MIRA
INFORM REPORT
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Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIRACO JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Gala No. 501/ 502, Block No. 01, SEEPZ, Andheri (East), Mumbai –
400096, Maharashtra |
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Country : |
India |
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Financial Year : |
31.03.2006 |
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Date of Incorporation : |
12.07.2005 |
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Com. Reg. No.: |
11-154723 |
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CIN No.: [Company
Identification No.] |
U36910MH2005PTC154723 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH09217F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Studded Jewellery. |
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
capacity to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Rajaram, Accountant of the company parted partial details. Subject is an established company having moderate track. Profit margin
is under severe pressure. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajaram |
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Designation : |
Accountant |
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Date : |
10.06.2008 |
LOCATIONS
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Registered Office/Factory : |
Gala No. 501/ 502, Block No. 01, SEEPZ, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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Tel No.: |
91-22-28292326/ 23645421 |
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Fax No.: |
91-22-28292320 |
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E-mail.: |
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Area : |
12890 Sq.ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Daya G Sutaria |
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Designation : |
Director |
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Address: |
10-A Abhilasha Apartment Cooperative Housing Society Limited, 46
Aygust Krantimarg, Mumbai – 400006, Maharashtra, India |
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Name : |
Mr. Ravi V Sutaria |
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Designation : |
Director |
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Address: |
99/902, Regency Avenue, North Avenue Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
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Name : |
Mr. Laves B Sutaria |
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Designation : |
Director |
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Address: |
B – 401, Anand Nagar Forget Hill Road, Tardeo, Mumbai – 400036, Maharashtra,
India |
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Name : |
Mr. Rajesh B Sutaria |
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Designation : |
Director |
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Address: |
703, Rajmala Premises Limited, 87/B Lamibai Jagmohan Marg, Mumbai –
400006, Maharashtra, India |
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Name : |
Mr. Ramesh B Sutaria |
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Designation : |
Director |
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Address: |
703, Rajmala Premises Limited, 87/B Lamibai Jagmohan Marg, Mumbai –
400006, Maharashtra, India |
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Name : |
Mr. Nitin R Shah |
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Designation : |
Director |
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Address: |
101, Monalisa, Warden Road, Mumbai – 400036, Maharashtra, India |
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Name : |
Ms. Kalpana N Shah |
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Designation : |
Director |
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Address: |
101, Monalisa, Warden Road, Mumbai – 400036, Maharashtra, India |
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Name : |
Mr. Jaume Ramana |
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Designation : |
Director |
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Name : |
Mr. Sanjeeb Base |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.06.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Daya G Sutaria |
2000 |
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Mr. Ravi V Sutaria |
1750 |
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Mr. Laves B Sutaria |
450 |
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Mr. Rajesh B Sutaria |
450 |
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Mr. Ramesh B Sutaria |
450 |
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Mr. Nitin R Shah |
2500 |
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Ms. Kalpana N Shah |
2400 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Studded Jewellery. |
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Products : |
v Diamonds v Jewels v Jewelleries v Pearls v Semi Precious
Stones v Articles of Gold v Silver v Platinum v Precious and
Semi Precious Metals |
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Exports: |
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Products: |
Diamond Studded Jewellery |
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Country : |
Spain |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
State Bank of Patiala Seepz, Andheri (East), Mumbai – 400092, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B R Maniar and Company Chartered Accountants |
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Address : |
101 – Khatu Wadi, 263/C, Goregaonkar Lane, Near Central Plaza,
Girgaum, Mumbai – 400004, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.012 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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20.012 |
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LOAN FUNDS |
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1] Secured Loans |
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79.703 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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79.703 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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99.715 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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71.710 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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92.873 |
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Sundry Debtors |
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86.779 |
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Cash & Bank Balances |
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22.832 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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4.538 |
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Total
Current Assets |
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207.022 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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181.934 |
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Provisions |
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0.040 |
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Total
Current Liabilities |
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181.974 |
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Net Current Assets |
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25.048 |
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MISCELLANEOUS EXPENSES |
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2.957 |
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TOTAL |
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99.715 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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300.615 |
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Other Income |
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0.000 |
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Total Income |
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300.615 |
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Profit/(Loss) Before Tax |
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(2.628) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(2.628) |
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Exports |
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Export Turnover |
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274.401 |
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Total |
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274.401 |
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Expenditures : |
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Interest |
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3.921 |
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Other Expenditure |
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299.322 |
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Total Expenditure |
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303.243 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
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PAT / Total Income |
(%) |
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(0.87) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.87) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.87) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.13) |
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Debt Equity Ratio (Total Liability/Networth) |
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9.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.14 |
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LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90365759 |
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Corporate identity
number of the company |
U36910MH2005PTC154723 |
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Name of the
company |
HIRACO JEWELLERY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gala No. 501/ 502, Block No. 01, SEEPZ, Andheri (East), Mumbai –
400096, Maharashtra, India |
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Type of charge |
v Book debts v Movable property
(not being pledge) |
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Particular of
charge holder |
Name : State Bank
of India Address : Seepz,
Andheri (East) City: Mumbai State :
Maharashtra ISO country code:
IN ]Pin code: 400092 e-mail ID : jjkandco@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of goods
and movable assets. |
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Date of
instrument Creating the charge |
30.06.2007 |
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Amount secured by
the charge |
Rs. 80.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The Effective
rate of interest is charged by monthly rests by the bank on its term loan /
cash credit account from time to time. The present effective rate of interest
is libor (6M) + 1% + Interest provided that interest payable shall at no time
be less than libor (6M) + 1%. Terms of
repayment The borrower
should repay the amount of the principal together with interest, costs,
charges, expenses, and monies due to the bank by installment and on such
dates as may be stipulated by the bank from time to time until the entire
amounts due under the term loans facilities have been repaid. In case of
default in payment of installment then the borrower will be bound and liable
to pay on banker demand balance due amount. Margin By way of
hypothecation /pledge /mortgage or otherwise the borrower shall at times
maintain a sufficient quantity and market value of goods, book debts, movable
assets given as security, to provide the margin of security required by the
bank from time to time and to restore such margin or pay to the bank the
equivalent amount in cash. Extent operation
of the charge All present and
future movable property of the company including Cash Balance, Reserves. |
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Short particulars
of the property charged |
Hypothecation of
Goods and Assets Movable property
– Plant and Machinery |
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Date of latest
modification prior to the present modification |
06.03.2006 |
|
Particulars of
the present modification |
Increase in
facility from Rs. 0.460 million to Rs. 80.000 millions. |
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. 42.87 |
|
UK Pound |
1 |
Rs. 83.41 |
|
Euro |
1 |
Rs. 66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
33 |
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 |
|