MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNSHINE POWER PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Sunshine House, Hanspukur Green Park (Khal Pole), Bakrahat Road, P.O.
Joka, Thakuroukur, Kolkata – 700 104, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.06.2004 |
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Com. Reg. No.: |
098975 |
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CIN No.: [Company
Identification No.] |
U74999WB2004PTC098975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS16919A |
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PAN No.: [Permanent
Account No.] |
AAICS2398Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of different type of solar photo voltaic system
electrical appliances. |
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 8900 |
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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 well established company having satisfactory track. The company
has improved it’s performance in 2006 – 2007. It’s trade relations are fair.
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/ Factory : |
Sunshine House, Hanspukur Green Park (Khal Pole), Bakrahat Road, P.O.
Joka, Thakuroukur, Kolkata – 700 104, West Bengal, India |
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Tel. No.: |
91-33-24980521 / 0522 / 0523 |
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Fax No.: |
91-33-24980508 |
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E-Mail : |
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Website : |
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DIRECTORS
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Name : |
Mr. Uttam Mukherjee |
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Designation : |
Managing Director |
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Address : |
88/17, Bhattacharjee Para Road, Kadmatala, Thakurpukur, Kolkata – 700 063,
West Bengal |
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Date of Birth/Age : |
21.0101969 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr.Ujjal Kumar Mukherjee |
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Designation : |
Director |
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Address : |
Shyampur, Ghosh Para, P.S. Budge, Kolkata – 700 137, West Bengal |
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Date of Birth/Age : |
28.11.1972 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr. Debasis Patra |
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Designation : |
Director |
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Address : |
Shyampur, Ghosh Pra Budge, Kolkata – 700 137, West Bengal |
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Date of Birth/Age : |
02.01.1972 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr. Shambhu Manna |
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Designation : |
Director |
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Address : |
106, Roy Bahadur Road, Behala, Kolkata – 700 034, West Bengal |
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Date of Birth/Age : |
12.05.1959 |
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Date of Appointment : |
28.06.2004 |
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KEY EXECUTIVES
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Name : |
Bijan Kumar Maik, .Company Secretary |
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Designation : |
Company Secretary |
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Address : |
1/83 M M Ghosh Road, Kolkata 700 074 |
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Phone : |
91-33-25515059 |
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Mobile : |
91-9433535712 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(AS ON 28.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Uttam Mukherjee |
13300 |
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Ullal Kumar Mukherjee |
3400 |
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Dabasis Patra |
3400 |
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Shambhu Manna |
3400 |
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23500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Director or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of different type of solar photo voltaic system
electrical appliances. |
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Products : |
v TV operated by
Solar v Solar Home
System v Solar Lantern v Solar Power
Batteries v Solar Water
Heater |
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GENERAL
INFORMATION
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Bankers : |
v State Bank of
India, 1168/1, D.H. Road, Behala, Kolkata – 700 034, West Bengal, India. v Axis Bank
Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
JIT and Associates Chartered Accountants (S Das, Proprietor, Membership No. 51235) |
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Address : |
16 Rani Rashmoni Road, Kolkata 700 013 |
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Tel. No.: |
91-33-22445856 |
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Mobile No.: |
91-9331034675 |
CAPITAL STRUCTURE
(AS ON 28.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- Each |
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23500 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.350 Millions |
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 |
2.350 |
1.950 |
0.128 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.188 |
0.289 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.538 |
2.239 |
0.128 |
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LOAN FUNDS |
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1] Secured Loans |
0.073 |
0.092 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.073 |
0.092 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.611 |
2.331 |
0.128 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.564 |
0.501 |
0.000 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.711
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0.282 |
0.000 |
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Sundry Debtors |
18.508
|
9.838 |
0.000 |
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Cash & Bank Balances |
0.321
|
0.075 |
6.460 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.868
|
0.259 |
0.000 |
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Total
Current Assets |
21.408
|
10.454 |
6.460 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.602
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8.522 |
9.857 |
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Provisions |
0.864
|
0.221 |
0.000 |
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Total
Current Liabilities |
18.466
|
8.743 |
9.857 |
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Net Current Assets |
2.942
|
1.711 |
(3.397) |
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MISCELLANEOUS EXPENSES |
0.105 |
0.119 |
0.132 |
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TOTAL |
3.611 |
2.331 |
0.128 |
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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 & Other Income |
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36.348 |
10.074 |
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Total Income |
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36.348 |
10.074 |
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Profit/(Loss) Before Tax |
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1.076 |
0.449 |
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Provision for Taxation |
|
0.178 |
0.160 |
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Profit/(Loss) After Tax |
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0.898 |
0.289 |
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Total Expenditure |
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35.272 |
9.625 |
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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2.47
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2.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.96 |
4.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.89 |
4.09 |
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Return on Investment (ROI) (PBT/Networth) |
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30.41 |
64.71 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.23 |
3.94 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
- West Bengal Renewable Energy Development Agency (WBREDA)
- Bharat Electronics Limited, Bangalore
- Jharkhand Renewable Energy Development Agency (JREDA)
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Name of the company |
M/s. SUNSHINE
POWER PRODUCTS PRIVATE LIMITED |
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Presented By |
Mr. Uttam Mukherjee
(Managing Director) |
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1) Date and description of instrument creating the change |
Date: 19.07.2005 1)
General
agreement for the Grant of small Industrial Advances and Hypothecation of
Movable assets, book debts and other assets. 2)
Agreement
for the grant of small Industrial Advances |
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2) Amount secured by the charge/amount owing on the securities of charge |
Overall Limit of
Rs. 0.800 million consisting of working capital of Rs. 00800 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 |
The advance will
be primarily secured by Hypothecation of stock-in-trade and Book Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest Interest at
minimum of 11.00% p.a. Margin: 25% Collateral Security: 1)
Equity
mortgage of land valued Rs. 0.310 million and Rs. 0.271 million in the name
of Shri. Avijit Guria and Shri Abhijit Bhattarcharjee 2)
Lien of
Branch ST DR of Rs. 0.200 million 3)
Personal
guarantee of all the directors in their personal capacities and Shri. Avijit
Guria and Shri. Abhijit Bhattacharjee |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Behala (Kolkata)
Branch, 1168 / 1, Diamond Harbour Road, Kolkata – 700 034, India |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90255475 |
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Corporate
identity number of the company |
U74999WB2004PTC098975 |
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Name of the
company |
SUNSHINE POWER PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Sunshine House, Hanspukur Green Park (Khal Pole), Bakrahat Road, P.O.
Joka, Thakuroukur, Kolkata – 700 104, West Bengal, India |
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Type of charge |
Book Debts Immovable
Property |
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Particular of
charge holder |
State Bank of India 1168/1, D.H. Road, Behala, Kolkata – 700 034, West Bengal, India. E-Mail: tapan.de@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
08.11.2007 |
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Amount secured by
the charge |
Rs.2.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13% p.a. Margin: 20% Extent and
Operation of the charge: 100% |
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Short particulars
of the property charged |
Mouza –
Hanspukur, Khat. No.- 146,Touzi no.– 14, Dag no.– 268, R-SA – No.36, JAL No.–
20 under joka ii, Gram panchayet, Industrial Shed |
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Particulars of
the present modification |
Cash Credit Limit
Enhanced From Rs.0.800 Million to 2.000 Millions On 08.11.2007 |
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.45.94 |
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UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
YES |
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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 |
|
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 |
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