MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GARTECH EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
S No. 137/138, Chale, Mulshi, Pune – 412 108, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.06.2001 |
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Com. Reg. No.: |
11-16213 |
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CIN No.: [Company
Identification No.] |
U29299PN2001PTC016213 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of
Poultry Equipments like Cages, Pan Feeding, Nipple Drinkers, Fans, Foggers,
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 47000 |
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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 having
satisfactory track records. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rahul Bhavsar |
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Designation : |
Accounts Executive |
LOCATIONS
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Registered Office : |
S No. 137/138, Chale, Mulshi, Pune – 412 108, Maharashtra, India |
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Tel No.: |
91-20-65101438 / 24479119 / 24101438 |
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Fax No.: |
91-20-27290586 / 22933675 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Corporate Office : |
Sr. No. 140/3, Behind Tube Investment Lo Tathawade, Pune – 411
033, Maharashtra, India |
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Tel No.: |
91-20-24479119 / 56101438 |
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91-20-22933675 |
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E-Mail : |
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Factory / Branch : |
Gartech House", No 128/4, Devika Garden, Baner Road, Pune - 411
045. Maharashtra, India |
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Tel. No.: |
91-20-6510 1438 / 6510 4374 |
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Fax No.: |
91-20-2729 0586 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Sharadchandra Salvekar |
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Designation : |
Director |
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Address : |
G -28, Chidananad Co-op Housing Society, Pashan, Pune – 411 0231,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1972 |
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Date of Appointment : |
19.06.2001 |
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Name : |
Mr. Devendra Harish Garware |
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Designation : |
Director |
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Address : |
524 Datta Sudha Lane No. 4, Sind Co-op Housing Soc. Baner Road, Aundh,
Pune – 411 007, Maharashtra, India |
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Date of Birth/Age : |
12.09.1984 |
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Date of Appointment : |
03.07.2004 |
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Name : |
Mr. Shridhar Apte |
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Designation : |
Director |
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Address : |
B -20 Balgovinda Society M N Marg, Mahim, Mumbai – 400 016,
Maharashtra, India |
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Date of Birth/Age : |
22.07.1933 |
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Date of Appointment : |
07.06.2001 |
KEY EXECUTIVES
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Name : |
Mr. Rahul Bhavsar |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Devendra Harish Garware |
35999 |
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Mr. Vijay Savalekar |
1 |
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Mr. Sridhar Madhav Apte |
4000 |
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Total
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40000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Poultry
Equipments like Cages, Pan Feeding, Nipple Drinkers, Fans, Foggers, etc |
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Products: |
· Foggers · Nipple Drinkers · Pan Feeding · Poultry Equipments |
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Exports : |
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Countries : |
Nigeria |
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Imports : |
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Countries : |
Brazil |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
50 |
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Bankers : |
· Bank of Maharashtra, 364/365, Shrirang House, 2nd Floor, J M Road, Shivaji Nagar, Pune – 411 005, Maharashtra, India ·
The Saraswat Co-operative
Bank Limited, F C Road, Branch Pune – 411 004, Maharashtra, India ·
Axis Bank, Baner ·
Bank of India,
F C Road ·
The Saraswat
Co-operative Bank Limited, Hinjwadi ·
Standard Chartered Bank ·
ICICI Bank ·
HSBC Bank ·
State Bank of
India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Suhas Bora Chartered Accountants |
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Address : |
1211/B, Subhash Nagar, Lane No. 4, Shukrapeth, Pune – 411 002, Maharashtra,
India |
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Tel No.: |
91-22-32412375 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.400
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.400 |
0.400 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0..000 |
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3] Reserves & Surplus |
8.927 |
8.793 |
6.663 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.327 |
9.193 |
6.763 |
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LOAN FUNDS |
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1] Secured Loans |
30.643 |
14.689 |
8.225 |
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2] Unsecured Loans |
2.490 |
2.490 |
2.789 |
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TOTAL BORROWING |
33.133 |
17.179 |
11.014 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.460 |
26.372 |
17.777 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.641 |
20.407 |
14.662 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.070 |
0.071 |
0.454 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.562
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14.345 |
13.926 |
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Sundry Debtors |
10.577
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5.121 |
2.255 |
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Cash & Bank Balances |
0.195
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0.315 |
4.038 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7.194
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2.141 |
6.339 |
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Total
Current Assets |
43.528
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21.922 |
26.558 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.792
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16.044 |
22.483 |
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Provisions |
0.000
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0.000 |
1.432 |
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Total
Current Liabilities |
27.792
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16.044 |
23.915 |
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Net Current Assets |
15.736
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5.878 |
2.643 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.016 |
0.018 |
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TOTAL |
42.460 |
26.372 |
17.777 |
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Profit & Loss A/C
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Particulars |
31.03.2007 |
31.03.2006 |
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Reserves and
Surplus |
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Balance in
Profit & Loss A/C |
8.927 |
9.280 |
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Less: Deferred Tax Liability |
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0.487 |
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8.927 |
8.793 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.53
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3.61 |
5.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.57
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1.37 |
1.11 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporate
identity number of the company |
U29299PN2001PTC016213 |
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Name of the
company |
GARTECH
EQUIPMENTS 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. 137/138, Chale, Mulshi, Pune – 412 108, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Standard
Chartered Bank Address: 364/365, Shrirang House, 2nd Floor, J M Road, Shivaji
Nagar, Pune – 411 0005, Maharashtra, India E-mail: reenabang@rediffmail.com
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Nature of
instrument creating charge |
No instrument was
executed. The company created equitable mortgage by deposit of title deed of
its immovable properties vide memorandum of Entry. |
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Date of
instrument Creating the charge |
26.03.2008 |
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Amount secured by
the charge |
Rs. 21.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : As agreed by and
with the bank from time to time. Terms of Repayment : As agreed by and
with the Bank from time to time Margin: As applicable, if
any. Extent and Operation of the charge: The Bank is
having charge on the security offered by the company. |
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Short Particulars
of the property charged |
Mortgage on the
immovable property located at Gartech House, 128/4, Devika Garden, Baner
Road, Pune – 411 045 |
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Name of the company |
GARTECH EQUIPMENTS 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 08.01.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.175
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The borrower doth
do hereby hypothecate to and in favour of bank all the Tangible Movable
property including stock for the time being whether new or manufactured or
in process of manufacturing and
every Tangible Movable goods / property / plant machinery (both present and
future) belonging to the borrower/s and lying and being at the borrower’s
place of business or elsewhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Type of Facility : Terms Loan Interest : 16.00 % p.a Margin : 30 % |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, F C Road, Branch
Pune – 411 004, Maharashtra, India |
TRADE REFERENCES:-
·
Indian Poultry
Farm
·
S.K.M.X
Product Export Private Limited, Karur
NOTES:-
The company Registered Office SNC 140/3 Behind Tube Investments Lo Tathawade,
Pune – 411 033, Maharashtra, India shifted to present registered address w.e.f
01.08.2007.
WEBSITE DETAILS:-
The company is
situated in major industrial city, Pune in India. It has well-selected and
experienced team of professionals and technicians from the field of Poultry
automation. This is a very specialized sector catering to the needs of
technology savvy and progressive poultry farmers. The aim of subject is to
continuously upgrade the technique and equipments used by the Poultry farmer to
help him achieve the best productivity.
Although, India
possesses a lot of strategic advantages in terms of weather, availability of
trained persons, raw material but the appropriate technology to translate these
into reality was absent until Subject entered the scene with the required
techniques to bridge the gap. Subject has convinced number of Poultry Farmer
with whooping results. Today modernization is touching all aspects of
industrialization; this has revolutionized each sector and brought in desirable
changes and reforms within the same. These measures have benefited everyone
positively.
Cage System
Floor
Management System
·
Pan
Feeding System
·
(Versatile Pan
Feeding System - Coming soon)
·
Nipple Drinking
System for Cages and Deep Litter House
Environment
Control System
·
Fan-Pad
Cooling System - Coming Soon
·
Fogger
System
·
Egg Collection System for cages
·
Trolley Feeding System for cages
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
YES |
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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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51 |
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 |
|
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 |
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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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