MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KROFTA ENGINEERING LIMITED |
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Registered Office : |
204, Ideal House, 69, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
04.06.1983 |
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Com. Reg. No.: |
55-111220 |
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CIN No.: [Company
Identification No.] |
U74999DL2001PLC111220 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK04687E |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Wholesalers of Agricultural Machinery and Equipment. |
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 30000 |
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Status : |
Good |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Financials position is satisfactory. Payments are reported as slow but
correct. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
204, Ideal House, 69, |
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Tel. No.: |
91-11-41607026/ 41607027 |
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Fax No.: |
91-11-26443695 |
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Email : |
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Website : |
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Factory 1 : |
SCO 55, Madhya Marg, Sector 26 D, Chandigarh-160019, |
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Tel. No.: |
91-172-2774055/ 2770307 |
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Fax No.: |
91-172- 2549568/ 2569702 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raghvendra Khaitan |
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Designation : |
Managing Director |
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Address : |
Lane W 10F/1, |
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Date of Birth/Age : |
04.03.1972 |
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Date of Appointment : |
03.10.1997 |
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Name : |
Mr. Dinesh Kumar Khaitan |
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Designation : |
Director |
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Address : |
Lane W 10F/1, |
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Date of Birth/Age : |
20.11.1943 |
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Date of Appointment : |
01.07.2006 |
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Other Directorships : |
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Name : |
Mr. Vishwanath Poddar |
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Designation : |
Director |
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Address : |
G-8, South Extension Part II, New Delhi-110049 |
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Date of Birth/Age : |
06.06.1941 |
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Date of Appointment : |
21.01.2002 |
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Name : |
Mr. Sajjan Parasramka |
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Designation : |
Director |
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Address : |
C-38, Pamposh Enclave, Greater Kailash I, New Delhi-110048 |
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Date of Birth/Age : |
01.02.1943 |
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Date of Appointment : |
28.10.2002 |
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Name : |
Mr. Purushottam Kumar Rajgarhia |
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Designation : |
Director |
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Address : |
33, Nidhi kunj, Friends Colony, |
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Date of Birth/Age : |
30.12.1943 |
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Date of Appointment : |
17.05.2007 |
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Name : |
Mr. Ramlal Chauhan |
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Designation : |
Director |
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Address : |
House No.3134, Sector 27D, |
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Date of Birth/Age : |
23.11.1952 |
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Date of Appointment : |
26.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Shaju Petar |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.07.2007
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Names of Shareholders |
No. of Shares |
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Durga Mercantile Private Limited |
88 |
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Mr. Dinesh Kumar Khaitan |
79 |
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D K Khaitan HUF |
153 |
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Ms. Malti Khaitan |
52 |
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Mr. Raghvendra Khaitan |
155 |
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Mr. Raghvendra Khaitan HUF |
162 |
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Ms. Radhika Khaitan |
52 |
As on 31.03.2007
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Names of Shareholders |
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Percentage of
Holding |
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Bodies corporate |
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12.00 |
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Directors or their relatives |
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88.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Wholesalers of Agricultural Machinery and Equipment. |
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Products : |
Water Treatment Plant Stores and spares DAF Clarifiers Complete ETP Design/Upgradation Spray Filters for Fibre Fractionation/Polishing Water for Paper
Machine Showers |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
12 |
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Bankers : |
Ø
Union Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nemani Garg Agarwal & Company Chartered Accountants |
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Address : |
1517, |
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Associates/Subsidiaries : |
v
Amrit International Limited v
Durga Mercantile Private Limited v
Amrit International Rice Company Limited v
VIP Finvest And Consultancy Private Limited |
CAPITAL STRUCTURE
AS ON 02.07.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1200 |
Equity Shares |
Rs.1000/- each |
Rs.1.200 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
741 |
Equity Shares |
Rs.1000/-
each |
Rs.0.741
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 |
0.741 |
0.741 |
0.741 |
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2] Share Application Money |
0.000 |
0.000 |
0.596 |
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3] Reserves & Surplus |
5.308 |
2.874 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.412) |
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NETWORTH |
6.049 |
3.615 |
0.925 |
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LOAN FUNDS |
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1] Secured Loans |
0.149 |
0.589 |
0.000 |
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2] Unsecured Loans |
2.161 |
0.000 |
1.718 |
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TOTAL BORROWING |
2.310 |
0.589 |
1.718 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.359 |
4.204 |
2.643 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.446 |
1.351 |
0.326 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.179 |
0.072 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.746
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0.918 |
1.774
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Sundry Debtors |
8.620
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2.919 |
3.779
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Cash & Bank Balances |
0.314
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5.052 |
0.702
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
6.591
|
2.305 |
1.040
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Total
Current Assets |
20.271
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11.194 |
7.295 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.534
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6.573 |
4.577
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Provisions |
2.004
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1.839 |
0.401
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Total
Current Liabilities |
15.538
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8.412 |
4.978 |
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Net Current Assets |
4.733
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2.781 |
2.317
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.359 |
4.204 |
2.643 |
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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 Turnover |
59.765 |
59.582 |
11.159 |
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Other Income |
0.193 |
0.213 |
10.565 |
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Total Income |
59.958 |
59.795 |
21.724 |
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Profit/(Loss) Before Tax |
3.985 |
4.322 |
1.164 |
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Provision for Taxation |
1.553 |
1.656 |
0.000 |
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Profit/(Loss) After Tax |
2.432 |
2.666 |
1.164 |
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Total Earnings |
34.824 |
36.533 |
10.556 |
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Export Value |
33.792 |
35.504 |
NA |
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Expenditures : |
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Purchases made for re-sale |
30.742 |
36.774 |
12.188 |
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Salaries, Wages, Bonus, etc. |
3.644 |
2.397 |
1.492 |
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Managerial Remuneration |
0.900 |
0.675 |
0.000 |
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Payment to Auditors |
0.031 |
0.020 |
0.012 |
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Interest |
0.347 |
0.515 |
0.470 |
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Insurance Expenses |
0.159 |
0.069 |
0.009 |
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Depreciation & Amortization |
0.763 |
0.347 |
NA |
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Other Expenditure |
19.387 |
14.676 |
6.388 |
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Total Expenditure |
55.973 |
55.473 |
20.559 |
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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 |
(%) |
04.05 |
04.45 |
5.36
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Net Profit Margin (PBT/Sales) |
(%) |
06.66 |
07.25 |
5.36
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.67 |
34.25 |
15.27
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Return on Investment (ROI) (PBT/Networth) |
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0.65 |
1.19 |
1.26
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Debt Equity Ratio (Total Liability/Networth) |
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2.97 |
2.48 |
7.24
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Current Ratio (Current Asset/Current Liability) |
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1.30 |
1.33 |
1.46
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LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Furniture and
Fixture
- Computer
System
- Office
Equipment
- Vehicle
Form 8
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U74999DL1983PLC111220 |
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Name of the
company |
KROFTA
ENGINEERING LIMITED |
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Address of the
registered office or of the principal place of business in |
204, Ideal House, 69, |
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Type of charge |
Book Debts Movable Property Other |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
SD 20 (Composite
Hypothecation Deed) |
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Date of
instrument Creating the charge |
11.02.2008 |
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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 As Applicable
from time to time Terms of Repayment On Demand Margin B/G 50% Foreign/ Inland
Bills 10% Extent and Operation of the charge 100% Others The above is to
secure bank guarantee (Inland/ Import/ Export) Limit of Rs.7.500 Millions and
foreign Inland Bills purchased (DP) under LC of Prime Bank only of Rs.5.000
Millions. |
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Short particulars
of the property charged |
First
hypothecation charge on all movable properties, document of title to goods,
debtors, book debts and other current and fixable assets of the company both
present and future. Counter guarantee
of the company. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.48.49 |
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|
1 |
Rs.71.89 |
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Euro |
1 |
Rs.67.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
6 |
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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 |
YES |
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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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54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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