MIRA
INFORM REPORT
|
Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KEYTOOL ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
First Floor, Plot No. 2, Gat No. 626, Opposite Gabriel India Limited, Pune
Nashik Highway, At Post Kuruli (Chakan), Taluka Khed, Pune 410 501,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.01.2008 (Un-Audited) |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
11-21087 |
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CIN No.: [Company
Identification No.] |
U51503PN2005PTC021087 |
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IEC No.: |
3105008862 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK06838G |
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PAN No.: [Permanent
Account No.] |
AACCK6217E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Distributor for high quality
cutting tools and measuring instruments. |
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 5576 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a two and half year’s old company, but has shown satisfactory
progress. The company has incurred some initial losses. However, the company
expects to wipe-off all its previous losses during the current financial
year. Trade relations are fair. Business is active. Payments are reported as
slow but correct. The company can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. N. R. Shetty |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9823064461 |
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Date : |
18.02.2008 |
LOCATIONS
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Registered Office : |
First Floor, Plot No. 2, Gat No. 626, Opposite Gabriel India Limited,
Pune Nashik Highway, At Post Kuruli (Chakan), Taluka Khed, Pune 410 501,
Maharashtra |
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Tel. No.: |
91-2135-326139 |
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Mobile No.: |
91-9822657572 |
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Fax No.: |
91-2135-320321 |
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E-mail : |
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Location : |
Owned |
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Showroom and Warehouse : |
Located at: Chakan (parallel to the Nashik Pune Highway), Maharashtra, India |
DIRECTORS
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Name : |
Mrs. Anita Sanjay Waghulade |
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Designation : |
Director |
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Address : |
Plot No. 464/ 27 A, PCNDTA, Nigdi, Pune 410 044, Maharashtra, India |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B. Com. |
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Experience : |
5 Years |
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Name : |
Mrs. Kalpana Nandkishore Sheety |
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Designation : |
Director |
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Address : |
Plot No. 584/ 28, PCNDTA, Nigdi, Pune 410 044, Maharashtra, India |
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Date of Birth/Age : |
41 Years |
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Qualification : |
M. Com. |
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Experience : |
5 Years |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mrs. Anita Sanjay Waghulade |
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8000 |
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Mrs. Kalpana Nandkishore Sheety |
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2000 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer, Exporter and Distributor for high quality cutting
tools and measuring instruments. |
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Products : |
* High Quality
Cutting Tools * Measuring
Instruments |
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Agencies Held : |
* Carol Lubricants
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Exports : |
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Products : |
Carbide Cutting Tools |
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Countries : |
Japan, Korea, Czech Republic, Germany |
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Terms : |
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Purchasing : |
L/C upto 180 days basis |
GENERAL
INFORMATION
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Customers : |
* Wholesalers * End Users |
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No. of Employees : |
About 9 |
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Bankers : |
The Saraswat Co-Operative Bank Limited Hotel Surya Kiran, Pune Mumbai Road, Chinchwad, Pune, Maharashtra,
India |
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Facilities : |
Working Capital Limit: Rs. 2.000 millions. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ms. Gauri Phadnis Chartered Accountants |
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Address : |
17, Vijigeeha, Prashant Nagar, Behind Kaka Halwai, Off LBS Road, Pune
411 030, Maharashtra, India |
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Tel. No.: |
91-20-24330505 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.01.2008 (Un-Audited) |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.294 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.344) |
(0.448) |
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NETWORTH |
1.394 |
(0.244) |
(0.348) |
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LOAN FUNDS |
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1] Secured Loans |
0.849 |
1.991 |
1.040 |
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2] Unsecured Loans |
1.001 |
1.017 |
0.700 |
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TOTAL BORROWING |
1.850 |
3.008 |
1.740 |
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DEFERRED TAX LIABILITIES |
0.022 |
0.022 |
0.013 |
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TOTAL |
3.266 |
2.786 |
1.405 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.175 |
0.196 |
0.185 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.737
|
2.817 |
1.582 |
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Sundry Debtors |
8.890
|
1.928 |
0.792 |
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Cash & Bank Balances |
0.032
|
0.055 |
0.000 |
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Other Current Assets |
0.000
|
0.199 |
0.085 |
|
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Loans & Advances |
1.667
|
0.000 |
0.000 |
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Total
Current Assets |
13.326
|
4.999 |
2.459 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.731
|
2.341 |
1.233 |
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Provisions |
0.544
|
0.109 |
0.051 |
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Total
Current Liabilities |
10.275
|
2.450 |
1.284 |
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Net Current Assets |
3.051
|
2.549 |
1.175 |
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MISCELLANEOUS EXPENSES |
0.015 |
0.016 |
0.020 |
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TOTAL |
3.266 |
2.786 |
1.405 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.01.2008 (Un-Audited) |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
19.066 |
7.209 |
1.350 |
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Other Income |
0.073 |
0.056 |
0.023 |
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Total Income |
19.139 |
7.265 |
1.373 |
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Profit/(Loss) Before Tax |
1.294 |
0.113 |
(0.421) |
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Provision for Taxation |
0.000 |
0.009 |
0.027 |
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Profit/(Loss) After Tax |
1.294 |
0.104 |
(0.448) |
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Expenditures : |
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Cost of Goods Sold |
14.902 |
5.488 |
1.039 |
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Direct Expenses |
1.418 |
0.000 |
0.000 |
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Administrative Expenses |
1.104 |
1.136 |
0.495 |
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Interest |
0.000 |
0.324 |
0.214 |
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Financial Charges |
0.392 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.028 |
0.025 |
0.009 |
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Other Expenditure |
0.000 |
0.177 |
0.046 |
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Total Expenditure |
17.844 |
7.150 |
1.803 |
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KEY RATIOS
|
PARTICULARS |
|
31.01.2008 (Un-Audited) |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
6.76
|
1.43 |
(32.62) |
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Net Profit Margin (PBT/Sales) |
(%) |
6.76
|
1.55 |
(30.66) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.56
|
2.16 |
(15.77) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.93
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(0.46) |
(1.21) |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.71
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(21.45) |
(7.72) |
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Current Ratio (Current Asset/Current Liability) |
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1.29
|
2.04 |
1.91 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the
company |
KEYTOOL ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Presented By |
The Saraswat Co-operative Bank Limited |
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1) Date and
description of instrument creating the change |
Letter evidencing deposit to Title deeds dated 07.12.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 6.000
Millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All that piece
and parcel of the land situated at Gat No. 626/1 admeasuring O H 65 R i.e.
650 sq. mtrs. Bearing private plot no. 2, at village kuruli, Khed, District
Pune, together with the building other structure and fixed machinery and
plant, fixture and fittings erected, electrical installation and installed
whether present or future and all easementary rights attached to said plot. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Facility : Letter
of Credit Rate of Interest
: 13.5% p.a. with monthly rests or at such rates as may be prescribed by the
Bank from time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, Pimpri Branch, Pune |
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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 |
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Corporate
identity number of the company |
U51503pn2005ptc021087 |
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Name of the
company |
KEYTOOL ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
First Floor, Plot No. 2, Gat No. 626, Opposite Gabriel India Limited, Pune
Nashik Highway, At Post Kuruli (Chakan), Taluka Khed, Pune 410 501,
Maharashtra |
|
This form is for |
Modification of
charge |
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Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited Pimpri Branch, Pune 411038, Maharashtra, India |
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Nature of
instrument creating charge |
NA |
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Date of
instrument Creating the charge |
NA |
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Amount secured by
the charge |
Rs. 6.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
NA |
|
Description of
the property charged |
Immovable
properties Plant and
machinery Book debts Furniture and
Fixtures Stock in trade |
|
Particulars of
the property charged |
All that piece
and parcel of the land situated at Gat No. 626/1 admeasuring O H 65 R i.e.
650 sq. mtrs. Bearing private plot no. 2, at village kuruli, Khed, District
Pune, together with the building other structure and fixed machinery and
plant, fixture and fittings erected, electrical installation and installed
whether present or future and all easementary rights attached to said plot. |
Trade References :
* 2 P Ventures
* A B Engineers
* Accord Tools and Accessories Private Limited
* Acme Industries
* Ahmadnagar Forgings Limited
* Alka Engineering Works
* Amforge Industries Limited
* Amok Minning and Drilling Equipment Private Limited
* Arihant Auto Components Private Limited
* Arihant Domestic Appliances Private Limited
* Arihant Steel and Metal Wires Private Limited
* Aswan Intel Engineering Company LLC
* Automotive Stampings and Asseemblies Limited
* Avitosh Enterprises
* Auto Line Industries Limited
* Bajaj Auto Limited
* Bajaj Tempo Limited
* Bajaj Tool Private Limited
* Ball Race Manufacturing Company Private Limited
* Balzers India Limited
* Creative Components Private Limited
* Cascade Fans Private Limited
* Bitil Oil India Private Limited
* Carboline Tooling
* Dev International
* Econ Tooling Systems Private Limited
* Ghatge Patil Industries Limited
* Grindwell Industries
* India Forge and Drop Stamping Limited
* Jaya Hind Industries Limited
* Jyoti Tooling
* Victory Fabrication Engineering Private Limited
* Windals Auto Private Limited
Introduction:
Subject is an importer and distributor for high
quality cutting tools and measuring instruments. They are based in
Chakan which is a rapidly developing industrial / commercial town about 25
kilometers from Pune city. They wish to take this opportunity to introduce
ourselves and inform us about overall activities expecting to start a long
lasting business relationship with your company.
Strengths:
* Excellent infrastructure i.e. 5000 sq. ft. modernized and fully
computerized office/ showroom and warehouse in Chakan located parallel to the
Nashik Pune highway.
* Extremely experienced and highly dedicated marketing / application /
sales and commercial team who will support customers to establish the cost
effectiveness of the solutions provided through Keytool.
* Well spread network of 15 dealers appointed all over India who are
technically strong and also have their own team of experienced sales and
marketing engineers.
* Shorter delivery time dur to huge stocking capacity for all standard
items at end to reduce inventory carrying costs.
* Large product base from reputed manufactures in India and abroad. Making
products available for lowest end application to the highest end application.
* Policy of working with everyone in a concept of low margins and very high
volumes.
Existing Range of Products:
Union Tools Limited, Japan
* Solid carbide end mills for high end application for high maching with
material hardness above 50 HRC.
* PCB and micro drills for very small diameters and special applications.
* End mill run-out tester for checking radial and axial runouts of end
mills in running conditions (contact free testing).
Miranda Tools Limited, India
* HSS Drills – Jobbers, tapers, center drills
* HSS and Carbide End Mills
* HSS Reamers
* Tungsten Carbide Rotary burrs
* Measuring Instruments – Vernier Calipers, Micrometers, Tesa Height
masters
* Pneumatic Tools – Die grinders, Pencil Grinders
* Drill Point Re-sharpening machines for HSS and carbide drills
* T-Slot covers for protecting T-Slot of milling machines form burr clogging
Kalra Tools, India
* HSS cut taps
* HSS In-roll taps
* HSS Special taps (like thru coolant taps) for special application
SAK Abrasives Limited, India
* Manufactures of Bonded and Vitrified grinding wheels like Off hand
wheels, tool room wheels, cur-off, cylindrical, centerless wheels. Also they
used to cater all special type of vitrified wheels as per customer’s
requirements.
LMT Fette GmbH, Germany
* Boehlerit Products: Indexable inserts, toolholder, solid carbide rods,
etc
* Fette: HSS-E, HSS-E-PM cut tapes, roll taps, indexable taps, thread
rolling systems that can be fitted of CNC turning machines.
Haimer GmbH, Germany
* Manufacture of CNC Tool Holders
* Measuring instruments
* Balancing machines
* Shrink fir machines and tools holders
TSE Tube Scarfing Equipment Company
* Manufacturer of internal tube scarfing carbide rings
* External OD scarfing inserts
* Tube scarfing tool hilders and total equipments for tube scarfing
CAROL Petroleum Limited, India
* Soluable cutting oils (Minerals, Semi Synthetic, Synthetic)
* External OD Scarfing inserts
* Rust Preventive Oils (Dewatering, Oil based, Dry Coating, Bitumen Based)
* Spindle Oils, Gen-set oils, Gear oils, Heat Transfer Fluids
* Hydraulic, drawing oils, rolling oils, quenching oils, turbine oils,
slide way oils
Apart from these also import and supply precision measuring machines
like:
* Helious (Mahr) Universal measuring machines, Germany
* ARC Video measuring systems, Taiwan
* Kosaka Contour measuring machines, Japan
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.87 |
|
UK Pound |
1 |
Rs. 77.79 |
|
Euro |
1 |
Rs. 58.59 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|