MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
G VARADAN ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
G VARADAN PRIVATE LIMITED |
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Registered Office : |
No. 429, 9th Main, NGEF Layout, Nagarbhavi, Bangalore – 560072, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1998 |
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Com. Reg. No.: |
08-23859 |
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CIN No.: [Company
Identification No.] |
U28112KA1998PTC023859 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG03757F |
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PAN No.: [Permanent
Account No.] |
AAACE4312Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Design Nozzles Showers for Application in Paper, Sugar, Coal, Cement, Hollow Block Steel, Tile Industries |
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 6825 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track records. Trade relations are fair. 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
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Name : |
Mr. Manjunath |
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Designation : |
Assistant |
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Contact No.: |
91-9845440517 |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office : |
No. 429, 9th Main, NGEF Layout, Nagarbhavi, Bangalore – 560072, Karnataka, India |
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Tel. No.: |
91-80-23213542 / 23213541 / 57675980 / 23213498 |
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Fax No.: |
91-80-23213498 |
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Mobile No.: |
91-9845029263 |
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E-Mail : |
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Website: |
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Area : |
1500 Sq. ft |
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Location : |
Rented |
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Corporate Office: |
No. 2 # 5, Birenroy Road (East), Near Saurav Ganguli House, Calcutta – 700 008, India |
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Mobile No.: |
91-9831437011 |
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Factory : |
Prasanth Nagar, Vyaya Nagar, Bangalore – 560040, Karnataka, India |
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Area : |
4000 Sq. ft |
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Location : |
Rented |
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Branches : |
Kolkata , West Bengal, India |
DIRECTORS
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Name : |
Mr. Varadan Govind |
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Designation : |
Chairman |
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Address: |
28 Binny Layout Vijayanagar, Bangalore – 560 040, Karnataka, India |
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Date of Birth/Age: |
06.03.1949 |
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Date of Appointments : |
26.02.1999 |
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Name : |
Mr. S R Shankar |
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Designation : |
Managing Director |
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Date of Birth/Age: |
28.05.1961 |
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Date of Appointments : |
01.11.2001 |
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Name : |
Mrs. Vijaya Govind |
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Designation : |
Director |
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Name : |
Mr. Sundar Rajan Shankar |
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Designation : |
Director |
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Address : |
79, PHBCS 3rd Stage Behind Bhel Township, Vijayanagar,
Bangalore – 560 040, Karnataka, India |
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Date of Birth/Age : |
28.05.1961 |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2005):- |
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No. of Shares |
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Mr. Govind Varadan |
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490 |
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Mrs. Vijaya Govind |
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485 |
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Mrs. Sharanya Govind |
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25 |
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Mr. Sundarajan Shankar |
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200 |
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Total |
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1200 |
As on 31.03.2007:-
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Design Nozzles Showers for Application in Paper, Sugar, Coal, Cement, Hollow Block Steel, Tile Industries |
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Exports : |
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Products : |
· Nozzales, · Showers |
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Countries : |
· Egypt, · Dubai, · Pakistan, · Bangalore, · Philippines, · Africa |
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Imports : |
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Products : |
· Paper Machinery Spare Part |
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Countries : |
· USA, · Europe |
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Terms : |
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Selling : |
T/T |
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Purchasing : |
T/T |
GENERAL
INFORMATION
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Suppliers : |
· Guru Steel & Engineering Company – India · Jindal Trading Company - India |
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Customers : |
· Everest Paper Mills Private Limited – India · L & T Limited – India |
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No. of Employees : |
16 |
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Bankers : |
· Veerasaiva Cooperative Bank Limited – Bangalore– 560 001, Karnataka, India · Deepak Sahakari Bank Limited – Bangalore– 560 001, Karnataka, India · Canara Bank, Chandra Layout Brach, Bangalore – 560 001, Karnataka, India · Bank of India – Bangalore – 560 001, Karnataka, India · HSBC Bank, Bangalore-560001, Karnataka, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name: |
M/s. Aru and Dev Chartered Accountant |
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Address: |
13A, Shrungar Shopping Centre, 80 M G Road, Bangalore – 560001, Karnataka, India |
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Associates/Subsidiaries : |
Shloka Engineering Bangalore – 560 001, Karnataka, India |
CAPITAL STRUCTURE
(As on 31.03.2007) :-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1200 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.120
million |
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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 |
0.121 |
0.121 |
0.120 |
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2] Share Application Money |
0.000 |
0.000 |
0.001 |
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3] Reserves & Surplus |
1.244 |
0.761 |
0.624 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.365 |
0.882 |
0.745 |
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LOAN FUNDS |
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1] Secured Loans |
0.014 |
0.014 |
0.014 |
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2] Unsecured Loans |
1.869 |
0.145 |
0.727 |
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TOTAL BORROWING |
1.883 |
0.159 |
0.740 |
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DEFERRED TAX LIABILITIES |
0.688 |
1.409 |
0.733 |
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TOTAL |
3.936 |
2.450 |
2.218 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.307 |
1.637 |
0.493 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.959
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1.254 |
0.582 |
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Sundry Debtors |
2.782
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1.789 |
1.692 |
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Cash & Bank Balances |
2.969
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1.325 |
1.263 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.958
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0.802 |
0.876 |
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Total
Current Assets |
9.668
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5.170 |
4.413 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.465
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4.007 |
2.526 |
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Provisions |
0.578
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0.355 |
0.170 |
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Total
Current Liabilities |
7.043
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4.362 |
2.696 |
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Net Current Assets |
2.625
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0.808 |
1.717 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.005 |
0.008 |
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TOTAL |
3.936 |
2.450 |
2.218 |
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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 |
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21.053 |
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Other Income |
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0.257 |
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Total Income |
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21.310 |
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Profit/(Loss) Before Tax |
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0.864 |
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Provision for Taxation |
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0.381 |
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Profit/(Loss) After Tax |
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0.483 |
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Expenditures : |
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Financial Charge |
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0.000 |
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Depreciation & Amortization |
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0.361 |
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Other Expenditure |
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20.085 |
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Total Expenditure |
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20.446 |
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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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PAT / Total Income |
(%) |
2.27
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.10
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.87
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.63
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.54
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5.13 |
4.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.37
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1.19 |
1.64 |
LOCAL AGENCY
FURTHER INFORMATION
Notes:
The company was originally established in 1950 as “G Varadan Private Limited”
FORM 8:-
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Name of the company |
G VARADAN ENGINEERING PRIVATE LIMITED |
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Presented By |
G VARADAN
ENGINEERING PRIVATE LIMITED and Canara Bank,
Chandra Layout Branch, Bangalore |
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1) Date and
description of instrument creating the change |
23.09.2005 Deed of
hypothecation Re: Machinery |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.185 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 |
Hypothecation of
the existing machinery of Rs. 0.400 million
and machinery valued at Rs. 0.215 million stored at company a factory premises at No. 429, 9th
main , NGEF Layout , Bangalore – 560 040,
or wherever else by way of trust
charge. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest % 18.75% p.a compounded
monthly. Margin: 20% Repayment: In 40 monthly installments of
Rs. 0.005 millions commencing from November, 2005. |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank 8, Chandra layout, Bangalore – 560 040,
Tamil Nadu, 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 |
TRADE REFERENCES:
· Murli Agro Industries
· ITC Limited
· The West Cost Paper Mills Limited
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.42.79 |
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UK Pound |
1 |
Rs.83.77 |
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Euro |
1 |
Rs.66.71 |
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 |
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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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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 |
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