MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHALANI BIOMEDICALS PRIVATE IIMITED |
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Registered Office : |
225, Hind Rajasthan Building, D S Phalke Road, Dadar (West), Mumbai –
400015, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
3.06.2005 |
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Com. Reg. No.: |
11-153754 |
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CIN No.: [Company
Identification No.] |
U33100MH2005PTC153754 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB16901D |
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PAN No.: [Permanent
Account No.] |
AACCB6309E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on all or any of the business as Distributor, C and F Agent,
Commission agents, merchant, traders, buying agents, selling agents, brokers,
adatias, buyers, sellers, importers, exporters, and dealers in all Biomedical
instrument, parts and other accessories and all other medical instruments,
equipments and machineries. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 600 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. In absence of communication details from any sources, we sent
information request letter through courier but management has not responded,
yet. If any further details are made available we shall supplement the
same. |
LOCATIONS
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Registered Office : |
225,Hind Rajasthan Building, D S Phalke Road, Dadar (West), Mumbai –
400015, Maharashtra, India |
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Tel No.: |
91-22-40765333 |
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E-Mail : |
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Area: |
600 Sq.fts |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Hiren S. Bhalani |
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Designation : |
Director |
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Address : |
F – 621, Garden court building L.B.S. Marg. Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Appointment : |
03.06.2005 |
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Name : |
Mr. Hemal S. Bhalani |
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Designation : |
Director |
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Address : |
F – 621, Garden court building L.B.S. Marg. Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Appointment : |
03.06.2005 |
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Name : |
Mrs. Jigna H. Bhalani |
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Designation : |
Director |
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Address : |
F – 621, Garden court building L.B.S. Marg. Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Appointment : |
03.06.2005 |
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Name : |
Mr. Shahsikant C. Bhalani |
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Designation : |
Director |
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Address : |
F – 621, Garden court building L.B.S. Marg. Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Appointment : |
03.06.2005 |
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Name : |
Mrs. Chandrika S.Bhalani |
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Designation : |
Director |
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Address : |
F – 621, Garden court building L.B.S. Marg. Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Appointment : |
03.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2006):- |
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No. of Shares |
|
Mr. Hemal S. Bhalani |
|
2000 |
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Mr. Hiren S. Bhalani |
|
2000 |
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Mrs. Jigna H. Bhalani |
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2000 |
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Mr. Shahsikant C. Bhalani |
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2000 |
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Mrs. Chandrika S.Bhalani |
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2000 |
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Total
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10000 |
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Category (as on 31.03.2006):- |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on all or any of the business as Distributor, C and F Agent, Commission
agents, merchant, traders, buying agents, selling agents, brokers, adatias,
buyers, sellers, importers, exporters, and dealers in all Biomedical
instrument, parts and other accessories and all other medical instruments,
equipments and machineries. |
GENERAL
INFORMATION
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No. of Employees : |
8 |
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Bankers : |
Canara Bank, 12,
Shishu Mandir Building, 12 G.S.Lane, Parel, Mumbai – 400012, Maharashtra,
India |
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Facilities: |
Credit Facility - Rs. 25.000 millions |
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Banking Relations
: |
------ |
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Auditors : |
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Name : |
Sarika Shah And Company Chartered Accountants |
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Address : |
6, Ramnik Villa, Laxminarayan Mandir Marg. Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs.10/- each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs.10/- each |
Rs.0.100million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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|
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.040 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.140 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.650 |
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TOTAL BORROWING |
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0.650 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.790 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.254 |
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Sundry Debtors |
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0.140 |
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Cash & Bank Balances |
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0.236 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.185 |
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Total
Current Assets |
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0.815 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.025 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.025 |
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Net Current Assets |
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0.790 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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0.790 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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0.389 |
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Other Income |
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0.000 |
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Total Income |
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0.389 |
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Profit/(Loss) Before Tax |
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0.060 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.060 |
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Total Expenditure |
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0.329 |
KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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15.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
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15.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.17 |
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Current Ratio (Current Asset/Current Liability) |
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32.60 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the company |
BHALANI
BIOMEDICALS PRIVATE LIMITED |
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Presented By |
Canara Bank and
Bhalani Biomedicals private Limited |
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1) Date and description of instrument creating the change |
13.09.2005 Common Hypothecation
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.500 millions (Rs. In millions) Cash Credit 1.500 Guarantee 4.000
Total 5.500 |
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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 |
1) All stock of
goods such as raw materials goods in process, finished and manufactured goods
and other items of stocks in trade and stores, spares, components, machinery,
vehicles, furniture and fixture and all other movable goods and properties of
every description of the Borrower wherever situated whether at the Borrower’s
factories, places of business, residence (if applicable), godowns or in
transit or in the custody of processors, warehouse agents or other or
wherever else the same may be situated, lying or being including any such raw
materials, articles or goods, stores, spares, components, stocks in trade and
all description of movable property in the course of delivery to the Borrow. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Interest @3.5%
above PLR or at such other rates as may be fled by the Bank 2) Borrower shall
maintain such 25% Margin of security as is stipulated by the Bank from time
to time |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank 12, Shishu
Mandir, G.S.Lane, Parel, Mumbai – 400012, Maharashtra, India |
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Corporate
identity number (CIN) Foreign company registration number |
U33100MH2005PTC153754 |
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Name of the
Company |
BHALANI
BIOMEDICALS PRIVATE LIMITED |
|
Address |
225, Hind Rajasthan
Building, D.S. Phalke Road, Dadar (East), Mumbai – 400014, Maharashtra |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Book Debts,
Movable property (not being pledge), Floating charge |
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Particulars of
the charge holder |
Canara Bank 12, shishu
Mandir, G.S.Lane, Parel, Mumbai – 400012, Maharashtra |
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Date of the instrument creating charge |
20.11.2006 |
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Amount secured by
the charge |
Rs. 25.000
millions |
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Brief of the
principal terms and conditions |
Interest Rate @
5.5% p.a. above on going Benchmark PLR with a minimum of 17% p.a. compound
monthly Terms of
repayment – on Demand Margin – As may
be stipulated by Bank form time to time. Extent and
operation of the charge – the
facility together with interest/commission, costs, charges, expenses
and other monies payable there under shall be secured against the property. |
|
Brief description
of the instrument modifying the charge under section |
All goods and
commodities purchased acquired, received under the said credit facilities now
lying or hereinafter stored at the godowns, yards and premises or lying at
any other place wheresoever or in respect of which the borrower can make or
effect or purpose to make any deposit, hypothecation or charge. |
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Particular of the
present modification |
The Bank has
increased the credit facility by way of Bank guarantee from Rs.10.000
millions to Rs.25.000 millions. All other terms and conditions shall remain
same. |
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.43.15 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.68.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
25 |
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/normal. |
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 |
|