MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
VENUS FURNITURE PRIVATE LIMITED |
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Registered Office : |
Plot No.8, Kalawa Block,TTC Industry Area,Digha Tallow, Digha
Village,Belapur Road,Thane, Navi Mumbai- 400708, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.04.2004 |
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Com. Reg. No.: |
146036 |
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CIN No.: [Company
Identification No.] |
U36100MH2004PTC146036 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV12111B |
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PAN No.: [Permanent
Account No.] |
AABCV9128J |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturer of Office Furniture |
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 44215 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
The company has improved its performance and has done well in 2007-08.
Trade relations are fair. Payments are reported as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No.8, Kalawa Block, TTC Industry Area, Digha Tallow, Digha
Village, Belapur Road, Thane, Navi Mumbai - 400708, Maharashtra, India |
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Mobile No.: |
91-9819580061 |
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E-Mail : |
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Factory 1 : |
C-26, |
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Tel. No.: |
91-9819580061 |
DIRECTORS
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Name : |
Mr. Chandresh Prajivandas Thakkar |
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Designation : |
Director |
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Address : |
A-802, Somnath Enclave, B/4, Sargat Shopping centre, Parle
Point,Surat-395007, Gujarat |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
30.04.2004 |
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Name : |
Mr. Hitesh Kantilal Dalwadi |
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Designation : |
Director |
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Address : |
9 – C, Trimurti Apartment, |
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Date of Birth/Age : |
12.04.1962 |
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Date of Appointment : |
30.04.2004 |
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Name : |
Mrs. Parul Sunil Dalwadi |
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Designation : |
Director |
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Address : |
401, |
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Date of Birth/Age : |
08.06.1968 |
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Date of Appointment : |
30.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.08.2008
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Names of Shareholders |
No. of Shares |
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Mr. Thakker Chandresh Pradivndas |
162000 |
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Mr. Dalwadi Hitesh Kantilal |
162000 |
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Mrs. Dalwadi Parul Sunil |
162000 |
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Décor Home( |
100 |
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20 |
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AS ON 31.03-2008
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Equity Share
Breakup |
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Office Furniture |
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Products : |
Office Furniture |
GENERAL INFORMATION
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No. of Employees : |
About 180 |
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Bankers : |
The Cosmos Co-Operative Bank Limited Lubina,Plot No.76, |
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Facilities : |
Secured Loans Working Capital Loans :
Rs.48.871 millions Term Loan :
Rs. 2.110 millions ---------------------------- Total :
Rs.50.981 millions =============== |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.K Kabra and Company Chartered Accountants |
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Address : |
1006, |
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Tel. No.: |
91-261-2320131, 3108596 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs.5.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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486120 |
Equity Shares |
Rs. 10/- Each |
Rs.4.861 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 |
4.861 |
4.883 |
4.965 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.982 |
0.000 |
0.168 |
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4] (Accumulated Losses) |
0.000 |
(0.328) |
0.000 |
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NETWORTH |
8.843 |
4.555 |
5.133 |
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LOAN FUNDS |
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1] Secured Loans |
50.981 |
35.147 |
6.807 |
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2] Unsecured Loans |
4.657 |
16.072 |
8.898 |
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TOTAL BORROWING |
55.638 |
51.219 |
15.705 |
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DEFERRED TAX LIABILITIES |
0.932 |
1.238 |
0.000 |
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TOTAL |
65.413 |
57.012 |
20.838 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.949 |
37.516 |
7.930 |
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Capital work-in-progress |
0.000 |
0.000 |
10.012 |
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INVESTMENT |
0.097 |
0.097 |
0.149 |
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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
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15.384
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15.850 |
2.874 |
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Sundry
Debtors
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16.052
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14.683 |
3.122 |
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Cash
& Bank Balances
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3.716
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3.282 |
2.703 |
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Other
Assets
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0.442
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0.296 |
0.000 |
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Loans
& Advances
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4.230
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2.562 |
0.184 |
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Total
Current Assets |
39.824
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36.673
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8.883
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Liabilities
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18.918 |
17.652
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6.546 |
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Provisions
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0.565 |
0.174
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0.306 |
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Total
Current Liabilities |
19.483
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17.826 |
6.852 |
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Net Current Assets |
20.341
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18.847 |
2.031 |
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MISCELLANEOUS EXPENSES |
0.026 |
0.552 |
0.716 |
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TOTAL |
65.413 |
57.012 |
20.838 |
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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 |
121.288 |
61.712 |
16.382 |
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Other Income |
6.173 |
2.780 |
6.137 |
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Total Income |
127.461 |
64.492 |
22.519 |
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Profit/(Loss) Before Tax |
4.600 |
0.817 |
0.288 |
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Provision for Taxation |
0.289 |
1.313 |
0.126 |
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Profit/(Loss) After Tax |
4.311 |
(0.496) |
0.162 |
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Expenditures : |
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Raw Material Cons / Purchases |
90.372 |
52.103 |
17.065 |
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Manufacturing Expenses |
8.316 |
6.508 |
0.000 |
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Administrative & Gen Expenses |
8.764 |
5.292 |
4.542 |
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Employees Documents |
8.441 |
2.385 |
0.600 |
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Increase/(Decrease) in Finished Goods |
-3.127 |
-8.563 |
0.000 |
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Interest & Financial Charges |
5.279 |
2.830 |
0.000 |
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Depreciation & Amortization |
4.805 |
2.955 |
0.000 |
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Preliminary Exp W/O |
0.008 |
0.163 |
0.000 |
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Total Expenditure |
122.858 |
63.673 |
22.207 |
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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 |
(%) |
3.38
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(0.77) |
1.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.79
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1.32 |
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.05
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0.01 |
0.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.18 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.49
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15.16 |
4.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.95
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2.06 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
The company’s fixed assets of important value include Land, Building,
Furniture, Plant & Machinery, Equipments, Vehicles, Computers, etc.
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36100MH2004PTC146036 |
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Name of the
company |
VENUS FURNITURE PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
401, |
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Type of charge |
v
Immovable
Property v
Movable
Property |
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Particular of
charge holder |
The Cosmos
Co-operative Bank Limited Lubina, Plot
No.76, |
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Nature of
description of the instrument creating or modifying the charge |
Deed Of Further
Charge |
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Date of instrument
Creating the charge |
07.07.2008 |
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Amount secured by
the charge |
Rs 71.500 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest – 1) Cash credit(hypothecation
of Stocks and Book Debts Rs. 50.000 Million- 12.50% p.a. 2) Chq. Pur
Rs.1.500 Millions-18.00% p.a. . Terms of Repayment –On Demand Margin- 1)Cash Credit (hypothecation
of Stock and Book Depts Rs.50.000 millions at margin 25% in Banks Favour 2)Bill
Discounting Facility Cheque Purchase Rs. 1.500 millions –nil 3)Letter of
Credit (Inland /import) Rs. 5.000 millions at Margin 15% in Banks Favour 4)Bank Guarantee
Rs. 15.000 millions at Margin 25% in Bank’s Favour Extent and Operation of the charge- The Charge will
operate to the extent of Rs.71.500 millions on the security offered by the
company Others – Nil |
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Short particulars
of the property charged |
1) The Hypothecated Stock and Debtors etc 2) All that piece and parcel of land being
plot no.8A-1/2B, TTC lndustrial Area Dighe District Thane Municipal
Corporation limits and freehold portion of the land adm. About 3992 square
meters. And leasehold portion of 5820 square meters and present limits are as
under 1)
C.C.(stocks
and book debts)-RS.50.000 millions 2)
C.P-Rs.1.500
millions 3)
B.G-Rs.15.000
millions 4)
L.C.-Rs.
5.000 millions ------------------------------------- Total Rs. 71.500
millions of limits for the sanctioned to M/s. Decors Home India Private
Limited |
Bankers Charges
Report as per Registry
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Name of the company |
VENUS FURNITURE PRIVATE LIMITED |
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Presented
By |
THE COSMOS CO-OPERATIVE BANK LIMITED Bandra (West) Mumbai – 400050, |
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1) Date and description of instrument creating the change |
Deed of Mortgage
Date : - 11.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 26.500
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 |
1) All that piece
and parcel of the and known as plot No.8A-1/2B Situate in TTC Industrial Area
within the village limits of Dighe and now within the limits of day is Mumbai
municipal corporation taluka and registration sub dist. And Registration
Dist. Thane and the said free hold portion of the plot is ad About 3992
sq.mts. together with the construction made and being thereon and the said
property is bounded as under On or towards
North : By plot No. 8A-1/2A On or towards
West : By thane On or towards
South : By On or towards
East : By plot No. 8A-1/2A 2) All that piece
and parcel of the land known as plot no. 8A-1/2B Situate in TTC Industrial
Area within the village limits of Navi Mumbai Municipal Corporation, Taluka
and Registration sub Dist and Registration Dist. Thane and the said lease
hold portion of the plot is right for the remaining period as hold and
possessed by the Borrowe company and together with the construction made and
to be made thereon and the said property is bounded as under. On or towards
North : By plot No. 8A-1/2A On or towards
West : By thane On or towards
South : By On or towards
East : By plot No. 8A-1/2A Schedule II of
the Hypothecation stock, Book Debts, Raw Material, Plant and Machinery
fixtures etc. The list of
stock, book dents, raw material, plant and machinery. Furniture, fixtures
etc. Hypothecated
under this indenture is given separately In witnesseth
whereof the Borrower / mortgage company through its directors has put its
seal and signature on this day month and year first hereinabove written
witness. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Bank Rule |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos
Co-operative Bank limited Bandra (West)
Mumbai – 400050, |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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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 |
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42 |
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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