MIRA
INFORM REPORT
|
Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLOWMORE PRIVATE LIMITED |
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Registered Office : |
A 292 N H-8, Mahipalpur Extension, National Highway, 8, New Delhi
110037 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.07.1967 |
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Com. Reg. No.: |
004773 |
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CIN No.: [Company
Identification No.] |
U74899DL1967PTC004773 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02659G |
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PAN No.: [Permanent
Account No.] |
AAACF0876E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pumps |
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 1200000 |
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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 company having fine track. Trade relations are fair. Financial position is good. Payments are correct and as per
commitments. Nothing adverse
reported. The company can be considered good for any normal business
dealings. It can be regarded as a
promising business partner of a medium to long run. |
LOCATIONS
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Registered Office : |
A 292 N H-8, Mahipalpur Extension, National Highway, 8, New Delhi
110037, India |
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Tel. No.: |
91-11-30623740 / 26783740 |
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Fax No.: |
91-11-26783278 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mahesh Prasad Gupta |
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Designation : |
Director |
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Address : |
6, Shivaji Marg, Rangpuri, New Delhi 110037, India |
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Date of Birth/Age : |
29.04.1922 |
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Date of Appointment : |
26.07.1967 |
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Name : |
Mr. Vinod Kumar Gupta |
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Designation : |
Director |
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Address : |
6, Shivaji Nagar, Rangpuri, New Delhi 110037, India |
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Date of Birth/Age : |
07.06.1944 |
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Date of Appointment : |
27.07.1993 |
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Name : |
Mr. Krishan Kumar Bhatia |
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Designation : |
Director |
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Address : |
211, Sathi Apartments, Plot No. 18, Sector 9, Rohini, Delhi 110085,
India |
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Date of Birth/Age : |
25.09.1953 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Gaurav Kumar Gupta |
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Designation : |
Director |
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Address : |
6, Shivaji Marg, Rangpuri, New Delhi 110037, India |
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Date of Birth/Age : |
28.12.1970 |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Saurabh Gupta |
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Designation : |
Director |
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Address : |
6, Shivaji Marg, Rangpuri, New Delhi 110037, India |
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Date of Birth/Age : |
29.07.1972 |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Rishabh Gupta |
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Designation : |
Director |
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Address : |
6, Shivaji Marg, Rangpuri, New Delhi 110037, India |
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Date of Birth/Age : |
02.02.1978 |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Hariharan Rajamani |
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Designation : |
Director |
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Address : |
B-1/15, Safdarjung Enclave, New Delhi 110029, India |
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Date of Birth/Age : |
15.09.1944 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Shanti Prasad Mittal |
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Designation : |
Director |
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Address : |
E – 383, Ground Floor, Greater Kailash II, New Delhi 110048, India |
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Date of Birth/Age : |
02.10.1934 |
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Date of Appointment : |
26.07.1967 |
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DIRECTORSHIP IN OTHER COMPANIES : |
CIN No.: U29120DL1973PLC006493 Fairbanks Morse India Limited CIN No.: U74999DL1973PTC006743 Ushmil Hydro Systems Private Limited CIN No.: U74899DL1989PTC036712 A M Estates Private Limited CIN No.: U74899DL1974PTC007287 Devshakti Hydro Power Private Limited CIN No.: U74899DL1979PTC009602 Total Engineering Services Private Limited CIN No.: U51909DL1996PTC078032 Templetree Power Construction Private Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.12.2005]
|
Names of Shareholders |
|
No. of Shares |
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Mahesh P. Gupta |
|
4921 |
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Vinod Kumar Gupta |
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4750 |
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Janak Gupta |
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831 |
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Gaurav Gupta |
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389 |
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Mahesh P. Gupta |
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1116 |
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Uma Mittal |
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400 |
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Anshu Mittal |
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800 |
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B. P. Mittal |
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1180 |
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Shambhu Daya |
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1220 |
|
Aristocraft International |
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16 |
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Vinod Kumar Gupta |
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5060 |
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Janak Gupta |
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819 |
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Rishabh Gupta |
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916 |
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Gaurav Gupta |
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730 |
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Saurabh Gupta |
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916 |
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M. P. Gupta |
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7136 |
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Gaurav Gupta |
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1500 |
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Gaurav Gupta |
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500 |
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Saurabh Gupta |
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2000 |
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Equity Share
Break-up [As on 30.09.2007] |
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Percentage of
Holding |
|
Bodies Corporate |
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1.91 |
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Directors or relatives of the Directors |
|
98.09 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pumps |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Canara Bank F – 19, Connaught Circus, New Delhi 110001, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Goyal and Goyal Chartered Accountants |
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Address : |
C-2/4, Community Centre, Phase II, Ashok Vihar, Delhi 110052, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
107000 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.700
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
10.700 |
10.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
303.711 |
202.871 |
107.840 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
314.411 |
213.371 |
111.340 |
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LOAN FUNDS |
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1] Secured Loans |
197.047 |
101.417 |
50.952 |
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2] Unsecured Loans |
2.556 |
31.144 |
7.373 |
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TOTAL BORROWING |
199.603 |
132.561 |
58.325 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
514.014 |
345.932 |
169.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.865 |
57.945 |
45.972 |
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Capital work-in-progress |
3.578 |
4.799 |
0.383 |
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INVESTMENT |
0.514 |
0.414 |
0.414 |
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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 |
287.654
|
114.497 |
34.529 |
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Sundry Debtors |
519.728
|
430.784 |
248.616 |
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Cash & Bank Balances |
37.042
|
21.322 |
7.947 |
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Other Current Assets |
0.808
|
0.504 |
0.063 |
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Loans & Advances |
61.909
|
35.855 |
24.859 |
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Total
Current Assets |
907.141
|
602.962 |
316.014 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
450.384
|
245.688 |
181.864 |
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Provisions |
21.700
|
74.500 |
11.254 |
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Total
Current Liabilities |
472.084
|
320.188 |
193.118 |
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Net Current Assets |
435.057
|
282.774 |
122.896 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
514.014 |
345.932 |
169.665 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover [Estimated] |
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|
520.000 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.13
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2.12 |
2.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.92
|
1.88 |
1.63 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
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Charge identification
number of the charge to be modified |
80011372 |
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Corporate
identity number of the company |
U74899DL1967PTC004773 |
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Name of the
company |
FLOWMORE PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A 292 N H-8, Mahipalpur Extension, National Highway, 8, New Delhi
110037, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Canara Bank F – 19, Connaught Circus, New Delhi 110001, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter Ceding
pari passu |
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Date of
instrument Creating the charge |
19.02.2007 |
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Amount secured by
the charge |
Rs. 8.000 Millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest rate or
at such other rates as may be specified by the Bank from time to time. [b] Terms of
repayment on Demand [c] Margin 25% [d] Extent and
operation of the charge The charge shall
rank pari passu between Canara Bank and Standard Chartered Bank without any
priority of the over the other. [e] others the above is to
secure ILC/FLC/BG Limits |
|
Short particulars
of the property charged |
All goods stored
at the godowns in 9th mile stone GT Road, Sahibabad or lying at
any other godown under guarantee collateral security of machinery valued at
Rs. 3.253 Millions |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
The charge shall
rank pari passu between Canara Bank and Standard Chartered bank without any
priority of one over the other for Canara Bank non fund based limits of Rs.
250.000 Millions for ILC/FLC/BG with sub limit of FLC/DA/DP Rs. 40.000
Millions and sub limit of Non Doc LC of Rs. 20.000 Millions. Other terms and conditions remaining
unchanged. |
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. 40.10 |
|
UK Pound |
1 |
Rs. 80.40 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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 |
|