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MIRA INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
CLEARSEP TECHNOLOGIES (INDIA) PRIVATE LIMITED |
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Registered Office : |
616, Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West),
Mumbai – 400 080, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04.2002 |
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Com. Reg. No.: |
11-135606 |
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CIN No.: [Company
Identification No.] |
U29113MH2002PTC135606 |
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IEC No.: |
0302021353 |
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PAN No.: [Permanent
Account No.] |
AABCG7747G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Designing and Supplying of Process Equipments and
Filteration Equipments. |
RATING &
COMMENTS
|
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 4700 |
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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 : |
Subject is a well established company having satisfactory track. 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
|
Name : |
Mr. Aravinda Herle |
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Designation : |
Director |
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Date : |
18.06.2008 |
LOCATIONS
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Registered Office : |
616, Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
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Tel. No.: |
91-22-25622323 |
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Fax No.: |
91-22-25622626 |
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E-Mail : |
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Website : |
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Area : |
630 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
706, Sunset II B
wing, Raheja Vihar, Chandivali Powai, Mumbai – 400 072, Maharashtra, India |
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Factory : |
21, Shiva Estate, Lake Road, Bhandup (W), Mumbai – 400 078,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Aravinda Herle |
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Designation : |
Managing Director |
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Address : |
1/102, Garden Estate, Glady Alwares Road, Pokhran II, Thane (W),
Mumbai – 400 601, Maharashtra, India. |
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Date of Birth/Age : |
25.08.1961 |
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Qualification : |
B.E. Mechanical |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mrs. Shalila Arun Kumar Shetty |
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Designation : |
Director |
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Address : |
706-B, Sunset – 2, Raheja Vihar, Mumbai – 400 072, Maharashtra, India. |
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Date of Birth/Age : |
26.05.1966 |
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Qualification : |
B.A. |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mr. Mangaje Arun Kumar Shetty |
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Designation : |
Director |
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Address : |
706-B, Sunset – 2, Raheja Vihar, Mumbai – 400 072, Maharashtra, India. |
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Date of Birth/Age : |
18.07.1960 |
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Qualification : |
B.E. Mechanical |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mrs. Vijayalakshmi Herle |
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Designation : |
Director |
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Address : |
1/102, Garden Estate, Glady Alwares Road, Pokhran II, Thane (W), Mumbai
– 400 601, Maharashtra, India. |
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Date of Birth/Age : |
03.07.1969 |
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Qualification : |
B.A. |
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Date of Appointment : |
22.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.08.2005)
|
Names of Shareholders |
No. of Shares |
|
Aravinda Herle |
7500 |
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Shalila Arun Kumar Shetty |
7500 |
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Mangaje Arun Kumar Shetty |
7500 |
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Vijayalakshmi Herle |
7500 |
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Total |
30000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Designing and Supplying of Process Equipments and Filteration
Equipments. |
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Products : |
·
Clearsep Candle Filter ·
Clearsep Turbo Edge Filter ·
Clearsep Automatic Self Cleanng Filter (Scf) ·
Clearsep Dsm Screen (Coanda Effect Static Screen) ·
Clearsep Welded Wedge Wire Candle Filter ·
Clearsep Catalyst Recovery Filter ·
Clearsep Sea Water Filter ·
Clearsep Viscous Paste Filters ·
Clearsep Backwash Duplex Filters Non CIP (Clean-in-Place) TYPE ·
Clearsep Single / Multibag Filter ·
Clearsep Single / Duplex Filter ·
Clearsep Wedge Wire Basket Filter ·
Clearsep In-Line
Basket Filter |
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Exports : |
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Products : |
Process Equipments |
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Countries : |
·
U.S.A. ·
Bhairen ·
Gulf Countries ·
Israel ·
Malaysia ·
Thailand |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 |
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Bankers : |
·
State Bank of India SMECC, Synergy, Ground Floor, C-6, G-Block,
A Wing, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051, Maharashtra,
India ·
Axis Bank |
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Facilities : |
CC Rs.1.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Kailash Chandra Jain Chartered Accountant 439, Kalbadevi Road, 5th Floor, Mumbai – 400 002,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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Total |
|
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300
million |
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Total |
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Rs.0.300 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.300 |
0.300 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.637 |
0.418 |
0.356 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.937 |
0.718 |
0.656 |
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LOAN FUNDS |
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1] Secured Loans |
0.428 |
0.252 |
0.402 |
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2] Unsecured Loans |
2.440 |
1.806 |
1.543 |
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TOTAL BORROWING |
2.868 |
2.058 |
1.945 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.805 |
2.776 |
2.601 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.360 |
1.924 |
1.844 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.006 |
0.005 |
0.005 |
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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 |
1.037
|
0.996 |
0.183 |
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Sundry Debtors |
1.739
|
0.342 |
0.350 |
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Cash & Bank Balances |
0.238
|
0.092 |
0.283 |
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Other Current Assets |
0.000
|
0.052 |
0.155 |
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Loans & Advances |
0.091
|
0.277 |
0.046 |
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Total
Current Assets |
3.105
|
1.759 |
1.017 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.679
|
0.928 |
0.064 |
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Provisions |
0.000
|
0.000 |
0.220 |
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Total
Current Liabilities |
1.679
|
0.928 |
0.284 |
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Net Current Assets |
1.426
|
0.831 |
0.733 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.016 |
0.019 |
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TOTAL |
3.805 |
2.776 |
2.601 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
8.208 |
3.538 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
8.208 |
3.538 |
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Profit/(Loss) Before Tax |
|
0.419 |
0.116 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.419 |
0.116 |
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Expenditures : |
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Interest |
|
0.190 |
0.157 |
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Depreciation & Amortization |
|
0.370 |
0.235 |
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Other Expenditure |
|
7.229 |
3.030 |
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Total Expenditure |
|
7.789 |
3.422 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.10
|
3.28 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
5.10
|
3.28 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.67
|
3.15 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.16 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.85
|
4.16 |
3.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.90 |
3.58 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
|
Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration |
AABCG7747G |
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Central Sales Tax Registration |
27390066033C |
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State Sales Tax Registration |
27390066033V |
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VAT/ TIN Registration |
27390066033V |
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Import Export Code |
0302021353 |
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Name of Bank |
Axis Bank |
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Current Account Number |
061010200002264 |
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Credibility Factors |
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IndiaMART Client Since |
3 Years |
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Standards & Certifications |
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Other Cerficates |
ISO : 9001 : 2000 |
Trade References :
·
Nerolac Paints
·
I C Paints
·
BASF
·
Kirloskar Brothers
·
Akxo Nobel
Form No. 8
|
Corporate
identity number of the company |
U29113MH2002PTC135606 |
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Name of the
company |
CLEARSEP TECHNOLOGIES (INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
706, Sunset II B
wing, Raheja Vihar, Chandivali Powai, Mumbai – 400 072, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property ·
Others |
|
Particular of
charge holder |
State Bank of India SMECC, Synergy, Ground Floor, C-6, G-Block, A Wing, Bandra Kurla
Complex, Bandra (E), Mumbai – 400 051, Maharashtra, India |
|
Nature of
instrument creating charge |
·
Agreement of
Loan-Cum Hypothecation ·
Memorandum
for Recording creation of mortgage by deposit of title deeds (All the above
Agreement constitute a single charge) |
|
Date of
instrument Creating the charge |
21.07.2007 |
|
Amount secured by
the charge |
Rs.1.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest ROI = 13% subject to change and as stipulated by Bank from time to
time. ·
Terms of
repayment As stipulated by Bank from time to time. ·
Margin As stipulated by Bank from time to time. ·
Extent and
operation of the charge First charge (present and future) and as stipulated by Bank from time
to time = Total Limit = Rs.1.500 millions (Cash Credit = Rs.0.750 million,
Bank Guarantee = Rs.0.750 million. ·
Others As stipulated by Bank from time to time and as per sanction Letter of
the Bank. |
|
Particulars of
the property charged |
First charge
(present and future) Hypothecation of Comppany’s
all stock / Goods / Inventories kept in factory or in transit or wherever
else Hypothecation of
all book debts and receivables Hypothecation of
all current, movable and fixed assets Mortgage of
Office No. 616 on the sixth floor, ADM.454 Sq. ft. (Carpet), Bld No.1,
Corporate Centre in “Nirmal Lifestyles” Constructed on the Plot of Land
bearing CTS No. 491/A (pt.) Lying being situated at Village Nahur, Mulund Tal
Kurla, Mumbai |
Web Details :
Profile :
Established by highly qualified professionals
with rich experience in the Chemical Process Industry, Subject is a
manufacturers and exporters of "Clean-in-Place" and
"Non-Clean-in-Place" type separation/filtration equipment &
systems. Designed in accordance to international quality standards, each of
their designed products is easy to operate and install. Acclaimed for their
loyalty and committed towards quality they have constantly work to achieve the
highest level of excellence in this growth oriented industry.
Empowered with practical knowledge of various materials that are used in their
product manufacturing process, they always execute critical orders which are as
per the customer demand. Custom fabrication is their specialty and it is a
custom product that makes their clients stand out and get recognized. Beside
this, they also have in-house Research & Development facilities, and
conduct regular market surveys.
More about the promoters :
Aravinda Herle, Mechanical engineering graduate (first class with distinction), spent nearly 20 years in chemical process industries, a specialist in turnkey project implementation, pioneered the clean-in place filtration systems in India, developed efficient catalyst recovery systems, expert in trouble shooting, takes special interest in product development, always looks for new ways of doing things better.
Arunkumar Shetty, Mechanical engineering graduate (first class with distinction), spent nearly 20 years in Petrochemical, refining, drilling, oil exploration areas., extensively traveled abroad, keeps an eye on new international sources to bring value to their customers, believes in doing business with international perspective and always a customer man.
Ranga Kota, has Masters degree in Chemistry and Masters degree in
Business Management from IIM, Ahmedabad, INDIA, spent more than 25 years in
various industries in disciplines as diverse as customer relation, project
management, vendor development, corporate planning, logistics etc, taught at
Entrepreneurial development institute and now a guiding and moving force behind
their organization.
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
43 |
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. |
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 |
|