MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VICTORY PRECISIONS PRIVATE LIMITED |
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Formerly Known As : |
VICTORY FABRICATION AND ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Plot No.71/1A/12, BG Block, MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.03.1997 |
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Com. Reg. No.: |
11-106376 |
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CIN No.: [Company
Identification No.] |
U29299MH1997PTC106376 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV05101F |
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PAN No.: [Permanent
Account No.] |
AABCV8824H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture, Import and Export of Engineering Items, Press Parts, Tools,
Machine Equipments, Jigs, Fixture and Dies, Hitech Engineering, and Carry on
Fabrication Work. |
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 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
General financial position is weak have some accumulated losses. Trade relations
are fair. However no complaints have been heard. The company can be considered for small mediocre business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Plot No.71/1A/12, BG Block, MIDC, Bhosari, Pune – 411026, Maharashtra,
India |
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Tel. No.: |
91-20-30683140/ 32683144 |
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Fax No.: |
91-20-30683137 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mandar Suresh Kaushik |
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Designation : |
Director |
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Address : |
S. No.1/2 Shantban Building A/6 Chaphekar Chowk Chinchwad, Pune –
411033, Maharashtra, India |
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Date of Birth/Age : |
12.04.1980 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Mr. Sagar Suresh Kaushik |
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Designation : |
Director |
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Address : |
S. No.1/2 Shantban Building A/6 Chaphekar Chowk Chinchwad, Pune –
411033, Maharashtra, India |
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Date of Birth/Age : |
01.06.1975 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Mr. Subhash K. Tayade |
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Designation : |
Director |
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Address : |
1M, Sankul Near Deenanath Hospital, Erandwane, Pune – 411004,
Maharashtra, India |
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Date of Birth/Age : |
25.02.1967 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Mr. Rajesh Chavan |
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Designation : |
Director |
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Address : |
1375, Sadashiv Peth, Pune – 411030, Maharashtra, India |
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Date of Birth/Age : |
23.09.1967 |
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Date of Appointment : |
24.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2008)
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Names of Shareholders |
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No. of Shares |
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Mandar Kaushik |
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448000 |
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Sagar Kaushik |
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447000 |
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Subhash Tayade |
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447000 |
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Rajesh Chavan |
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447000 |
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Sangeeta Kaushik |
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47400 |
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Megha Tayade |
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47400 |
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Rajashree Chavan |
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47400 |
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Vijaya Kaushik |
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46400 |
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Total |
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1977600 |
(As on 06.10.2008)
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Names of Allotted |
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No. of Shares
Allotted |
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Mandar Kaushik |
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784000 |
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Vijaya Kaushik |
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81200 |
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Sagar Tayade |
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782250 |
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Sangeeta Chavan |
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82950 |
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SubhashKaushik |
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782250 |
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Megha Tayade |
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82950 |
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Rajesh Chavan |
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782250 |
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Rajashree Chavan |
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82950 |
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Total |
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1977600 |
(As on 30.09.2008)
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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 : |
Manufacture, Import and Export of Engineering Items, Press Parts, Tools,
Machine Equipments, Jigs, Fixture and Dies, Hitech Engineering, and Carry on
Fabrication Work. |
GENERAL
INFORMATION
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Suppliers : |
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Bankers : |
Pune Mumbai Road, Pimpri, Pune – 411026, Maharashtra, India
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P S Shingte and Company Chartered Accountant |
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Address : |
224/225, Ashoka Centre, Pune Satara Road, Pune – 411009, Maharashtra,
India |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1977600 |
Equity Shares |
Rs.10/- each |
Rs.19.776 Millions |
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(As on 31.03.2007)
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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516000 |
Equity Shares |
Rs.10/- each |
Rs.5.160 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.160 |
5.160 |
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2] Share Application Money |
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0.800 |
0.000 |
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3] Reserves & Surplus |
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0.291 |
0.144 |
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4] (Accumulated Losses) |
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(2.385) |
(4.175) |
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NETWORTH |
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3.866 |
1.129 |
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LOAN FUNDS |
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1] Secured Loans |
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32.296 |
28.469 |
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2] Unsecured Loans |
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6.724 |
6.102 |
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TOTAL BORROWING |
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39.020 |
34.571 |
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DEFERRED TAX LIABILITIES |
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0.615 |
0.000 |
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TOTAL |
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43.501 |
35.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.035 |
27.913 |
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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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0.309 |
0.309 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.777 |
5.625 |
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Sundry Debtors |
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10.700 |
2.551 |
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Cash & Bank Balances |
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0.272 |
0.096 |
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Other Current Assets |
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2.728 |
4.594 |
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Loans & Advances |
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0.050 |
0.000 |
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Total
Current Assets |
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22.527 |
12.866 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.240 |
5.502 |
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Provisions |
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0.231 |
0.000 |
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Total
Current Liabilities |
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9.471 |
5.502 |
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Net Current Assets |
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13.056 |
7.364 |
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MISCELLANEOUS EXPENSES |
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0.101 |
0.114 |
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TOTAL |
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43.501 |
35.700 |
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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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35.405 |
NA |
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Other Income |
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0.000 |
NA |
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Total Income |
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35.405 |
NA |
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Profit/(Loss) Before Tax |
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2.928 |
(4.118) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.928 |
(4.118) |
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Total Expenditure |
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32.477 |
NA |
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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8.27 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.27 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.57 |
(10.10) |
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Return on Investment (ROI) (PBT/Networth) |
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0.76 |
(3.65) |
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Debt Equity Ratio (Total Liability/Networth) |
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12.54 |
35.49 |
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Current Ratio (Current Asset/Current Liability) |
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2.38 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
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Corporate
identity number of the company |
U29299MH1997PTC106376 |
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Name of the
company |
VICTORY PRECISIONS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No.71/1A/12, BG Block, MIDC, Bhosari, Pune – 411026, Maharashtra,
India |
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This form is for |
Creation of the
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited Pune Mumbai Road, Pimpri, Pune – 411026, Maharashtra, India |
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Nature of
instrument creating charge |
Letter Evidencing
Deposit of Title Deeds Dated 23rd June 2008 |
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Date of
instrument Creating the charge |
23.06.2008 |
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Amount secured by
the charge |
Rs.2.060 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: PLR + 0.50% P.A.
= 13.50% or as may be other rate as may be specified by the bank from time to
time – PLR – 13% Terms of
Repayment: 77 Installment of
Rs.0.026 Million 1 Installment of
Rs.0.027 Million Margin: 50% against the
hypothecation of the fixed assets Extent and
operations of the charge: Term Loan No IX –
The Title of Immovable Properties were redeposit with the bank Others : All other terms
and conditions as per Agreement |
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Particulars of
the property charged |
All piece and
parcel of land situated at plot No, T/71-1A/12, Bhosari, Pune AD 7201.20 sq.
mtrs with all easementary rights, Building (Present and Future), All
furniture, fixture and fittings, and (Present and Future), Plant and
Machinery embedded in the earth therein. |
FIXED ASSETS:
- Land
- Building
- Furniture and Fixture
- Office Equipment
- Plant and Machinery
- Computers
- Vehicles
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.85 |
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Euro |
1 |
Rs.64.70 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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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33 |
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 |
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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 |
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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 |
|
<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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