MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARK BATTERIES PRIVATE LIMITED |
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Registered Office : |
Bhagwati Estate, Near Ekta Hotel, Sarkhej Bavla Road, Sarkhej, Ahmedabad
– 380054, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.08.2003 |
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Com. Reg. No.: |
04-42815 |
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CIN No.: [Company
Identification No.] |
U50300GJ2003PTC042815 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM04718A |
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PAN No.: [Permanent
Account No.] |
AADCM7400J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of 2/3 Wheeler and Automotive Batteries,
Inverter Batteries, C Special Batteries for Two Wheelers. |
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 60000 |
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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 and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Alpesh Shah |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9998022960 |
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Date : |
14.06.2008 |
LOCATIONS
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Registered Office : |
Bhagwati Estate, Near Ekta Hotel, Sarkhej Bavla Road, Sarkhej,
Ahmedabad – 380054, Gujarat, India |
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Tel. No.: |
91-79-30129246 |
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E-Mail : |
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Corporate Office: |
Shaastra 301, 3rd Floor, Opposite Drive in Cinema, Drive in
Road, Above Mega Mart, Ahmedabad – 380054, Gujarat, India |
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Tel. No.: |
91-79-30129246/ 26853782 |
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Fax No.: |
91-79-26853782 |
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Email : |
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Location : |
Owned |
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Factory : |
Opposite Jamnagar Transport, Sarkhej-Bavla Highway, Sarkhej. Ahmedabad
– 382210, Gujarat, India |
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Tel No.: |
91-79-26443199 |
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Fax No.: |
91-79-26441599 |
DIRECTORS
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Name : |
Mrs. Sonal Desai |
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Designation : |
Director |
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Address : |
B-6, Mantrana Apartment, Opposite Jahanvi Restaurant Ahmedabad –
380015, Gujarat, India |
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Date of Appointment : |
28.08.2003 |
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Name : |
Mr. Rajendra Kukreja |
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Designation : |
Director |
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Address : |
L-19, Rajouri Garden, New Delhi – 110027, India |
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Date of Appointment : |
11.11.2004 |
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Name : |
Mr. Yomesh Desai |
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Designation : |
Director |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Rajnikant Desai |
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Designation : |
Director |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Niraj Chandra |
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Designation : |
Director |
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Address : |
Kailash B -12, Jankalyan Society, Rajkot – 360001, India |
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Date of Birth/Age : |
27.05.1979 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mrs. Sonal Desai |
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3334 |
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Mr. Rajendra Kukreja |
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500000 |
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Mr. Yomesh Desai |
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496666 |
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Total |
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1000000 |
(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 and Importer of 2/3 Wheeler and Automotive Batteries, Inverter
Batteries, C Special Batteries for Two Wheelers. |
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Products : |
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Imports : |
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Products : |
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Countries : |
China |
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Terms : |
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Selling : |
Advance Payments |
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Purchasing : |
Advance Payments |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
80 |
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Bankers : |
Ahmedabad – 380054, Gujarat,
India
Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India |
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Facilities : |
CC Rs.100.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Ashish Bhai Parekh Chartered Accountant |
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Address : |
Ahmedabad |
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Name : |
Kashi Parekh and Associates Chartered Accountant |
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Address : |
Ground Floor, Akshay Apartment Old High Court Lane, Ashram Road, Ahmedabad
– 380009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
1.000 |
0.100 |
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2] Share Application Money |
0.000 |
1.189 |
0.535 |
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3] Reserves & Surplus |
2.011 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.011 |
2.189 |
0.635 |
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LOAN FUNDS |
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1] Secured Loans |
2.699 |
0.000 |
0.273 |
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2] Unsecured Loans |
3.994 |
0.451 |
0.000 |
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TOTAL BORROWING |
6.693 |
0.451 |
0.273 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.704 |
2.640 |
0.908 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.013 |
0.544 |
0.619 |
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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 |
7.985
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4.012 |
1.340 |
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Sundry Debtors |
23.341
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8.926 |
3.049 |
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Cash & Bank Balances |
0.079
|
0.000 |
0.001 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.285
|
0.501 |
0.373 |
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Total
Current Assets |
33.690
|
13.439 |
4.763 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.129
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10.698 |
4.138 |
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Provisions |
0.872
|
0.650 |
0.343 |
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Total
Current Liabilities |
16.001
|
11.348 |
4.481 |
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Net Current Assets |
17.689
|
2.091 |
0.282 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.005 |
0.007 |
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TOTAL |
18.704 |
2.640 |
0.908 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
31.166 |
19.787 |
8.564 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
31.166 |
19.787 |
8.564 |
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Profit/(Loss) Before Tax |
1.330 |
1.093 |
0.524 |
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Provision for Taxation |
0.509 |
0.439 |
0.203 |
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Profit/(Loss) After Tax |
0.821 |
0.654 |
0.321 |
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Expenditures : |
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Financial Charges |
0.544 |
0.011 |
0.000 |
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Depreciation & Amortization |
0.212 |
0.145 |
0.207 |
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Other Expenditure |
29.080 |
18.538 |
7.833 |
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Total Expenditure |
29.836 |
18.694 |
8.040 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.63
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3.30 |
3.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.27
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5.52 |
6.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.83
|
7.82 |
9.74 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.50 |
0.82 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.89
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5.39 |
7.49 |
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Current Ratio (Current Asset/Current Liability) |
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2.10
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1.18 |
1.06 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- Nanak Enterprises, Mumbai
- Universal Automobiles, Delhi
- Satyabadi Enterprises, Bhuneshwar
Form 8:
|
Corporate
identity number of the company |
U50300GJ2003PTC042815 |
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Name of the
company |
MARK BATTERIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Bhagwati Estate, Near Ekta Hotel, Sarkhej Bavla Road, Sarkhej,
Ahmedabad – 380054, Gujarat, India |
|
This form is for |
Creation of Charge |
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Type of charge |
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Particular of
charge holder |
State Bank of
India Overseas Branch,
3rd Floor, Navjivan Trust Complex, Amrut Jayanti Bhavan, Ahmedabad
– 380014, India |
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Nature of
instrument creating charge |
Agreement of Loan
cum hypothecation Memorandum for recording creation mortgage by deposit of
title deeds. |
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Date of
instrument Creating the charge |
14.02.2008 |
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Amount secured by
the charge |
Rs.134.300
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Working Capital: 1.50%
Asbarat Present 14.25% Term Loan : 2%
Asbarat Present 14.75% Term Loan: Working Capital
Repayable on Demand Term Loan
Repayable in Rs.0.863 Million and installment of Rs.0.883 Million Moratorium
12 months. Margin: Raw Material,
Semi Finished and Finished goods 25% Domestic
Receivable 40% Term Loan 37% L/C and Bank
Guarantee 25% Extent and
Operation of Charge: 1st
and Exclusive charge in favour of state bank of India on all movable and
immovable assets of the company. |
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Particulars of
the property charged |
Hypothecation of
entire current assets of the company and hypothecation of assets to be
acquired out of the proposed term loan. Land and Building
situation at S. No.1619 Adm. Plot Area, 10825 Sq. Mtrs situated at 1 Bhagwati
Estate, Near Ekta Hotel, Sarkhej Bavla Road, Ahmedabad, India |
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Particulars 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 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.84.72 |
|
Euro |
1 |
Rs.66.99 |
SCORE & RATING
EXPLANATIONS
|
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
|
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 |
|
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 |
|