MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHREE BHARAT INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
B-13, West End, New Delhi 110 021 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.04.1988 |
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Com. Reg. No.: |
55-31276 |
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CIN No.: [Company
Identification No.] |
U74999DL1988PTC031276 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS31025B |
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PAN No.: [Permanent
Account No.] |
AAACS0925M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Knitted Garments and Fabrics. |
RATING &
COMMENTS
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MIRAs 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 580000 |
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Status : |
Good |
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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 having satisfactory
track. Trade relations are fair. Business is active. General financial position
is good. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Om Prakash Bisht |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9871243963 |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office : |
B-13, West End, New Delhi 110 021, India |
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Tel. No.: |
91-120-4302900 / 26110466 / 24110467 |
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Mobile No.: |
91-9871243963 |
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Fax No.: |
91-120-4333310 / 26873506 / 24113506 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. plus Directors residence |
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Location : |
Owned |
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Corporate Office : |
C-6, Sector 7, Dist 6 b Nagar, Noida 201 301, Uttar Pradesh,
India |
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Tel. No.: |
91-120-4333304 |
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Fax No.: |
91-120-4333305 |
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Branch Office / Factory 1 : |
A-66, Sector VII, Noida 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4333301 / 4333303 / 04 / 05 / 4302900 / 1 / 2423098 / 99 /
2423109 |
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Fax No.: |
91-120-4333310 / 4346597 / 2521010 |
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Area : |
1000 Sq. Mtr. |
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Location : |
Owned |
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Branch Office / Factory 2 : |
512, Churchgate Chambers, 5, New Marine Lines, Mumbai 400 020,
Maharashtra, India |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
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Branch Office / Factory 3 : |
W-14, Sector -11, Noida, - 201 301, Uttar Pradesh, India |
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Area : |
1000 Sq. Mtr. |
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Location : |
Owned |
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Branch Office / Factory 4 : |
W-10, Sector -11, Noida, - 201 301, Uttar Pradesh, India |
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Area : |
1000 Sq. Mtr. |
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Location : |
Owned |
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Branch Office / Factory 5 : |
W-53, Sector -11, Noida, - 201 301, Uttar Pradesh, India |
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Area : |
1000 Sq. Mtr. |
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Location : |
Owned |
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Branch Office / Factory 4 : |
W-41, Sector -11, Noida, - 201 301, Uttar Pradesh, India |
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Area : |
1000 Sq. Mtr. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mrs. Sadhana Aggarwal |
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Designation : |
Whole Time Director |
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Address : |
B-13, Westend, New Delhi 110 021, India |
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Date of Birth/Age : |
20.01.1938 |
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Date of Appointment : |
17.05.1993 |
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Name : |
Mr. Sanjay Aggarwal |
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Designation : |
Chairman and Managing Director |
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Address : |
B-13, Westend, New Delhi 110 021, India |
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Date of Birth/Age : |
31.01.1964 |
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Date of Appointment : |
12.04.1988 |
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Name : |
Mr. Rohit Aggarwal |
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Designation : |
Director |
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Address : |
B-13, Westend, New Delhi 110 021, India |
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Date of Birth/Age : |
31.07.1965 |
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Date of Appointment : |
01.01.1990 |
KEY EXECUTIVES
|
Name : |
Krishnamurthy and Associates |
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Designation : |
Company Secretary |
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Address : |
S-6, Krishna Complex, Sharma Market, Sector-5, Noida, Uttar Pradesh,
India |
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Mobile No.: |
91-9810434069 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Sadhana Aggarwal |
273500 |
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Sanjay Aggarwal |
1203790 |
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Smita Aggarwal |
38330 |
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Rohit Aggarwal |
136050 |
|
MilanoKnits Private Limited |
322290 |
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Soni Aggarwal |
9000 |
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Total |
1982960 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies corporate |
16.25 |
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Directors or relatives of directors |
83.75 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Knitted Garments and Fabrics. |
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Exports : |
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Countries : |
·
Europe ·
UK |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
800 |
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Bankers : |
·
Syndicate Bank SME Branch, B-117, Sector 18, Noida
201 301, Uttar Pradesh, India ·
ICICI Bank |
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Facilities : |
C/C, OD Rs.60.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashish Agarwal and Company Chartered Accountants |
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Address : |
400/1, Rani Jhansi Road, Civil Lines, Ludhiana 141 001, Punjab,
India |
CAPITAL STRUCTURE
(As on 30.09.207)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1982960 |
Equity Shares |
Rs.10/- each |
Rs.19.830
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
19.830 |
19.830 |
19.830 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
96.378 |
49.911 |
41.699 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
116.208 |
69.741 |
61.529 |
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LOAN FUNDS |
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1] Secured Loans |
26.597 |
46.985 |
34.549 |
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2] Unsecured Loans |
0.808 |
0.752 |
0.689 |
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TOTAL BORROWING |
27.405 |
47.737 |
35.238 |
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DEFERRED TAX LIABILITIES |
10.121 |
8.770 |
6.406 |
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TOTAL |
153.734 |
126.248 |
103.173 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.132 |
82.338 |
65.644 |
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Capital work-in-progress |
0.000 |
0.000 |
1.100 |
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INVESTMENT |
0.904 |
0.904 |
0.861 |
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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 |
43.067
|
35.079 |
24.274 |
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Sundry Debtors |
51.305
|
27.777 |
23.636 |
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Cash & Bank Balances |
18.491
|
3.162 |
2.310 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.770
|
6.742 |
5.432 |
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Total
Current Assets |
126.633
|
72.760 |
55.652 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
61.935
|
29.765 |
20.107 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
61.935
|
29.765 |
20.107 |
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Net Current Assets |
64.698
|
42.995 |
35.545 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.011 |
0.023 |
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TOTAL |
153.734 |
126.248 |
103.173 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
300.348 |
250.483 |
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Other Income |
|
16.956 |
22.729 |
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Total Income |
|
317.304 |
273.212 |
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Profit/(Loss) Before Tax |
|
13.777 |
22.164 |
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Provision for Taxation |
|
6.778 |
10.086 |
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Profit/(Loss) After Tax |
|
6.999 |
12.078 |
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Expenditures : |
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Financial Charges |
|
7.638 |
4.336 |
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Increase/(Decrease) in Finished Goods |
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(10.645) |
4.948 |
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Depreciation & Amortization |
|
5.424 |
4.693 |
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Other Expenditure |
|
301.110 |
237.071 |
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Total Expenditure |
|
303.527 |
251.048 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
2.21 |
4.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.59 |
8.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
8.88 |
18.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.20 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
1.11 |
0.90 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.44 |
2.77 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
Diesels Limited, Germany
Fatface Limited, UK
Form No. 8
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Name of the company |
SHREE BHARAT INTERNATIONAL PRIVATE LIMITED |
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Presented By |
Syndicate Bank,
SSI and FEX Branch, Noida |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dared 07.06.2005 Compreensive Pre and
Postshipment Agreement dated 07.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500
millions (Adhoc PCL Limit
Rs.5.000 millions and Adhoc FDBP / FUBP Limit Rs.7.500 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 |
Hypothecation of
Stock of Raw material, Semi finished and Finished goods lying at A-66, Sec
VII, Noida, At W 14, Sector XI, Noida and at W-41, Sec-XI, Noida Hypothecation of
Genuine export bills / receivables against LC of Prime Banks with a maximum
tenure of 45 days. Collaterally Secured by Mortgage of Factory Land and
Building at W-41, Sector XI, Noida and A-66, Sector VII, Noida and 1st
charge on other Fixed Assets of the Company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
7.50% p.a., Margin 25% Adhoc PCL and
FDBP/FUBP Limits sanctioned for a period of three months. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank SSI and FEX
Branch |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporate
identity number of the company |
U74999DL1988PTC031276 |
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Name of the
company |
SHREE BHARAT INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
New Delhi 110 021, India |
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This form is for |
Creation of charge |
|
Type of charge |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Syndicate Bank SME Branch, B-117, Sector 18, Noida 201 301, Uttar Pradesh, India |
|
Nature of instrument
creating charge |
·
Comprehensive
Pre and Postshipment Agreement ·
Composite
Hypothecation Agreement ·
Confirmation
of creation of second / subsequent equitable mortgage |
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Date of
instrument Creating the charge |
11.08.2006 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
FDBP/FUBP (LC)
Limit of Rs.30.000 millions Rate of interest PLR 3.50% p.a. |
|
Description of the
property charged indicating whether it is a charged on |
·
Immovable
properties ·
Plant and
Machinery ·
Stock in
trade |
|
Particulars of
the property charged |
FDBP/FUBP (LC)
Limit of Rs.30.000 millions Sanctioned against hypothecation Stocks of raw material and finished goods
of ready made garments, hypothecation of Plant and Machineries of the Company
and Equitable Mortgage of Factory Land and Building, Situated at W-14, Sector
XI, Noida, A-66, Sector Vii, Noida, W-14, Sector Xi, Noida and W-53, Sector
Xi, Noida U.P. 201301 |
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 Intl
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 companys 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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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. |
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 |
|