MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAYALAXMI PRECISION ENGINEERING PRIVATE LIMITED |
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Registered Office : |
17/14, “Himgiri”, Oswal Park, Kokharan Road No. 2, Thane [West],
Mumbai – 400601, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
17.05.2002 |
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Com. Reg. No.: |
11-135918 |
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CIN No.: [Company
Identification No.] |
U34300MH2002PTC135918 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of motor vehicle parts |
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 1000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company but has not filed any financials
after 2005 with the Government deportments. The management declined to part
with any information. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for business dealings with slight
caution, initially, in view of non availability of latest financials. |
LOCATIONS
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Registered Office : |
17/14, “Himgiri”, Oswal Park, Kokharan Road No. 2, Thane [West],
Mumbai – 400601, Maharashtra, India |
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Tel. No.: |
91-22-55236562 |
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Fax No.: |
91-22-55236562 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dilip Umarshi Dand |
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Designation : |
Director |
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Address : |
17/14, “Himgiri”, Oswal Park, Kokharan Road No. 2, Thane [West],
Mumbai – 400601, Maharashtra, India |
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Date of Birth/Age : |
11.02.1959 |
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Date of Appointment : |
17.05.2002 |
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Election Commission Identity Card No.
: |
MT100530021182 |
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Name : |
Mrs. Sadhana Dilip Dand |
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Designation : |
Director |
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Address : |
17/14, “Himgiri”, Oswal Park, Kokharan Road No. 2, Thane [West],
Mumbai – 400601, Maharashtra, India |
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Date of Birth/Age : |
15.12.1961 |
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Date of Appointment : |
17.05.2002 |
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Election Commission Identity Card No.
: |
MT100530021183 |
MAJOR SHAREHOLDERS
AS ON 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Dilip Umarshi Dand |
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5000 |
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Mrs. Sadhana Dilip Dand |
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5000 |
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TOTAL |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of motor vehicle parts |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pravin Shah and Associates Chartered Accountants |
CAPITAL STRUCTURE
AS ON 31.03.2005
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.050 |
0.000 |
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3] Reserves & Surplus |
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0.137 |
0.047 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.287 |
0.147 |
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LOAN FUNDS |
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1] Secured Loans |
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0.923 |
0.959 |
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2] Unsecured Loans |
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1.855 |
1.885 |
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TOTAL BORROWING |
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2.778 |
2.844 |
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DEFERRED TAX LIABILITIES |
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0.071 |
0.026 |
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TOTAL |
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3.136 |
3.017 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.183 |
2.487 |
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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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0.000 |
0.000 |
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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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0.567 |
0.304 |
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Sundry Debtors |
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0.519 |
0.370 |
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Cash & Bank Balances |
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0.061 |
0.018 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.010 |
0.002 |
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Total
Current Assets |
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1.157 |
0.694 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.215 |
0.178 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.215 |
0.178 |
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Net Current Assets |
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0.942 |
0.516 |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.014 |
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TOTAL |
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3.136 |
3.017 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Total Income |
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3.225 |
1.385 |
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Profit/(Loss) Before Tax |
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0.142 |
0.075 |
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Provision for Taxation |
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0.052 |
0.028 |
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Profit/(Loss) After Tax |
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0.090 |
0.047 |
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Expenditures : |
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Interest |
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0.085 |
0.021 |
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Depreciation |
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0.327 |
0.254 |
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Other Expenditure |
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2.671 |
1.035 |
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Total Expenditure |
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3.083 |
1.310 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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2.79 |
3.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.40 |
5.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.25 |
2.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.49 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.43 |
20.56 |
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Current Ratio (Current Asset/Current Liability) |
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5.38 |
3.90 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
JAYALAXMI
PRECISION ENGINEERING PRIVATE LIMITED |
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Presented By |
Jointly by the company and The United
Western Bank Limited |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation dated 14th February, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200 Million
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All those
tangible movable properties and assets of whatsoever nature of the borrower both
present and future and including but without prejudice to the generality of
the foregoing words all stocks plant and machinery, vehicles of the borrower
wheresoever situated and in transit now belonging to or that may at any time
during the continuance of the security belong to the borrower or that may be
held by any party to the order the disposition of the borrower and All the present
and future book debts, outstandings, monies receivables, claims and demands
and bills which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing to the borrower
in the course if his / their / its business by any person, firm company or
body corporate or by the Government of India or any State Government of India
or any State Government or any Municipal or local or public sector or any
other sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
The United
Western Bank Limited Thane main
Branch, Veer Savarkar Path, Thane – 400601 |
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6) Date and brief description of instrument modifying the charge |
Agreement of
hypothecation dated 15th April 2005 |
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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. |
By present
modification – charge enhanced from Rs. 0.200 Million to Rs. 0.400 Million |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90141228 |
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Corporate
identity number of the company |
U34300MH2002PTC135918 |
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Name of the
company |
JAYALAXMI PRECISION ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
17/14, “Himgiri”, Oswal Park, Kokharan Road No. 2, Thane [West],
Mumbai – 400601, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
IDBI Limited, Vaidya
Building, Veer Savarkar Path, Thane – 400601, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Mortgage Deed |
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Date of
instrument Creating the charge |
09.07.2007 |
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Amount secured by
the charge |
Rs. 2.250
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per RBI / H.
O. Rule Terms of
Repayment As per Banks Rule
Margin As per RBI / H.
O. Rule Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. Others Term Loan – Rs.
0.600 Million |
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Short particulars
of the property charged |
Equitable
Mortgage of Industrial Gala No. 6 & 7 at A – 17, Udyog Swamini Prerarna
Sankul additional M.I.D.C., Ambad, Nasik
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Date of latest
modification prior to the present modification |
12.07.2006 |
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Particulars of the
present modification |
Charge enhanced
from Rs. 1.650 Millions to Rs. 2.250 Millions by additional limit of Rs.
0.600 million. Enhanced limits further secured by Equitable Mortgage of
immovable property being, Unit No. 13 on Ground Floor, adm. 450 sq. ft. in a
building known as haria Industrial Premises Co-operative Society Limited
constructed on the plot of land bearing S. Nos. 135/A Part and 134/3 Part,
lying being situated at Village Majwade, Thane Taluka and District Thane
within the limits of Thane Municipal Corporation and in the sub Regi.
District and Regi. District Thane |
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.42.24 |
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UK Pound |
1 |
Rs.83.26 |
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Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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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 |
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 |
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34 |
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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