MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
B G SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
72-76, Industrial Estate, Mundwa, Pune – 411036, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.03.1994 |
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Com. Reg. No.: |
11-77340 |
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CIN No.: [Company
Identification No.] |
U45201PN1994PTC077340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02744A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and sale of Prefabricated Cement Blocks and Sheets. Suppliers of Innovative Building Equipment
like Electronic Tower Cranes, Hoisting Equipment etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2484000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported
as experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. P. V. Kokate |
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Designation : |
Accounts Manager |
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Contact No.: |
91-20-26870151 |
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Date : |
20.03.2008 |
LOCATIONS
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Registered
Office/ Factory : |
72-76, Industrial Estate, Mundwa, Pune – 411036, Maharashtra, India |
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Tel. No.: |
91-20-26870151 |
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Fax No.: |
91-20-26871612 |
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E-Mail : |
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Area: |
Approximately 28 Acres |
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Location: |
Leased |
DIRECTORS
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Name : |
Mr. Baburao Govindrao Shirke |
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Designation : |
Chairman |
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Address : |
1205, Apte Road, Pune – 411004, Maharashtra, India |
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Date of
Birth/Age : |
01.08.1918 |
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Date of
Appointment : |
25.03.1994 |
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Election
Commission Identity Card : |
MT/0042/0247/774175 |
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Name : |
Mr. Vijay Baburao Shirke |
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Designation : |
Managing Director |
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Address : |
1205, Apte Road, Pune – 411004, Maharashtra, India |
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Date of
Birth/Age : |
04.11.1949 |
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Date of
Appointment : |
25.03.1994 |
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Name : |
Mr. Ajay Baburao Shirke |
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Designation : |
Director |
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Address : |
1205, Apte Road, Pune – 411004, Maharashtra, India |
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Date of
Birth/Age : |
26.04.1958 |
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Date of
Appointment : |
25.03.1994 |
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Election
Commission Identity Card : |
MT/0042/0247/774337 |
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Name : |
Mr. Pratap Baburao Shirke |
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Designation : |
Director |
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Address : |
1205, Apte Road, Pune – 411004, Maharashtra, India |
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Date of
Birth/Age : |
20.03.1948 |
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Date of
Appointment : |
25.03.1994 |
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Name : |
Mr. Suresh Ramchandra Ghorpade |
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Designation : |
Director |
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Address : |
Plot No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat
Road, Pune – 411016, Maharashtra, India |
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Date of
Birth/Age : |
29.09.1934 |
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Date of
Appointment : |
14.10.2003 |
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Name : |
Mr. Uday Suresh Ghorpade |
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Designation : |
Director |
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Address : |
Plot No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat
Road, Pune – 411016, Maharashtra, India |
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Date of Birth/Age : |
26.08.1962 |
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Date of Appointment : |
14.10.2003 |
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Name : |
Mr. Mohan Gopalrao Desai |
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Designation : |
Director |
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Address : |
1201, A /2A, Ghole Road, Pune – 411016, Maharashtra, India |
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Date of Birth/Age : |
09.10.1946 |
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Date of Appointment : |
14.10.2003 |
KEY EXECUTIVES
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Name : |
Ms. Meghana Ramesh Patwardhan |
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Designation : |
Secretary |
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Address : |
B-7-3, Gururaj Society, Padmavati, Satara Road, Pune – 411037,
Maharashtra, India |
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Date of Birth/Age : |
18.06.1980 |
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Date of Appointment : |
15.12.2005 |
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Tel. No. : |
91-20-24373419 |
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E-mail: |
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Name : |
Mr. G. R. Bhartikar |
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Designation : |
Group Chief Executive |
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Address : |
72-76 Mundhwa, Pune – 411036, Maharashtra, India |
MAJOR SHAREHOLDERS
[As on 30.09.2005]
|
Names of Shareholders |
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No. of Shares |
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Mr. Baburao Govindrao Shirke |
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1547520 |
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B. G. Shirke [HUF] |
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3219120 |
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Mr. Pratap Baburao Shirke |
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4053320 |
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Mr. Vijay Baburao Shirke |
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1603000 |
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V. B. Shirke [HUF] |
|
2000000 |
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Mr. Ajay Baburao Shirke |
|
1603920 |
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Ms. Anavi Ajay Shirke |
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2300000 |
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Ms. Avanti Vijay Shirke |
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400 |
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Mr. Suresh Ramchandra Ghorpade |
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400 |
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Mr. Uday Suresh Ghorpade |
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400 |
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Ms. Gayatri Vijay Shirke |
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500000 |
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Equity Share
Break-up [As on 31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of Prefabricated Cement Blocks and Sheets. Suppliers of Innovative Building Equipment
like Electronic Tower Cranes, Hoisting Equipment etc. |
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Imports |
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Products: |
Raw Materials |
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Countries: |
· Germany · China · USA · European
Countries |
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Terms : |
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Selling : |
Cheques, Credit [30 days] |
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Purchasing : |
L/C, Cheque, Credit [30 days], Advance,
Against Delivery |
GENERAL
INFORMATION
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Customers : |
· Builders · Housing
Societies · MHADA etc. |
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No. of Employees : |
Around 2000 |
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Bankers : |
Ř Bank of
Maharashtra Deccan Gymkhana Branch, Pune Ř The Karnataka
Bank Limited Budhwar Peth Branch, Pune Ř Andhra Bank Pune Camp Branch. Pune Ř Canara Bank Pune Camp Branch, Pune Ř Central Bank of
India Pune Camp Branch, Pune Ř ICICI Bank Bund Garden Branch, Pune Ř Axis Bank Deccan Gymkhana Branch, Pune Ř IDBI Bank FC Road, Pune Ř
Centurion Bank of Punjab Limited Durga Niwas M G
Road, Panaji – 403001, Goa, India |
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Facilities : |
Enjoy C/C, L/C, Bank Guarantee from all banks |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi and Kulkarni Chartered Accountants, |
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Address : |
S. No. 124/6A, Dr. Srikar Rao Path, Girija Vishwanath Apartments,
Erandwane, Pune – 411004, Maharashtra, India PAN No. : AAAFJ9692D |
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Associates/Subsidiaries : |
· Shirke
Construction Equipment Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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18000000 |
Equity Shares |
Rs. 10/- each |
Rs.180.000 Millions |
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200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Total |
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Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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16828080 |
Equity Shares |
Rs. 10/- each |
Rs. 168.280 Millions |
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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 |
168.281 |
168.281 |
168.281 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
452.849 |
350.639 |
275.743 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
621.130 |
518.920 |
444.024 |
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LOAN FUNDS |
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1] Secured Loans |
2114.740 |
1075.366 |
710.109 |
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2] Unsecured Loans |
871.637 |
897.366 |
663.999 |
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TOTAL BORROWING |
2986.377 |
1972.732 |
1374.108 |
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DEFERRED TAX LIABILITIES |
103.833 |
109.828 |
120.779 |
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TOTAL |
3711.340 |
2601.480 |
1938.911 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1255.696 |
857.238 |
620.940 |
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Capital work-in-progress |
11.940 |
4.529 |
2.176 |
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INVESTMENT |
113.494 |
78.331 |
42.201 |
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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 |
1394.038
|
1692.826 |
1210.062 |
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Sundry Debtors |
897.821
|
330.213 |
276.559 |
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Cash & Bank Balances |
396.987
|
159.095 |
331.889 |
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Other Current Assets |
0.735
|
0.734 |
1.034 |
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Loans & Advances |
853.899
|
490.217 |
379.024 |
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Total
Current Assets |
3543.480
|
2673.085 |
2198.568 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1057.890
|
912.879 |
868.557 |
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Provisions |
155.380
|
98.824 |
56.417 |
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Total
Current Liabilities |
1213.270
|
1011.703 |
924.974 |
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Net Current Assets |
2330.210
|
1661.382 |
1273.594 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3711.340 |
2601.480 |
1938.911 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
5496.181 |
4462.500 |
3757.716 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
5496.181 |
4462.500 |
3757.716 |
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Profit/(Loss) Before Tax |
1682.333 |
1058.000 |
88.289 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1682.333 |
1058.000 |
88.289 |
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Expenditures : |
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Interest |
221.300 |
141.300 |
97.069 |
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Depreciation & Amortization |
107.100 |
91.000 |
62.526 |
|
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Other Expenditure |
3485.448 |
3172.200 |
3507.832 |
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Total Expenditure |
3813.848 |
3404.500 |
3667.427 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
30.61
|
23.71 |
2.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
30.61
|
23.71 |
2.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
35.05
|
29.97 |
3.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
2.71
|
2.04 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.76
|
1.94 |
2.08 |
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Current Ratio (Current Asset/Current Liability) |
|
2.92
|
2.64 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
The company has
collaborations with the following:
·
Minato S.A., France
·
Elba Work, Germany
·
Polynorm N.V., Netherlands
Form 8:
|
Corporation identity number or foreign company
registrations number of the company |
U45201PN1994PTC077340 |
|
Name of the company |
B G SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED |
|
Address |
72-76, Industrial Estate, Mundwa, Pune – 411036, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Centurion Bank
of Punjab Limited Durga Niwas M G
Road, Panaji – 403001, Goa, India E-mail : sunil_adhiya@vsnl.net |
|
Nature or description of the instrument
creating charge |
Loan-cum-hypothecation
agreement |
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Date of the instrument creating charge |
24.07.2006 |
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Amount Secure by the charge |
Rs. 1.434
millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
First charge on
travelling chassis. EMI Amount : Rs.
0.035 per month No. of EMI : 48 Rate of Interest
: 9% Margin : Rs.
0.254 million |
|
Description of the property charge whether
it is a charge on |
Plant and
machinery |
|
Particulars of the Property charged |
Shirke make travelling
chassis The property is
situated in India |
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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/normal. |
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 |
|