MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HARTEX TUBES PRIVATE LIMITED |
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Registered Office : |
87 Canal Road, Ramdaspeth, Nagpur 440010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.12.1989 |
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Com. Reg. No.: |
11-54777 |
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CIN No.: [Company
Identification No.] |
U24130MH1989PTC054777 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALH02015G |
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PAN No.: [Permanent
Account No.] |
AAACH16635D |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Cycle, Rickshaw Tyre and Tubes |
RATING &
COMMENTS
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MIRAs 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 80000 |
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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 : |
No Contact could be established with the management. The company has
not yet responded to our request for latest details. Subject is a well established company having satisfactory track
records. Trade relations are fair. General financial position is
satisfactory. Payments are reported as slow but correct. The company can be considered normal for business dealings usual
trader terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
87 Canal Road, Ramdaspeth, Nagpur 440010, Maharashtra |
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Tel. No.: |
91-712-2561676/2535742 |
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Fax No.: |
91-712-2524109 |
DIRECTORS
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Name : |
Mr. Shyamsunder Madanlal Khandelwal |
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Designation : |
Director |
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Address : |
205 Ashish Apartments, 11 Farmland Ramdaspeth, Nagpure 440010,
Maharashtra |
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Date of Birth/Age : |
20.11.1938 |
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Date of Appointment : |
27.12.1989 |
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Name : |
Mr. Arun Kumar Biswambhardayal Sureka |
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Designation : |
Director |
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Address : |
3/2 Loudon Street, Kolkata 700017, West Bangal |
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Date of Birth/Age : |
11.06.1949 |
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Date of Appointment : |
27.12.1989 |
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Name : |
Mr. Ramashankar Ramchandra Mehadia |
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Designation : |
Director |
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Address : |
Jodhraj Bhavan, Near Anand Talkies Bitabuldi, Nagpur 440012,
Maharashtra |
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Date of Birth/Age : |
06.07.1966 |
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Date of Appointment : |
11.02.1992 |
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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M/s. Fizza Trading Limited |
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50000 |
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M/s. Safe Enclaves Private Limited |
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50000 |
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Ms. Sabita Champalal Chameria |
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50 |
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Ms. Pratibha Madan Mohan Agrawal |
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50 |
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Ms. Sheela Shyam Kanoriya |
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50 |
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Ms. Madhuvanti Rajyavardhan Kanoriya |
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50 |
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Mr. Ajoy P Kasera |
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50 |
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Mr. Anand Shyam Khandelwal |
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7500 |
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Ms. Sita Shyam Khandelwal |
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7500 |
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Ms. Bhagwati Biswambhar Sureka |
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10 |
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Mr. Pradeep Kumar Sureka |
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15000 |
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Mr. Biswambhar Purushotamdas Sureka |
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150 |
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Ms. Namrata Pradeep Sureka |
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141600 |
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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77.88 |
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Directors or relatives of directors |
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22.12 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cycle, Rickshaw Tyre and Tubes |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Hingna Industrial Estate Branch, MIDC Area, Nagpur
440016 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B Chhawchharia and Company Chartered Accountant |
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Address : |
602, Govind Estate, Plot No. 172, Shivaji Nagar, Nagpur 440010,
Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000
Millions |
|
50,000 |
Preference Shares |
Rs. 100/- Each |
Rs. 5.000
Millions |
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Total |
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Rs.
10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
480,010 |
Equity Shares |
Rs. 10/- Each |
Rs. 4.800
Millions |
|
50,000 |
Preference Shares |
Rs. 100/- Each |
Rs. 5.000
Millions |
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Total |
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|
Rs.
9.800 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 |
9.800 |
9.800 |
9.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.939 |
3.493 |
3.080 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(5.847) |
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NETWORTH |
16.739 |
13.293 |
7.033 |
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LOAN FUNDS |
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1] Secured Loans |
39.825 |
23.924 |
10.656 |
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2] Unsecured Loans |
15.600 |
28.413 |
32.174 |
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TOTAL BORROWING |
55.425 |
52.337 |
42.830 |
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DEFERRED TAX LIABILITIES |
0.131 |
0.000 |
0.000 |
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TOTAL |
72.295 |
65.630 |
49.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.326 |
10.870 |
5.377 |
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Capital work-in-progress |
0.365 |
0.592 |
0.000 |
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INVESTMENT |
0.006 |
0.006 |
0.006 |
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DEFERREX TAX ASSETS |
0.000 |
0.349 |
2.714 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.774 |
35.127
|
15.779 |
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Sundry Debtors |
50.479 |
35.202
|
44.119 |
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Cash & Bank Balances |
7.016 |
8.033
|
3.604 |
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Other Current Assets |
0.000 |
0.000
|
0.000 |
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Loans & Advances |
5.112 |
2.612
|
1.567 |
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Total
Current Assets |
90.381 |
80.974 |
65.069
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.162 |
25.956
|
23.182 |
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Provisions |
2.621 |
1.205
|
0.121 |
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Total
Current Liabilities |
31.783 |
27.161 |
23.303
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Net Current Assets |
58.598 |
53.813 |
41.766
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
72.295 |
65.630 |
49.863 |
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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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249.762 |
222.159 |
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Total Income |
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249.762 |
222.159 |
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Profit/(Loss) Before Tax |
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5.342 |
9.708 |
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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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5.342 |
9.708 |
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Expenditures : |
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Depreciation & Amortization |
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2.499 |
1.246 |
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Other Expenditure |
|
241.921 |
211.205 |
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Total Expenditure |
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244.420 |
212.451 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.13
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4.36 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
2.13
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4.36 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.15
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10.57 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.73 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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5.20
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5.98 |
9.40 |
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Current Ratio (Current Asset/Current Liability) |
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2.84
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2.98 |
2.79 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90224712 |
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Corporate
identity number of the company |
U24130MH1989PTC054777 |
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Name of the
company |
HARTEX TUBES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
87 Canal Road, Ramdaspeth, Nagpur 440010, Maharashtra |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of India, Hingna Industrial Estate Branch, MIDC Area,
Nagpur 440016 E. Mail.: companylaw@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of Loan Cum Hypothecation |
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Date of instrument
Creating the charge |
14.02.2007 |
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Amount secured by
the charge |
Rs. 42.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
For demand cash credit 1% above sbar
present effective rate @ 12.50% with monthly rest. For sloc 1% +
1% above sbar present effective rate @ 13.50% with monthly rest Terms of
Repayment on demand Margin Raw
material 25% Stock in process
30% Finished goods
33% Consumables
30% Book Debts 40% Export Packing
credit 10 Extent and
Operation of the charge The charge operate as a security of the company Others - - |
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Short particulars
of the property charged |
Hypothecation of raw
material, Stock in process, finished good, and all other current assets of
the company |
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Date of latest
modification prior to the present modification |
27.10.2005 |
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Particulars of
the present modification |
By this
modification demand cash credit limit is enhanced from Rs. 22.500 Millions to
Rs. 40.000 Millions and new facility of stand by line of credit of Rs. 2.000
Millions was sanctioned. Thus total credit facilities stand at Rs. 42.000
Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 Intl 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 companys 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.43.17 |
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UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
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 SCs 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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