MIRA
INFORM REPORT
|
Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SCIENTIFIC KNITS PROCESSORS PRIVATE LIMITED |
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Registered Office : |
Plot No. 165, Sector -25, Faridabad – 121 005, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.10.1988 |
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Com. Reg. No.: |
05-030385 |
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CIN No.: [Company
Identification No.] |
U74999HR1988PTC030385 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKS05343C |
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PAN No.: [Permanent
Account No.] |
AAFLS9760D |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Provider of Hosiery Dyeing Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 33000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
could wipe out its previous losses. However, its payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sachin |
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Designation : |
Accountant |
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Date : |
30.09.2008 |
LOCATIONS
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Registered Office / Works: |
Plot No. 165, Sector -25, Faridabad – 121 005, Haryana, India |
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Tel. / Fax No.: |
91-129-2232230 / 5063228 / 4154064 / 65 |
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Mobile No.: |
91-9971091777 |
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E-Mail : |
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Area: |
2000 Sq.fts |
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Locations: |
Owned |
DIRECTORS
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Name : |
Mr. Yogendra Deshwal |
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Designation : |
Director |
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Address : |
H No. 1232, Sector -8, Faridabad – 121 004, Haryana, India |
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Date of Birth/Age : |
02.07.2006 |
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Date of Appointment : |
02.07.2006 |
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PAN No.: |
AGQPD4726J |
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Name : |
Mr. Manoj Deshwal |
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Designation : |
Director |
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Address : |
H No. 1232, Sector -8, Faridabad – 121 004, Haryana, India |
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Date of Birth/Age : |
20.09.1977 |
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Date of Appointment : |
02.07.2006 |
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PAN No.: |
AEQPD0512A |
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Name : |
Mrs. Vinita Deshwal |
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Designation : |
Director |
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Date of Birth/Age : |
01.07.1972 |
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Date of Appointment : |
22.12.2006 |
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Name : |
Mr. Laksham Ram Sharma |
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Designation : |
Director |
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Address : |
H No. 218, Sector – 9, Faridabad – 121 006, Haryana, India |
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Date of Appointment : |
25.01.1999 |
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PAN No.: |
Aoops1366r |
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Name : |
Mr. Raj Kumar Sharma |
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Designation : |
Director |
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Address : |
H. No. 20, Block 20, Spring Field Colony, Faridabad – 121 003,
Haryana, India |
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Date of Appointment : |
17.10.1988 |
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Name : |
Mr. Sajan Kumar Jain |
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Designation : |
Director |
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Address : |
House No. 1443, Sector 14, Faridabad – 121 007, Haryana, India |
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Date of Appointment : |
25.01.1999 |
KEY EXECUTIVES
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Name : |
Chandak Mundhra Associates |
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Designation : |
Company Secretary |
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Address : |
102, First Floor, Sector 7, HUDA Market, Faridabad - 121 001, Haryana,
India |
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Tel. No.: |
91-129-4105564 |
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Mobile No.: |
91-9313775563 |
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Name : |
Mr. Sachin |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mrs. Vinita Deshwal |
|
9650 |
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Mr. Samar Pal Singh |
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5350 |
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Mr. Charchill Deshwal |
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5000 |
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Mr. Yoginder Deshwal |
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55000 |
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Mr. Manoj Deshwal |
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5000 |
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Total
|
80000 |
List of Allottees
(As on 31.07.2007)
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Names of Allottee [s] |
|
No. of Shares |
|
Mr. Yogender Deshwal |
|
24000 |
BUSINESS DETAILS
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Line of Business : |
Provider of Hosiery Dyeing Services. |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
Exporters |
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No. of Employees : |
100 |
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Bankers : |
· Centurion Bank of Punjab · State Bank of India SIB Branch, 65, Neelam Bata Road, Faridabad – 121 001, Haryana, India · State Bank of India NIIT Branch |
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Facilities: |
(State Bank of India - NIIT Branch) Cash Credit – Rs. 6.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Shyam Sunder Mangla and Company Chartered Accountants |
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Address : |
SCO-201, Shopping Centre, Sector -8, Faridabad – 121 001, Haryana,
India |
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Name 2 : |
Sudhir Chaudhary and Associates Chartered Accountants |
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Address : |
FF-8, Vishnu Place, Sector – 20 B, Faridabad – 121 006, Haryana, India
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Associates/Subsidiaries : |
Current Dye Mill (Partnership Firm) Address: 145 DLF industrial Area, Faridabad, Haryana, India |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000
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 |
6.000 |
6.000 |
5.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.900 |
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3] Reserves & Surplus |
0.421 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.621] |
[0.282] |
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NETWORTH |
6.421 |
5.379 |
5.718 |
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LOAN FUNDS |
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1] Secured Loans |
8.627 |
11.631 |
7.196 |
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2] Unsecured Loans |
3.995 |
3.579 |
2.579 |
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TOTAL BORROWING |
12.622 |
15.210 |
9.775 |
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DEFERRED TAX LIABILITIES |
1.645 |
1.697 |
1.463 |
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TOTAL |
20.688 |
22.286 |
16.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.287 |
18.404 |
14.319 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.226
|
3.226 |
2.454 |
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Sundry Debtors |
11.511
|
7.345 |
6.961 |
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Cash & Bank Balances |
0.975
|
0.774 |
0.793 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.652
|
1.519 |
1.486 |
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Total
Current Assets |
15.364
|
12.864 |
11.694 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.808
|
8.908 |
9.097 |
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Provisions |
0.187
|
0.122 |
0.025 |
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Total
Current Liabilities |
13.995
|
9.030 |
9.122 |
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Net Current Assets |
1.369
|
3.834 |
2.572 |
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MISCELLANEOUS EXPENSES |
0.032 |
0.048 |
0.065 |
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TOTAL |
20.688 |
22.286 |
16.956 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
48.747 |
36.298 |
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Other Income |
|
0.026 |
0.336 |
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Total Income |
|
48.773 |
36.634 |
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Profit/(Loss) Before Tax |
|
1.110 |
0.632 |
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Provision for Taxation |
|
0.068 |
0.971 |
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Profit/(Loss) After Tax |
|
1.042 |
[0.339] |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
2.000 |
[0.772] |
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Financial Charges |
|
0.958 |
1.147 |
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Depreciation & Amortization |
|
2.754 |
2.688 |
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Other Expenditure |
|
41.951 |
32.939 |
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Total Expenditure |
|
47.663 |
36.002 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.14
|
[0.93] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.23
|
1.74 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
2.02 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.15
|
4.51 |
3.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.25 |
1.28 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERENCES:-
· B L International, Noida
· Rainbow Fab Art, Noida
FORM 8:-
|
Corporate
identity number of the company |
U74999HR1988PTC030385 |
|
Name of the
company |
SCIENTIFIC KNITS
PROCESSORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 165, Sector -25, Faridabad – 121 005, Haryana, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
· Immovable Property · Movable Property · Book Debts · Floating Charge |
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Particular of
charge holder |
State Bank of
India SIB Branch, 65, Neelam Bata Road, Faridabad – 121 001, Haryana, India E-Mail: priyangarg@gmail.com |
|
Nature of
instrument creating charge |
Letter of
arrangement, agreement of loan cum hypothecation |
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Date of
instrument Creating the charge |
25.10.2007 |
|
Amount secured by
the charge |
Rs. 9.700
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Working capital –
Interests at 0.50% above (SBAR 13.75%) with a minimum of 14.25% p.a rising or
falling therewith, on daily products with monthly rests. Present effective
rate 14.25 Term Loan: -
Interest at 2.50% above (SBAR 12.75%) with a minimum of 15.25% p.a rising or
falling therewith, on daily products with monthly rests. Present effective
rate 15.25% p.a Terms of Repayment : WC –CC and SME
credit plus repayable on demand Term Loan: repayable in 50 monthly
installments of Rs. 0.050 million each with the first installment commencing
on October 2007. Margin : Raw material –
30% Semi finished goods 30% finished
goods, 30% domestic receivables (90 days), 40% and Term Loan - 25% Extent and Operation of the charge : Hypothecation of
raw materials, semi finished goods, FG consumables spares and hypothecation
of all present and future book debts. EM of residential land and building situated
at Plot No. 1232, Sector – 8, FBD in the name of Mr. Yogender Deshwal and
Mrs. Vinita Deshwal. Extension of 2nd Charge on Factory Land and
Building, situated at Plot No. 165, Sector -25, FBD in the name of Scientific
Knits Processors Private Limited. 1st charge with SIDBI, FBD.
Extension of the charge of all current fixed assets (present and future) in
the name of the Company. Others : Personal
guarantee of three Director the company in the name of Mr. Yogender Deshwal,
Mrs. Vinita Deshwal and Mr. Manoj Deshwal. |
|
Short Particulars
of the property charged |
· Plot No. 165, Sector -25, Faridabad in the name of the company · Plot No. 1232, Sector -8, Faridabad in the name of Mr. Yogender Deshwal and Mrs. Vinita Deshwal |
|
Particulars of
the present modification |
Limit enhanced
from Rs. 4.900 millions to Rs. 9.700 millions (CC hypothecation Rs. 6.000
millions which including CC book Debts Rs. 4.500 millions, SME credit Plus
Rs. 1.200 millions, MTL New Rs. 2.500 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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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. |
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 |
|