MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAGYASHREE ACCESSORIES PRIVATE LIMITED |
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Registered Office : |
5/2 Upendra Society S No. 9/4 Erandawana, Pune – 411004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.09.1994 |
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Com. Reg. No.: |
11-81435 |
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CIN No.: [Company
Identification No.] |
U29309MH1994PTC081435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB01642E |
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PAN No.: [Permanent
Account No.] |
AAACB7127Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Centrifuge Oil Cleaners and Retrofitting
of all types of Diesel Engines. |
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 15000 |
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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 correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
5/2 Upendra Society S No. 9/4 Erandawana, Pune – 411004, Maharashtra |
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Tel. No.: |
91-20-24392276 |
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Mobile No.: |
91-9325006390 / 9922901971 |
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Fax No.: |
91-20-24392276 |
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E-Mail : |
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Website : |
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Factory : |
S. No. 1/3 B, Dhayari,
Sinhagad Road, Pune - 411 041, Maharashtra, India |
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Tel. No.: |
91- 20-32910050 / 24392276 / 30910050 |
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Fax No.: |
91- 20- 24392276 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Suresh Atmaram Chitale |
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Designation : |
Director |
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Address : |
5/2 Upendra Society S No. 9/4 Erandawana, Pune – 411004, Maharashtra |
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Date of Birth/Age : |
06.04.1945 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mrs. Bhagyashree Suresh Chitale |
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Designation : |
Director |
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Address : |
5/2 Upendra Society S No. 9/4 Erandawana, Pune – 411004, Maharashtra |
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Date of Birth/Age : |
11.06.1952 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. Satyajeet Suresh Chitale |
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Designation : |
Director |
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Address : |
5/2 Upendra Society S No. 9/4 Erandawana, Pune – 411004, Maharashtra |
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Date of Birth/Age : |
04.11.1973 |
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Date of Appointment : |
01.01.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Suresh Atmaram Chitle |
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1100 |
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Bhagyashree Suresh Chitle |
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1100 |
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Satyajeet Suresh Chitle |
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6100 |
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Gopal Nilkanth Dixit |
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10 |
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Total |
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8310 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Centrifuge Oil Cleaners and Retrofitting
of all types of Diesel Engines. |
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Products : |
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Exports : |
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Countries : |
USA, Australia, Europe and Africa |
GENERAL
INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
The Saraswat Co-Operative Bank Limited Karve Road Branch, Pune – 411004, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V P Kale and Company Chartered Accountants |
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Address : |
Shailaja Apartments, Lane No. 5, Dahanukar Colony, Kothrud, Pune –
411038, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9820 |
Equity Shares |
Rs. 100/- each |
Rs. 0.982
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.982 |
0.982 |
0.982 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.993 |
1.949 |
1.939 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.975 |
2.931 |
2.921 |
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LOAN FUNDS |
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1] Secured Loans |
2.855 |
3.155 |
3.186 |
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2] Unsecured Loans |
0.932 |
0.933 |
0.686 |
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TOTAL BORROWING |
3.787 |
4.088 |
3.872 |
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DEFERRED TAX LIABILITIES |
0.252 |
0.300 |
0.300 |
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TOTAL |
7.014 |
7.319 |
7.093 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.680 |
4.310 |
4.565 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.030 |
0.030 |
0.030 |
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DEFERREX TAX ASSETS |
0.346 |
0.465 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.451
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0.795 |
1.285 |
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Sundry Debtors |
4.388
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3.200 |
2.782 |
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Cash & Bank Balances |
0.116
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0.131 |
0.145 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.227
|
0.576 |
0.532 |
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Total
Current Assets |
5.182
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4.702 |
4.744 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.199
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1.416 |
1.675 |
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Provisions |
1.025
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0.772 |
0.571 |
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Total
Current Liabilities |
2.224
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2.188 |
2.246 |
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Net Current Assets |
2.958
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2.514 |
2.498 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.014 |
7.319 |
7.093 |
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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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Total Income |
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17.169 |
1.190 |
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Profit/(Loss) Before Tax |
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0.151 |
0.070 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.151 |
0.070 |
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Expenditure |
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Interest |
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0.335 |
0.000 |
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Other Expenditure |
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16.683 |
1.120 |
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Total Expenditure |
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17.018 |
1.120 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.88
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5.88 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.88
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5.88 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.70
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0.78 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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3.01
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2.14 |
2.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.02
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2.14 |
2.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.33
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2.15 |
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
BHAGYASHREE
ACCESSORIES PRIVATE LIMITED |
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Presented By |
The Saraswat
Co-Operative Bank Limited |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Book Debts dated 14.11.1998 Agreement of
Hypothecation of Movable Property dated 14.11.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 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 |
All the Stock, tangible
movable property whether new, Manufactured or in process of manufacturing,
machinery, Plant [both present and future] belonging to the borrower and all
outstanding Book Debts, moneys, Receivables, Claims, Approved Book debts,
Bills etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
15.75 % Margin – Stock 30
% Book Debts 30 % |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-Operative Bank Limited Karve Road
Branch, Pune – 411004 |
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6) Date and brief description of instrument modifying the charge |
Deed of
Hypothecation for Additional Advances [Supplementary Deed] dated 12.09.2005 |
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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
charges of Rs. 0.300 Million dated 14.11.1998, was registered on 07.12.1998
vide entry no 6 & 7 By way of First
Modification dated 22.03.2003, Cash Credit limit was further enhanced by Rs.
0.200 Million making total Cash Credit facility was duly registered on
24.04.2003 vide Entry No. 36 & 37. Now by way of
Second Modification, Deed of Hypothecation For Additional Advance dated
12.09.2005, Cash Credit limit was further enhanced by Rs. 0.700 Million
making total Cash credit facility of Rs. 1.200 Millions Rate of Interest
: 13 % with monthly
rest or such other rate as may be fixed from time to time All other terms and
conditions remaining the same. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29309MH1994PTC081435 |
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Name of the
company |
BHAGYASHREE ACCESSORIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
5/2 Upendra Society S No. 9/4 Erandawana, Pune – 411004, Maharashtra |
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Type of charge |
Movable Property |
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Particular of
charge holder |
The Saraswat Co-Operative Bank Limited Karve Road Branch, Pune – 411004, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of hypothecation
of movable property dated 05.06.2008 |
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Date of
instrument Creating the charge |
05.06.2008 |
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Amount secured by
the charge |
Rs. 0.525 Million
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR Less 1 % = 12
% Present PLR being 13 % Terms of
Repayment Term Loan to be
repaid in 60 monthly installments of Rs. 8750/- each [Interest to be
recovered monthly] Margin 45 % Extent and
Operation of the charge Type of facility
– Term Loan Others As per the terms
and conditions of the agreement. |
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Short particulars
of the property charged |
The borrowers do
hypothecate to and in favor of the bank all outstanding, monies receivable,
claims and which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing to t he
borrowers in the course of his business and all the machinery, tangible
movable property belonging to the borrower and lying and being at the
borrowers place of business at S. No. 1/3B, Dhayari, Pune – 41. |
AS PER
WEBSITE
Subject was incorporated in 1994 and started operations in
1995. The company is located at Sinhgad Road in Pune, a well-known industrial
town in Maharashtra. The company is located in a small industrial area on
the outskirts of Pune city. The company owns a production shop measuring
2000sq. feet area. Gauge store and gauge room are separate
measuring 450sq. feet.
Manufacturing & Research Development: The Company is equipped with modern
CNC machining technology for production of centrifuge components. Other
quality machining is done on high precision machines like Cylindrical
Grinder, Radial Drilling Machines, Capstan lathes, etc. Over last ten
years, operating persons from the company have developed significant
know-how about production support aids like jigs, fixtures and tooling.
Development of production support aids is now done in-house as per requirement
under the guidance of the technicians.
They do not believe that any centrifuge made by us is the 'best' in its class.
This is the foundation of the continuous research program. Every next
centrifuge they make, they try to make it better with more and more
improved techniques. At Bhagyashree Accessories, they have separate team
working on further development of existing centrifuge models and
development of new centrifuge models. They have strengthened links with
educational and research institutes for transfer of know-how about
specific technical areas. All development projects at Bhagyashree
Accessories thus have a sound analytical footing and are completed with
extensive trials of developed versions.
The company has in-house testing facilities with test equipments like Magnetic
Crack Detection, Hardness Tester, Slip Gauges, and modern digital
measuring instruments. The company has developed testing rigs for
centrifuges to measure performance of each centrifuge manufactured.
The company has access to approved laboratories where material testing and
oil testing is done. Testing of incoming material is a regular system for
each lot of incoming materials.
Although not certified under ISO or QS, the company has systems compatible with
ISO standards. Systems of gauge calibration, materials and product
performance records etc. are set and the operating personnel are well
conversant with all quality maintenance systems.
Bhagyashree Accessories Private Limited, through its continuous research
and development program has successfully developed a small centrifuge
suitable for engines with sump volumes 5 liters to 15 liters. The small
'wonder' is named as SCC20 and now becomes part of seven member Sudarshan
Centrifuge Cleaner's family. Designed indigenously, this centrifuge has
200ml dirt holding capacity and rotates above 7000 rpm at
working pressures. This centrifuge is best suited for small engines
typically located on tractors, transport vehicles and farm equipments. Subject
has applied for a petent for this centrifuge model and the patent is
pending for the same.
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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 |
|