MIRA
INFORM REPORT
|
Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KHETAN TILES PRIVATE LIMITED |
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Registered Office : |
C-59, Road No. 5, VKI Area, Jaipur – 302 013, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.1989 |
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Com. Reg. No.: |
005007 |
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CIN No.: [Company
Identification No.] |
U14101RJ1989PTC005007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRK02236D |
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PAN No.: [Permanent
Account No.] |
AABCK0431H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Tiles and Marbles. |
RATING &
COMMENTS
|
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 220000 |
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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 : |
Mr. Mukesh, CEO denied financials. Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY (General Details)
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Name : |
Mr. Mukesh |
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Designation : |
CEO |
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Contact No.: |
Mobile no.91-9784598024 |
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Date : |
15.07.2008 |
LOCATIONS
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Registered Office : |
C-59, Road No. 5, VKI Area, Jaipur – 302 013, Rajasthan, India. |
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Tel. No.: |
91-141-5113596/ 5103595/ 2330065 |
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Mobile No.: |
91-9414209782/ 9829010441 |
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Fax No.: |
91-141-2332945 |
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E-Mail : |
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Website : |
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Area : |
6000 sq.mt. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kamal Kishore Khetan |
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Designation : |
Director |
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Address : |
1-B-19, Nahari ka Naka, P and T Colony, Shastri Nagar, Jaipur – 302
016, Rajasthan, India. |
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Date of Birth/Age : |
01.07.1962 |
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Qualification : |
B Com |
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Date of Appointment : |
28.09.1990 |
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Name : |
Mr. Jagdish Prasad Khetan |
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Designation : |
Director |
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Address : |
1-B-19, Nahari ka Naka, P and T Colony, Shastri Nagar, Jaipur – 302
016, Rajasthan, India. |
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Date of Birth/Age : |
05.07.1940 |
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Qualification : |
B Com |
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Date of Appointment : |
29.09.1993 |
KEY EXECUTIVES
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Name : |
Godha Vinita and Associates |
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Designation : |
Company Secretary |
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Address : |
B-25, Chhatri Yojana, Aishali Nagar, Ajmer, Rajasthan, India. |
SHAREHOLDING
PATTERN
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Equity Share
Break-up (As on 29.09.2007) |
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Percentage
of Holding |
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Directors or Relatives Of Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Tiles and Marbles. |
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Products : |
Forest Green Marble Forest Brown Marble Forest Golden Marble Pista White Marble Kashmiri Onyx Marble Lady Onyx Marble Green Marble Stone · Sandstone Tiles Teakwood Sandstone Rainbow Sandstone Dholpur Beige Sandstone Agra Red Sandstone Rajgreen Sandstone Jaisalmer Yellow Sandstone · Slate Stone Multi Slate Stone Kund Slate Stone Silver Shine Slate Deoli Green Slate Silver Grey Slate Stone Copper Shine Stone |
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Exports : |
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Products : |
Tiles and Marbles |
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Countries : |
Europe |
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Terms : |
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Selling : |
L/C, Cash, Cash against Documents |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
162 (In office-12, In factory-150) |
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Bankers : |
State Bank of Bikaner
and Jaipur V K I Area
Branch, Road no.5, Jaipur
– 302 013, Rajasthan, India. |
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Institution : |
Rajasthan
Financial Corporation Udyog Bhawan, Jaipur – 302 013, Rajasthan, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Godika Dinesh and Company Chartered Accountants |
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Name : |
Mr. Dinesh Godika |
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Address : |
F–4, Bichoon Complex, Kishanpole Bazar, Jaipur – 302 001, Rajasthan,
India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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70000 |
Equity Shares |
Rs.100/- Each |
Rs.7.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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68880 |
Equity Shares |
Rs.100/- Each |
Rs.6.888
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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110.000 |
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Expected Sales (2008-09) : Rs.120.000 millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.888 |
6.888 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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36.927 |
27.691 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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43.815 |
34.579 |
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LOAN FUNDS |
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1] Secured Loans |
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50.282 |
25.188 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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50.282 |
25.188 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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94.097 |
59.767 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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47.236 |
25.221 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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6.006 |
6.006 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.264 |
14.698 |
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Sundry Debtors |
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10.909 |
9.658 |
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Cash & Bank Balances |
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0.761 |
0.306 |
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Other Current Assets |
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3.451 |
0.562 |
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Loans & Advances |
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26.074 |
11.443 |
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Total
Current Assets |
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59.459 |
36.667 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.187 |
8.369 |
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Provisions |
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0.000 |
0.124 |
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Total
Current Liabilities |
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19.187 |
8.493 |
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Net Current Assets |
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40.272 |
28.174 |
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MISCELLANEOUS EXPENSES |
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0.583 |
0.366 |
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TOTAL |
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94.097 |
59.767 |
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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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65.961 |
57.609 |
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Other Income |
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0.000 |
3.024 |
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Total Income |
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65.961 |
60.633 |
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Profit/(Loss) Before Tax |
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10.430 |
7.550 |
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Provision for Taxation |
|
1.194 |
0.644 |
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Profit/(Loss) After Tax |
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9.236 |
6.906 |
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Total Expenditure |
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55.531 |
53.083 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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14.00 |
11.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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15.81 |
13.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.78 |
12.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.59 |
0.97 |
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Current Ratio (Current Asset/Current Liability) |
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3.10 |
4.32 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
KHETAN TILES
PRIVATE LIMITED |
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Presented By |
Shri Jagadish
Prasad Khetan – Director |
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1) Date and description of instrument creating the change |
02.02.2005 Loan
and Subsidy Agreement and Documents of Equitable Mortgage. Letter of
Hypothecation of Tangible Movable Property to Secure Loan. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.300 millions
by way of further short term loan and Rs.0.156 million by way of 12% credit
linked capital subsidy. |
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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 |
Further equitable
mortgage by deposit of title documents of the land, building and
hypothecation of plant and machinery situated at Plot no.C-59, Road No. 5, VKI
Area, Jaipur – 302 013, Rajasthan, India. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest: The rate of interest on proposed loan
shall be the prevailing rate of interest of the Corporation on the date of
first disbursement. Presently the applicable rate of interest is 12.75% per
annum being SSI case. Liquidated
Damages: a) 2.00% per annum on the amount of
default for the period of default. b) In the case of non receipt of payment
of interest and principal installment within the time eligible for rebate the
company shall pay interest at the rate of 2.00% in lieu of rebate over and
above liquidated damages. Repayment
Period: The sanctioned loan of Rs.1.300 millions
is repayable in six and half years including six months of moratorium period.
The loan and interest shall be repayable through 77 post dated cheques. First
five cheques shall be for the payment of interest of moratorium period and
remaining 72 cheques shall be towards EMI (principal and interest) of
Rs.0.025 million as mentioned in the condition no. 1 of part 8 of sanction
letter dt. 06.01.2005. |
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5) Name and Address and description of the person entitled to the charge. |
Rajasthan
Financial Corporation Udyog Bhawan,
Jaipur. |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90075329 |
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Corporate
identity number of the company |
U14101RJ1989PTC005007 |
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Name of the
company |
KHETAN TILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-59, Road No. 5, VKI Area, Jaipur – 302 013 , Rajasthan, India. |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
State Bank of
Bikaner and Jaipur V K I Area
Branch, Road no.5, Jaipur
– 302 013, Rajasthan, India. |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Loan
Cum Hypothecation. |
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Date of
instrument Creating the charge |
11.07.2007 |
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Amount secured by
the charge |
Rs.12.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a)
Rate of
interest: Interest @1%
below BPLR with a minimum of 11.50% p.a. with monthly rests, subject to
change from time to time. b)Terms of
repayment: Repayable on
demand. c)Margin: Margin 25% on raw
material and 30% on semi finished goods. d) Extent and
operation of the charge: The charge will
operate as first charge on the current assets and Second Charge on fixed and
immovable properties of the company to the extent of Rs.12.000 millions. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
1.By this
modification the existing working capital limit enhanced to Rs.12.000
millions details as under: CC (Hypo.) Rs.10.500 millions SLC as FBWC Rs.1.500 millions Total Rs.12.000 millions 2. Other terms
and conditions remain unchanged. |
TRUSTSEAL ACCEPTANCE CHART:
|
Parameters |
Detail |
|
Existence
Verification |
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Name |
KHETAN TILES
PRIVATE LIMITED |
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Statutory
Approvals |
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Legal Status Of
Firm |
Private Limited |
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Income Tax
Registration |
AABCK0431H |
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Name Of the Bank |
State Bank of Bikaner and Jaipur |
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Current Account
Number |
51022356725 |
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Credibility
Factors |
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Years Of Establishment |
1989 |
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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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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 |
|