MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VST AUTO PARTS PRIVATE LIMITED |
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Registered Office : |
New No.199, Old No.144, Anna Salai, Chennai – 600002, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
18-55926 |
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CIN No.: [Company
Identification No.] |
U50101TN2005PTC055926 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV06839A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Spares Parts |
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 60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company and a part of small sized VST Group.
Trade relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Anand |
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Designation : |
Account Manager |
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Contact No.: |
91-9940079104 |
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Date : |
11.12.2008 |
LOCATIONS
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Registered Office : |
New No.199, Old No.144, Anna Salai, Chennai – 600002, Tamilnadu, India
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Tel. No.: |
91-44-30909242/ 28520362/ 28602485 |
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Mobile No.: |
91-9940079104 (Arun – A/C) |
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Fax No.: |
91-44-28520362/ 28602008 |
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E-Mail : |
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Website : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. V. K. Surendra |
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Designation : |
Director |
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Address : |
Gowkulam High Grounds 5 Sankey Road, Bangalore – 560052, Karnataka,
India |
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Date of Birth/Age : |
18.05.1941 |
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Qualification : |
Digree |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. V. P. Mahendra |
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Designation : |
Director |
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Address : |
Lakshmi Vilas High Grounds 5 Sankey Road, Bangalore – 560052,
Karnataka, India |
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Date of Birth/Age : |
16.07.1942 |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. K. V. Ramana Rao |
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Designation : |
Director |
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Address : |
69/ Old No., 20 Ormes Road Kilpura, Chennai – 600010, Tamilnadu, India
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Date of Birth/Age : |
27.07.1942 |
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Date of Appointment : |
27.05.2005 |
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Name : |
Mr. Arun Vellore Surendra |
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Designation : |
Director |
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Address : |
Gowkulam High Grounds 5 Sankey Road, Bangalore – 560052, Karnataka,
India |
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Date of Birth/Age : |
24.08.1975 |
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Qualification : |
Digree |
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Date of Appointment : |
09.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 17.09.2007)
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Names of Shareholders |
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No. of Shares |
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V. K. Surendra |
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10 |
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V. P. Mahendra |
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10 |
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VST Motors Limited |
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5980 |
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Total |
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6000 |
(As on 30.09.2007)
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Category |
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Percentage
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Spares Parts |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
46 (Office – 6, Branches – 40)
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Bankers : |
Chennai Mount Road Branch, 688 Anna Salai, Chennai – 600006,
Tamilnadu, India |
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Facilities : |
CC – Rs.20.000 Millions
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountant |
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Address : |
48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014,
Tamilnadu, India |
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Tel No.: |
91-44-28131128/ 28131138/ 28131148/ 28131158 |
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Fax No.: |
91-44-28131158 |
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Email : |
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Group Company : |
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Holding Company : |
U26999TN1949PLC003210 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000 |
Equity Shares |
Rs.100/- each |
Rs.0.600 Million |
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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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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.600 |
0.600 |
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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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11.762 |
4.820 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.362 |
5.420 |
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LOAN FUNDS |
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1] Secured Loans |
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0.467 |
0.203 |
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2] Unsecured Loans |
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37.517 |
30.220 |
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TOTAL BORROWING |
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37.984 |
30.423 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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50.346 |
35.843 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.272 |
0.339 |
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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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0.696 |
0.018 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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44.670
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37.626 |
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Sundry Debtors |
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27.612
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20.877 |
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Cash & Bank Balances |
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5.965
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5.570 |
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Other Current Assets |
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2.437
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10.393 |
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Loans & Advances |
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8.893
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1.007 |
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Total
Current Assets |
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89.577
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75.473 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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39.918
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39.066 |
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Provisions |
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2.281
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0.921 |
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Total
Current Liabilities |
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42.199
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39.987 |
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Net Current Assets |
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47.378
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35.486 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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50.346 |
35.843 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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169.772 |
95.300 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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169.772 |
95.300 |
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Profit/(Loss) Before Tax |
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10.774 |
7.406 |
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Provision for Taxation |
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3.832 |
2.586 |
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Profit/(Loss) After Tax |
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6.942 |
4.820 |
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Expenditures : |
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Depreciation & Amortization |
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0.409 |
0.027 |
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Other Expenditure |
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158.589 |
87.867 |
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Total Expenditure |
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158.998 |
87.894 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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4.09 |
5.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.35 |
7.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.73 |
9.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.87 |
1.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.49 |
12.99 |
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Current Ratio (Current Asset/Current Liability) |
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2.12 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in the process of ascertaining the vendors/ Suppliers who
would fall under the preview of the Micro, Small and Medium Enterprises
Development Act 2006 and on completion of this process will rate necessary
steps to comply with the said Act.
Trade Reference:
- M. S. Motors
– Tamilnadu
- Tamilnadu
Enterprises – Tamilnadu
Form 8:
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Corporate
identity number of the company |
U50101TN2005PTC055926 |
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Name of the
company |
VST AUTO PARTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
New No.199, Old No.144, Anna Salai, Chennai – 600002, Tamilnadu, India
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This form is for |
Creation of charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Tamilnad Merchantile Bank Limited, Chennai Mount Road Branch, 688 Anna Salai, Chennai – 600006,
Tamilnadu, India U65110TN1921PLC001908 |
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Nature of
instrument creating charge |
Agreement for
demand cash credit hypothecation of movable properties and letter of
hypothecation of book debts and agreement for channel finance. |
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Date of instrument
Creating the charge |
31.03.2008 |
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Amount secured by
the charge |
Rs.25.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: PLR – 2% PLR
(Floating) or BRR up to 45 days from the date of invoice and PLR + 2% for
beyond 45 days Terms of
repayment: Repayable on
Demand Margin: Nil Extent and
Operation of the charge: That the borrower
shall not, during the continuance of this agreement of hypothecation or otherwise,
charge or encumber any of the assets for the time being the subject or
indented to be the subject of the security of the security nor do or permit
any cat whereby the security herein before expressed to be given to the bank
shall be ny way prejudicially affected. Interests shall be payable at monthly
rest. Others: The company gas
availed the demand loan Rs.25.000 Millions each demand loan not to exceed 45
days. |
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Particulars of
the property charged |
Hypothecation of
Stock of Stock of Spares Parts of TATA Passenger Car and hypothecation of
Receivables. |
Fixed Assets:
- Furniture and Fitting
- Vehicles
- Lorries
- Computers
- Office Equipments
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.12 |
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UK Pound |
1 |
Rs.72.59 |
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Euro |
1 |
Rs.63.52 |
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 |
YES |
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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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