MIRA
INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
M AND B ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
MANIBHAI AND BROTHERS [CONSTRUCTION] PRIVATE LIMITED |
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Registered Office : |
MB House, 51 Chandoday Society, Opposite Golden Triangle Stadium Road,
Ahmedabad – 380014, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.1981 |
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Com. Reg. No.: |
04-4437 |
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CIN No.: [Company
Identification No.] |
U45200GJ1981PTC004437 |
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IEC No.: |
0800009631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM00926C |
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PAN No.: [Permanent
Account No.] |
AAACM7430Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered
Metal Building. |
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 250000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track
records. Financial position of the company is good. Trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Keyur Shah |
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Designation : |
General Manager in Finance |
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Contact No.: |
91- 9327547188 |
LOCATIONS
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Registered Office : |
MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road,
Ahmedabad – 380014, Gujarat, India |
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Tel. No.: |
91-79-26405563 |
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Mobile No.: |
91-9327547188 |
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Fax No.: |
91-79-26400828 / 26400826 |
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E-Mail : |
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Website : |
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Area : |
15000 sq. ft. |
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Location : |
Owned |
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Factory : |
30 P, Naranpura Sanand, Ahmedabad |
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Area : |
20 Acers |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Manibhai Shivabhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
82 Years |
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Experience : |
62 Years |
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PAN No. : |
AATPP0123E |
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Name : |
Mr. Hasmukhbhai Shivabhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
72 Years |
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Qualification : |
B.E. Civil and Electrical |
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Experience : |
52 Years |
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PAN No. : |
ACVPP7829P |
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Name : |
Mr. Manubhai Shivabhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
80 Years |
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Experience : |
60 Years |
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PAN No. : |
AAMPP3668H |
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Name : |
Mr. Girishbhai Manibhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
60 Years |
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Qualification : |
Diploma in Hydraulic Engineering |
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Experience : |
41 Years |
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PAN No. : |
AAWPP1120E |
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Name : |
Mr. Vipinbhai Kantilal Patel |
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Designation : |
Director |
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Address : |
9-A, Sureshwari Society, Naranpura, Ahmedabad – 380013 |
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Date of Birth/Age : |
59 Years |
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Qualification : |
B. Com. Inter CA |
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Experience : |
37 Years |
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PAN No. : |
AEQPP4916C |
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Name : |
Mr. Chirag hasmukhbhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
36 Years |
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Qualification : |
B.E. Civil |
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Experience : |
16 Years |
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PAN No. : |
AEHPP8762P |
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Name : |
Mr. Dr. V R Rajan |
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Designation : |
Director |
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Address : |
B/ 32, Shaligram, Near Umiya Vijay, Setelite, Ahmedabad |
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Date of Birth/Age : |
60 Years |
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Qualification : |
BE Hons, MBA – Business Management; Ph.D. |
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Experience : |
35 Years |
KEY EXECUTIVES
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Name : |
Mr. Chirag hasmukhbhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
36 Years |
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Qualification : |
B.E. Civil |
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Experience : |
16 Years |
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PAN No. : |
AEHPP8762P |
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Name : |
Mr. Malav Girishbhai Patel |
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Designation : |
Director |
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Address : |
7, Friends Colony, Naranpura, Ahmedabad |
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Date of Birth/Age : |
31 Years |
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Qualification : |
B.B.A. |
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Experience : |
10 Years |
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PAN No. : |
AEPPP4861H |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Manibhai S. Patel |
112000 |
14.00 |
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Mr. Manubhai S Patel |
96000 |
12.00 |
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Mr. Hasmukhbhai S. Patel |
112000 |
14.00 |
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Mr. Chirag H Patel |
120000 |
7.00 |
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Mr. Girishbhai M. Patel |
56000 |
15.00 |
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Smt. Umaben Girishbhai Patel |
32000 |
14.00 |
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Mr. Malavbhai Girishbhai patel |
112000 |
5.00 |
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Mr. Vipinbhai Kantbhai Patel |
40000 |
10.00 |
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Smt. Birvaben Chiragbhai Patel |
80000 |
2.00 |
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Smt. Leenaben Vipinbhai Patel |
16000 |
4.00 |
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Mr. Aditya V. Patel |
24000 |
3.00 |
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Total |
800000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered
Metal Building. |
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Imports : |
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Products : |
Steel Coils H R Plates Insulation Material |
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Countries : |
Korea, Australia, Singapore, Thailand |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
L/C, Cash and Credit (0 to 180 Days) |
PRODUCTION STATUS
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Particulars |
Actual
Production |
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Proflex Roofing System |
2643.25 MTS |
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Phenix Pre- eng Metal Building |
2405.20 MTS |
GENERAL
INFORMATION
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Customers : |
End Users, Corporate and Others. |
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No. of Employees : |
450 [In Office : 150 and In Factory : 300] |
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Bankers : |
Bank of Baroda Bhadra Branch, Opposite Dinubhai Tower, Lal Darwaja, Ahmedabad –
380001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Talati and Talati Chartered Accountants |
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Address : |
Ambika Chambers, Near Old High Court, Navarangpura, Ahmedabad –
380009, Gujarat, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs. 10/- each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs.80.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
80.000 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
95.604 |
62.167 |
26.414 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
175.604 |
62.667 |
26.914 |
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LOAN FUNDS |
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1] Secured Loans |
478.889 |
43.387 |
4.595 |
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2] Unsecured Loans |
207.256 |
16.212 |
5.061 |
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TOTAL BORROWING |
686.145 |
59.599 |
9.656 |
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DEFERRED TAX LIABILITIES |
19.560 |
0.000 |
1.143 |
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TOTAL |
881.309 |
122.266 |
37.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
510.658 |
110.823 |
38.462 |
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Capital work-in-progress |
0.170 |
0.000 |
0.000 |
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INVESTMENT |
0.455 |
0.358 |
0.455 |
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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 |
212.798
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0.014
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0.000 |
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Sundry Debtors |
205.596
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21.148
|
5.991 |
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Cash & Bank Balances |
134.562
|
18.058
|
2.524 |
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Other Current Assets |
7.457
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17.963
|
9.035 |
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Loans & Advances |
144.580
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8.812
|
2.364 |
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Total
Current Assets |
704.993
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65.995
|
19.914 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
325.453
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31.435
|
10.143 |
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Provisions |
9.514
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23.475
|
10.975 |
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Total
Current Liabilities |
334.967
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54.910
|
21.118 |
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Net Current Assets |
370.026
|
11.085
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[1.204] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
881.309 |
122.266 |
37.713 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
453.170 |
112.071 |
62.785 |
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Other Income |
1.758 |
0.025 |
0.023 |
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Total Income |
486.158 |
112.096 |
62.808 |
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Profit/(Loss) Before Tax |
64.241 |
47.234 |
22.992 |
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Provision for Taxation |
25.951 |
12.500 |
8.624 |
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Profit/(Loss) After Tax |
38.290 |
34.734 |
14.368 |
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Expenditures : |
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Direct Expenses |
335.478 |
0.000 |
12.547 |
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Payment to and Provision for Employees |
0.000 |
0.000 |
8.405 |
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Interest Expenses |
20.272 |
2.113 |
1.655 |
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Increase/(Decrease) in Finished Goods |
(56.729) |
0.000 |
0.000 |
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Administrative and Other Expenses |
69.128 |
55.981 |
12.002 |
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Depreciation |
14.344 |
0.000 |
5.207 |
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Other Expenses |
39.424 |
0.558 |
0.000 |
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Total Expenditure |
421.917 |
58.652 |
39.816 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
07.87 |
30.99
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22.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.17 |
42.15
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36.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
05.28 |
26.71
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39.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36 |
0.75
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0.85 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.81 |
1.83
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1.14 |
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Current Ratio (Current Asset/Current Liability) |
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2.10 |
1.20
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0.94 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
MANIBHAI AND
BROTHERS [CONSTRUCTION] PRIVATE LIMITED |
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Presented By |
Vipin K Patel,
Director |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of all the borrower Raw Materials, Stock in process, finished
goods, both present and future and also of Hypothecation Plant and Machinery,
furniture, office equipments / vehicles / Crafts consumable stores and spares
both present and future dated 20.01.2006.
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Raw Materials,
Stock in process, finished goods, both present and future also of Hypothecation
of plant and machinery, furniture, office equipments / vehicles / crafts
consumable stores and spares and book debts both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Sanction of various
credit facility of Rs. 60.739 Millions to MB Enterprises Terms and
conditions as per sanction letter dated 11.10.2005 to MB Enterprises by Bank of Baroda, Bandra Branch
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Bandra Branch, Opposite Dinubhai Tower, Lal
Darwaja, Ahmedabad – 380001 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80002185 |
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Corporate identity
number of the company |
U45200GJ1981PTC004437 |
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Name of the
company |
M AND B ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
MB House, 51 Chandoday Society, Opposite Golden Triangle Stadium Road,
Ahmedabad – 380014, Gujarat |
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Type of charge |
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Particular of
charge holder |
Bank of Baroda Bhadra Branch, Opposite Dinubhai Tower, Lal Darwaja, Ahmedabad –
380001, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental composite instrument of hypothecation executed with Bank
of Baroda as on 03.01.2007 |
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Date of
instrument Creating the charge |
Rs. 03.01.2007 |
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Amount secured by
the charge |
Rs. 232.100
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
for Term loan is 0.75 % below BPLR Terms of
repayment Repayable in 16
Quarterly installments commencing after an initial moratorium period of 1
year from the date of first disbursement or one year from the date of
commencement of commercial production which ever is earlier. Interest to be
paid as and when becomes due. Margin For term loan :
25 % For Bank
Guarantee : 10 % cash margin Extent operation
of the charge The charge
created on the hypothecated premises under the aforesaid principal
hypothecation agreement of goods, book debts, movable machinery and vehicles
all dated 28.09.2006 shall be further extended and shall also be a continuing
security to secure the further term loan and Inland Bank guarantee further
the loan is personally guaranteed by the directors. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
28.09.2006 |
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Particulars of
the present modification |
Existing limit of
loan is Rs. 210.300 Millions enhanced portion in limit is Rs. 21.800 Millions
now making is all a total sum of Rs. 232.100 Millions. |
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.49.46 |
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UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
|
>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 |
|