MIRA
INFORM REPORT
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Report Date : |
02.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MINING ASSOCIATE PRIVATE LIMITED |
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Registered Office : |
Atwal Nagar, S B Gorai Road, Asansol -713 301, 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 : |
06.05.2003 |
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Com. Reg. No.: |
21-096162 |
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CIN No.: [Company
Identification No.] |
U10200WB2003PTC096162 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM05303E |
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PAN No.: [Permanent
Account No.] |
AADCM8951G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Mining and Drilling Engineers |
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 260776 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track records. Financial position is good. Payments are usually correct and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Atwal Nagar, S B Gorai Road, Asansol -713 301, West Bengal,
India |
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Tel. No.: |
91-341-2283757 / 2283758 |
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Fax No.: |
91-341-2283766 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ram Baboo Bansal |
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Designation : |
Chairman |
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Address : |
Bansal Bhawan, Kumarpur Asansol – 713 304, West Bengal , India |
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Date of Birth/Age : |
12.10.1932 |
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Date of Appointment : |
06.05.2003 |
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Name : |
Mr. Sanjay Bansal |
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Designation : |
Director |
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Address : |
Bansal Bhawan, West End G T Road, Kumarpur Asansol – 713 304, West
Bengal , India |
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Date of Birth/Age : |
08.05.1962 |
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Date of Appointment : |
06.05.2003 |
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Name : |
Mr. Jai Prakash Bansal |
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Designation : |
Director |
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Address : |
Bansal Bhawan, Kumarpur Asansol – 713 304, West Bengal , India |
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Date of Birth/Age : |
27.10.1949 |
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Date of Appointment : |
10.05.2004 |
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Name : |
Mr. Rajesh Bansal |
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Designation : |
Director |
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Address : |
LUV – 303 Agarsen Awas 66, IP Ext. Patpar Ganj, Delhi – 110 092,
Delhi, India |
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Date of Birth/Age : |
06.10.1965 |
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Date of Appointment : |
10.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ram Baboo Bansal |
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581840 |
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Mr. Sanjay Bansal |
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787800 |
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Mr. Jai Prakash Bansal |
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264860 |
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Mr. Rajesh Bansal |
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135090 |
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Mr. Brij Bansal |
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32870 |
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Mrs. Nirmala Devi |
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38950 |
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Mrs. Sumita Bansal |
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36100 |
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Mrs. Seema Devi |
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32490 |
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Mrs. Sarita Bansal |
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200 |
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Others |
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300 |
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Total
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1910500 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Mining and Drilling Engineers |
GENERAL
INFORMATION
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Suppliers : |
· B B Traders Private Limited · Donbass Engineering India Private Limited · East India Agro Industries Private Limited · Imdex Limited · KLR Industries Limited · Tata Iron and Steel Company Limited · Abem India Limited · Bengal Enterprises · Power Technika · International Commercial Corporation |
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Customers : |
· Burn Standard Company limited · G M Exploration CMPDI Limited · Bhushan Limited · Hindustan Zinc Limited · Jindal Steel and power Limited · Jai Prakash Industries Limited · TISCO · Essar Oil Limited · Uranium Corporation of India Limited |
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No. of Employees : |
300 |
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Bankers : |
· Punjab and Sind Bank, 124 GT Road, Murgasol, Asansol - 713 303, West Bengal, India · Citi Bank NA · HDFC Bank, Asansol · ABN Amro Bank, Kolkata · State Bank of India · Axis Bank Limited · Vijaya Bank · Indusind Bank, 2401 Gen Thimmayyaroad, Cantonment , Pune – 411 001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Loyalka and Company Chartered Accountants |
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Address : |
162 Dr. B B Banrjee Road, Raniganj 713 347 , District Burdwan , West
Bengal , India |
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Tel. No.: |
91-341-2445056 / 2446895 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1910500 |
Equity Shares |
Rs. 10/- each |
Rs.19.105
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.105 |
19.104 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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46.089 |
29.634 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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65.194 |
48.738 |
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LOAN FUNDS |
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1] Secured Loans |
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112.721 |
3.226 |
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2] Unsecured Loans |
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26.860 |
23.136 |
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TOTAL BORROWING |
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139.581 |
26.362 |
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DEFERRED TAX LIABILITIES |
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1.654 |
0.008 |
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TOTAL |
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206.429 |
75.108 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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121.826 |
29.326 |
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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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1.774 |
2.360 |
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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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19.390 |
16.104 |
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Sundry Debtors |
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72.099 |
48.497 |
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Cash & Bank Balances |
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24.928 |
6.301 |
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Other Current Assets |
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25.647 |
20.565 |
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Loans & Advances |
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34.287 |
21.280 |
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Total
Current Assets |
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176.351 |
112.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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85.067 |
61.208 |
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Provisions |
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8.588 |
8.317 |
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Total
Current Liabilities |
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93.655 |
69.525 |
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Net Current Assets |
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82.696 |
43.222 |
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MISCELLANEOUS EXPENSES |
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0.133 |
0.200 |
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TOTAL |
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206.429 |
75.108 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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192.739 |
131.259 |
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Work in progress |
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15.579 |
14.034 |
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Other Income |
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1.092 |
0.802 |
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Total Income |
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209.410 |
146.095 |
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Profit/(Loss) Before Tax |
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26.689 |
21.087 |
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Provision for Taxation |
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10.234 |
7.636 |
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Profit/(Loss) After Tax |
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16.455 |
13.451 |
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Expenditures : |
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Financial Charges |
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5.757 |
2.433 |
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Depreciation & Amortization |
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10.103 |
3.923 |
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Other Expenditure |
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151.001 |
112.296 |
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Total Expenditure |
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166.861 |
118.652 |
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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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PAT / Total Income |
(%) |
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7.85 |
9.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.85 |
16.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.95 |
14.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.57 |
1.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.88 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U10200WB2003PTC096162 |
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Name of the company |
MINING ASSOCIATE PRIVATE LIMITED |
|
Address |
Atwal Nagar, S B Gorai Road, Asansol -713 301, West Bengal,
India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Book Debts Movable Property |
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Particular of the charge holder
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CIN : L65191MH1994PLC076333 Indusind Bank Limited 2401 Gen Thimmayyaroad, Cantonment , Pune
– 411 001, Maharashtra, India Email ID: companysecretary@indusind.com
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Nature or description of the instrument creating charge |
Agreement fro hypothecation of current
assets (Form No. BD-5) Composite Agreement for hypothecation of
stocks, book debts and other current assets, Plant and machinery (Form No. BD
– 7) |
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Date of the instrument creating charge |
29.10.2007 |
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Amount Secure by the charge |
Rs. 55.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Cash Credit @11% p.a with monthly rests Term Loan @ 17.50% p.a with monthly rests Term of repayment: Cash credit – Payable on Demand Term Loan – 36 EMI of Rs. 0.815 millions Margin: Cash Credit -25% stock and 30% on book
debts Term Loan -17.50% (cash Margin) Extent and Operation of the charge: Cash credit – Rs. 30.000 millions Term Loan – Rs. 25.000 millions Others Cash credit – Hypothecation of entire
stocks, book debts Term Loan – Hypothecation of No. 2, CS –
14 diamond drill rigs purchased out of banks finance. |
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Short particulars of the Property charged |
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 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.40.26 |
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UK Pound |
1 |
Rs.79.88 |
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Euro |
1 |
Rs.61.26 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
6 |
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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 |
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54 |
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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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