MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GREAT EASTERN APPLIANCES PRIVATE LIMITED |
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Registered Office : |
20, Old Court House Street w.e.f 23.09.1999, P S Hare Street, Kolkata
700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.01.1998 |
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Com. Reg. No.: |
21-86420 |
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CIN No.: [Company
Identification No.] |
U63022WB1998PTC086420 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALG02081C |
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PAN No.: [Permanent
Account No.] |
AABCG1741J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Air Conditioners, Furniture and Fixtures,
Air Coolers, Refrigeration, Television, Audio and Video Equipments. |
RATING &
COMMENTS
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MIRAs 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 340000 |
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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. |
LOCATIONS
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Registered Office / Factory : |
20, Old Court House Street w.e.f 23.09.1999, P S Hare Street, Kolkata
700 001, West Bengal, India |
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Tel. No.: |
91-33-22103649 |
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Fax No.: |
91-33-22420180 |
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E-Mail : |
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Corporate Office : |
#102, D H Road, Behala, Kolkata 700 034, West Bengal, India |
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Tel. No.: |
91-33-24070946 |
DIRECTORS
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Name : |
Mr. Manish Kumar Baid |
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Designation : |
Director |
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Address : |
8, Heysham Road, Kolkata 700 020, West Bengal, India |
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Date of Birth/Age : |
08.07.1984 |
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Date of Ceasing : |
31.01.2008 |
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Name : |
Mr. Mahendra Kumar Baid |
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Designation : |
Director |
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Address : |
8, Heysham Road, Kolkata 700 020, West Bengal, India |
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Date of Birth/Age : |
30.12.1956 |
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Date of Ceasing : |
31.01.2008 |
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Name : |
Mrs. Manju Baid |
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Designation : |
Director |
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Address : |
8, Heysham Road, Kolkata 700 020, West Bengal, India |
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Date of Birth/Age : |
19.11.1959 |
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Date of Ceasing : |
31.01.2008 |
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Name : |
Mr. Nirmal Kumar baid |
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Designation : |
Director |
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Date of Birth/Age : |
10.09.1954 |
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Date of Appointment : |
28.01.1998 |
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Name : |
Mr. Prem Baid |
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Designation : |
Director |
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Date of Birth/Age : |
15.08.1958 |
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Date of Appointment : |
18.04.2008 |
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Name : |
Mrs. Punam Baid |
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Designation : |
Director |
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Date of Appointment : |
18.04.2002 |
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Name : |
Mr. Pulkit Baid |
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Designation : |
Director |
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Date of Appointment : |
01.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) :- |
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No. of Shares |
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Mr. Nirmal Kumar Baid |
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142000 |
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Mr. Mahendra Kumar Baid |
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26000 |
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Mr. Durganand Mishra |
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4500 |
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Mr. Kanhaiyalal Kumar |
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10000 |
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Mrs. Poonam Chand Kumar |
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7500 |
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Mr. Rajesh Kumar Singhi |
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13000 |
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Mr. Chand Poonam Baid |
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120000 |
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Mr. Hemraj Baid |
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10000 |
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Mr. Prem Baid |
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75000 |
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Mrs. Manju Baid |
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11500 |
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Arg Fintex Private Limited |
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100000 |
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Aristo Traders Private Limited |
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100000 |
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Gunjan Distributors Private Limited |
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50000 |
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Gagan Trecom P Limited |
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30000 |
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New View Holding P Limited |
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20000 |
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Others |
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875500 |
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Names of Allottees (As on 31.03.2008) :- |
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No. of Shares |
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Ratnanadan Commercial P Limited |
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100000 |
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Oasis Agro Products Limited |
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60000 |
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Green Gold Plantation and Nurssay Limited |
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150000 |
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Gagan Tracon Private Limited |
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60000 |
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Dudhoria Consultants Private Limited |
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50000 |
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Mr. Prem Baid |
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30000 |
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Total
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450000 |
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Category (As on 31.03.2007) :- |
Percentage |
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Bodies Corporate |
65.79 |
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Directors or relative of directors |
34.21 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Air Conditioners, Furniture and Fixtures,
Air Coolers, Refrigeration, Television, Audio and Video Equipments. |
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Products : |
·
Washing
Machines ·
Refrigerator
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GENERAL
INFORMATION
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Bankers : |
· United Bank of India, Old Court House Street Branch, Kolkata 700 001, West Bengal, India ·
ICICI Bank
Limited, Landmark Race Cource Circle, Alkapuri, Baroda 390 015, Gujarat,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
U S Agarwal and Associates Chartered Accountants |
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Address : |
42/1, B B , Ganguly Street, Kolkata 700 012, West Bengal, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs.30.000
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
16.000 |
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2] Share Application Money |
10.000 |
1.650 |
2.075 |
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3] Reserves & Surplus |
27.569 |
16.277 |
9.933 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
67.569 |
47.927 |
28.008 |
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LOAN FUNDS |
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1] Secured Loans |
246.295 |
111.770 |
82.209 |
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2] Unsecured Loans |
42.071 |
30.985 |
23.520 |
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TOTAL BORROWING |
288.366 |
142.755 |
105.729 |
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DEFERRED TAX LIABILITIES |
0.115 |
0.115 |
0.207 |
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TOTAL |
356.050 |
190.797 |
133.944 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.840 |
7.757 |
7.243 |
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Capital work-in-progress |
85.154 |
47.406 |
31.317 |
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INVESTMENT |
0.600 |
0.600 |
0.600 |
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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 |
197.338
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125.585 |
104.089 |
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Sundry Debtors |
15.354
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12.266 |
5.738 |
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Cash & Bank Balances |
3.227
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6.705 |
4.800 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
62.894
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32.394 |
9.727 |
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Total
Current Assets |
278.813
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176.950 |
124.354 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
55.191
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36.080 |
26.690 |
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Provisions |
12.310
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6.004 |
2.921 |
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Total
Current Liabilities |
67.501
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42.084 |
29.611 |
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Net Current Assets |
211.312
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134.866 |
94.743 |
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MISCELLANEOUS EXPENSES |
0.144 |
0.168 |
0.041 |
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TOTAL |
356.050 |
190.797 |
133.944 |
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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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5.27
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3.86 |
4.83 |
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Current Ratio (Current Asset/Current Liability) |
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4.13
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4.20 |
4.19 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
GREAT EASTERN APPLIANCES PRIVATE LIMITED |
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Presented By |
United Bank of India, old court House
Street Branch, Kolkata 700 001 |
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1) Date and description
of instrument creating the change |
Mortgage Deed
dated 10.02.1999 Deed of
hypothecation dated 09.02.1999 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan Rs.
1.250 millions |
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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 |
Equitable
mortgage of property at 15 B, Sarat Bose Road, Kolkata 700 020 Equitable
mortgage of 1/4th Share of immovable property situated at 20 Old
court house Street, Kol -1, Hypothecation of Debt, movable assets, stock in
trade and Plant and Machinery. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayment: 10 equal
quarterly installments Margin: 25% Rate of interest : 11.50% |
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5) Name and
Address and description of the person entitled to the charge. |
United Bank of India, Old court House Street Branch, Kolkata 700 001 |
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6) Date and brief description of instrument
modifying the charge |
· Deed of hypothecation of Goods dated 13.09.2005 · Deed of hypothecation of Debts dated 13.09.2005 Extension of Equitable mortgage dated 13.09.2005 |
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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. |
CC Rs. 105.000
millions Term Loan Rs.
4.000 (run Down balance) |
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Corporate
identity number of the company |
U63022WB1998PTC086420 |
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Name of the
company |
GREAT EASTERN APPLIANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
20, Old Court House Street w.e.f 23.09.1999, P S Hare Street, Kolkata
700 001, West Bengal, India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable property · Book Debts · Movable property |
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Particular of
charge holder |
United Bank of
India Address: old
Court House Street Branch, Kolkata 700 001, West Bengal, India E-Mail: bmoch@unitedbank.co.in |
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Nature of
instrument creating charge |
· Term Loan Agreement · Hypothecation of goods · Hypothecation of debts and movable assets 2 Nos 13.03.2007 |
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Date of
instrument Creating the charge |
13.03.2007 |
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Amount secured by
the charge |
Rs. 198.220
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
-12.5/- Terms of Repayment · Term Loan I to be repaid in 2 installments (quarterly) · Term Loan II to be repaid in 31 installments (monthly) · Term Loan III to be repaid in 25 installments (quarterly) Margin · Against stock -25% · Against Book Debts- 25% Extent and Operation of the charge · Hypothecation of entire stock of goods and book debts both present and future · Equitable mortgage Land and Building at 15 B, Sarat Bose Road, Kolkata 700 020 · Extension of equitable mortgage at 20, old court House Street, Kolkata 700 001 Others · Property to be acquired at Shibpur, Howrah · Land and Building situated at 102, Diamond Harbour Road, Kolkata 700 034 · Pledge of NSC of 0.380 million · Lien of RD of Rs. 0.020 million pm for 60 months · Lien of RIP of Rs. 4.230 millions · Personal guarantees of all Director |
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Description of
the property charged indicating whether it is a charged on |
· Term Loan agreement · Hypothecation of entire stocks of goods · Hypothecation of Book Debts both present and future · Extension of equitable mortgage. |
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Date of
acquisition of the property |
13.03.2007 |
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Amount of the
charge |
Rs. 198.220 millions |
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Particulars of
the property charged |
· 15 B Sarat Bose , Kolkata -700 020 · 20 Old Court House Street, Kolkata 700 001 · 102 Diamond Harbour Road, Kolkata 700 034 |
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Short Particulars
of the property charged |
· Howrah Showroom Shibpur, Howrah · 15 B Sarat Bose Road, Kolkata 700 020 · 20 Old Court House Street, Kolkata 700 001 · 102, Diamond Harbour Road, Kolkata 700 034 |
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Particulars of
the present modification |
Extension of equitable mortgage of 13.03.2007 |
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 Intl
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 companys 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.42.79 |
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UK Pound |
1 |
Rs.85.04. |
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Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
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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 |
YES |
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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 SCs 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 |
|