MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEEPAZ V FORGE [INDIA] LIMITED |
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Formerly Known As : |
VCUBE FORGE [INDIA] LIMITED |
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Registered Office : |
Plot No. 3, WMDC Industrial Area, Chakan – Ambethan Road, Chakan,
Taluka Khed, Pune 410501, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
04.08.2004 |
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Com. Reg. No.: |
019589 |
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CIN No.: [Company
Identification No.] |
U28910PN2004PLC019589 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04545C |
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PAN No.: [Permanent
Account No.] |
AABCV9216F |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Cast forged Minerals, Engine Parts and AMP Mounts etc. |
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 2890000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has yet to wipe off previous
losses. Profit margin is under
pressure. Payments are reported as
slow. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 3, WMDC Industrial Area, Chakan – Ambethan Road, Chakan,
Taluka Khed, Pune 410501, Maharashtra, India
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E-Mail : |
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Factory: |
Plot No. B-20, Five Star MIDC, Shendra, Aurangabad 431201,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Rukhmesh Pannalal Jakhotiya |
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Designation : |
Director |
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Address : |
Mayureshwar Ashtvinayak Enclave, Bansilal Nagar, Aurangabad 431005,
Maharashtra, India |
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Date of Birth/Age : |
16.05.1955 |
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Date of Appointment : |
04.08.2004 |
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Name : |
Mr. Jasbir Singh Ahluwalia |
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Designation : |
Director |
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Address : |
1244, Sector 14, Faridabad 121007, Haryana, India |
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Date of Birth/Age : |
21.12.1958 |
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Date of Appointment : |
12.12.2005 |
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Name : |
Mr. Mutalib Majeed Naviwala |
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Designation : |
Director |
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Address : |
Motiwala Sons Motiwala Trade Center, C4 C5 Nirala Bazaar, Aurangabad
431001, Maharashtra, India |
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Date of Birth/Age : |
09.02.1975 |
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Name : |
Mr. Mohammed Arif Tikki |
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Designation : |
Director |
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Address : |
Zakir Colony, Walgaon Road, Amravati 444601, Maharashtra, India |
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Date of Birth/Age : |
01.08.1964 |
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Date of Appointment : |
10.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Allottee [As on 01.04.2005] |
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No. of Shares |
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Vaishali Valunj |
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46667 |
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Moh. Siddique Motiwala |
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46667 |
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Rukmesh Jakhotiya |
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6667 |
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Dhairyasheel Mohite |
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6667 |
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Smita Mohite |
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6667 |
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Equity Share
Breakup [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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2.53 |
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Directors or relatives of the Directors |
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97.47 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cast forged Minerals, Engine Parts and AMP Mounts etc. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
v Cosmos
Co-operative Bank Limited Camp Branch, Pune 411037, Maharashtra, India v
Canara Bank Industrial
Finance Branch, M. G. Road, Pune 411001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sudhir Kumar Jain and Associates Chartered Accountants |
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Address : |
137, Canning Street, Suit No. 57, 4th Floor, Kolkata
700002, West Bengal, India |
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Holding Company : |
Adhunik Metaliks Limited CIN No.: L28110WB2001PLC093945 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
3.833 |
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2] Share Application Money |
545.602 |
162.192 |
208.697 |
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3] Reserves & Surplus |
0.000 |
212.192 |
0.000 |
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4] (Accumulated Losses) |
[17.511] |
[2.774] |
[0.324] |
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NETWORTH |
578.091 |
209.418 |
212.206 |
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LOAN FUNDS |
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1] Secured Loans |
699.536 |
733.806 |
425.558 |
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2] Unsecured Loans |
23.144 |
32.214 |
0.000 |
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TOTAL BORROWING |
722.680 |
766.020 |
425.558 |
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DEFERRED TAX LIABILITIES |
9.911 |
1.268 |
0.555 |
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TOTAL |
1310.682 |
976.706 |
638.319 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
114.537 |
21.366 |
21.265 |
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Capital work-in-progress |
1053.049 |
953.111 |
389.022 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
38.838 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
102.473
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30.998 |
2.948 |
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Sundry Debtors |
16.807
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6.978 |
5.849 |
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Cash & Bank Balances |
23.237
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9.598 |
40.250 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
105.409
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85.494 |
181.287 |
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Total
Current Assets |
247.926
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133.068 |
230.334 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
104.265
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124.166 |
38.350 |
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Provisions |
0.665
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6.804 |
2.952 |
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Total
Current Liabilities |
104.930
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130.970 |
41.302 |
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Net Current Assets |
142.996
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2.098 |
189.032 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.031 |
0.062 |
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TOTAL |
1310.682 |
976.706 |
638.319 |
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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 |
17.127 |
13.243 |
11.625 |
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Other Income |
5.630 |
1.434 |
0.000 |
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Total Income |
22.757 |
14.677 |
11.625 |
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Profit/(Loss) Before Tax |
[6.050] |
[1.715] |
0.284 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
[6.050] |
[1.715] |
0.284 |
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Expenditures : |
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Raw Material Consumed |
0.000 |
2.615 |
2.839 |
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Salaries, Wages, Bonus, etc. |
1.946 |
2.486 |
1.885 |
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Managerial Remuneration |
4.645 |
0.000 |
0.000 |
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Payment to Auditors |
0.000 |
0.113 |
0.019 |
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Interest |
2.199 |
2.015 |
0.413 |
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Insurance Expenses |
0.000 |
0.135 |
0.000 |
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Power & Fuel |
14.204 |
0.000 |
0.000 |
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Depreciation & Amortization |
5.263 |
1.084 |
1.696 |
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Other Expenditure |
0.550 |
7.944 |
4.489 |
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Total Expenditure |
28.807 |
16.392 |
11.341 |
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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 |
(%) |
[26.58]
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[11.68] |
2.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
[35.32]
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[12.95] |
2.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[1.67]
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[1.11] |
0.11 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.01]
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[0.008] |
0.001 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.43
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4.28 |
2.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.36
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1.01 |
5.57 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from Plat No. C –
1/5, Rajshree Villabhonsale Paradise
Range Hills, Shivaji Nagar, Pune 411020, Maharashtra, India to Plot No. 3, WMDC
Industrial Area, Chakan – Ambethan Road, Chakan, Taluka Khed, Pune 410501,
Maharashtra, India w.e.f. 01.12.2006.
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
VCUBE FORGE
[INDIA] LIMITED |
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Presented By |
The Cosmos Co-operative Bank Limited Aurangabad Branch, Aurangabad |
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1) Date and description of instrument creating the change |
Hypothecation of
tangible goods, movable property to secure a demand cash credit
account/demand overdraft account/demand overdraft account/demand loan account
dated 12.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 111.400
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 |
Borrower hereby
hypothecated in favour of the bank all those the following goods of the
borrowers engineering auto components.
Including therein the stocks there of the time being whether raw or
manufactured or in process of manufactured and also product. Goods and any every tangible movable
property of the borrowers whether new lying or at any time hereafter during
the continuance of this security lying or being in or about the borrowers
premises and godowns at plot no. 3, WMDC Industrial Area, Chakan – Ambethan
Road, Chakan, Taluka Khed, Pune 410501, Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest @ 12%
p.a. |
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5) Name and Address and description of the person entitled to the
charge. |
The Cosmos
Co-operative Bank Limited Aurangabad
Branch, Aurangabad |
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This form is for |
Creation of charge
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Corporate
identity number of the company |
U28910PN2004PLC019589 |
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Name of the
company |
VCUBE FORGE
[INDIA] LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plat No. C – 1/5, Rajshree Villabhonsale Paradise Range Hills, Shivaji Nagar, Pune 411020, Maharashtra,
India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Canara Bank Industrial
Finance Branch, M. G. Road, Pune 411001, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation Working Capital
Consotium Agreement Both Constitute
single charge |
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Date of
instrument Creating the charge |
20.11.2006 |
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Amount secured by
the charge |
Rs. 220.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Canara Bank BPLR
11.50% p.a. UCO Bank BPLR 10.75% p.a. cosmos Bank BPLR 10.00% p.a. Terms of
Repayment Repayable on
demand Margin 25% Extent and
Operation of the charge First charge on
all the current assets, stock of raw material, semi finished and finished
goods, stores and spares, bills receivable book debts and other movables on
pari passu basis with other consortium member banks. |
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Short particulars
of the property charged |
All the current
assets, stock of raw material, semi finished
and finished goods, stores, spares, bills receivables, book debts and
other movables stored or be in about of the borrowers factory premises and
godowns situated at B-20, MIDC, Shendra, Aurangabad, Plot No. 3, 6 WMDC
Industrial Area, Chakan, Taluka Khed, District Pune |
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 |
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UK Pound |
1 |
Rs. 82.97 |
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Euro |
1 |
Rs. 64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
26 |
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 |
|
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 |
|