MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
IDEAL GAS SPRINGS PRIVATE LIMITED |
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Registered Office : |
C/o Mandar S. Kulkarni, 7, Arkashala Nagar, Near Gajanan Maharaj
Mandir, Satara – 415 002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.02.2004 |
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Com. Reg. No.: |
25-18872 |
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CIN No.: [Company
Identification No.] |
U29299PN2004PTC018872 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI04351E |
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PAN No.: [Permanent
Account No.] |
AABCI2300M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of All types of Gas Springs. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It’s payments
are reported as slow but correct. Financial position can also be considered as moderate. The company can be considered for small to mediocre business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mahesh Goliwadar |
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Designation : |
Director |
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Contact No.: |
91-9850585673 |
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Date : |
17.07.2008 |
LOCATIONS
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Registered Office : |
C/o Mandar S. Kulkarni, 7, Arkashala Nagar, Near Gajanan Maharaj
Mandir, Satara – 415 002, Maharashtra, India |
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E-Mail : |
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Factory : |
W-23, Old MIDC, Satara – 415 004, Maharashtra, India |
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Tel. No.: |
91-2162-244294 |
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Fax No.: |
91-9850585673 |
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E-Mail : |
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Area : |
2500 Sq. ft. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Ajit Arvind Deshpande |
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Designation : |
Director |
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Address : |
80, A, Yadogopal Peth, Yashashri Apartment, Flat No. T 4, Satara – 415
002, Maharashtra, India |
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Date of Birth/Age : |
15.06.1967 |
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Qualification : |
B.M.E. |
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Date of Appointment : |
05.02.2004 |
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Name : |
Mr. Abhay Purushottam Soman |
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Designation : |
Director |
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Address : |
Sanket, 45, Gulmohar Colony, Gendamal, Satara – 415 002, Maharashtra,
India |
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Date of Birth/Age : |
05.03.1970 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
05.02.2004 |
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Name : |
Mr. Mandar Suresh Kulkarni |
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Designation : |
Director |
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Address : |
Plot No.7, Arkshala Nagar, Satara – 415 002, Maharashtra, India |
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Date of Birth/Age : |
13.03.1969 |
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Qualification : |
D.Me. Engineer |
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Date of Appointment : |
05.02.2004 |
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Name : |
Mr. Mahesh Taranath Goliwadekar |
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Designation : |
Director |
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Address : |
Mangaltara, Plot No.6, Saraswati Housing Society, Ambedare Road,
Shahupuri, Satara – 415 002, Maharashtra, India |
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Date of Birth/Age : |
16.05.1974 |
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Qualification : |
B. Product |
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Date of Appointment : |
05.02.2004 |
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Name : |
Mr. Prasad Baban Jangam |
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Designation : |
Director |
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Address : |
Bilwadi Sr. No.311, Ashtavinayak Nagar, Ahire Colony, Degaon Road,
MIDC, Satara – 415 004, Maharashtra, India |
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Date of Birth/Age : |
06.10.1970 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
05.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 14.09.2005)
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Names of Shareholders |
No. of Shares |
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Ajit Arvind Deshpande |
650 |
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Ajit Waman Abhyankar |
1 |
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Abhay Purushottam Soman |
650 |
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Chaitanya Arun Deshpande |
1 |
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Mandar Suresh Kulkarni |
2820 |
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Mahesh Taranath Goliwadekar |
650 |
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Prasad Baban Jangam |
650 |
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Pramod Nagesh Phadnis |
1 |
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Shriram Shankarrao Patil |
1 |
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Tarachand Subhedar Jagtap |
1 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relative of directors |
99.99 |
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Other top fifty (50) shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of All types of Gas Springs. |
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Products : |
·
Ideal-lift (Non Lockable) ·
Ideal-block (Lockable) |
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Exports : |
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Countries : |
·
France ·
UK ·
Grece |
GENERAL
INFORMATION
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Customers : |
·
Tata Motors ·
Kirloskar Oil Engines ·
Trans Asia Bio Medical Limited ·
De-Laval Private Limited |
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No. of Employees : |
19 (In Office 5 and In Factory 14) |
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Bankers : |
Bank of Maharashtra S.S.I. Branch, Krishna Nagar, Satara – 415 002, Maharashtra, India |
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Facilities : |
CC Limit Rs.2.000 millions Term Loan Rs.1.200 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. G. Chougule and Company Chartered Accountants |
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Address : |
37, Nishigandha Ramkrishna Colony, Powai Naka, Satara – 415 001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
80000 |
Equity Shares |
Rs.10/- each |
Rs.0.800 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
54250 |
Equity Shares |
Rs.10/- each |
Rs.0.542
million |
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 |
0.542 |
0.542 |
0.542 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.319 |
0.092 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.166) |
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NETWORTH |
0.861 |
0.634 |
0.376 |
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LOAN FUNDS |
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1] Secured Loans |
2.012 |
1.369 |
0.805 |
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2] Unsecured Loans |
0.830 |
0.721 |
0.548 |
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TOTAL BORROWING |
2.842 |
2.090 |
1.353 |
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DEFERRED TAX LIABILITIES |
0.036 |
0.032 |
0.000 |
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TOTAL |
3.739 |
2.756 |
1.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.502 |
1.484 |
1.312 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.164 |
0.065 |
0.005 |
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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 |
1.505
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0.962 |
0.305 |
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Sundry Debtors |
1.935
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1.754 |
0.155 |
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Cash & Bank Balances |
0.031
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0.032 |
0.039 |
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Other Current Assets |
0.106
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0.052 |
0.027 |
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Loans & Advances |
0.100
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0.100 |
0.000 |
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Total
Current Assets |
3.677
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2.900 |
0.526 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.736
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1.731 |
0.305 |
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Provisions |
0.193
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0.097 |
0.033 |
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Total
Current Liabilities |
1.929
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1.828 |
0.338 |
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Net Current Assets |
1.748
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1.072 |
0.188 |
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MISCELLANEOUS EXPENSES |
0.325 |
0.135 |
0.224 |
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TOTAL |
3.739 |
2.756 |
1.729 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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5.54
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6.18 |
4.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.91
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1.59 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
IDEAL GAS SPRINGS 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 |
AABCI2300M |
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VAT/ TIN Registration |
27880311028V |
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Import Export Code |
3106003367 |
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Name of Bank |
Bank of Maharashtra |
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Current Account Number |
1741 |
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Account Since |
2004 |
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Credibility Factors |
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IndiaMART Client Since |
2 Years Back |
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Years of Establishment |
2004 |
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Turn Over |
Rs.12.500 millions |
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Turn Over Year |
Rs.18.000 millions |
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Standards & Certifications |
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Quality Management Systems |
ISO : 9001-2000 |
Trade References :
·
Kirloskar Oil Engineering Limited – Pune
·
Trans Aria Bio – Medical Limited – Mumbai
·
D Laval Limited – Karad, Maharashtra
Form No. 8
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Name of the company |
IDEAL GAS SPRINGS PRIVATE LIMITED |
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Presented By |
Shri Kulkarni
Mandar Suresh |
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1) Date and description of instrument creating the change |
23.12.2004 Composite Deed of
Hypothecation for all facilities |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.747 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
plant and machinery and mortgage of Plot No.7, Karanje with Building
constructed there on. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
12.75% p.a. Reoayment within 6 years. Rs.0.022 million
p.m. from June, 2005 Margin 40% C.C. Revolving
Limit. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra Powai Naka Branch |
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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. |
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Corporate
identity number of the company |
U29299PN2004PTC018872 |
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Name of the
company |
IDEAL GAS SPRINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Satara – 415 002,
Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
Bank of Maharashtra S.S.I. Branch, Krishna Nagar, Satara – 415 002, Maharashtra, India |
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Nature of instrument
creating charge |
Composite Deed of
Hypothecation for all facilities dated 26.07.2007 |
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Date of
instrument Creating the charge |
26.07.2007 |
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Amount secured by
the charge |
Rs.2.000 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest BPLR 0.50 i.e. @12.75% p.a. at present ·
Terms of
repayment Nil as the facility availed is Cash Credit ·
Margin 25% ·
Extent and
operation of the charge Prime security – Machinery, Stock, Debtors/book debts not more than 90
days. Collateral charge on house property of Mr. Mandar Kulkarni. LIC policies in the name of directors having surrender value Rs.0.168
million ·
Others Review before 30.06.2008 |
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Particulars of
the property charged |
Primary Security
– Hypothecation of Stocks and Book Debts not more than 90 days. Cellateral
Security – 1. House property of Mr. Mandar Kulkarni 2. LIC policies
in name of directors having surrender value Rs.0.168 million |
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Particulars of
the present modification |
Cash Credit
facility enhanced from Rs.1.200 millions to Rs.2.000 millions on 26.07.2007 |
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.42.71 |
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UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
32 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
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 |
|