MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARU ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
64/A, Jasraj Bhavan, 2nd Floor, N 9A, Old Hanuman Lane, Kalbadevi
Road, Mumbai-400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.11.2003 |
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Com. Reg. No.: |
11-143083 |
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CIN No.: [Company
Identification No.] |
U17119MH2003PTC143083 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM09137C |
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PAN No.: [Permanent
Account No.] |
AAFFM5524L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Kaint Fabrics and Power Loom Fabrics. |
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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Hitesh Maru |
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Designation : |
Director |
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Contact No.: |
91-9322277111 / 9960634940 |
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Date : |
02.07.2008 |
LOCATIONS
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Registered Office/ Factory : |
64/A, Jasraj Bhavan, 2nd Floor, N 9A, Old Hanuman Lane,
Kalbadevi Road, Mumbai-400002, Maharashtra, India |
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Mobile No.: |
91-9322277111 / 9960634940 |
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E-Mail : |
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Corporate Office : |
1044/45, Narpoli, Maru Compound, Near Bhairaiv Dyelng, Bhiwandi,
Mumabi-421302, Maharashtra, India |
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Tel. No.: |
91-252-2230904 |
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Fax No.: |
91-252-2222754 |
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E-Mail : |
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Area : |
(Owned) medium Sized |
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Branch Office : |
Located At :- Mumbai |
DIRECTORS
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Name : |
Mr. Bhagwanji Shamji Maru |
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Designation : |
Director |
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Address : |
64/4, Jasraj Bhavan, 2nd Floor, Room No. 9A, Old Hanuman
Lane, K.D. Road, Mumabi-400002, Maharashtra, India |
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Date of Birth/Age : |
24.01.1934 |
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Date of Appointment : |
12.11.2003 |
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Name : |
Mr. Hitesh B. Maru |
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Designation : |
Director |
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Address : |
64/4, Jasraj Bhavan, 2nd Floor, Room No. 9A, Old Hanuman
Lane, K.D. Road, Mumabi-400002, Maharashtra, India |
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Date of Birth/Age : |
12.10.1963 |
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Date of Appointment : |
12.11.2003 |
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Mobile No.: |
91-9322277111 / 9960634940 |
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Name : |
Mr. Chetan B. Maru |
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Designation : |
Director |
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Address : |
64/4, Jasraj Bhavan, 2nd Floor, Room No. 9A, Old Hanuman
Lane, K.D. Road, Mumabi-400002, Maharashtra, India |
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Date of Birth/Age : |
17.05.1974 |
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Date of Appointment : |
12.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 14.09.2005
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Names of Shareholders |
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No. of Shares |
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Hitesh B. Maru |
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7500 |
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Chetan B. Maru |
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7500 |
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Bhagwanji S. Maru |
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7500 |
|
Hemakuta Industrial Investment Company Limited |
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50000 |
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Amalgamated Communication Traders Private Limited |
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50000 |
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Candy Holding Private Limited |
|
50000 |
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Adelphi Tradvest Private Limited |
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50000 |
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Rajhans Traders Private Limited |
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50000 |
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Happyhome Trading Private Limited |
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50000 |
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Apollo Retailers Private Limited |
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50000 |
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Aryaman Mercandise Private Limited |
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50000 |
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Total |
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422500 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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2.00 |
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Others |
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98.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Kaint Fabrics and Power Loom Fabrics. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit ( 30 Days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
20 |
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Bankers : |
IDBI Bank Limited, 90, Prabhu Lane, Opposite Ganapati Mandir, Mandai,
Bhiwandi-421302, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vishnu Kumar Agarwal Chartered Accountant |
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Address : |
145, Dady Seth, Agiary Lane, Room No. 8, Shiv Niwas, Mumbai-400002,
Maharashtra, India |
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Associates/Subsidiaries : |
Maru Enterprises |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 15.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
15.000 |
5.000 |
4.225 |
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2] Share Application Money |
0.000 |
7.000 |
0.000 |
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3] Reserves & Surplus |
11.043 |
0.257 |
0.120 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.043 |
12.257 |
4.345 |
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LOAN FUNDS |
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1] Secured Loans |
0.849 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.849 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.256 |
0.000 |
0.000 |
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TOTAL |
27.148 |
12.257 |
4.345 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.983 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.095 |
2.000 |
0.000 |
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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 |
18.519
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0.289 |
0.000 |
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Sundry Debtors |
29.874
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4.350 |
0.000 |
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Cash & Bank Balances |
0.256
|
0.606 |
0.035 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.622
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6.331 |
4.274 |
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Total
Current Assets |
50.271
|
11.576 |
4.309 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.146
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1.404 |
0.065 |
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Provisions |
0.172
|
0.071 |
0.000 |
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Total
Current Liabilities |
33.318
|
1.474 |
0.065 |
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Net Current Assets |
16.953
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10.102 |
4.244 |
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MISCELLANEOUS EXPENSES |
0.117 |
0.156 |
0.101 |
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TOTAL |
27.148 |
12.257 |
4.345 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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133.333 |
6.569 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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133.333 |
6.569 |
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Profit/(Loss) Before Tax |
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1.258 |
0.208 |
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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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1.258 |
0.208 |
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Expenditures : |
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Depreciation & Amortization |
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0.151 |
0.000 |
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Other Expenditure |
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131.924 |
6.361 |
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Total Expenditure |
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132.075 |
6.361 |
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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 |
(%) |
0.94
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3.16 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
0.94
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3.16 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.32
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1.79 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.02 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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1.31
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0.12 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.50
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7.85 |
66.29 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U17119MH2003PTC143083 |
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Name of the
company |
MARU ENTERPRISES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
64/A, Jasraj Bhavan, 2nd Floor, N 9A, Old Hanuman Lane,
Kalbadevi Road, Mumbai-400002, Maharashtra |
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Type of charge |
Movable Property |
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Particular of charge
holder |
IDBI Bank Limited, 90, Prabhu Lane, Opposite Ganapati Mandir, Mandai,
Bhiwandi-421302, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Book Debts, Receivable, Debtors etc, Agreement of
Hypothecation |
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Date of
instrument Creating the charge |
25.05.2007 |
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Amount secured by
the charge |
Rs. 4.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.00% for Term
Loan 13.50% for Cash
Credit Terms of
Repayment 54 Monthly
installments of Rs. 0.032 Million in case of Term Loan Regular Renewal
of a period of 15 months in case of Cash Credit. Margin 25% Stock, 40%
Debtors Extent and
Operation of the charge
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Short particulars
of the property charged |
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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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
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
|
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 |
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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 |
|
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 |
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