MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENIE AUTO PRODUCTS PRIVATE LIMITED |
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Registered Office : |
W-17, S Block, MIDC Bhosari, Behind Century Enka, Pune – 411026,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.11.1988 |
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Com. Reg. No.: |
11-049714 |
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CIN No.: [Company
Identification No.] |
U34300MH1988PTC049714 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG00803F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Components and Assemblies |
RATING &
COMMENTS
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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 6328 |
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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 : |
Management of the company remained non-cooperative during current
investigation. Hence, this report is lased on secondary sources. Subject is a well established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office/ Factory : |
W-17, S Block, MIDC Bhosari, Behind Century Enka, Pune – 411026,
Maharashtra, India |
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Tel. No.: |
91-20-27122363 |
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Fax No.: |
91-20-27122431 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Geeta Narendra Arora |
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Designation : |
Director |
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Address : |
H-10, Kumar Class ICS Avhdh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
26.05.1952 |
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Date of Appointment : |
21.11.1988 |
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Name : |
Mr. Rahul Narendra Arora |
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Designation : |
Director |
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Address : |
H-10, Kumar Class ICS Avhdh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
29.05.1975 |
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Date of Appointment : |
25.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mrs. Geeta Narendra Arora |
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1500 |
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Mr. Rahul Narendra Arora |
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2500 |
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Total |
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4000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Components and Assemblies |
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Products : |
· Sheet
Metal Components · Pressed
Components · Pipe
Bending Components · Welded
Sub Assemblies · Silencers · Outer
Body for Gysers · Needle
Bearing Cages · Hospital
Furniture · Chasis
Components and Fabrications |
GENERAL
INFORMATION
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Suppliers : |
· Tata
Ficosa · Tata
Handikson · Caparo
Engg. · Mansons
Automotive Rubber Private Limited · JCB India
Limited · YashShree
Presscomps Private Limited |
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No. of Employees : |
60 |
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Bankers : |
· Janseva Sahakari
Bank Limited Survey No.232/2, Near Ganesh Mangal Karyalaya House of Atlas Metal Industries
Compounds, Bhosari, Pune – 411026, Maharashtra, India ·
Rupee Co-op
Bank Limited Chinchwad Branch,
Pune – 411019, Maharashtra, India · Co-operative
Bank · ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R V Nivetia and Company Chartered Accountant |
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Address : |
26, Sagar Complex, Opp. Kasarwadi Railway Station, Pune – 411034,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000 |
Equity Shares |
Rs.100/- each |
Rs.0.400
Million |
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FINANCIAL DATA
[all figures are in Rupees 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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0.400 |
0.400 |
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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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1.182 |
1.155 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.582 |
1.555 |
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LOAN FUNDS |
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1] Secured Loans |
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1.877 |
2.048 |
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2] Unsecured Loans |
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5.979 |
4.095 |
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TOTAL BORROWING |
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7.856 |
6.143 |
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DEFERRED TAX LIABILITIES |
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0.251 |
0.299 |
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TOTAL |
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9.689 |
7.997 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.174 |
2.749 |
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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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0.104 |
0.104 |
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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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5.849 |
4.916 |
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Sundry Debtors |
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6.486 |
6.009 |
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Cash & Bank Balances |
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0.145 |
0.138 |
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Other Current Assets |
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0.257 |
0.152 |
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Loans & Advances |
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0.283 |
0.204 |
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Total
Current Assets |
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13.020 |
11.419 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.690 |
5.896 |
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Provisions |
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0.919 |
0.379 |
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Total
Current Liabilities |
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6.609 |
6.275 |
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Net Current Assets |
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6.411 |
5.144 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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9.689 |
7.997 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover(Estimated) |
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24.000 |
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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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9.14 |
7.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.97 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
GENIE AUTO PRODUCTS PRIVATE LIMITED |
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Presented By |
Rupee Co-op Bank
Limited Chinchwad Branch,
Pune – 411019 |
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1) Date and description of instrument creating the change |
Hypothecation of
Tangible Goods/ Movables Property to Secure Term Loan A/c, Dated 05.06.1998. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.775 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
all new plant and machineries such as Vibro Ben, Vibrotory Debuning and
finishing M/C, Model VB 60RD, Actual working Volum 75 btrs 4120 Ltrs, Ceramic
Media M/C 12 mm and 15 mm PMT Single Spindle Automobile lathe model TB 60 M/c
lying at S- Block, W-17, MIDC, Bhosari, Pune |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Limit
Rate 19% p.a. Margin on
Machinery 25% Repayment in 60
monthly installment of Rs.0.072 Million |
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5) Name and Address and description of the person entitled to the charge. |
Rupee Co-op Bank
Limited Chinchwad Branch,
Pune – 411019, Maharashtra, India |
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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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Corporate
identity number (CIN) Foreign company registration number |
U34300MH1988PTC049714 |
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Name of the
Company |
GENIE AUTO PRODUCTS PRIVATE LIMITED |
|
Address |
W-17, S Block, MIDC Bhosari, Pune – 411026, Maharashtra, India |
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This form is for |
Modification of
Charge |
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Type of Charge |
Immovable
Property Movable Property
(not being pledge) |
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Particulars of
the charge holder |
Janseva Sahakari Bank Limited Survey No.232/2, Near Ganesh Mangal Karyalaya House of Atlas Metal
Industries Compounds, Bhosari, Pune – 411026, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Deed of Mortgage
Dated On 15th June, 2007 |
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Date of the
instrument creating or modifying the charge |
15.06.2007 |
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Amount secured by
the charge |
Rs.6.100 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: The Rate of
Interests is 13% p.a. Terms of
Repayments: Repayment within
72 months. Margin: Maximum 27% Extent and
operation of the charge: Nil |
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Short particulars
of the property charged (including location of the property) |
All piece and
parcel of property situated at W-17, S Block, MIDC Bhosari, Pune – 411026,
Maharashtra |
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Particular of the
present modification |
NA |
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.42.53 |
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UK Pound |
1 |
Rs.83.44 |
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Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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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