MIRA
INFORM REPORT
|
Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HYDROFLEX PIPE [PRIVATE] LIMITED |
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Registered Office : |
4, Suflam Estate, Near Avtar Hotel, Isanpur Highway, Isanpur, Ahmedabad
382443, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.07.2004 |
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Com. Reg. No.: |
04-44405 |
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CIN No.: [Company
Identification No.] |
U31909GJ2004PTC044405 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH01566F |
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PAN No.: [Permanent
Account No.] |
AABCH4397M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Stainless Steel Metallic
Corrugated Flexible Hoses |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track records. Company’s profitability is under severe
pressure. It has huge accumulated
losses. Payments are reported as slow
and delayed. The Company can be considered for any business dealings on fully safe
and secured trade terms and conditions only. |
LOCATIONS
|
Registered Office : |
4, Suflam Estate, Near Avtar Hotel, Isanpur Highway, Isanpur,
Ahmedabad 382443, Gujarat, India |
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Tel. No.: |
91-79-25716213 / 25716157 / 30954566 |
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Fax No.: |
91-79-25710302 |
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E-Mail : |
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Website : |
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Factory : |
Near Cargo Motors, National Highway No. 8, Jetalpur, Ahmedabad 382426,
Gujarat, India |
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Tel. No.: |
91-79-30951699 |
DIRECTORS
|
Name : |
Mr. Dilipkumar R. Patel |
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Designation : |
Director |
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Address : |
18/B, Gopalkunj Society Rambaug, Maninagar, Ahmedabad 380008, Gujarat,
India |
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Date of Birth/Age : |
30.07.1945 |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Bhupendra Ambalal Raghavji |
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Designation : |
Director |
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Address : |
34, Patel Society, Rambaug, Maninagar, Ahmedabad 380008, Gujarat,
India |
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Date of Birth/Age : |
03.09.1949 |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Nitinbhai Chimanlal Desai |
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Designation : |
Director |
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Address : |
4, Pradip Society, Chandranagar, Paldi, Ahmedabad 380007, Gujarat,
India |
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Date of Birth/Age : |
16.02.1944 |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Kinchit Bhupendrabhai Patel |
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Designation : |
Director |
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Address : |
34, Patel Society, Maninagar, Ahmedabad 380008, Gujarat, India |
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Date of Birth/Age : |
23.03.1980 |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Rameshbhai V. Oza |
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Designation : |
Director |
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Address : |
SA-5, Ashapuri Society, Near Police Station, Ghodasar, Ahmedabad,
Gujarat, India |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Fenilbhai M. Patel |
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Designation : |
Director |
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Address : |
26/C, Ishwamagar Society, Isanpur Road, Maninagar, Ahmedabad, Gujarat,
India |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Amitbhai D. Patel |
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Designation : |
Director |
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Address : |
18/B, Gopalkunj Society, Bhairavnath Road, Rambaug, Ahmedabad,
Gujarat, India |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Tapan R. Oza |
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Designation : |
Director |
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Address : |
SA-5, Ashapuri Society Near Police Station, Ghodasar, Ahmedabad,
Gujarat, India |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Ritesh N. Desai |
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Designation : |
Director |
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Address : |
4, Pradip Shops and Flats, Narayanagar Road Paldi, Ahmedabad, Gujarat,
India |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Chinmay M. Patel |
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Designation : |
Director |
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Address : |
26/C, Ishwamagar Society, Isanpur Road, Maninagar, Ahmedabad, Gujarat,
India |
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Date of Appointment : |
02.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Dilipkumar R. Patel |
|
1000 |
|
Rameshbhai V. Oza |
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1000 |
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Bhupendrabhai Raghavji |
|
1000 |
|
Nitinbhai C. Desai |
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1000 |
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Fenilbhai Patel |
|
1000 |
|
Amitbhai D. Patel |
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1000 |
|
Tapan R. Oza |
|
1000 |
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Ritesh N. Desai |
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1000 |
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Kinchit B. Patel |
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1000 |
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Chinmay M. Patel |
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1000 |
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Total |
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10000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Stainless Steel Metallic
Corrugated Flexible Hoses |
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Products : |
Ø Braided Hydraulic Hoses Ø Multi Spiral Hydraulic Hoses Ø Braided Industrial Hoses Ø Steam Hoses Ø Ptfe Flexible Hoses Ø Ptfe Convoluted Flexible Hoses Ø Camlock Coupling Ø Quick Release Coupling Ø Thermoplast High Pressure Hoses Ø Low Pressure Flexible Rubber Hoses Ø Hoses For Fertilizers And Chemical Plants Ø Industrial Rubber Hoses Ø Standard Hose Fitting With Thread Specifications Ø Coupling Ends |
GENERAL
INFORMATION
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Bankers : |
Ø
Union Bank
of India Maninagar Branch, Ahmedabad, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Himanshu Patel and Company Chartered Accountants |
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Address : |
305, Riddhi Complex, Ashram Road, Ahmedabad 380009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[2.006] |
[1.624] |
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NETWORTH |
|
[1.906] |
[1.524] |
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LOAN FUNDS |
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1] Secured Loans |
|
5.257 |
0.000 |
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2] Unsecured Loans |
|
16.486 |
13.055 |
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TOTAL BORROWING |
|
21.743 |
13.055 |
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DEFERRED TAX LIABILITIES |
|
0.073 |
0.160 |
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TOTAL |
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19.910 |
11.691 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.491 |
9.261 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
5.355 |
1.801 |
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Sundry Debtors |
|
3.220 |
0.618 |
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Cash & Bank Balances |
|
0.062 |
0.023 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.053 |
1.035 |
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Total
Current Assets |
|
8.690 |
3.477 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1.281 |
1.060 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
1.281 |
1.060 |
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Net Current Assets |
|
7.409 |
2.417 |
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MISCELLANEOUS EXPENSES |
|
0.010 |
0.013 |
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TOTAL |
|
19.910 |
11.691 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
22.897 |
0.256 |
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Other Income |
|
0.004 |
0.002 |
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Total Income |
|
22.901 |
0.258 |
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Profit/(Loss) Before Tax |
|
[0.469] |
[1.467] |
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Provision for Taxation |
|
[0.087] |
0.157 |
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Profit/(Loss) After Tax |
|
[0.382] |
[1.624] |
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Expenditures : |
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Depreciation & Amortization |
|
1.493 |
0.194 |
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Other Expenditure |
|
20.384 |
1.337 |
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Total Expenditure |
|
21.877 |
1.531 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
[1.66] |
[629.45] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[2.04] |
[573.04] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[2.21] |
[11.51] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
[0.24] |
[0.96] |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
[12.07] |
[9.26] |
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Current Ratio (Current Asset/Current Liability) |
|
|
6.78 |
3.28 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
Bankers Charges
Report as per Registry
|
Name of the company |
HYDROFLEX PIPE
[PRIVATE] LIMITED |
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Presented By |
Mr. Dilipbhai
Patel |
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1) Date and description of instrument creating the change |
Hypothecation
agreement of goods and debts assets dated 21.04.2005 made between M/s. Hydroflex
Pipe Private Limited on one part and
Union Bank of India, Maninagar Branch, Ahmedabad on the other part. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
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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 |
All tangible
movable machinery, machinery fixtures fittings other installation, cranes
furniture, computers and other accessories vehicles together with spares
tools and accessories and all other articles lying on the premises at godown
at Jetalpur, Taluka Dascroi, District Ahmedabad or wherever else. The whole of the
borrowers movable goods and assets both present and future including but
without prejudice to generality of the foregoing words all stocks of Raw
material, work in process, semi finished goods, finished goods such as SS and
Corrugated Hose Pipe etc, packing materials, consumable stores and spares
etc. All the present
and future book debts, outstanding monies, receivable, claim, bills,
contracts, engagements and securities
|
||||||||
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin Cash Credit
Hypothecation Stock 25% Book Debts
50% Term Loan 25% Rate of Interest C. C.
Hypothecation
12.25% Term Loan
13.25% Repayment Cash Credit
hypothecation amount repayable on demand Term loan – to be
repaid in 60 equal monthly installments to be paid on or before the
31.07.2005 |
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5) Name and Address and description of the person entitled to the
charge. |
Union Bank of
India Maninagar Branch,
Ahmedabad, Gujarat, India |
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6) Date and brief description of
instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
AS PER WEBSITE DETAILS:
Profile
Subject is an ISO:9000:2001 company , having an freehold land of 6500 Sq. Meter and built-up area of factory and office @ 1000 Sq. Mtr at Plot no.231, Jetalpur Village, Nr. Cargo Motors, N.H. No.8, Ahmedabad, (Gujrat) India, PHONE : 091-79-30951699.
This
unit is totally self contained unit for manufacturing Stainless Steel
Corrugated Hose with braiding and /or along with end fittings. The unit is
having sophisticated precise tube mill along with, Inverter type TIG welding
M/c., of latest generation. The production rate is controlled by PLC System
along with hydraulically controlled Corrugator Forming Machine which cab cater
different type of dimensions and corrugation as per individual customer
specification. The braiding is manufactured in sophisticated braiders which can
give a verity in Quality as per customer's specifications.
They manufacture and offer stainless steel metallic
corrugated flexible hoses from size ¼" NB to 8"NB in SS-304, 321, 316
and 316L with any type of mounting fittings as per customer's specification.
Their overall capacity of Plant for the Hose manufacturing 8000 Mtr. per month.
The product manufactured in their organization is 100% thorough, passed through stinget quality test viz. Pneumatic Testing, Hydro Test, Specific Bend radius test and life cycle test, Burst Test and flame test as per world renowned standard BS 6501 Part-I:1991.
For
the inspection of Welding of SS Hose Assly, they have dye penetrant test system
and 100% pneumatic and hydro test. They have full fledged Technical Staff for
production and for the Assurance of Quality Product with help of a full proof
production process system and Quality Audit system. Their welders and their
process in manufacturing is qualified and approved by Germanischer Llyod.
Ø
List of machinery
Ø
Tube Mill
Ø
Corrugators
Ø
Bobbin winding Machine
Ø
Braiding Machine
Ø
Testing equipments as per BS:6501/Part-1: 1991.
Ø
Pneumatic and Vacuum Testing Unit.
Ø
Tool Room.
ASSOCIATES:
M/s. HYDROFLEX HOSE INDUSTRIES and M/s. B.N. TRADERS are in the similar business since 1987, they have all the Infrastructure facilities already available with them except Tube Mill and Corrugator. They have been executing the Orders in the below mentioned Industries since 1987 in Indian Market. Their present turn over is @ 3 Crore per annum.
CLIENTS:
Their client list major Fertilizer Company's Oil Refineries Steel plants, Cement Industries, Petrochemicals, Pharmaceuticals, Heavy Chemicals, Glass Manufacturing Company, Power Plant, Nuclear Power Plants, Thermal Power Plants, and Gas Power Plants of dual cycles of Government and Private sector, major Dairies, Dairy Equipments Machinery Manufacturing company, Renowned Textile Mills and Offshore Drilling Plants.
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. 39.48 |
|
UK Pound |
1 |
Rs. 77.44 |
|
Euro |
1 |
Rs. 57.75 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
17 |
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. |
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 |
|