MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
A K GANDHI MARKETING PRIVATE LIMITED |
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Registered Office : |
33 Yeshwant Stadium Dhantoli, Nagpur – 440012, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.03.1990 |
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Com. Reg. No.: |
11-55942 |
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CIN No.: [Company
Identification No.] |
U51900MH1990PTC055942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPA00025E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer for Carrier air conditioners and several brands. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 164180 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
A.K. Gandhi |
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Designation : |
Director |
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Contact No.: |
91-9890100000 |
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Date : |
25.08.2008 |
LOCATIONS
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Registered Office : |
33 Yeshwant Stadium Dhantoli, Nagpur – 440012, Maharashtra, India |
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Tel. No.: |
91-712- 2530890 |
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Mobile No.: |
91- 9890100000 |
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Fax No.: |
91- 712- 2548477 |
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E-Mail : |
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Website : |
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Area : |
500 sq ft |
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Location : |
Rented |
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Head Office : |
Behind Kailash Petrol Pump Wadi, Nagpur, Maharashtra, India |
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Area : |
1000 sq ft |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Ashok
Ratanlal Gandhi |
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Designation : |
Director |
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Address : |
Plot No. 4, Chetna
Flats, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
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Date of Birth/Age : |
06.03.1949 |
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Qualification : |
B.E. |
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Date of Appointment : |
23.03.1990 |
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Name : |
Mrs. Sunita Ashok
Gandhi |
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Designation : |
Director |
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Address : |
Plot No. 4,
Chetna Flats, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
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Date of Birth/Age : |
20.10.1957 |
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Qualification : |
B.A. |
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Date of Appointment : |
23.03.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ashok Kumar
Gandhi |
|
24930 |
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Mrs. Sunita
Gandhi |
|
10260 |
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Mr. Ratanlal
Gandhi |
|
300 |
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Ms. Achal Gandhi |
|
9450 |
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Mr. Yash Gandhi |
|
9450 |
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Mr. Govindas
Maloo |
|
900 |
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Mrs. Ashadevi
Maloo |
|
750 |
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Mr. Pravin Rathi |
|
900 |
|
Ashok Kumar
Gandhi [HUF] |
|
18060 |
AS ON 30.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer for Carrier air conditioners and several brands. |
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Agencies Held : |
Carrier |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
Retailer and Others |
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No. of Employees : |
150 |
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Bankers : |
Central Bank of
India Dhantoli Branch,
Nagpur – 440012 HDFC Bank Limited
CIN :
L65920MH1994PLC080618 HDFC Bank House
Senapati Bapat Marg, Lower Parel,
Mumbai – 400013, Maharashtra,
India |
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Facilities : |
CC Limit Rs.150.000 Millions |
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Auditors : |
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Name : |
Shah Baheti
Chandak and Company Chartered Accountants
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Address : |
205, Ghatate
Chambers, Panchsheel Sqr. Nagpur – 440012, Maharashtra, India |
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Associates/Subsidiaries : |
ACHAL CORPORATION - Nagpur |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- Each |
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- Each |
Rs.20.000
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 |
20.000 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.836 |
11.384 |
10.323 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.836 |
18.884 |
17.823 |
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LOAN FUNDS |
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1] Secured Loans |
116.046 |
84.006 |
46.190 |
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2] Unsecured Loans |
60.500 |
62.946 |
62.256 |
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TOTAL BORROWING |
176.546 |
146.952 |
108.446 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
209.382 |
165.836 |
126.269 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.774 |
33.941 |
33.109 |
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Capital work-in-progress |
0.712 |
0.712 |
0.712 |
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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 |
153.238
|
130.424 |
120.705 |
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Sundry Debtors |
156.027
|
128.325 |
84.280 |
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Cash & Bank Balances |
10.459
|
23.601 |
1.331 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
45.759
|
37.266 |
11.743 |
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Total
Current Assets |
365.483
|
319.616 |
218.059 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
190.587
|
188.378 |
125.611 |
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Provisions |
0.000
|
0.055 |
0.000 |
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Total
Current Liabilities |
190.587
|
188.433 |
125.611 |
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Net Current Assets |
174.896
|
131.183 |
92.448 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
209.382 |
165.836 |
126.269 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Total Income |
|
2591.645 |
1862.726 |
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Net Profit for the Year |
|
2.591 |
2.253 |
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Expenditures : |
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Interest |
|
18.090 |
10.559 |
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Depreciation & Amortization |
|
4.756 |
4.590 |
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Other Expenditure |
|
2566.207 |
1845.324 |
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Total Expenditure |
|
2589.053 |
1860.473 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
00.10
|
00.12 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
00.10
|
00.12 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
00.64
|
00.63 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
07.89
|
11.93 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.18
|
17.76 |
13.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.87
|
1.69 |
8.51 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
·
Ramdev Baba College – Nagpur
·
Raisont College – Nagpur
FORM NO.8
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Name of the company |
A. K. GANDHI MARKETING PRIVATE LIMITED |
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Presented By |
Mr. Ashok Kumar Gandhi, Director |
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1) Date and description of instrument creating the change |
30.03.2000 Agreement of Hypothecation of secure demand cash credit against goods
dated 30.03.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Stock of TV, Refrigerator, Washing Machine, AC, Generator, Video Games, Music
Systems etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 50 % Rate of Interest
PLR + 3 % + Tax |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Dhantoli Branch,
Nagpur - 440012 |
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6) Date and brief description of instrument modifying the charge |
06.01.2003 Agreement of
Hypothecation of secure demand cash credit against goods. Supplementary
memorandum of deposit of title deed D P Note, Letter
of continuity, Resolution, Sanction letter |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge has created on 30.03.2000 for Rs. 5 Millions. And first modification
has made on 19.06.2000. now the second modification was made on 06.01.2003 by
increasing its cash credit limit form Rs. 5 millions to Rs. 10 Millions |
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Name of the company |
A. K. GANDHI MARKETING PRIVATE LIMITED |
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Presented By |
Central Bank of India Dhantoli Branch, Nagpur - 440012 |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of secure demand cash
credit against goods dated 21.10.1992 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.800
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Stock of all types of TV, VCR’s, Refrigerator, Washing Machine, AC,
Generator, Video Games, Music Systems, stored or be in or about the premises,
warehouse or godowns etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: 22.75 % p.a. with quarterly rests, subject to charge form time to time, as
per RBI guidelines. Margin 30 % Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Dhantoli Branch,
Nagpur - 440012 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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Corporate
identity number of the company |
U51900MH1990PTC055942 |
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Name of the
company |
A. K. GANDHI
MARKETING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
33, Yashwant
Stadium, Dhantoli, Nagpur – 440012, Maharashtra |
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This form is for |
Creation of
Charges |
|
Type of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
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Particular of charge
holder |
CIN :
L65920MH1994PLC080618 HDFC Bank Limited
HDFC Bank House
Senapati Bapat Marg, Lower Parel,
Mumbai – 400013, Maharashtra,
India |
|
Nature of instrument
creating charge |
Memorandum
recording past transaction of creation of mortgage by deposit of title deeds |
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Date of
instrument Creating the charge |
31.07.2006 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
The Bank is
entitled to charge interest at such other rate as may be determined by the
bank from time to time The mortgage of charge
shall continue to subsist till such time all the borrower dues have been
repaid in full together with interest, liquidated damages, costs, charges and
expenses and all other monies whatsoever dues. |
|
Description of
the property charged |
Immovable
Properties |
|
Particulars of
the property charged |
Mortgage by
deposit of title deeds in favour of the bank as security on : Plot No. 24-A,
25 Dahipura, Utkhana Layout, Nagpur, Maharashtra |
|
Corporate
identity number of the company |
U51900MH1990PTC055942 |
|
Name of the
company |
A. K. GANDHI
MARKETING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
33, Yashwant
Stadium, Dhantoli, Nagpur – 440012, Maharashtra |
|
This form is for |
Creation of
Charges |
|
Type of charge |
Hypothecation
& Equitable mortgage or mortgage of property by deposition the title
deeds |
|
Particular of
charge holder |
CIN :
L65920MH1994PLC080618 HDFC Bank Limited
HDFC Bank House Senapati
Bapat Marg, Lower Parel,
Mumbai – 400013, Maharashtra,
India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation Memorandum recording
past transaction of creation of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
31.07.2006 |
|
Amount secured by
the charge |
Rs. 101.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
The Bank is
entitled to charge interest at such other rate as may be determined by the
bank from time to time The mortgage of
charge shall continue to subsist till such time all the borrower dues have
been repaid in full together with interest, liquidated damages, costs,
charges and expenses and all other monies whatsoever dues. |
|
Description of
the property charged |
Immovable
Properties, Stock in trade and Book debts |
|
Particulars of
the property charged |
Mortgage by
deposit of title deeds in favour of the bank as security on : Plot No. 24-A,
25 Dahipura, Utkhana Layout, Nagpur, Maharashtra and Hypothecation by
way of first charged on all the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise, fixed assets and whatsoever being
movable properties and all the book debts,
outstanding monies receivable, claims and bills. |
|
This form is for |
Creation of
charge |
||||||||
|
Corporate
identity number of the company |
U51900MH1990PTC055942 |
||||||||
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Name of the
company |
A. K. GANDHI
MARKETING PRIVATE LIMITED |
||||||||
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Address of the
registered office or of the principal place of business in India of the company |
33, Yashwant
Stadium, Dhantoli, Nagpur – 440012, Maharashtra |
||||||||
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
|
||||||||
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Nature of description
of the instrument creating or modifying the charge |
Letter of
Hypothecation |
||||||||
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Date of
instrument Creating the charge |
06.12.2007 |
||||||||
|
Amount secured by
the charge |
Rs.145.000
Millions |
||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time Terms of
Repayment On demand Margin Company shall at all
time during the continuance of this security maintain the said debts of a
sufficient amount to provide the margin of security as may from time to time
advised by the bank Extent and
Operation of the charge Hypothecation by
way of first charge on company’s stocks, book debts etc., to secured as a
continuing security. Others Nil |
||||||||
|
Short particulars
of the property charged |
Hypothecation by
way of charge on ·
Al the stock
in trade both present and future consisting of raw materials, finish goods,
goods in process of manufacturing and other merchandise, fixed assets and
whatsoever being movable properties ·
All present
and future book debts…… as per annexure attached |
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
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 |
|
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 |
|