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MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
TITAN AERATION COMPANY (PRIVATE) LIMITED |
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Registered Office : |
SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.04.2005 |
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Com. Reg. No.: |
11-20503 |
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CIN No.: [Company
Identification No.] |
U75130PN2005PTC020503 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET05634G |
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PAN No.: [Permanent
Account No.] |
AACCT2261R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer of Air Diffuser |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 91000 |
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Status : |
Satisfactory |
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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. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Abhijit Deshmukh |
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Designation : |
Director |
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Contact No.: |
91-9822057167 |
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Date : |
24.10.2008 |
LOCATIONS
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Registered Office : |
SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune
Road, Pune - 411 003, Maharashtra, India |
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Tel. No.: |
91-20-25815721 / 22 / 66401400 |
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Mobile No.: |
91-9822057167 |
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Fax No.: |
91-20-2581 5723 |
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E-Mail : |
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Website : |
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Area : |
777 Sq. ft. |
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Location : |
Owned |
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Warehouse : |
Subhagy Building, Kuruli Phata, Pune Nashik Road, Chakan, Pune,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Abhijit S Deshmukh |
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Designation : |
Director |
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Address : |
A 25, Radhakrishna Ngari, Anand Nagar, S.No. 14/5/2/1 Vadgaon BK,
Sinhagad Road, Pune – 411 051, Maharashtra, India |
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Date of Birth/Age : |
17.05.1971 |
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Qualification : |
BE in Production |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mrs. Sharvari A Deshmukh |
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Designation : |
Director |
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Address : |
A 25, Radhakrishna Ngari, Anand Nagar, S.No. 14/5/2/1 Vadgaon BK, Sinhagad
Road, Pune – 411 051, Maharashtra, India |
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Date of Birth/Age : |
10.06.1972 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Mahesh N Shastri |
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Designation : |
Director |
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Address : |
903, Wing B, Vanaraji Apartments, Rambaug Colony, Mit College Road,
Off Paud Road, Kothrud, Pune – 411 038, Maharashtra, India |
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Date of Birth/Age : |
20.07.1975 |
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Qualification : |
BE Mechanical |
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Date of Appointment : |
09.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 10.06.2008)
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Names of Shareholders |
No. of Shares |
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Abhijit S Deshmukh |
24999 |
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Sharvari A Deshmukh |
5000 |
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Mahesh N Shastri |
1 |
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Total |
30000 |
List of Allotment (As on 14.02.2007)
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Names of Allottees |
No. of Shares |
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Abhijit S Deshmukh |
20000 |
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Total |
20000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
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Category |
Percentage |
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Directors or Relative of director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of Air Diffuser |
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Products : |
MAGNUM ClipIn diffuser |
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Exports : |
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Countries : |
Srilanka |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
·
Corporates ·
Reliance Industries Limited ·
Indian Oil Corporation Limited ·
Mangalore Refinery and Petrochemicals Limited ·
Hindustan Petroleum Corporation Limited ·
Oil and Natural Gas Corporation Limited ·
Tamilnadu Petroproducts Limited ·
The Andhra Petrochemicals Limited · The Andhra Pradesh Paper Mills Limited ·
Emami
Paper Mills Limited ·
Coastal Paper Mills Limited (APPM-unit CP) · Supreme Paper Mills Limited ·
Akula
Boards Limited ·
Balakriskna Ind. Limited Pharmaceutical
/ Bulk Drug / Bio-Tech ·
Ranbaxy Laboratories Limited ·
Wockhardt Limited ·
Biocon India Limited ·
Lupin Laboratories Limited ·
Matrix Laboratories Limited ·
Emcure Pharmaceuticals Limited ·
Sandoz India Limited ·
Cipla Limited ·
Nicholas Piramal India Limited ·
Zydus Atlana Health Care Private Limited. · Unichem Laboratories Limited |
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No. of Employees : |
9 |
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Bankers : |
Syndicate Bank Parmar Chambers, Connought Road, Sadhu Wasawani Chowk, Camp, Pune –
411 001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Triveni Tapasvi and Associates Chartered Accountants Address 1 : B 13, Asawari
Apartment, Karvenagar, Pune – 411 052, Maharashtra, India Address
2 : Flat No. 4, Apartment No. 301, Swojas House Apartment, 1159, Sadashiv
Peth, Pune – 411 030, Maharashtra,
India Tel. No.: 91-20-24487858 |
CAPITAL STRUCTURE
(As on 31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300 million |
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Share Application Money – Pending Allotment |
|
Rs.0.050
million |
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Total |
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Rs.0.350 million |
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 |
0.350 |
0.350 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.841 |
11.181 |
5.923 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.191 |
11.531 |
6.023 |
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LOAN FUNDS |
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1] Secured Loans |
1.356 |
0.857 |
0.000 |
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2] Unsecured Loans |
1.750 |
1.750 |
1.380 |
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TOTAL BORROWING |
3.106 |
2.607 |
1.380 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.297 |
14.138 |
7.403 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.193 |
3.247 |
0.117 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.226 |
6.250 |
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 |
2.706
|
0.698 |
2.725 |
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Sundry Debtors |
12.976
|
5.521 |
3.046 |
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Cash & Bank Balances |
3.095
|
2.466 |
6.455 |
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Other Current Assets |
9.383
|
5.638 |
2.475 |
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Loans & Advances |
0.024
|
0.067 |
0.055 |
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Total
Current Assets |
28.184
|
14.390 |
14.756 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.418
|
3.324 |
3.405 |
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Provisions |
10.900
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6.439 |
4.080 |
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Total
Current Liabilities |
14.318
|
9.763 |
7.485 |
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Net Current Assets |
13.866
|
4.627 |
7.271 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.014 |
0.015 |
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TOTAL |
21.297 |
14.138 |
7.403 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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56.125 |
41.324 |
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Other Income |
|
0.185 |
0.000 |
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Total Income |
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56.310 |
41.324 |
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Profit/(Loss) Before Tax |
|
9.663 |
8.072 |
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Provision for Taxation |
|
3.003 |
2.814 |
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Profit/(Loss) After Tax |
|
6.660 |
5.258 |
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Expenditures : |
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Cost of Consumption |
|
38.893 |
27.210 |
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Administrative Expenses |
|
4.411 |
3.841 |
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Direct Expenses |
|
2.443 |
1.923 |
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Finance Charges |
|
0.371 |
0.076 |
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Depreciation & Amortization |
|
0.529 |
0.202 |
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Total Expenditure |
|
46.647 |
33.252 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
11.83
|
12.72 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
17.22
|
19.53 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.80
|
45.77 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.70 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
1.07 |
1.47 |
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Current Ratio (Current Asset/Current Liability) |
|
1.97
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1.47 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Reliance Industry
·
Wockhardt Hospital
Form No. 8
|
Corporate
identity number of the company |
U75130PN2005PTC020503 |
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Name of the company
|
TITAN AERATION COMPANY (PRIVATE) LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune Road,
Pune - 411 003, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book
Debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Syndicate Bank Parmar Chambers, Connought Road, Sadhu Wasawani Chowk, Camp, Pune –
411 001, Maharashtra, India |
|
Nature of
instrument creating charge |
·
Composite
Hypothecation Agreement ·
Mortgage
by deposit if title goods ·
Charge
and Hypothecation of book dents Agreement All Constitute
single charge |
|
Date of
instrument Creating the charge |
17.09.2007 |
|
Amount secured by
the charge |
Rs.7.500 millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest 14% p.a. being 1% over above bank’s PLR ·
Terms
of repayment Repayable on demand. Valifity upto 31.08.2008. ·
Margin For SOD 30% and for bank Guarantee 25% ·
Extent
and operation of the charge First charge on stock and book debts of the company and also on immovable
property of Shop No. SC 1/13 and SC 1/14. Second Floor, Kohinoor Estate,
Mumbai – Pune Road, Wakdewadi, Pune – 411 003 ·
Others
Limits : Sod Rs.5.500 millions (Sub Limits datbd against L/C Rs.3.500
millions Bank Guarantee Rs.2.000 millions Total Limits Rs.7.500 millions |
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Particulars of
the property charged |
·
Stock
and Book Debts situated At SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj
Udyan, Mumbai-Pune Road, Pune - 411 003, Maharashtra, India ·
Equitable Mortgage by deposit of title deeds all
that piece and parcel of Shop No. SC 1/13 and SC1/14, Second Floor, Kohinoor
Estate, Mumbai – Pune Road, Wakdewadi, Pune – 411 003 |
Fixed Assets
·
Cutting Machine Shop Saw
·
EPABX System
·
Laptop Compaq Presario
·
Mobile Phones
·
Office Table
·
Paper Shreder
·
Office Premises
·
Furniture
·
Printer
·
Air Conditioner
·
Two Wheeler
·
Car
·
Computer and Printers
·
Telephones
·
Tools and Spares
·
Water Filter
Web Details
The Activated
Sludge Process has been employed for waste water treatment for over one hundred
years. Many variations of the process have been employed to optimize it for the
specific applications. Regardless of the specific configuration of the process,
the Activated Sludge Process employs microorganisms to assimilate and digest
organic carbon compounds in the wastewater . The microorganisms can range from
simple single cell bacteria to more complex life forms such as protozoa.
Aeration Process: Aeration is the process by which air is
circulated through, mixed with or dissolved in a liquid or substance. Aeration
is the process by which the area of contact between water and air is increased,
either by natural methods or by mechanical devices. Aeration is one of the most
elemental techniques frequently employed in the improvement of the physical and
chemical characteristics of water. The role of aeration in the activated sludge
process is to provide oxygen to the microorganisms as they assimilate the
organic carbon compounds and digest a portion of them to carbon dioxide and
water, Sulfate and Nitrate compounds. The remaining waste solids are changed to
a form that can be settledand removed as sludge by sedimentation.
News
·
Titan
Aeration successfully completes 10 years of operations in India.
·
Titan
Aeration introduces High Efficiency silicone membranes in INDIA.
·
More than
1000 installations working satisfactorily all over India and abroad.
·
Largest
Installation in India for conversion / revamp of surface aerators with
DiffusedCareers Careers Aeration Process with saving of : Rs. 10 millions /year
– APPM
·
First in
India to supply Diffusers for MBR (Membrane Bio Reactor)
·
Largest
installation in India with Diffused Aeration Process for Refineries
------Reliance Industries Limited -Jamnagar”
·
Largest
installation in India with Diffused Aeration Process for Paper Industry
------The Andhra Pradesh Paper Mills Limited”
·
Largest
installation in India with Diffused Aeration Process for Common Effluent
Treatment Plants(CETP) -------“CETP - Phalsana”
·
Largest
installation in India with Diffused Aeration Process for Sewage
Treatment Plants(STP) -------“STP – Ahmedabad Municipal
Corporation”
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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|