MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDRA COTTON GINNING AND PRESSING PRIVATE LIMITED |
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Registered Office : |
Ahmedabad Road, Jasdan, Rajkot – 360050, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.04.1998 |
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Com. Reg. No.: |
034019 |
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CIN No.: [Company
Identification No.] |
U17110GJ1998PTC034019 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKT100018E |
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PAN No.: [Permanent
Account No.] |
AAACI6187M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Cotton and other vegetable textile fibre plants |
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 57240 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company. Directors are reported
as experienced and respectable businessman. Trade relations are fair.
Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
Ahmedabad Road, Jasdan, Rajkot – 360050, Gujarat, India |
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Tel. No.: |
91-2821-221077 / 220977 / 220577 |
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Mobile No.: |
91-9824233777 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ghanshyamkumar Girdharilal Tanna |
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Designation : |
Director |
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Address : |
Hari Society, Station Road, Jasdan, Rajkot – 360050, Gujarat |
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PAN No.: |
AAZPT5825D |
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Name : |
Mr. Harshadkumar Girdharilal Tanna |
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Designation : |
Director |
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Address : |
Hari Society, Station Road, Jasdan, Rajkot – 360050, Gujarat |
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PAN No.: |
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Name : |
Mr. Girdharilal Manilal Tanna |
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Designation : |
Director |
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Address : |
Hari Society, Station Road, Jasdan, Rajkot – 360050, Gujarat |
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PAN No.: |
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Name : |
Mr. Sureshkumar Girdharilal Tanna |
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Designation : |
Director |
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Address : |
Hari Society, Station Road, Jasdan, Rajkot – 360050, Gujarat |
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PAN No.: |
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Name : |
Mr. Pranavkumar Sureshkumar Tanna |
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Designation : |
Director |
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Address : |
Hari Society, Station Road, Jasdan, Rajkot – 360050, Gujarat |
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PAN No.: |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ghanshyamkumar Girdharilal Tanna |
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183100 |
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Mr. Harshadkumar Girdharilal Tanna |
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174620 |
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Mr. Girdharilal Manilal Tanna |
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58100 |
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Mr. Sureshkumar Girdharilal Tanna |
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244955 |
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Mr. Pranavkumar Sureshkumar Tanna |
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7500 |
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Mrs. Dayaben Tanna |
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43500 |
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Mrs. Rajanben Tanna |
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52980 |
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Mrs. Nimaben |
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35500 |
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Mrs. Diyaben Chand |
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19800 |
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Mrs. Janakben Gadhavi |
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5000 |
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Mr. Gopalbahi Gadhavi |
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3000 |
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Ankit Agency Madhavpura, Shahibag |
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12500 |
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Mrs. Pushpaben Kotak |
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4990 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cotton and other vegetable textile fibre plants |
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Products : |
Ginned Cotton Cotton Seeds |
GENERAL
INFORMATION
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Bankers : |
State Bank of Saurashtra Jasdan branch, Rajkot – 360050, Gujarat E-Mail: jsdn.bm@sbi.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sarda and Sarda Chartered Accountants |
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Address : |
Sakar, 4th Floor, Opp. Rajkumar College, Dr. Radhakrishan
Road, Rajkot – 360001, Gujarat |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.310 |
3.804 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.310 |
13.804 |
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LOAN FUNDS |
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1] Secured Loans |
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54.409 |
40.083 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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54.409 |
40.083 |
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DEFERRED TAX LIABILITIES |
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0.682 |
0.846 |
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Sales Tax Deferred – GST and CST |
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32.296 |
29.753 |
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TOTAL |
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102.295 |
84.486 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.120 |
15.917 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.906 |
26.811 |
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Sundry Debtors |
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72.431 |
37.458 |
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Cash & Bank Balances |
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14.353 |
15.853 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.469 |
3.444 |
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Total
Current Assets |
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91.159 |
83.566 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.704 |
14.847 |
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Provisions |
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0.270 |
0.150 |
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Total
Current Liabilities |
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3.974 |
14.997 |
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Net Current Assets |
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87.185 |
68.569 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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102.295 |
84.486 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.27 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
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22.93 |
5.57 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
INDRA COTTON GINNING AND PRESSING PRIVATE LIMITED |
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Presented
By |
Mr. Sureshkumar G. Tanna (director) |
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1) Date and description of instrument creating the change |
Memorandum of deposit of title deeds 08.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit Rs. 10.000 millions O.D.B.D. Rs. 3.000 millions Medium Term Loan Rs. 10.000 millions Total Rs.23.000 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 |
Entire factory land and building situated at village: Gadhaiya Taluka: Jasdan, Rajkot survey No. 46-P admeasuring 5 acres 19 guntha and all the movable assets, goods, property, plant and machinery situated at the premises of the company of raw material, semi finished stocks of cotton |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 12..50% p a Margin 50% and other terms and conditions as stated in agreement attached |
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5) Name and Address and description of the person entitled to the charge. |
The manager, State Bank of Saurashtra, Jasdan |
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6) Date and brief description of instrument modifying the charge |
11.12.2004, confirmatory letter and supplemental agreement for hypothecation of goods, stock, book debts and immovable properties |
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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. |
Enhancement of cash credit facilities from Rs.10.000 millions to Rs.20.000 millions as per attached confirmatory letter and supplementary agreement and remaining terms and conditions are same as per original agreement |
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Corporate identity number (CIN) Foreign company registration number |
U17110GJ1998PTC034019 |
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Name of the Company |
INDRA COTTON GINNING AND PRESSING PRIVATE LIMITED |
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Address |
Ahmedabad Road, Jasdan, Rajkot – 360050, Gujarat |
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This form is for |
Modification of charge |
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Type of Charge |
Immovable property, Book Debts and Movable property (not being pledge) |
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Particulars of the charge holder |
State Bank of Saurashtra Jasdan branch, Rajkot – 360050, Gujarat E-Mail: jsdn.bm@sbi.co.in |
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Amount secured by the charge |
Rs.107.000 millions |
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Brief of the principal terms and conditions |
Rate of Interest and Terms of Repayments: As per agreement Margin: Stock 25% Book Debt: 50% |
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Description of the property charged indicating |
Hypothecation agreement dated 15.05.2007 |
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Date of Instrument modifying charge |
15.05.2007 |
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Particular of the present modification |
Cash credit facility increased from to Rs.60.000 millions to Rs.80.000 millions Stand by limit of Rs.7.000 millions other ODBD Limit are of Rs.10.000 millions Term Loan are of Rs.10.000 millions Total Charge limit stand for Rs.107.000 millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.29 |
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UK Pound |
1 |
Rs.77.02 |
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Euro |
1 |
Rs.58.16 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
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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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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