MIRA
INFORM REPORT
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Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
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Name : |
UNITECH AUTOMOBILES PRIVATE LIMITED |
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Registered Office : |
D - 194 MIDC, TTC Industrial
Area, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.05.1984 |
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Com. Reg. No.: |
032875 |
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CIN No.: [Company
Identification No.] |
U99999MH1984PTC032875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU03679E |
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PAN No.: [Permanent
Account No.] |
AAACU4046P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers for Tata Commercial Vehicles, Services and Sales of
Automobiles. |
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 294000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Tata Vehicle Dealers. The company has
maintained steady business but expected to face some difficult depressed
market conditions. Payments are usually correct and as per commitments, so far. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Ravindra Gorivale |
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Designation : |
G.M. in Finance and Accounts |
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Contact No.: |
Mobile no. 91-9820592321 |
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Date : |
17.11.2008 |
LOCATIONS
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Registered Office/ Warehouse : |
D - 194 MIDC, TTC Industrial
Area, |
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Tel. No.: |
91-22-28571528 |
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Mobile No.: |
91-9820592321 (Mr. Ravindra Gorivale) |
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Fax No.: |
91-22-28571545 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ratnakar P. Mungikar |
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Designation : |
Managing Director |
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Address : |
D – 20, Parmanu Nagar CHS Limited, Sector – 4, Vashi, Navi Mumbai –
400 706, |
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Date of Birth/Age : |
09.07.1956 |
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Qualification : |
B.E. |
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Date of Appointment : |
11.05.1984 |
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Name : |
Mr. Vinod Kumar Ram Iqbal Sharma |
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Designation : |
Director |
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Address : |
602, D – 04, Sagar Darshan CHS, Sector – 18, Nerul, Navi Mumbai – 400
703, |
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Date of Birth/Age : |
10.05.1955 |
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Qualification : |
B. Tech |
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Date of Appointment : |
11.05.1984 |
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Name : |
Mr. Premkumar Sundaresan |
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Designation : |
Director |
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Address : |
104, |
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Date of Birth/Age : |
15.05.1953 |
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Qualification : |
B. Tech |
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Date of Appointment : |
31.07.1987 |
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Name : |
Mr. Narayanswamy Subramanian |
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Designation : |
Director |
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Address : |
101, Plaza Angel, Plot No.86, St. Anthony’s Road, Chembur, Mumbai –
400 076, |
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Date of Birth/Age : |
10.05.1955 |
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Qualification : |
B.E. |
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Date of Appointment : |
28.10.1986 |
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Name : |
Mr. Gurinder Singh Arora |
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Designation : |
Director |
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Address : |
A – 101, Almatas CHS, |
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Date of Birth/Age : |
11.12.1958 |
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Date of Appointment : |
15.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2007
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Names of Shareholders |
No. of Shares |
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Ratnakar P. Mungikar |
552600 |
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Narayanswamy Subramanian |
499400 |
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Premkumar Sundaresan |
499400 |
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Vinod Kumar Ram Iqbal Sharma |
484400 |
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Total |
2035800 |
As on 30.06.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives 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 : |
Dealers for Tata Commercial Vehicles, Services and Sales of
Automobiles. |
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Products : |
Commercial Vehicles Dealership, Servicing and Trading in Parts |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
Advance |
GENERAL INFORMATION
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Customers : |
Commercial Vehicles |
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No. of Employees : |
150 [ In Office – 50, In Warehouse – 50, In Branches – 50 (Andheri)] |
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Bankers : |
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Facilities : |
OD – Rs.370.000 millions Secured Loans :
Unsecured Loans :
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Banking
Relations : |
Satisfactory |
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Auditors : |
Chartered Accountants Address: 1, Mulund Vaibhav,
Chartered Accountans Address: 103, |
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Sister Concern : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2200000 |
Equity Shares |
Rs.10/- each |
Rs.22.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2035800 |
Equity Shares |
Rs.10/- each |
Rs.20.358
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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4380.000 |
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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 |
20.358 |
20.358 |
20.358 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
38.531 |
22.901 |
16.109 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
58.889 |
43.259 |
36.467 |
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LOAN FUNDS |
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1] Secured Loans |
302.526 |
319.209 |
281.239 |
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2] Unsecured Loans |
264.545 |
98.736 |
118.455 |
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TOTAL BORROWING |
567.071 |
417.945 |
399.694 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
625.960 |
461.204 |
436.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
105.020 |
49.279 |
24.410 |
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Capital work-in-progress |
0.000 |
0.000 |
26.534 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.803 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
347.345
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213.101 |
164.361 |
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Sundry Debtors |
291.055
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210.017 |
134.018 |
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Cash & Bank Balances |
7.633
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9.503 |
10.157 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
60.102
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104.774 |
118.293 |
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Total
Current Assets |
706.135
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537.395 |
426.829 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
172.310
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116.580 |
36.535 |
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Provisions |
13.688
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8.890 |
5.077 |
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Total
Current Liabilities |
185.998
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125.470 |
41.612 |
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Net Current Assets |
520.137
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411.925 |
385.217 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
625.960 |
461.204 |
436.161 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
4389.620 |
NA |
NA |
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Other Income |
0.000 |
NA |
NA |
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Total Income |
4389.620 |
NA |
NA |
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Profit/(Loss) Before Tax |
22.978 |
11.543 |
10.272 |
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Provision for Taxation |
7.462 |
4.290 |
3.990 |
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Profit/(Loss) After Tax |
15.516 |
7.253 |
6.282 |
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Expenditures : |
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Depreciation & Amortization |
8.251 |
6.389 |
3.104 |
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Other Expenditure |
4358.391 |
NA |
NA |
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Total Expenditure |
4366.642 |
NA |
NA |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.35
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.52
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.83
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1.97 |
2.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.27 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.79
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12.56 |
12.10 |
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Current Ratio (Current Asset/Current Liability) |
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3.80
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4.28 |
10.26 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U99999MH1984PTC032875 |
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Name of the
company |
UNITECH AUTOMOBILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
D - 194 MIDC, TTC Industrial
Area, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of India, FF 1 and 2, Neighbourhooc Shopping Complex, Palm
Beach Road, Sector – 4, Nerul, Navi Mumbai – 400 706, Maharashtra, India E-Mail: vlaxman@vsnl.com |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry for Creation of further charge for overall Working Capital Limit where
the initial charge is crated by way of mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
29.09.2008 |
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Amount secured by
the charge |
Rs.145.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest as may be stipulated by the Bank from time to time. Terms of
Repayment: On Demand Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: The company accorded and gave oral consent to Bank
to continue to hold and retain the title deeds (by way of Constructive
delivery) with SBICI and SBICI acting as agent of State Bank of India, in
respect of its immovable properties as mentioned under as security for
repayment of Rs.145.000 millions by Unifreight India Private Limited (“the
borrower”) to the State Bank of India |
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Short particulars
of the property charged |
Land admeasuring 662 sq meters and factory building admeasuring 120.20
sq meters at Plot No.D – 196, TTC Industrial Area, MIDC, Shirvane, Navi
Mumbai standing in the name of subject. |
FIXED ASSETS:
- Furniture and Fixture
- Motor Car
- Office Equipment
- Computer
- Plant and Machinery
- Tata Trucks (1613)
- Typewriter/ Motorcycle
- Tata Pickup (207)
- Civil Works-Rented Premises
- Demo Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.49.68 |
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|
1 |
Rs.74.64 |
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Euro |
1 |
Rs.62.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
46 |
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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