MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJESH ESTATE AND NIRMAN LIMITED |
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Registered Office : |
139 Seksaria Chambers N M Road, Fort, Mumbai – 400023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.04.1996 |
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Com. Reg. No.: |
11-99089 |
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CIN No.: [Company
Identification No.] |
U28991MH2005PLC099089 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR18633G |
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PAN No.: [Permanent
Account No.] |
AAACR7599A |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Real Estate
Developers |
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 1300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed real estate developer. The
management declined to part with any information to part with any information
despite the fact that the name of ACC was divulged. No further information
could be made available. However, the company can be considered good for normal business
dealings. |
LOCATIONS
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Registered Office : |
139 Seksaria Chambers N M Road, Fort, Mumbai – 400023, Maharashtra,
India |
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Tel. No.: |
91-22-22671654 |
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Fax No.: |
91-22-22672013 |
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E-Mail : |
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Area : |
400 sq. ft. |
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Head Office : |
CTS No.
92, Village, Hariyali , Vikhroli (West), Mumbai , Maharashtra |
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Corporate Office : |
CTS No. 63 A/8,
Village Tirandaz, Powai , Mumbai, Maharashtra, India |
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Administrative
Office: |
Property Bearing S
No. 48/3B, 49/B , 50/2 of Village, Chitalsar Manpada, Ghodbunder Road, Thane,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Rajesh R Patel |
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Designation : |
Director |
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Address : |
Kailash Kiran, Tilak
Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India E-Mail; rajeshbuilder@vsnl.com |
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Date of Birth/Age : |
20.01.1963 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. Rahul N Patel |
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Designation : |
Director |
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Address : |
9/47 Vikasd
Garodia Nagar, Ghatkopar (East), Mumbai – 400 007, Maharashtra, India |
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Date of Birth/Age : |
14.04.1968 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. Harish R Patel |
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Designation : |
Director |
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Address : |
1/24, Kailash Kiran, Tilak Road, Ghatkopar East, Mumbai – 400077,
Maharashtra, India |
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Date of Birth/Age : |
01.04.1955 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. Rahul Narsidas Patel |
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Designation : |
Director |
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Date of Birth/Age : |
14.04.1968 |
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Date of Appointment : |
16.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajesh Patel |
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300000 |
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Mr. Rahul N Patel
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10010 |
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Mr. Harish Patel |
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300000 |
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Mr. Ajay Patel |
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189990 |
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Mr. Kantilal A
Patel |
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100000 |
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Mrs. Shilpa Patel
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400000 |
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Mrs. Pravina
Patel |
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100000 |
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Mrs. Anita Patel |
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400000 |
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Mrs. Sadhana
Patel |
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200000 |
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Name of Allottees (as on 31.03.2006) |
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Mr. Premji Shah |
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100 |
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Mr. Raghavji P
Patel |
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300 |
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Mr. Nanduben R
Patel |
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100 |
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Mr. Narsidas P
Patel HUF |
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200 |
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Mr. Rasik Shah |
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2500 |
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Mrs. Geeta R Shah
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3000 |
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Mr. Mangaldas D
Kanakia |
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500 |
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Mr. Bharat M
Kanakia |
|
500 |
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Mrs. Sonal
Kanakia |
|
500 |
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Mr. Bharat M
Kanakia HUF |
|
500 |
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Ms. Yesha Kanakia
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500 |
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Mrs. Nidhi
Kanakia |
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500 |
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Mr. Mulji Gada |
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100 |
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Mr. Mansukhlal Biharilal
Shah HUF |
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100 |
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Mrs. Rita S
Sanghavi |
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500 |
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Mr. Sudhir J
Sanghavi |
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400 |
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Mr. Sudhir J
Sanghavi HUF |
|
500 |
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Mr. Kewal Shah |
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500 |
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Mr. Vasant Shah |
|
500 |
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Mrs. Lalita V
Shah |
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500 |
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Mr. Vasant Shah
HUF |
|
500 |
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Mr. Jigar J
Sanghavi HUF |
|
500 |
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Mrs. Urvi Sanghvi
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500 |
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Mr. Hemant D
Kroinga |
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100 |
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Mr. Devshi
Koringa |
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100 |
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Mrs. Hemali D
Koringa |
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100 |
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Mr. Ratanshi
Koringa |
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100 |
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Mr. Dilip R
Thakur |
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100 |
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Mrs. Rekha Mehta |
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100 |
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Mr. Prakash Mehta
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100 |
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Total |
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14500 |
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Equity Share Break Up (as
on 31.03.2007) |
Percentage |
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Bodies Corporate |
100 % |
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Total |
100 % |
BUSINESS DETAILS
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Line of Business : |
Real Estate
Developers |
GENERAL
INFORMATION
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Bankers : |
·
Allahabad
Bank, Andheri East Branch, Mumbai – 400 069, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nilesh C Mehta Chartered
Accountants |
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Address : |
1, Alankar , Ground
Floor, 251, Sion Main Road, Sion (West), Mumbai – 400 022, Maharashtra, India
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Associates/Subsidiaries : |
Rajesh
Construction Company Limited CIN No.:
U70102MH2006PLC164188 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2250000 |
Equity Shares |
Rs. 10/-each |
Rs. 22.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2014500 |
Equity Shares |
Rs. 10/- each |
Rs. 20.145 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.145 |
20.145 |
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2] Share Application Money |
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235.602 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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255.747 |
20.145 |
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LOAN FUNDS |
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1] Secured Loans |
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276.646 |
136.968 |
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2] Unsecured Loans |
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301.127 |
284.387 |
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TOTAL BORROWING |
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577.773 |
421.355 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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833.520 |
441.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.251 |
1.490 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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8.445 |
43.445 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.723 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.686 |
0.205 |
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Other Current Assets |
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944.576 |
503.521 |
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Loans & Advances |
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146.471 |
52.777 |
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Total
Current Assets |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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183.393 |
157.484 |
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Provisions |
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90.630 |
2.675 |
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Total
Current Liabilities |
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274.023 |
160.159 |
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Net Current Assets |
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818.433 |
396.344 |
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MISCELLANEOUS EXPENSES |
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0.391 |
0.221 |
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TOTAL |
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833.520 |
441.500 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.33 |
28.86 |
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Current Ratio (Current Asset/Current Liability) |
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3.98 |
3.47 |
LOCAL AGENCY
FURTHER INFORMATION
OBSERVATION POINT
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Name Board |
Not Sighted |
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Location |
Easy |
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Area |
Down Market |
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Visibility of items |
·
Telephone ·
Fax |
FORM 8 :-
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Corporation identity number or foreign
company registrations number of the company
|
U28991MH2005PLC099089 |
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Name of the company |
RAJESH ESTATE AND NIRMAN LIMITED |
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Address |
139, Seksaria Chamber,
M Road, Fort , Mumbai – 400 023, Maharashtra, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
·
Immovable
Property ·
Book
Debts ·
Movable
Property |
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Particular of the charge holder |
Central Bank of India Address: Corporate Finance Branch, CBI
Building, Fort, Mumbai – 400 023, Maharashtra, India E-mail; sanjeevlata@rediffmail.com |
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Nature or description of the instrument
creating charge |
Term loan agreement Agreement of hypothecation central bank of
India given term loan of Rs. 650.000 millions and Indian Bank given 600.000
millions. Total term loan Rs. 1250.000 millions |
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Date of the instrument creating charge |
16.06.2007 |
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Amount Secure by the charge |
Rs. 1250.000 millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
Rate
of Interest : CBOI 11% p.a and IB 11% p.a BPLR + TP
-2.00 Floating Terms
of Repayment: CBOI – 720.000 millions eight quarterly
installments and 9th is 74.000 millions IB – 66.500 millions quarterly
installments and 9th is 68.000 millions Margin: As per bank rule Extent
and operation of the Charge: As per bank rule |
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Short Particulars of the Property charged |
Hypothecation by way of first charge ·
All
stocks both present and future ·
All
present and future book debts ·
All
the tangible movable properties and assets of the borrower of whatsoever
nature including plant and machinery, tools and accessories, stores, spares,
Furnitures and fixtures, articles office equipments, computer , electrical
installation and thing belong to them. ·
All
the first legal mortgage of the said land |
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 |
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UK Pound |
1 |
Rs.84.72 |
|
Euro |
1 |
Rs.66.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
44 |
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 |
|
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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