MIRA INFORM REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GARTECH EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
S. No. 137/138, Chale, Mulshi, Pune-412108, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.06.2001 |
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Com. Reg. No.: |
11-16213 |
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CIN No.: [Company
Identification No.] |
U29299PN2001PTC016213 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Poultry Equipments like Cages, Pan
Feeding, Fans, Foggers, etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 64800 |
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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 normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Mahesh Bhatkar |
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Designation : |
Assistant Manager |
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Contact No.: |
91-9822545658 |
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Date : |
09.04.2011 |
LOCATIONS
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Registered Office / Factory: |
S. No. 137/138, Chale, Mulshi, Pune-412108, |
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Tel. No.: |
91-20-65101438 / 24479119 / 24101438 / 64104374 |
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Mobile No.: |
91-9822545658 (Mr. Mahesh Batkar) |
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Fax No.: |
91-20-27290586 / 22933675 |
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E-Mail : |
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Website : |
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Area : |
3 Acres |
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Location : |
Owned |
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Branch : |
Gartech House", No 128/4, |
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Tel. No.: |
91-20-6510 1438 / 6510 4374 |
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Fax No.: |
91-20-2729 0586 |
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E-Mail : |
DIRECTORS
AS ON 15.09.2009
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Name : |
Mr. Vijay Sharadchandra Salvekar |
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Designation : |
Director |
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Address : |
G-28, Chidananad Co-op Housing Society, Pashan, Pune-411021, |
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Date of Birth/Age : |
02.02.1972 |
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Date of Appointment : |
07.06.2001 |
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Qualification: |
B. Com |
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Name : |
Mr. Devendra Harish Garware |
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Designation : |
Director |
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Address : |
524, Sind Co-op Society, |
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Date of Birth/Age : |
12.09.1984 |
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Date of Appointment : |
03.07.2004 |
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Qualification: |
Marketing MBA |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Bhatkar |
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Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Devendra Harish Garware |
35999 |
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Vijay Savalekar |
1 |
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Sridhar Madhav Apte |
4000 |
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Total
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40000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Poultry Equipments like Cages, Pan
Feeding, Fans, Foggers, etc |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60-90 Days) |
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Purchasing : |
L/C, Cash and Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
End User OEM’s
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No. of Employees : |
80 Approximately |
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Bankers : |
· Bank of Maharashtra, 364/365, Shrirang House, 2nd Floor, J M Road, Shivaji Nagar, Pune – 411005, Maharashtra, India ·
The Saraswat
Co-operative Bank Limited, ·
Axis Bank, Baner, Pune, ·
Bank of ·
The Saraswat
Co-operative Bank Limited, Hinjwadi Branch, Pune-411019, ·
Standard Chartered Bank, Shrirang House, 2nd
Floor, 364/365, Janglee Maharaj Road, Shivaji Nagar, Pune-411 005,
Maharashtra, India ·
ICICI Bank ·
HSBC
Bank ·
State
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S P C M and Associates Chartered Accountant |
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Address : |
1211-B, Shukrawar Peth, Lane No. 4, Shubhash Nagar, Pune-411002, |
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Tel. No.: |
91-20-24479119 |
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Fax No.: |
91-20-24486663 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- Each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.10/- Each |
Rs.0.400
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.815 |
12.033 |
11.572 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.215 |
12.433 |
11.972 |
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LOAN FUNDS |
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1] Secured Loans |
35.300 |
37.011 |
29.894 |
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2] Unsecured Loans |
2.489 |
2.490 |
2.489 |
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TOTAL BORROWING |
37.789 |
39.501 |
32.383 |
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DEFERRED TAX LIABILITIES |
2.972 |
2.128 |
1.543 |
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TOTAL |
56.976 |
54.062 |
45.898 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.692 |
40.095 |
31.858 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.094 |
0.094 |
0.091 |
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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 |
23.178
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21.814
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26.024 |
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Sundry Debtors |
33.440
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15.771
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9.548 |
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Cash & Bank Balances |
6.894
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1.122
|
0.841 |
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Other Current Assets |
0.000
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1.338
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5.023 |
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Loans & Advances |
11.846
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7.777
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3.231 |
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Total
Current Assets |
75.358
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47.822
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44.667 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.222
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25.890
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19.299 |
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Other Current Liabilities |
41.374
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7.386
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10.984 |
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Provisions |
3.303
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1.506
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1.018 |
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Total
Current Liabilities |
61.899
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34.782
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31.301 |
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Net Current Assets |
13.459
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13.040
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13.366 |
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MISCELLANEOUS EXPENSES |
0.731 |
0.833 |
0.583 |
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TOTAL |
56.976 |
54.062 |
45.898 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
120.073 |
134.690 |
123.143 |
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PROFIT BEFORE
TAX |
5.578 |
1.548 |
3.437 |
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BALANCE CARRIED
TO THE B/S |
15.815 |
12.033 |
11.572 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.64
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1.15
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2.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.72
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1.76
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4.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.34
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0.12
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0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.33
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5.97
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5.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.21
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1.37
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1.43 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In millions
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Particulars
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31.03.2010
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31.03.2009 |
31.03.2008 |
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For Goods |
12.445
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20.914 |
14.688 |
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For Others |
4.397
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3.695 |
2.028 |
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For Assets |
0.260
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1.078 |
2.257 |
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Sundry Creditors – Imports |
0.120
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0.203 |
0.326 |
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Sundry
Creditors |
17.222
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25.890
|
19.299 |
NOTES
Registered Office of
the company has been shifted from SNC 140/3 Behind Tube Investments Lo Tathawade,
Pune-411033,
FINANCIAL RESULTS:
The
Company is mainly engaged in the business of manufacturing of Poultry
Equipments. During the year under review the Company has achieved a turnover/receipts of Rs.
120.073 millions against Rs. 134.690 millions in the previous year, showing a decrease of 10.85% over the
previous year. The Company's profit before tax for the year
recorded a increase of 260% to Rs.5.578 millions as compare to last year Rs. 1.548
millions. During the year the company has recorded export sale amounting to Rs. 46.305 millions and is having
good export orders in hand.
The
company looks forward for a bright future in the coming years, since the company
possesses ample resources, technical know-how and expertise in this industry and full-fledged
ready to offer best of it, the Company will try to continue on it's strategy to
offer best products in the field of Poultry Equipments,
In
view of future plans of expansion and diversification,
the directors decided not to recommend any dividend for the year and wish to
plough back the profit for future expansion of the business.
TRADE REFERENCES
·
Sigma
Supplier Limited
·
Elfro
Agro Industries INC.
·
Kranti
Poultry Limited
Bankers Charges Report as per Registry
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Corporate
identity number of the company |
U29299PN2001PTC016213 |
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Name of the
company |
GARTECH EQUIPMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
S. No. 137/138, Chale, Mulshi, Pune-412108, |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Standard
Chartered Bank, Shrirang House, 2nd Floor, 364/365, Janglee
Maharaj Road, Shivaji Nagar, Pune-411 005, Maharashtra, India E-mail: amitavijay1994@gmail.com
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Nature of
instrument creating charge |
Memorandum of
Entry. |
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Date of
instrument Creating the charge |
28.07.2009 |
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Amount secured by
the charge |
Rs. 3.350
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest : 13% or as
applicable at the time of disbursement Terms of Repayment : Loan is repayable
within a period of 120 months, EMI-Rs.0.050 million Margin: 45% Extent and Operation of the charge: First charge |
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Short Particulars
of the property charged |
Office No S1, on
Stilt Floor, S No.131/1B/1, |
FORM 8
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Corporate
identity number of the company |
U29299PN2001PTC016213 |
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Name of the
company |
GARTECH EQUIPMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
S. No. 137/138, Chale, Mulshi, Pune-412108, |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Standard Chartered Bank, Shrirang House, 2nd
Floor, 364/365, Janglee Maharaj Road, Shivaji Nagar, Pune-411 005,
Maharashtra, India |
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Nature of instrument
creating charge |
Memorandum of
Entry |
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Date of
instrument Creating the charge |
25.01.2011 |
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Amount secured by
the charge |
Rs. 12.100
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest @ 11.25% P. A.
Variable Terms of repayment Repayable in 144
months Margin @ 30% P. A. of
the market value of the property Extent and operation of the charge First and
Exclusive charge Other As per facility
letter |
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Short particulars
of the property charged (Including location of the property) |
Bunglow "
Gartech House ", S. No.128, Plot No. 124 and 126, Pune- 411 045,
MAharashtra, |
FIXED ASSETS
- Building
- Computers
- Vehicles
- Plant and Machinery
- Furniture and Fixtures
- Electronic Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
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|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
|
51 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.