MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GHALSASI ENGINEERING SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Flat No. 4, Lalita Mahal, Plot No. 3, CT Survey No. 1622, Baner Road,
Aundh, Pune 411 007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.10.1996 |
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Com. Reg. No.: |
11-103375 |
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CIN No.: [Company
Identification No.] |
U29309MH1996PTC103375 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Submerged ARC Ferro Alloys Furnace
Equipments. |
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 87000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Flat No. 4, Lalita Mahal, Plot No. 3, CT Survey No. 1622, Baner Road,
Aundh, Pune 411 007, Maharashtra, India |
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Tel. No.: |
91-20-25662040/ 25662039 |
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Fax No.: |
91-20-25662039/ 25662138 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vilas Ramchandra Ghalsasi |
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Designation : |
Managing Director |
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Address : |
Rachana Glory, Flat No. 478/ 5, S. No. 1097/ 3B, Model Colony, Pune
411 016, Maharashtra, India |
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Date of Birth/Age : |
21.07.1950 |
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Date of Appointment : |
17.10.1996 |
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Name : |
Mrs. Sandhya Vilas Ghalsasi |
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Designation : |
Director |
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Address : |
Rachana Glory, Flat No. 478/ 5, S. No. 1097/ 3B, Model Colony, Pune
411 016, Maharashtra, India |
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Date of Birth/Age : |
18.02.1958 |
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Date of Appointment : |
17.10.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Vilas Ramchandra Ghalsasi |
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7500 |
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Mr. Vilas Ghalsasi |
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5250 |
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Mr. Tushar Vilas Ghalsasi |
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750 |
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Total |
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13500 |
(As on 30.09.2007)
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relative of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Submerged ARC Ferro Alloys Furnace
Equipments. |
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Products : |
Submerged ARC Ferro Alloys Furnace Equipments. |
GENERAL
INFORMATION
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Bankers : |
· The Karad Urban
Co-Operative Bank Limited Karve Road, Pune – 411029, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V D Gosavi and Company Chartered Accountants |
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Address : |
224, Adhar, Narayan Peth, Laxmi Road, Pune 411 030, Maharashtra, India
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13500 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.350
millions |
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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 |
1.350 |
1.350 |
1.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.387 |
14.632 |
2.743 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.737 |
15.982 |
4.093 |
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LOAN FUNDS |
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1] Secured Loans |
0.082 |
0.205 |
0.328 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.082 |
0.205 |
0.328 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.012 |
0.025 |
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TOTAL |
21.819 |
16.199 |
4.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.133 |
2.456 |
2.556 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.562 |
0.062 |
0.062 |
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DEFERREX TAX ASSETS |
0.001 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.970
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0.061 |
11.478 |
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Sundry Debtors |
8.484
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28.456 |
6.883 |
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Cash & Bank Balances |
34.101
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15.440 |
25.365 |
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Other Current Assets |
20.911
|
3.008 |
17.974 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
87.466
|
46.965 |
61.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
68.343
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33.284 |
59.874 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
68.343
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33.284 |
59.874 |
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Net Current Assets |
19.123
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13.681 |
1.826 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
21.819 |
16.199 |
4.446 |
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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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81.731 |
251.737 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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81.731 |
251.737 |
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Profit/(Loss) Before Tax |
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9.224 |
18.897 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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9.224 |
18.897 |
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Expenditures : |
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Interests |
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1.075 |
0.086 |
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Depreciation |
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0.385 |
0.446 |
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Other Expenditure |
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71.047 |
232.308 |
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Total Expenditure |
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72.507 |
232.840 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.28
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7.51 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
11.28
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7.51 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.29
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38.24 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.42
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1.18 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.14
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3.09 |
15.71 |
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Current Ratio (Current Asset/Current Liability) |
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1.28
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1.41 |
1.03 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
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Name of the company |
GHALSASI ENGINEERING SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. Vilas Ghalsasi, Director |
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1) Date and description of instrument creating the change |
Deed of Memorandum of Equitable Mortgage dated 14.06.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.450 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Mortgage of all that piece and parcel of non agricultural land area measuring 801-97 sq. meters together with additional floor space area of about 295.041 sq. meters making together totally, an area of 1097.01 sq. meters bearing Plot No. 3 out of land bearing Survey No. 79/2/1 of village Aundh, Taluka Pune City, District Pune, corresponding to part by CTS No. 1622 Aundh, Pune lying and situate within the Registration on district of Pune, the Registration of sub district, Taluka Pune City the revenue limits of the Tahsil Pune city and situate within the limits of Pune Municipal Corporation and which in bounded as under: East: by land bearing S. No. 80 South: by plot No. North: by Plot No. West: by Road and S. No. 78 All those residential premises ad measuring about 118.87 sq. meters build along with adjoining terrace and ad measuring about 10.03 sq. meters together bearing Flat No. 4 being constructed on the first floor above stilts and 3 parking space as measuring of 43.45 sq. meters below stilts of the building being constructed on the property described herein above and which flat is bounded as under: On or towards: East: by open space South: by open space North: by open space West: by Flat No. 5 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Mortgage executed for repayment of term loan of Rs. 1.450 millions |
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5) Name and Address and description of the person entitled to the charge. |
Janata Sahakari Bank Limited Pune Karve Road, Pune 411 004, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U29309MH1996PTC103375 |
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Name of the company |
GHALSASI ENGINEERING SYSTEMS PRIVATE LIMITED |
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Address |
Flat No. 4, Lalita Mahal, Plot No. 3, CT Survey No. 1622, Baner Road, Aundh,
Pune 411 007, Maharashtra |
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Type of Charges |
Simple mortgage |
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Whether consortium finance is involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
The Karad Urban
Co-Operative Bank Limited Karve Road, Pune 411 029, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Mortgage deed dated 10.05.2006 |
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Date of the instrument creating charge |
10.05.2006 |
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Amount Secure by the charge |
Rs. 8.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Bank guarantee of Rs. 8.000 millions at a guarantee commission at 2% per annum. Payable in 24 months. |
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Description of the property charged indicating whether it si a charge on |
Immovable property |
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Particulars of the Property charged |
Flat No. 4, Sr. No. 79/2/1, City S No. 1622, plot No. 2, Lalit Mahal, Aundh, Pune 411 007, Maharashtra, India |
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Whether the property is registered in the name of the company |
Yes |
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 |
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UK Pound |
1 |
Rs.85.08 |
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Euro |
1 |
Rs.68.10 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess 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 |
|
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 |
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