MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHNOART CONSTRUCTIONS PRIVATE LIMITED |
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Registered Office : |
No. 97, Gurukrupa, 2nd
Floor, K H Road, Bangalore – 560 027, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.10.1970 |
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Com. Reg. No.: |
08-1950 |
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CIN No.: [Company
Identification No.] |
U85110KA1970PTC001950 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT00205C |
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PAN No.: [Permanent
Account No.] |
AAACT5910B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction and Allied
Activities |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Good |
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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 having fine track. Trade relations are fair. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 97, Gurukrupa, 2nd
Floor, K H Road, Bangalore – 560 027, Karnataka, India |
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Tel. No.: |
91-80-2225246 / 22220141 |
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E-Mail : |
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Corporate
Office : |
No. 19 And 19/1,
3rd Floor, Above Canara Bank, South End Road, Basavangudi,
Bangalore – 560 004, Karnataka, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M S Nagaraja
Rao |
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Designation : |
Director |
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Address : |
Mansa 22nd main 10th Cross, J p Nagar, 2nd phase, Bangalore – 580 078, Karnataka, India |
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Date of Birth/Age : |
21.11.1944 |
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Date of Appointment : |
11.08.1978 |
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Directorship in other companies : |
·
Maya
Ventures Private Limited (CIN : U07010KA2003PTC032880) Director |
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Name : |
Mr. M N Karthik |
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Designation : |
Director |
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Address : |
927 Manasi 22nd main 10th Cross, J P Nagar, 2nd phase, Bangalore – 580 078, Karnataka, India |
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Date of Birth/Age : |
22.11.1977 |
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Date of Appointment : |
01.05.2000 |
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Directorship in other companies : |
·
Maya
Ventures Private Limited (CIN : U07010KA2003PTC032880) Director ·
Shivashakti
Construction Private Limited (CIN : U45201KA1997PTC023006) Director |
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Name : |
Mr. Y S Nagaraja
Rao |
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Designation : |
Director |
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Address : |
No. 51 24th Main Sri Nagar, Bangalore – 560 050, Karnataka, India |
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Date of Birth/Age : |
14.10.1934 |
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Date of Appointment : |
01.07.2000 |
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Name : |
Mrs. Rathna
Nagaraj |
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Designation : |
Director |
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Address : |
927 Manasi 22nd Main 10th Cross, J P Nagar, 2nd phase, Bangalore – 580078, Karnataka, India |
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Date of Birth/Age : |
09.12.1946 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. B Basavsraju |
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Designation : |
Chairman |
KEY EXECUTIVES
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Name : |
Mr. A M Bhat |
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Designation : |
Company Secretary |
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Address : |
1, Adinarayan Co–op Housing Society, Naikwadi , Goregaon (East), Mumbai – 400 063, Maharashtra, India |
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Tel No. : |
91-22-28753046 |
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E-Mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. B Basavaraju |
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50 |
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Mrs. Anitha
Prabhu |
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10 |
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Mr. Sarojini
Nayak |
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50 |
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M.S. Nagaraj Rao |
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7670 |
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Mr. T S Shashi
Kumar |
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250 |
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Mrs. Rathna
Nagaraj |
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4200 |
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Mrs. Rashmi
Nagaraj |
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6490 |
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Mr. Karthik |
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6180 |
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Mr. Y S Nagaraja
Rao |
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100 |
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Total |
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25000 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or relative of directors |
98.60 |
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Others |
1.40 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction and Allied
Activities |
GENERAL
INFORMATION
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Bankers : |
·
Bank
of Maharashtra Brigade Road
Branch, Brigade Road, Bangalore – 560001, Karnataka, India ·
Centurion
Bank ·
HDFC
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P V Pai and
Company Chartered
Accountants |
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Address : |
No. 92/1, II
Floor, Between 8th and 9th Cross, Temple Street,
Malleswaram, Bangalore – 560 003, Karnataka, India |
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Associates/Subsidiaries : |
Maya Ventures
Private Limited (CIN :
U07010KA2003PTC032880) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.009 |
31.774 |
28.214 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.509 |
34.274 |
30.714 |
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LOAN FUNDS |
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1] Secured Loans |
18.864 |
14.436 |
13.610 |
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2] Unsecured Loans |
21.248 |
0.000 |
0.000 |
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TOTAL BORROWING |
40.112 |
14.436 |
13.610 |
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DEFERRED TAX LIABILITIES |
1.338 |
1.513 |
1.796 |
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TOTAL |
80.959 |
50.223 |
46.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.794 |
39.174 |
31.816 |
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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 |
68.800 |
84.200 |
45.000 |
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Sundry Debtors |
4.717 |
11.197 |
19.081 |
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Cash & Bank Balances |
11.840 |
11.078 |
9.210 |
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Other Current Assets |
25.621 |
19.651 |
19.607 |
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Loans & Advances |
9.330 |
7.842 |
5.044 |
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Total
Current Assets |
120.308
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133.968 |
97.942 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.993 |
71.428 |
50.262 |
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Provisions |
26.150 |
51.491 |
33.376 |
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Total
Current Liabilities |
76.143
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122.919
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83.638 |
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Net Current Assets |
44.165 |
11.049 |
14.304 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
80.959 |
50.223 |
46.120 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.94
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4.01 |
3.17 |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.09 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
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Name of the
company |
TECHNOART
CONSTRUCTIONS PRIVATE LIMITED |
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Presented By |
Manager, Bank of Maharashtra, Brigade Road, Branch |
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1) Date and
description of instrument creating the change |
06.01.2004,
Composite Deed of hypothecation , agreement for bills facility, hypothecation
of fixed deposit, agreement for inland, l/C, Agreements for indemnity for
IDBI DPG, indemnity for Bank guarantee, Memorandum of equitable mortgage. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
·
Hypothecation
of stock of raw materials, Semi finished goods and finished goods , stores
and spares, bills receivables and book debts, bills / Cheque purchased ·
hypothecation
of fixed deposits ·
Pledge
and hypothecation of goods procured under L/C ·
Hypothecation
of machine purchased under IDBI – DPG ·
Counter
guarantee ·
Equitable
mortgage properties as per memorandum. All those pieces and parcels of land
situate being and lying at Seegehalli Village, Bangalore South Taluk,
Bangalore, admeasuring and Bearing survey No. as per annexure. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayment – On Demand Margin: 25% Interest 14% p. a |
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5) Name and
Address and description of the person entitled to the charge. |
Manager Bank of Maharashtra, Brigade Road Branch, Bangalore – 560 001 |
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6) Date and brief description of instrument
modifying the charge |
15.03.2005.
Composite deed of hypothecation for al facilities, Agreement for Inland L/C,
Memorandum of records of equitable mortgage. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Total facilities
enhanced from Rs.45.000 millions to Rs.72.500 millions increase by Rs.27.500
millions. (C/C hypothecation from Rs.2.500 millions to Rs.5.000 millions
inland L/C increased from Rs.5.000 millions to Rs.10.000 millions Bank
guarantee increased from Rs.150.000 millions to Rs.35.000 millions. Interest
13.25% p. a Equitable
mortgage of property at seegehalli Village, Bangalore South Taluk, and
Bangalore will continue for the enhanced facilities also. All other terms
and conditions remain unchanged. |
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Corporation identity number or foreign company registrations number of
the company |
U85110KA1970PTC001950 |
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Name of the company |
TECHNOART
CONSTRUCTIONS PRIVATE LIMITED |
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Address |
No. 97, Gurukrupa, 2nd
Floor, K H Road, Bangalore – 560 027, Karnataka, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Bank of Maharashtra Brigade Road Branch, # 190, Ram Complex, 1st Floor, Brigade
Road, Bangalore – 560 001, Karnataka, India E-Mail: pvpaico@yahoo.co.in |
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Nature or description of the instrument creating charge |
·
Composite
deed of hypothecation for all facilities ·
Demand
promissory Note ·
Mortgager’s
Letter of confirmation of equitable mortgage for additional facilities ·
Memorandum
of Record of equitable mortgage for additional facilities |
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Date of the instrument creating charge |
09.08.2007 |
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Amount Secure by the charge |
Rs.7.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Interest @ BPLR +2% i. e 15.25% p. a Terms of repayment: Repayment 54 monthly installments of Rs.0.130 million after initial
moratorium of 2 months of disbursement of first installment of loan. Interest
to be paid separately as when applied inclusive of moratorium period
Interest. Margin: 53% Extent and Operation of the Charge: Term Loan of Rs.7.000 millions |
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Short particulars of the Property charged |
Equitable mortgage of all those piece and parcel of land situated at
Seegehally village, Bangalore south taluk, Bangalore, admeasuring and bearing
SY. No. T J 108, measuring 350 sq. ft. TK 104, Measuring 150 SFT , WA 004 Measuring
775 SFT, WC 001, measuring 710 SFT WC 002, Measuring 710 SFT , WA 002
measuring 775 SFT . Site No. 927 II Phase JP Nagar, Bangalore Measuring east to west 18.29
mtr. North to south 12.19 Mts and other 4 properties as per details
attached. |
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.42.82 |
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UK Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.66.62 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
|
50 |
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 |
|