MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ULTIMATE INDUSTRIES LIMITED |
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Registered Office : |
E – 260, Greater Kailash, Part 2, New Delhi – 110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.03.1995 |
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Com. Reg. No.: |
55-66132 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC066132 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU02140F |
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PAN No.: [Permanent
Account No.] |
AAPPG1503K |
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Legal Form : |
Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers, Exporter of Bathroom Mattress, Mattress, Car Mattress. |
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 331280 |
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Status : |
Good |
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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 meeting its normal
commitments timeouoly. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Sanjee Khanna |
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Designation : |
Inport Export Department |
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Date : |
14.07.2008 |
LOCATIONS
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Registered Office : |
E – 260, Greater Kailash, Part 2, New Delhi – 110048, India |
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Tel. No.: |
91-11-29217749/ 29222244 |
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Fax No.: |
91-11-29229699 |
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E-Mail : |
info@ultimats.com |
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Website : |
www.ultimats.com |
DIRECTORS
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Name : |
Ms. Manju Gupta |
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Designation : |
Director |
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Address : |
E-260, Greater Kailash – 2, New Delhi – 110048 |
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Date of Birth/Age : |
02.02.1945 |
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Date of Appointment : |
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Name : |
Mr. Arun Gupta |
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Designation : |
Director |
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Address : |
E-260, Greater Kailash – 2, New Delhi – 110048 |
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Date of Birth/Age : |
06.01.1970 |
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Date of Appointment : |
08.03.1995 |
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Name : |
Mr. Varun Gupta |
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Designation : |
Director |
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Address : |
E-260, Greater Kailash – 2, New Delhi – 110048 |
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Date of Birth/Age : |
29.12.1967 |
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Date of Appointment : |
08.03.1995 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2005
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Names of Shareholders |
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No. of Shares |
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Shri Madan Lal Gupta |
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100000 |
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Mr. Varun Gupta |
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119900 |
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Mr. Arun Gupta |
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159900 |
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Mrs. Manju Gupta |
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60000 |
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Mrs. Monica Gupta |
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40000 |
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Mr. Dwarka Nath Kaul |
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100 |
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Mr. Om Prakash Gupta |
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100 |
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M/s. Plastic Floormat Incorporation |
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240000 |
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Mrs. Monica Gupta |
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250000 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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8.00 |
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Directors or relatives of directors |
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91.99 |
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Other top fifty shareholders |
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0.01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporter of Bathroom Mattress, Mattress, Car Mattress. |
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Products : |
Bathroom Mattress, Mattress, Car Mattress |
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GENERAL
INFORMATION
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Bankers : |
Bank of India, Mayapuri Industrial Area, New Delhi, Delhi, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod Krishna and Associates |
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Designation : |
Chartered Accountants |
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Address : |
211, Anarkali Complex, Jandewalan Extension, New Delhi- 110055, Delhi,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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970000 |
Equity Shares |
Rs. 10/- Each |
Rs.9.700 Millions |
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2030000 |
Equity Shares |
Rs.7/- Each |
Rs.14.210 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 |
23.910 |
17.820 |
17.820 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.575 |
7.193 |
6.105 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.485 |
25.013 |
23.925 |
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LOAN FUNDS |
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1] Secured Loans |
34.056 |
32.479 |
9.715 |
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2] Unsecured Loans |
2.975 |
6.667 |
0.000 |
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TOTAL BORROWING |
37.031 |
39.146 |
9.715 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.517 |
64.161 |
33.641 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.824 |
17.873 |
18.702 |
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Capital work-in-progress |
0.000 |
26.817 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
2.976 |
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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 |
14.761 |
11.284 |
7.783 |
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Sundry Debtors |
9.544 |
4.208 |
4.573 |
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Cash & Bank Balances |
4.609 |
5.073 |
0.772 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
3.343 |
5.883 |
3.873 |
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Total
Current Assets |
32.257 |
26.448 |
17.001 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.529 |
3.262 |
1.796 |
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Provisions |
4.036 |
3.718 |
3.261 |
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Total
Current Liabilities |
10.565 |
6.980 |
5.057 |
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Net Current Assets |
21.692 |
19.469 |
11.944 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.016 |
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TOTAL |
68.517 |
68.517 |
33.641 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
66.256 |
56.838 |
56.942 |
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Other Income |
1.611 |
1.775 |
0.143 |
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Total Income |
67.867 |
58.613 |
57.085 |
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Profit/(Loss) Before Tax |
18.844 |
2.550 |
2.601 |
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Provision for Taxation |
- |
- |
- |
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Profit/(Loss) After Tax |
18.844 |
2.550 |
2.601 |
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Expenditures : |
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Raw Material Consumed |
41.045 |
33.577 |
29.428 |
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Consumption of stores and spares parts |
0.655 |
3.692 |
3.636 |
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Increase/(Decrease) in Finished Goods |
0.000 |
(3.500) |
0.915 |
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Salaries, Wages, Bonus, etc. |
0.000 |
2.738 |
1.739 |
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Payment to Auditors |
0.000 |
0.070 |
0.066 |
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Interest |
0.000 |
2.557 |
2.364 |
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Insurance Expenses |
0.000 |
0.057 |
0.139 |
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Power & Fuel |
4.029 |
3.935 |
3.279 |
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Depreciation & Amortization |
3.292 |
2.750 |
2.731 |
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Other Expenditure |
0.002 |
10.184 |
10.183 |
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Total Expenditure |
49.023 |
56.063 |
54.484 |
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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 |
(%) |
27.76
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04.35 |
04.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
28.44
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04.48 |
04.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.82
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03.58 |
06.72 |
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Return on Investment (ROI) (PBT/Networth) |
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59.85
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10.19 |
10.87 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.51
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1.84 |
0.61 |
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Current Ratio (Current Asset/Current Liability) |
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3.05
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3.78 |
3.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
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Presented By |
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1) Date and description of instrument creating the change |
Agreement of term
loan and hypothecation of movable Assets/ Goods/ Property/ Plant and
Machinery dated 19.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 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 |
Hypothecation of
all tangible movable machinery and plant both present and future whether
installed or not or whether lying loose or in case at site or in transit or
which may at any time during the continuance of this security be installed or
lying loose or in cases or being in or upon or about borrower’s
premises/godown at Gurgaon or where ever else the same may be or be held by
any party any where to the order or disposition of the browser or in course
of transit to the browser. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure all amount payable under a demand loan of Rs.1.5 Millions granted to
the company together with interest @ 1.50% p.a. over BOI PLR with minimum of
12.25% p.a. at monthly rest or at such other rate(s) and all other costs.
Charges, expenses etc. Margin : 25% or
as may be stipulated by the bank from time to time. Payable on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Mayapuri Industrial Area, New Delhi. |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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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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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
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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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