Sangli
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29292PN2001PTC016427 |
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Name of the
company |
SUNFLEX PIPES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Bldg No. 10, Shop No. 280, Kapad Market, Ichalkaranji – 416115,
Maharashtra, India |
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Type of charge |
Book Debts Immovable
Property Movable Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of cash credit limit, dated 13.03.2008, Medium Term loan
dated 13.03.2008 Equitable mortgage of charge (all document created a Single charge) |
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Date of
instrument Creating the charge |
13.03.2008 |
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Amount secured by
the charge |
Rs.12.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI- 15%. Term
Loan of Rs.4.000 Millions and Cash Credit limit of Rs.8.500 Millions Terms of
Repayment Cash Credit limit
is renew every year Term loan – repay
within EMI of Rs.0.077 Million Per month. Margin 25% for secured
goods – for Cash Credit Limit 50% for secured
goods – for Term Loan limit Extent and
Operation of the charge 1st charge
on the all plant and machinery other then secured plant and machinery for
SIDBI |
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Short particulars
of the property charged |
All types of raw
material, WIP Goods, Ready Stock, 90 days book debts for the limit of Cash
Credit. As per valuation
report all Machinery, Ancillary part of Machinery. Additional
security and equitable mortgage of land and building at plot no. 27 to 38 at
Parvati Ind. Estate, Ichalkaranji, Building at Plot No.85, Building No.10,
Shop No.280, At Ichalkaranji, Kapad Market Housing Society, Ichalkaranji. |
Fixed Assets
- Land and Building
- Ganesh Mandir
- Furniture
- Office Equipment
- Plant and Machinery
- Electric Installation
- Tubewell
- Vehicle
- Car Ennove
- Shop Gala
- Air Conditioner
- Generators
- Computer
- Trade Mark
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.49.84 |
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UK Pound |
1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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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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26 |
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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