MIRA
INFORM REPORT
|
Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
EXCELSIOR CREATION PRIVATE LIMITED |
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Registered Office : |
44/27, Career Bhawan, Behind New Market, Lucknow-226001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.04.2003 |
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Com. Reg. No.: |
20-27384 |
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CIN No.: [Company
Identification No.] |
U7499UP2003PTC027384 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
LKNE05030E |
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PAN No.: [Permanent
Account No.] |
AABCE1689F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Sarees and Suits |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 6500 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company meeting its smaller commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Kamal Punjabi |
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Designation : |
Director |
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Date : |
08.09.2008 |
LOCATIONS
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Registered Office/ Factory : |
44/27, Career Bhawan, Behind New Market, Lucknow-226001, Uttar
Pradesh, India |
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Tel. No.: |
91-522-2613395 |
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Mobile No.: |
91-9839074022 |
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Fax No.: |
91-522-2621266 |
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E-Mail : |
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Area : |
3500 sq. ft ( Rented) |
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Showroom : |
Shop No. 29, Bhoomi Plaza Masjid Gali, Senapati Marg, Dadar,
Mumbai-400028, Maharashtra, India |
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Area : |
500 sq. ft ( Rented) |
DIRECTORS
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Name : |
Mr. Kunal Punjabi |
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Designation : |
Director |
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Address : |
B1/2 L Park, Mahangar Extension, Lucknow-226006, Uttar Pradesh, India |
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Date of Birth/Age : |
04.01.1977 |
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Qualification : |
Graduate |
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Date of Appointment : |
04.04.2003 |
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Name : |
Mr. Pitamber Bhojraj Punjabi |
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Designation : |
Director |
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Address : |
B1/2 L Park, Mahangar Extension, Lucknow-226006, Uttar Pradesh, India |
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Date of Birth/Age : |
01.07.1953 |
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Qualification : |
12th pass |
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Date of Appointment : |
04.04.2003 |
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Name : |
Mrs. Bhavana Punjabi |
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Designation : |
Director |
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Address : |
B1/2 L Park, Mahangar Extension, Lucknow-226006, Uttar Pradesh, India |
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Date of Birth/Age : |
24.11.1954 |
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Date of Appointment : |
04.04.2003 |
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Name : |
Mr. Niranjan Punjabi |
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Designation : |
Diector |
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Address : |
Flat No. 405, Sea Green Seven Bunglow, J P Road, Andheri (West),
Mumbai, Maharashtra, India |
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Date of Appointment : |
25.04.2003 |
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Name : |
Mr. Dharam Punjabi |
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Designation : |
Director |
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Address : |
Flat No. 405, Sea Green Seven Bunglow, J P Road, Andheri (West),
Mumbai, Maharashtra, India |
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Qualification : |
Graduate |
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Date of Appointment : |
25.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.07.2004
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Names of Shareholders |
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No. of Shares |
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Kunal Punjabi |
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5000 |
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Bhavna Punjabi |
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5000 |
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Niranjan Punjabi |
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5000 |
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Dharam Punjabi |
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5000 |
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Pitamber Punjabi |
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5000 |
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Total |
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25000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Other top fifty (50) shareholders (other than listed above) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sarees and Suits |
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Products : |
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Exports : |
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Countries : |
Canada and Indonesia |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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No. of Employees : |
21 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G.S. W and company Chartered Accountant |
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Address : |
44/27, Career Bhawan Near Madras Restaurant, Hazartganj,
Lucknow-226001, Uttar Pradesh, India |
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Name : |
Seth and Associates Chartered Accountant |
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Address : |
90, Pirpur Square, Narhi, Lucknow-226001, Uttar Pradesh, India |
CAPITAL STRUCTURE
As on 29.09.2007
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 |
|
25000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.250
Million |
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 |
0.250 |
0.250 |
0.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.062 |
0.912 |
0.521 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.312 |
1.162 |
0.771 |
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LOAN FUNDS |
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1] Secured Loans |
1.134 |
1.044 |
0.461 |
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2] Unsecured Loans |
17.918 |
16.255 |
14.724 |
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TOTAL BORROWING |
19.052 |
17.299 |
15.185 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.364 |
18.461 |
15.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.310 |
1.500 |
1.825 |
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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 |
0.113 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.553
|
5.875 |
0.000 |
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Sundry Debtors |
30.035
|
24.621 |
0.000 |
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Cash & Bank Balances |
0.339
|
0.879 |
1.208 |
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Other Current Assets |
0.000
|
0.000 |
23.471 |
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Loans & Advances |
0.377
|
0.726 |
0.000 |
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Total
Current Assets |
40.304
|
32.101 |
24.679 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.363
|
15.146 |
10.460 |
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Provisions |
0.000
|
0.000 |
0.097 |
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Total
Current Liabilities |
21.363
|
15.146 |
10.557 |
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Net Current Assets |
18.941
|
16.955 |
14.122 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.009 |
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TOTAL |
20.364 |
18.462 |
15.956 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
48.779 |
53.999 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
48.779 |
53.999 |
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Profit/(Loss) Before Tax |
|
0.257 |
0.713 |
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Provision for Taxation |
|
0.108 |
0.321 |
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Profit/(Loss) After Tax |
|
0.149 |
0.392 |
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Expenditures : |
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Depreciation & Amortization |
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0.392 |
0.449 |
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Other Expenditure |
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48.130 |
52.837 |
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Total Expenditure |
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48.522 |
53.286 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.30
|
0.73 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
1.32 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.62
|
2.12 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
|
0.61 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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30.80
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27.92 |
33.38 |
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Current Ratio (Current Asset/Current Liability) |
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1.89
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2.12 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Statutory Approvals |
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Legal status of Firm |
Private Limited |
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Income Tax Registration |
AABCE1689F |
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Name of bank |
HDFC |
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Current Account Number |
00782790000107 |
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Account Since |
2003 |
Bankers Charges
Report as per Registry
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Name of the company |
EXCELSIOR CREATION PRIVATE LIMITED |
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Presented By |
Bank of India,
Main Branch, Lucknow |
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1) Date and description of instrument creating the change |
Agreement of
Charge and Hypothecation of Book Debts (Form CC- 531) Dated 15.09.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
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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
all the Book Debts, Outstanding, Moneys receivables, claims and bills which
are now due and owing or which may at any time everafter during the
continuance of this security become due and owing to the Borrower in the
course of its business by any person, company or by the Government or any
local or public body or authority |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The abovesaid are
hypothecated to secure the cash credit (Book Debts) Limit of Rs. 1.000
Million granted by bank to the company. Internet shall be
chargeable at the rate fo 2.60% over Bank of India prime leading rate with
minimum of 14.10 % per annum or at such other rate as may from time to time
be fixed the Bank |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Main Branch, 1, Naval Kishor Road, 3rd Floor, Mohini Maunion ,
Lucknow, Uttar Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U7499UP2003PTC027384 |
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Name of the
company |
EXCELSIOR CREATION PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
44/27, Career Bhawan, Behind New Market, Lucknow-226001, Uttar
Pradesh, India |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of charge
holder |
HDFC Bank
Limited, Bank House Senapati Bapat Road, Lower Parel, Mumbai, Maharashtra,
India |
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Nature of
instrument creating charge |
Agreement for
overdraft |
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Date of
instrument Creating the charge |
12.07.2006 |
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Amount secured by
the charge |
Rs. 4.000 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
ROI 10.75% Tenor – 12 Months Limit Rs. 4.000
Millions |
AS PER WEBSITE
Profile:
Standing firm on the pillars of creativity
and diversity, they – Excelsior Creations, are an established manufacturer and
exporter of classy Indian wear since
four generations. Ranging from Designer
Sarees, Wedding Sarees, Bridal Collection to Ethnic Lehngas, Stylish
Churidaars, Elegant Suits, they have it all here in their showrooms. Established
in 1948,they have come a long
way in garment manufacturing and created a benchmark. Keeping in mind the
changing trends, the entire range displays a perfect blend of conventional and
contemporary styles.
To maintain exclusivity, they have a well-organized manufacturing unit equipped
with the latest techniques. The diligent craftsmen are innovative and masters
in the field of embroidery and thread work. The collection speaks out for
itself and has been admired by Indian as well as International clients.
The Vision
They aspire to achieve excellence in the field of designer embroidery in
India and across the continents. To attain complete customer satisfaction, improved
services, greater efficiency and continuous innovation is what they constantly
aim for.
Innovation & Creativity
Innovation and creativity is synonymous with Excelsior Creations. They
continuously work on designs and patterns of the apparels. Be it a saree or a
suit, the designers work very hard to create each piece to unmatched
perfection. They provide customized services to the clients and strictly follow
their requirements to give them the products of their choice. The karigars have immense experience and
knowledge in the field of embroideryand have been involved with this
kind of work since generations. Lucknow, being the land of exquisite
chickankari, gives themupper hand in the embroidered products
Quality Assurance
They weave style and elegance with expertise and care for even the
minutest details. The experienced designers and craftsmen add beauty to the raw
fabrics by giving a special touch of expertise. The fabric selected for each
piece is thoroughly checked for any flaws and is handed over to the designers
who design it as per as the requirement. Simple fabrics are turned to beautiful
designer ensembles by the touch of embroidery and design specifications. The
manufacturing procedures are in line with the international norms of quality
with a strict focus on design intricacies, fashion trends in the industry and
timely deliveries.
Unmatched Infrastructure
They have all the quintessential equipment and accessories that enable
them to boast of a fully furnished manufacturing unit. With an eye on quality
and with a passion for designing, they have installed latest machines at the
unit. They have an expert and skilled team of karigars from Lucknow who are
fully equipped to handle the customized orders and the machines properly and
skillfully. They continuously upgrade the unit to keep pace with the changing
trends of the industry.
The Expertise
They have an extremely talented team of workers, designers, craftsmen
and artisans who possess years of experience in this field and have been with
them for long. They understand the trends of the fashion industry and are aware
of the clients' tastes and desires.All the garments showcase their hard work
and passion for creativity.
The Strengths
- An exclusive
range of apparels .
- Attractive
pricing.
- Unmatched
designs and patterns.
- Timely
delivery.
- Extremely
talented team.
- Transparent
business dealings.
Customer Approach
The company is customer oriented and they strongly emphasize on
delivering premium quality products to the customers. Be it packaging, payment
modes or transfer of ready material, they ensure a convenient and hassle free
dealing to the clients. The products are available at attractive prices that
make them irresistible.
Clientèle
Owing to the customer friendly approach and competitive pricing, they
have gained remarkable portion of market share in India and abroad. They care
and pay attention to even minutest details specified by the clients. They work
diligently to provide the customers with the products of their choice.
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 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.44.89 |
|
UK Pound |
1 |
Rs.78.86 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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 |
|