MIRA
INFORM REPORT
|
Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAHAVEER SAFETY GLASS COMPANY PRIVATE LIMITED |
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Registered Office : |
9 D, 9th Floor, Ega Trade Centre 809, Poonamallee High
Road, Chennai – 600 010, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.11.1999 |
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Com. Reg. No.: |
18-43549 |
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CIN No.: [Company
Identification No.] |
U26109TN1999PTC0143549 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM05230B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of glass. |
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 400000 |
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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. Business is active. General financial position is
satisfactory. Payments are reported as 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/Factory : |
9 D, 9th Floor, Ega Trade Centre 809, Poonamallee High
Road, Chennai – 600 010, Tamil Nadu , India |
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Tel. No.: |
91-44-26650919 |
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Fax No.: |
91-44-52178225 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Kumar Babulal Jain |
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Designation : |
Director |
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Address : |
25/3, Flowers Road, Vuputur Avenue, Kilpauk, Chennai – 600 010, Tamil
Nadu, India |
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Date of Birth/Age : |
02.01.1966 |
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Date of Appointment : |
29.03.2007 |
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Name : |
Mr. Champatlal B Jain |
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Designation : |
Director |
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Address : |
Door No. 40-20-42, Tikkle Road, Poornachnadra Rao Road, Labbipet,
Vijayawada – 520 001, Andhra Pradesh., India |
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Date of Birth/Age : |
14.07.1958 |
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Date of Appointment : |
29.03.2007 |
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Name : |
Mr. Ramesh Kumar Chouhan |
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Designation : |
Director |
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Address : |
22, Rangnathan Avenue Sylvan Lodge Colony, Kellys, Chennai – 600 010,
Tamil Nadu, India |
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Date of Birth/Age : |
17.02.1955 |
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Date of Appointment : |
29.03.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2006) |
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No. of Shares |
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Mr. Champatlal B Jain |
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200000 |
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Mr. Madanlal B Jain |
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334900 |
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Mr. Manjula M Chowtia |
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220000 |
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Mr. Ashok B Jain |
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66000 |
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Mrs. Nirmala Bai |
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270000 |
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Mr. Babulal L Shah |
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250000 |
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Mr. Babulal HUF |
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20000 |
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Mrs. Naina A Chowtia |
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59000 |
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Mrs. Kanchenben |
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75000 |
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Mrs. Rekha S Chowtia |
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120000 |
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Mr. Tarachand L Shah |
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190000 |
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Mrs. Chandenben |
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115000 |
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Mr. Uji Bhai |
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20000 |
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Mrs. Vinitha Kumari |
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10000 |
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Mrs. Rinku A Chowtia |
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50000 |
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LPA Vallammaichi |
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100 |
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Total
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2000000 |
Equity Shares Breakup (Percentage of Total Equity): (As on 31.03.2006)
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
5.45 |
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2 |
Directors or relative of directors |
94.55 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of glass. |
GENERAL
INFORMATION
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Bankers : |
· HDFC Bank · ICICI Bank · Indian Overseas Bank Purasawalkkam Branch, 15 Hunters Road, Chennai – 600 112, Tamil Nadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Surana Atosh and Company Chartered Accountants |
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Address : |
65, Jermaiah Road, 1st Floor, Chennai – 600 007, Tamil
Nadu, India |
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Name 2: |
Mr. Sreedhar Sreekakulam Chartered Accountants |
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Address : |
S H Bhandari and Company, 824 EVR Periyar Road, Kilpauk, Chennai – 600
010, Tamil Nadu, India |
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Associates/Subsidiaries : |
· Navakar Impex Private Limited · Mahaveer Mirror India, Vijayawada |
CAPITAL STRUCTURE
Authorised Capital : (As on 31.03.2007):-
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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 |
|
3596100 |
Equity Shares |
Rs. 10/- each |
Rs.35.961
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 |
35.633 |
20.000 |
20.000 |
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2] Share Application Money |
2.996 |
47.021 |
11.171 |
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3] Reserves & Surplus |
59.303 |
14.675 |
12.680 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
97.932 |
81.696 |
43.851 |
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LOAN FUNDS |
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1] Secured Loans |
131.963 |
79.182 |
58.339 |
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2] Unsecured Loans |
7.286 |
5.077 |
5.847 |
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TOTAL BORROWING |
139.249 |
84.259 |
64.186 |
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DEFERRED TAX LIABILITIES |
20.642 |
7.997 |
0.000 |
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TOTAL |
257.823 |
173.952 |
108.037 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
140.595 |
105.055 |
69.936 |
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Capital work-in-progress |
0.000 |
0.000 |
0.530 |
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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 |
51.978
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25.643 |
17.840 |
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Sundry Debtors |
73.794
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54.816 |
32.105 |
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Cash & Bank Balances |
3.640
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3.034 |
0.535 |
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Other Current Assets |
4.371
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4.466 |
0.000 |
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Loans & Advances |
14.566
|
7.465 |
8.163 |
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Total
Current Assets |
148.349
|
95.424 |
58.643 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
25.446
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25.196 |
20.442 |
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Provisions |
5.765
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1.439 |
0.756 |
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Total
Current Liabilities |
31.211
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26.635 |
21.198 |
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Net Current Assets |
117.138
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68.789 |
37.445 |
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MISCELLANEOUS EXPENSES |
0.090 |
0.108 |
0.126 |
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TOTAL |
257.823 |
173.952 |
108.037 |
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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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NA |
NA |
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Other Income |
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NA |
NA |
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Total Income |
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NA |
NA |
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Profit/(Loss) Before Tax |
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26.853 |
11.443 |
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Provision for Taxation |
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13.256 |
2.977 |
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Profit/(Loss) After Tax |
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13.597 |
8.466 |
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Expenditures : |
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Depreciation & Amortization |
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15.755 |
8.998 |
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Total Expenditure |
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15.755 |
8.998 |
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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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PAT / Total
Income |
(%) |
NA
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.29
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5.71 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74
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1.36 |
1.95 |
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Current Ratio (Current Asset/Current Liability) |
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4.75
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3.58 |
2.77 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U26109TN1999PTC0143549 |
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Name of the company |
MAHAVEER SAFETY GLASS COMPANY PRIVATE LIMITED |
|
Address |
9 D, 9th Floor, Ega Trade Centre 809, Poonamallee High
Road, Chennai – 600 010, Tamil Nadu , India |
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This Form is for |
Modification of Charge |
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Type of Charges |
Immovable Property |
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Particular of the charge holder
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Indian Overseas Bank Address: Purasawalkkam Branch, 15 Hunters Road, Chennai – 600 112,
Tamil Nadu, India Email ID: abc1224@gmail.com |
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Nature or description of the instrument creating charge |
Letter dated 04.01.2007 confirming deposit
of title deeds made on 03.01.2007 |
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Date of the instrument creating charge |
03.01.2007 |
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Amount Secure by the charge |
Rs. 148.950 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : As determined by the bank from time to time Terms of repayment: As per the repayment schedule determined by the bank from time to time Margin: As per the sanction letter and instruments executed on 03.01.2007 Extent and Operation of the charge: As per the sanction letter and instruments executed on 03.01.2007 Others: All other terms and conditions as per the sanction letter and
instruments executed on 03.01.2007 |
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Short particulars of the Property charged |
Additional security has been offered to by way creation of equitable
mortgage by deposit of title deeds of the following property owned by the
company to secure the existing Term Loan IV (Wind mill) facility of Rs.
27.200 millions All that piece and parcel of the punja land measuring to an extent of
one acre and 65 cents northern side and North to South on the South – Western
side land in S No. 233 of Alagia pandiapuram village, Tirunelveli District. |
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.40.77 |
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UK Pound |
1 |
Rs.82.10 |
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Euro |
1 |
Rs.64.48 |
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 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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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 |
|
63 |
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 |
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|
>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 |
|
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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