MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROSY JEWELLERY EXPORTS PRIVATE LIMITED |
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Registered Office : |
605 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.03.1991 |
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Com. Reg. No.: |
060594 |
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CIN No.: [Company
Identification No.] |
U36911MH1991PTC060594 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Rings, Bracelets, Earrings,
and Pendants and Necklace |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Fcatory : |
605 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Tel. No.: |
91-22-28290530 |
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Fax No.: |
91-22-23634475 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mehta Rajinikant Shishir |
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Designation : |
Director |
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Address : |
51, Kshitij Nepean Sea Road, Mumbai – 400036, Maharashtra |
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Date of Birth/Age : |
15.11.1953 |
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Date of Appointment : |
04.03.1991 |
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Name : |
Mr. Kothari Jarmal Mayur |
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Designation : |
Director |
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Address : |
9/26, Shyam Niwas, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
18.05.1956 |
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Date of Appointment : |
04.03.1991 |
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Name : |
Mr. Mehta Shishir Siddharth |
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Designation : |
Director |
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Address : |
51, Kshitij Nepean Sea Road, Mumbai – 400036, Maharashtra |
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Date of Birth/Age : |
22.09.1976 |
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Date of Appointment : |
08.12.1997 |
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Name : |
Mrs. Kothari Mayur Shaila |
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Designation : |
Director |
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Address : |
9/26, Shyam Niwas, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
02.09.1957 |
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Date of Appointment : |
08.12.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Mayur J Kothari |
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40100 |
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Mr. Shishir R Mehta |
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64100 |
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Mr. Rajaen Kothari |
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26000 |
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Ms. Pushpa Kothari |
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16500 |
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M/s. Rajanikant and Sons (D & J) Private Limited |
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22300 |
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Ms. Hiraben Mehta |
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53000 |
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Ms. Shaila Kothari |
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45000 |
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Mr. Sushila Mehta |
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33000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Rings, Bracelets, Earrings,
and Pendants and Necklace |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda, International Business Branch, Gen Bhosale Marg,
Nariman Point, Mumbai – 400021, Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M K Varghare and Company Chartered Accountant |
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Address : |
A1/1, Rajat Rekha, 142/6, J P Road, Andheri (West), Mumbai – 400053,
Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10/- Each |
Rs. 3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.000 |
3.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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32.294 |
32.674 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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35.294 |
35.674 |
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LOAN FUNDS |
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1] Secured Loans |
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23.934 |
26.733 |
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2] Unsecured Loans |
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0.129 |
0.129 |
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TOTAL BORROWING |
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24.063 |
26.862 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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59.357 |
62.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.441 |
1.559 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.027 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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53.583 |
66.808 |
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Sundry Debtors |
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29.582 |
35.490 |
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Cash & Bank Balances |
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1.417 |
1.065 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.133 |
2.148 |
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Total
Current Assets |
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86.715 |
105.511 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.756 |
44.258 |
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Provisions |
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0.070 |
0.276 |
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Total
Current Liabilities |
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28.826 |
44.534 |
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Net Current Assets |
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57.889 |
60.977 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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59.357 |
62.536 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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82.192 |
76.351 |
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Total Income |
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82.192 |
76.351 |
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Profit/(Loss) Before Tax |
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(0.309) |
0.391 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(0.309) |
0.391 |
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Expenditures : |
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Interest |
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3.542 |
3.222 |
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Depreciation & Amortization |
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0.299 |
0.324 |
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Other Expenditure |
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78.660 |
72.414 |
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Total Expenditure |
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82.501 |
75.960 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(0.37) |
0.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.37) |
0.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.35) |
0.36 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.01) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.49 |
2.00 |
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Current Ratio (Current Asset/Current Liability) |
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3.00 |
2.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90152820 |
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Corporate
identity number of the company |
U36911MH1991PTC060594 |
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Name of the
company |
ROSY JEWELLERY EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
605 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of Baroda, International Business Branch, Gen Bhosale Marg,
Nariman Point, Mumbai – 400021, Maharashtra |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
composite agreement of hypothecation of goods, book debts, moveable machinery
and vehicles |
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Date of
instrument Creating the charge |
08.10.2007 |
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Amount secured by
the charge |
Rs. 41.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Nil Terms of
Repayment – Bank Guarantee Margin – 25% Extent and
Operation of the charge – Bank of Baroda first charge holder Others - -- |
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Short particulars
of the property charged |
Goods, Book
Debts, Moveable Machinery and Vehicles |
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Date of latest
modification prior to the present modification |
22.05.2006 |
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Particulars of
the present modification |
Charge increased
to Rs. 41.000 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.26 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.63.53 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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