MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
4, Gopal Nagar, Nandida Char Rasta, Bardoli, Surat-395001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.01.2000 |
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Com. Reg. No.: |
04-37188 |
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CIN No.: [Company
Identification No.] |
U45205GJ2000PTC037188 |
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Legal Form : |
Private Limited Liability Compnay |
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Line of Business : |
Manufacture, Exporter, Importer and Supplier of Drinking Water
Filtration Systems. |
RATING &
COMMENTS
|
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 210000 |
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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 company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are correct and as per
commitment. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
4, Gopal Nagar, Nandida Char Rasta, Bardoli, Surat-395001, Gujarat,
India |
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Tel. No.: |
91-261-2236426/ 2354020/ 3053079/ 3056779/ 22330079 |
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Fax No.: |
91-261-2234907 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Shobhalal Shah |
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Designation : |
Director |
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Address : |
1, Rajendra Nagar, Ten Road, Taluka Bardoli, District Surat, Gujarat,
India |
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Date of Appointment : |
18.01.2000 |
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Name : |
Mr. Satish Dhanraj Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
09.01.1959 |
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Date of Appointment : |
17.03.2005 |
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Name : |
Mr. Omprakash Parbhulal Jagetiya |
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Designation : |
Director |
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Address : |
Nagin Desai Ni Chawl, Ten Road, Taluka Bardoli, District Surat,
Gujarat, India |
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Date of Appointment : |
18.01.2000 |
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Name : |
Mr. Kailash Mangilal Shah |
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Designation : |
Director |
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Address : |
104, Sanrayavbn, Ghharwada Road, GIDC Vapi, Guijart, India |
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Date of Appointment : |
08.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Shobhala Shah |
|
830000 |
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Kavita Vijay Shah |
|
130000 |
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Jayesh Shobhalal Shah |
|
40000 |
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Satish Dhanraj Agarwal |
|
5000 |
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Aashish Satish Agarwal |
|
53500 |
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Dinesh Dhanraj Garg |
|
10000 |
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Aayush Marriage Trust |
|
37500 |
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Aakash Ritika Benefit Trust |
|
27500 |
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Akshay and Pooja Benefit Trust |
|
32500 |
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Akshay Marriage Trust |
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25000 |
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Ankit Marriage Trust |
|
77500 |
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Ashok Kumar Garg, HUF |
|
47500 |
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Nikhil Marriage Trust |
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28500 |
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Pallavi Marriage Trust |
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43000 |
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Prem Prakash, HUF |
|
30000 |
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Princy Marriage Trust |
|
27500 |
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Utsav and Princy Marriage Trust |
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37500 |
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Utsav Marriage Trust |
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12500 |
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Pooja Garg |
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5000 |
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Narendra Dhanraj Garg |
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400000 |
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Total |
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1900000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, Exporter, Importer and Supplier of Drinking Water
Filtration Systems. |
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Products: |
·
Mineral Water Plant based on Reverse Osmosis Technology suitable for
bottled water plant, beverage industries, village plants, swimming pools,
pharmaceutical industries, textile industries, green houses, farm houses and
poultry farms. ·
Drinking Water Filtration System with and without UV for home use. ·
Domestic RO mineral water for home, office, restaurant, laboratory,
clinic, hospitals, etc. ·
Water Softening Plant for hard water for applications like industries,
laundry, boiler, soft drink plant, ice factory, etc. ·
Annual Maintenance contract for systems supplied by us. ·
Supply of spares and components for water treatment industry |
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Exports : |
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Countries : |
·
UAE ·
Africa |
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Imports : |
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Countries : |
·
USA ·
Taiwan ·
China ·
Germany ·
France |
GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
·
Bank of Baroda, Bharat Road Branch, Surat-395007, Gujarat, India ·
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri,
Baroda-390015, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Jain and Assciates Chartered Accountant |
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Address : |
3032, Textile Tower, Ring Road, Surat-395002, Gujarat, India |
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Tel. No.: |
91-261-2341031 |
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Memberships : |
·
Water Quality Association of USA since 1995 ·
Indian Water Works Association since 1999 |
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Associates : |
·
Globex India ·
Pacific Enterprises |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Shares |
Rs. 10/-
each |
Rs. 19.000
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 |
19.000 |
10.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.759 |
0.632 |
0.493 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.759 |
10.632 |
1.493 |
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LOAN FUNDS |
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1] Secured Loans |
34.249 |
0.781 |
0.370 |
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2] Unsecured Loans |
1.990 |
4.575 |
1.480 |
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TOTAL BORROWING |
36.239 |
5.356 |
1.850 |
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DEFERRED TAX LIABILITIES |
0.264 |
0.325 |
0.000 |
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TOTAL |
80.262 |
16.313 |
3.343 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.894 |
10.575 |
6.698 |
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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 |
23.055
|
18.309 |
6.714 |
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Sundry Debtors |
44.048
|
16.123 |
10.949 |
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Cash & Bank Balances |
4.367
|
2.181 |
1.257 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.080
|
1.605 |
1.698 |
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Total
Current Assets |
78.550
|
38.218 |
20.618 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.041
|
31.594 |
22.627 |
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Provisions |
1.261
|
1.022 |
1.355 |
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Total
Current Liabilities |
12.302
|
32.616 |
23.982 |
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Net Current Assets |
66.248
|
5.602 |
[3.364] |
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MISCELLANEOUS EXPENSES |
0.120 |
0.136 |
0.009 |
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TOTAL |
80.262 |
16.313 |
3.343 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
165.618 |
134.925 |
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Other Income |
|
2.720 |
2.745 |
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Total Income |
|
168.338 |
137.670 |
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Profit/(Loss) Before Tax |
|
1.614 |
1.297 |
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Provision for Taxation |
|
1.487 |
1.157 |
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Profit/(Loss) After Tax |
|
0.127 |
0.140 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1.685 |
NA |
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Imports : |
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Import Value |
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21.608 |
NA |
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Expenditures : |
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Financial Charges |
|
2.569 |
0.086 |
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Depreciation & Amortization |
|
2.360 |
1.634 |
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Other Expenditure |
|
161.795 |
135.017 |
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Total Expenditure |
|
166.724 |
136.373 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.08
|
0.10 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.97
|
0.96 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.75
|
2.66 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.11
|
3.57 |
17.30 |
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Current Ratio (Current Asset/Current Liability) |
|
6.39
|
1.17 |
0.86 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10043335 |
|
Corporate
identity number of the company |
U45205GJ2000PTC037188 |
|
Name of the
company |
HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
4, Gopal Nagar, Nandida Char Rasta, Bardoli, Surat-395001, Gujarat,
India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Bank of Baroda, Bharat Road Branch, Surat-395007, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-debts |
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Date of instrument
Creating the charge |
12.04.2008 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC 0.50% below
BPLR with monthly rests subject to change in BPLR/or Credit Rating Terms of
Repayment CC on Demand Margin 25% Against Stock
and 30% Against Book Debts upto Period of 90 Days Extent and
Operation of the charge Letter of
Continuing Security Irrevocable Power
of Attoreney in Favour of the bank authorizing bank to collect book debts
from the debtors Letter of
undertaking not ot linclude book debts of Associates concerns in the
statement of book debts submitted to the bank Other
undertaking. Others Nil |
|
Short particulars
of the property charged |
As per attachment
– Property Details |
|
Particulars of
the present modification |
Review Cum
Increase of Cash Credit Facility of Rs. 100.000 Millions increased from Rs.
60.000 Millions to Rs. 100.000 Millions |
AS PER WEBSITE
Profile:
Diffusion of fluid through a semipermeable membrane from a solution with
a low solute concentration to a solution with a higher solute concentration until
there is an equal concentration of fluid on both sides of the membrane is known
as the process of Osmosis.
Subject is a manufacturer, exporter, importer and supplier of drinking
water filtration systems. Dedicated to the pharmaceutical industry, they
proudly boast of high level of skill and experience in installing excellent
purity process and drinking water filtration systems. The experience covers the
entire spectrum from small scale modifications and up-grades to total design
and installation of multi-million pound and ultra high-purity systems. All the
activities are monitored by certified quality assurance firms.
They provide the following services to the clients:
Mineral Water Plant based on Reverse Osmosis Technology suitable for
bottled water plant, beverage industries, village plants, swimming pools,
pharmaceutical industries, textile industries, green houses, farm houses and
poultry farms.
·
Drinking Water Filtration System with and without UV for home use.
·
Domestic RO mineral water for home, office, restaurant, laboratory,
clinic, hospitals, etc.
·
Water Softening Plant for hard water for applications like industries,
laundry, boiler, soft drink plant, ice factory, etc.
·
Annual Maintenance contract for systems supplied by them.
·
Supply of spares and components for water treatment industry.
Subject is the only company in RO system to get ISO 9001:2000
certification for its quality management system by TUV Rhineland, Germany. They
are a member of Water Quality Association of USA since 1995 and Indian Water
Works Association since 1999. Pure distilled water should be used for all of
the consumable needs, or anything that goes into the body and drinking water
filtration system should be used in the process. Whether you consume ice cubes,
soup, coffee, tea, pasta, rice, baby formula, juices, or just drinking water,
the contaminants that are in the tap water are still finding their way into the
body – unless you are using pure distilled water.
The sister concerns, Globex India and Pacific Enterprises, are also
established companies engaged in Water Purifiers and Distillation. Subject is
backed by a strong state-of-the-art technology, excellent manufacturing and
processing facility, sound financial backing and large resources that help them
strengthen the quality standards and on time delivery.
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 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 |
|