MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
HITKARI FIBRES LIMITED |
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Registered Office : |
Office No.43, Free Press House, 215 Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.09.1985 |
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Com. Reg. No.: |
11-37364 |
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CIN No.: [Company
Identification No.] |
U17100MH1985PLC037364 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH08737B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Automobile Carpets. |
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 80000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s profitability
is under severe pressure having good amount of accumulated losses. Trade
relations are fair. Payments are reported as slow at time but correct. The company can be considered good for small to mediocre business
dealings. |
LOCATIONS
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Registered Office : |
Office No.43, Free Press House, 215 Nariman Point, Mumbai – 400021,
Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office 1: |
Hitkari House, 284 S. B. S. Marg, Fort, Mumbai – 400001, Maharashtra,
India |
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Tel. No.: |
91-22-32913960/ 3295050 |
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Fax No.: |
91-22-22654810 |
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Email : |
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Website : |
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Corporate Office 2: |
BR Hitkari Marg, Trishul Appartments, A Building, Sinddhi Society,
Chembur, Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25246949/ 25234443 |
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Fax No.: |
91-22-25223412 |
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E-Mail : |
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Website : |
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Factory : |
326, Udyog Vihar, Phase – IV, Gurgaon – 122016, Haryana, India |
DIRECTORS
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Name : |
Mr. Anil Hitkari |
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Designation : |
Chairman and Managing Director
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Address : |
Hitkari Baug, R. C. Marg, Chembur – 400071, Maharashtra, India |
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Date of Birth/Age : |
09.10.1950 |
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Date of Appointment : |
12.04.1995 |
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Name : |
Mr. Sanjay Sahani |
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Designation : |
Director |
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Address : |
Hitkari Baug, R. C. Marg, Chembur – 400071, Maharashtra, India |
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Date of Birth/Age : |
11.03.1970 |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mrs. Chandni Anil Hitkari |
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Designation : |
Director |
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Address : |
Hitkari Baug, R. C. Marg, Chembur – 400071, Maharashtra, India |
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Date of Birth/Age : |
13.12.1951 |
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Date of Appointment : |
12.04.1995 |
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Name : |
Mr. Aditya Anil Hitkari |
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Designation : |
Director |
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Address : |
Hitkari Baug, R. C. Marg, Chembur – 400071, Maharashtra, India |
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Date of Birth/Age : |
01.07.1977 |
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Date of Appointment : |
29.09.1995 |
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Name : |
Mr. Rajendra R. Singh |
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Designation : |
Director |
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Address : |
A-301, Sunny Side, Lokhandwala Complex, Amdheri (West), Mumbai –
400053, Maharashtra, India |
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Date of Birth/Age : |
31.07.1951 |
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Date of Appointment : |
25.08.1999 |
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Name : |
Mr. Mahesh Raghavan Menon |
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Designation : |
Director |
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Address : |
5, Sukhdham, Gaothan Road No.1, Chembur, Mumbai – 400071, Maharashtra,
India |
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Date of Birth/Age : |
14.05.1964 |
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Date of Appointment : |
29.05.2006 |
KEY EXECUTIVES
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Name : |
Mr. J K Chowdhry |
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Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Category |
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Percentage |
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Mutual Funds |
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10.00 |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs and Others ) |
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0.05 |
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Bodies Corporate |
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2.06 |
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Directors or relatives of directors |
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35.37 |
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Others top fifty shareholders (Other than listed above) |
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8.30 |
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Others |
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44.22 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automobile Carpets. |
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Products : |
Automobile Carpets |
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Exports : |
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Countries : |
Ř Middle East Ř Mauritius Ř Japan |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Ř Bank of India Sion Branch, 29 Amba Bhavan, Sion Circle, Mumbai – 400022,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pratab B Sheth and Company Chartered Accountant |
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Address : |
D/25 Rameshwar Murai Road, Mulund (West), Mumbai – 400080,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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30000 |
Reference Shares |
Rs.100/- each |
Rs.3.000 Millions |
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Total |
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Rs.63.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3052100 |
Equity Shares |
Rs.10/- each |
Rs.30.521 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
30.09.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.521 |
30.521 |
30.521 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
24.756 |
11.350 |
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4] (Accumulated Losses) |
(14.340) |
(14.260) |
(20.509) |
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NETWORTH |
16.181 |
41.017 |
21.362 |
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LOAN FUNDS |
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1] Secured Loans |
10.941 |
2.526 |
30.478 |
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2] Unsecured Loans |
20.548 |
22.676 |
5.089 |
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TOTAL BORROWING |
31.489 |
25.202 |
35.567 |
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DEFERRED TAX LIABILITIES |
13.271 |
17.544 |
17.544 |
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TOTAL |
60.941 |
83.763 |
74.473 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.501 |
59.089 |
24.112 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
31.346
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20.344 |
22.667 |
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Sundry Debtors |
26.008
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20.959 |
30.681 |
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Cash & Bank Balances |
0.650
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1.646 |
3.382 |
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Other Current Assets |
1.222
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1.824 |
2.280 |
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Loans & Advances |
6.052
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5.405 |
10.709 |
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Total
Current Assets |
65.278
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50.178 |
69.719 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.453
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24.293 |
18.609 |
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Provisions |
1.386
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1.212 |
0.750 |
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Total
Current Liabilities |
34.839
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25.505 |
19.359 |
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Net Current Assets |
30.439
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24.673 |
50.360 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.941 |
83.763 |
74.473 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
30.09.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.10
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1.24 |
2.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.87
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1.97 |
3.60 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Hitkari House, 284 S. B. S. Marg,
Fort, Mumbai – 400001, Maharashtra, India to the present address w.e.f.
18.03.2008.
Form 8:
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Corporate
identity number of the company |
U17100MH1985PLC037364 |
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Name of the
company |
HITKARI FIBRES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Hitkari House, 284 S. B. S. Marg, Fort, Mumbai – 400001, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of India Sion Branch, 29 Amba Bhavan, Sion Circle, Mumbai – 400022,
Maharashtra, India |
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs.15.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 3.25% over BPLR
presently 15.75% per annum with monthly rests Terms of
Repayment: On Demand Margin: As per Sanction
Terms Extent and
Operation of the charge: To secure Cash
Credit (Stock) Rs.7.500 Millions and Cash Credit (Book Debts) facility of
Rs.7.500 Millions aggregating to Rs.15.000 Millions granted by the Bank to
the company |
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Particulars of
the present modification |
The Original
charge for Rs.15.000 Millions is herby modified by realignment of limits as
under:- Cash Credit (Hypothecation)
Stocks Rs.7.500 Millions and Cash Credit (Hypothecation) Book Debts Rs.7.500
Millions Total aggregating
to Rs.15.000 Millions and secured against Stocks and Book Debts as stated in
column No.14 above. Thus there is no change in the charge amount which stands
secured at the level of Rs.15.000 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.34 |
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UK Pound |
1 |
Rs.82.96 |
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Euro |
1 |
Rs.65.82 |
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 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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32 |
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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