MIRA
INFORM REPORT
|
Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAVEMAX SOLAR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
96, Jayaprabha, Jadhav Nagar, Wadgaon Budruk, Pune-411041, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.03.1998 |
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Com. Reg. No.: |
11-114166 |
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CIN No.: [Company
Identification No.] |
U40106MH1998PTC114166 |
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IEC No.: |
3103008929 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES05557G |
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PAN No.: [Permanent
Account No.] |
AAGCS8844 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Solar Water Heater |
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 12000 |
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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. Financial position is satisfactory. The company is expected to do well since renewable energy would be in
great demand due energy crisis. The company’s payments are correct and as per
commitments. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ramendra |
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Designation : |
Manager |
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Contact No.: |
91-9822846501 |
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Date : |
26.06.2008 |
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Name : |
Mr. Manoj |
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Date : |
26.06.2008 |
LOCATIONS
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Registered Office : |
96, Jayaprabha, Jadhav Nagar, Wadgaon Budruk, Pune-411041,
Maharashtra, India |
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Tel. No.: |
91-20-24358613 |
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Mobile No.: |
91-9822846201 / 9822846202 |
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Fax No.: |
91-20-24358613 / 24358781 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft (Owned|) |
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Factory: |
Located at :- Narahe Madgaon |
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Area : |
4000 sq ft ( Owned) |
DIRECTORS
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Name : |
Mr. Ramchandra Prabhakar Chinchanikar |
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Designation : |
Managing Director |
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Address : |
Jayprabha Jadhav Nagar, Vadgaon BK, Pune-411041, Maharashtra, India |
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Date of Birth/Age : |
11.07.1964 |
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Qualification : |
B.M.C (MB) |
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Date of Appointment : |
25.03.1998 |
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Name : |
Mr. Prabhakar Pandurang Chinchanikar |
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Designation : |
Director |
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Address : |
97, Jadhav Nagar, Vadgaon, Pune-411041, Maharashtra, India |
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Date of Birth/Age : |
05.12.1935 |
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Qualification : |
Diploma in Engineering |
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Date of Appointment : |
25.03.1998 |
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Name : |
Mrs. Jayashree Prabhakar Chinchanikar |
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Designation : |
Director |
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Address : |
97, Jadhav Nagar, Vadgaon, Pune-411041, Maharashtra, India |
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Date of Birth/Age : |
17.03.1942 |
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Qualification : |
BA |
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Date of Appointment : |
25.03.1998 |
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Name : |
Mrs. Kunda Ramchandra Chinchanikar |
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Designation : |
Director |
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Address : |
Jadhav Nagar, Vadgaon BK. Tal Haveli, District Pune-411041,
Maharashtra, India |
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Date of Birth/Age : |
15.05.1967 |
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Qualification : |
BA |
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Date of Appointment : |
25.03.1998 |
KEY EXECUTIVES
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Name : |
Mr. Ramendra |
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Designation : |
Manager |
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Mobile No.: |
91-9822846501 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Ramchandra Chinchanikar |
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3087 |
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Prabhakar Chinchanikar |
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50 |
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Kunda Chinchanikar |
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50 |
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Jayashree Chinchanikar |
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50 |
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Total |
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3237 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Solar Water Heater |
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Products : |
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Exports : |
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Products : |
Solar Water Heater |
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Countries : |
Europe |
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Imports : |
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Products : |
Water heater and Glass Tubes |
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Countries : |
China and Turkey |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
29 ( Office 6, Factory 8, 15 Contract Base) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P.R. Achyut and Company Chartered Accountant |
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Address : |
Flat No. 3, Seoul – A, Co- Operative Housing Society, Gandhibhavan
Road, Kothrud, Pune-411038, Maharashtra, India |
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Name : |
Mr Pramod Chartered Accountant |
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Mobile No.: |
91-9823038118 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3237 |
Equity Shares |
Rs.
100/-each |
Rs. 0.323
Million |
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 |
0.323 |
0.323 |
0.324 |
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2] Share Application Money |
0.150 |
0.150 |
0.150 |
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3] Reserves & Surplus |
2.045 |
1.455 |
1.420 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.518 |
1.928 |
1.893 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.608 |
0.965 |
0.609 |
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TOTAL BORROWING |
0.608 |
0.965 |
0.609 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.126 |
2.893 |
2.503 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.545 |
0.541 |
0.612 |
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Capital work-in-progress |
0.000 |
0.00 |
0.000 |
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INVESTMENT |
0.000 |
0.016 |
0.037 |
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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 |
1.737
|
1.247 |
0.402 |
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Sundry Debtors |
0.364
|
0.946 |
1.381 |
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Cash & Bank Balances |
1.049
|
1.068 |
1.339 |
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Other Current Assets |
1.306
|
0.941 |
0.428 |
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Loans & Advances |
1.187
|
1.291 |
1.149 |
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Total
Current Assets |
5.643
|
5.493 |
4.699 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.974
|
1.752 |
2.212 |
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Provisions |
1.089
|
1.407 |
0.637 |
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Total
Current Liabilities |
3.063
|
3.159 |
2.849 |
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Net Current Assets |
2.580
|
2.334 |
1.850 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.002 |
0.004 |
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TOTAL |
3.126 |
2.893 |
2.503 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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17.950 |
15.966 |
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Other Income |
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0.016 |
0.020 |
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Total Income |
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17.966 |
15.986 |
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Profit/(Loss) Before Tax |
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0.590 |
0.034 |
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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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0.590 |
0.034 |
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Expenditures : |
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Cost of Goods Sold |
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14.138 |
11.058 |
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Direct Expenses |
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0.197 |
1.506 |
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Payment to Employees |
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1.571 |
1.578 |
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Administration and General Expenses |
|
1.389 |
1.745 |
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Depreciation & Amortization |
|
0.081 |
0.065 |
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Total Expenditure |
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17.376 |
15.952 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.28
|
0.21 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
3.29
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0.21 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.53
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0.56 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.02 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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1.45
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2.14 |
1.83 |
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Current Ratio (Current Asset/Current Liability) |
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1.84
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1.74 |
1.65 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal
Acceptance Chart
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Parameters |
Detail |
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Existance
Verification |
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Name |
SAVEMAX SOLAR SYSTEMS PRIVATE LIMITED |
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Statutory
Approvals |
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Income Tax Registration |
AAGCS8844 |
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State Sales Tax Registration |
2180307241C |
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VAT / TIN Registration |
271803042V |
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Import Export Code |
3103008929 |
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Name of Bank |
Citi Bank |
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Current Account Number |
4050020702 |
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RBI Code Number |
Vadgaon / BK B / II / 486 |
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Credibility Factors |
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Year of Establishmet |
1998 |
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Turn over |
Approximately Rs. 28.000 Millions |
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Turn over |
Expected Rs. 45.000 Millions |
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Standards and
Certification |
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Quality Management Systems |
ISO 9000 : 2001 |
Trade References:
- Tata Johnson Limited, Pune
- Mercedes, Pune
Bankers Charges
Report as per Registry
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Name of the company |
SAVEMAX SOLAR SYSTEMS PRIVATE LIMITED |
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Presented By |
The Cosmos Co- Operative
Bank Limited, 269/ 270, Shaniwar Peth, Pune-411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
05.03.2000
Agreement of Cash Credit and hypothecation of movables and Bank assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.150 Million |
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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 |
Any movable assets
including raw material, semi-finished and finished goods and machinery,
including instruments, gigs, fixture, devices, receivables, claims interget,
right, bonds, inventories, and all movables, including machinery, raw
material semi finished and finished goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Bank shall charge
interest at such rate as may be determined by the Bank, form time to time
based rates shall rise on that in according with the direction owned by the
RBI from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos Co-
Operative Bank Limited, 269/ 270, Shaniwar Peth, Pune-411030, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Not applicable |
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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. |
Not applicable. |
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
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
|