MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHALARIA METAL CRAFT PRIVATE LIMITED |
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Registered Office : |
8, Madhum Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.09.1994 |
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Com. Reg. No.: |
11-80759 |
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CIN No.: [Company
Identification No.] |
U27200MH1994PTC080759 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB14015B / MUMB11201B |
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PAN No.: [Permanent
Account No.] |
AAACB1703A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products of Flatware and Hollow Ware |
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 200000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Financial position is very satisfactory. Trade relations
are fair. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jeevan Putran |
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Designation : |
Accountant |
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Date : |
27.06.2008 |
LOCATIONS
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Registered Office : |
8, Madhum Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056,
Maharashtra, India |
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Tel. No.: |
91-22-28198226 / 26142640 |
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Fax No.: |
91-22-28198227 / 26183872 |
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E-Mail : |
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Website : |
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Administrative Office : |
Plot J Todi Industrial Estate, Radha Swami Road, Bhayander (West),
District Thane – 401 101, India |
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Tel. No.: |
91-22-28140913 / 28198234 / 26 / 28198226 |
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Mobile No.: |
91-9820026924 |
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Fax No.: |
91-22-28198227 / 2625 6526 |
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E-Mail : |
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Websites: |
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Correspondence Office / Factory : |
44, Kansara Chawl, Kalbadevi Road, Mumbai – 400 002, Maharashtra,
India |
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Tel No.: |
91-22-6183872 / 8198227 |
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E-Mail: |
DIRECTORS
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Name : |
Mr. Neel Hitendra Bhalaria |
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Designation : |
Director |
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Address : |
401, Soni House, 4th Floor, 19 Suvarnanagar Co-op HSG
Society Limited , 4th Road, JVPD Scheme, Vile Parle West, Mumbai –
400 056, Maharashtra, India |
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Date of Birth/Age : |
10.09.1986 |
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Date of Appointment : |
01.11.2007 |
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Name : |
Mr. Hiten Bhalaria |
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Designation : |
Director |
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Address : |
8, Madhum Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056,
Maharashtra, India |
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Date of Birth/Age : |
23.07.1960 |
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Date of Appointment : |
02.09.1994 |
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Name : |
Mr. Janak Bhalaria |
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Designation : |
Director |
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Address : |
8, Madhum Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056,
Maharashtra, India |
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Date of Birth/Age : |
04.09.1965 |
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Date of Appointment : |
02.09.1994 |
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Name : |
Mr. Bhavana Hiten Bhalaria |
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Designation : |
Director |
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Address : |
8, Madhum Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056,
Maharashtra, India |
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Date of Birth/Age : |
09.06.1963 |
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Date of Appointment : |
02.09.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 30.09.2005) :- |
No. of Shares |
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Mr. Hitendra B Bhalaria |
50679 |
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Mr. Janak Bhalaria |
47618 |
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Mrs. Bhavna Bhalaria |
49624 |
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Mr. Neel H Bhalaria |
21107 |
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Master Hriday Bhalaria |
21002 |
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Total
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190030 |
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Category (As on 31.03.2007) :- |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products of Flatware and Hollow Ware |
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Products : |
· Stainless Steel Cooking Utensils · Stainless Steel Platter Stand ·
Stainless
Steel Bathroom Accessories |
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Exports : |
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Countries : |
US, European Countries |
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Terms : |
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Selling : |
Advance D/P |
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Purchasing : |
Advance D/P |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
300 |
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Bankers : |
Citi Bank NA Address:
Citigroup Centre, Bandra Kurla Complex, G Block, Bandra East, Mumbai – 400 051,
Maharashtra, India |
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Facilities : |
Total Limit - Rs. 60.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C N Shah and Associates Chartered Accountants |
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Address : |
131/133, Old Hanuman Lane Corner , Kalbadevi Road, 2nd
Floor, Room No.28, Mumbai – 400 002, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190030 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.900
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.900 |
1.900 |
1.900 |
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2] Share Application Money |
4.150 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.125 |
11.582 |
8.135 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.175 |
13.482 |
10.035 |
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LOAN FUNDS |
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1] Secured Loans |
28.400 |
12.642 |
19.774 |
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2] Unsecured Loans |
36.232 |
34.385 |
28.768 |
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TOTAL BORROWING |
64.632 |
47.027 |
48.542 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
87.807 |
60.509 |
58.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.801 |
34.530 |
34.533 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.034 |
0.027 |
0.027 |
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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 |
57.847
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34.690 |
27.452 |
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Sundry Debtors |
15.959
|
6.751 |
12.718 |
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Cash & Bank Balances |
0.797
|
0.497 |
0.119 |
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Other Current Assets |
9.318
|
10.304 |
14.217 |
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Loans & Advances |
6.160
|
4.788 |
1.479 |
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Total
Current Assets |
90.081
|
57.030 |
55.985 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.949
|
30.018 |
31.068 |
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Provisions |
4.160
|
1.060 |
0.900 |
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Total
Current Liabilities |
42.109
|
31.078 |
31.968 |
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Net Current Assets |
47.972
|
25.952 |
24.017 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
87.807 |
60.509 |
58.577 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
279.484 |
176.316 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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279.484 |
176.316 |
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Profit/(Loss) Before Tax |
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9.552 |
4.007 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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9.552 |
4.007 |
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Expenditures : |
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Interest |
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4.005 |
1.001 |
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Depreciation & Amortization |
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4.925 |
4.831 |
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Other Expenditure |
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261.002 |
166.477 |
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Total Expenditure |
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269.932 |
172.309 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.42
|
2.27 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.42
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2.27 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.35
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4.38 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
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0.30 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.61
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5.79 |
8.02 |
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Current Ratio (Current Asset/Current Liability) |
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2.14
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1.84 |
1.75 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Statutory Approvals |
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Central Sales Tax Registration |
27870249487C |
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State Sales Tax registration |
27870249487V |
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Import Export Code |
0395057884 {Dated :31.01.1996 } |
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Name of Bank |
Citi Bank |
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Current account Number |
351696001 |
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Account Since |
4 years |
TRADE REFERENCE:-
· 5 Star, Bhayander, District Thane – 401 101, India
· Sanghvi Steels, Bhayander, District Thane – 401 101, India
FORM 8:-
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Corporate
identity number of the company |
U27200MH1994PTC080759 |
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Name of the
company |
BHALARIA METAL
CRAFT PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
8, Madhum Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056,
Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable property Floating Charge |
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Particular of
charge holder |
Citi Bank NA Address:
Citigruop Centre, Bandra Kurla Complex, G Block , Bandra East, Mumbai – 400
051, Maharashtra, India E-mail: vlaxman@vsnl.com |
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Nature of
instrument creating charge |
Deed of
modification |
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Date of
instrument Creating the charge |
04.02.2008 |
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Amount secured by
the charge |
Rs. 65.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Interest to be
charged at such rate as may be determined by the bank from time to time. Terms of Repayment : On Demand Margin : As may be
stipulated by bank from time to time Extent and Operation of the charge : The stocks book
debts and plant and machinery and movable fixed assets hypothecated to the
bank more particularly described in Column No. 14 as and by way of first
exclusive charge as security fro the repayment of the loan together with all
interest , liquidated damages, premia on prepayment or on redemption , costs,
charges and other expenses payable by the borrower to the bank |
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Short Particulars
of the property charged |
Hypothecation of
first exclusive charge on current assets and movable fixed assets, (including
Stocks, Book Debts and Plant and Machinery) present ands future. |
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Particulars of
the present modification |
The Bank has now increased
the credit facilities from Rs. 58.000 millions to Rs. 65.000 millions All other terms
and conditions shall remain the same. |
WEBSITE DETAILS:-
Profile :-
Subject is a manufacturer
and exporter of a number of Stainless Steel products of Flatware and Hollow
Ware for Institutions, Household, Gifts and Sales Promotion uses. They
specialize in products for Restaurant
supplies like Bars, Desserts, Table, Beverage, Sea Food service, Stainless
Steel Bathroom accessories and Giftwares. They also manufacture Platters and Trays, Small wares, Fabricated
products, Spoons and Tongs and Original Equipment Parts.
Their Manufacturing
facility comprises of 30 nos. of Deep Draw Presses and Single Action Press, 30
nos. Spinning and Trimming Machines, 54 nos. of Finishing and Polishing
Machines. They also have separate IN
HOUSE tool manufacturing section comprising of CNC WIRE EDM Cutting and
Supporting machines with 23 skilled tool makers. Their Factory covers approx.
30,000 sq.ft. area and is situated at a distance of 20 Miles from Bombay
Airport.
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.43.30 |
|
UK Pound |
1 |
Rs.86.13 |
|
Euro |
1 |
Rs.68.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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. |
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 |
|