MIRA INFORM REPORT
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Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SEAROCK PRECISION PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
B-44 (B), Industrial Estate, Kumbalgodu, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.02.1996 |
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Com. Reg. No.: |
08-019812 |
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CIN No.: [Company Identification
No.] |
U34107KA1996PTC019812 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Precision auto turned parts and components |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 69000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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 reported as fair. Business is active. Payments are
reported to be 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
|
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 |
LOCATIONS
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Registered Office : |
B-44 (B), Industrial Estate, Kumbalgodu, |
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Tel. No.: |
91-80-28437998 |
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Fax No.: |
91-80-28437294/28437083 |
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E-Mail : |
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Website : |
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Factory : |
Sb-57, 1st Stage, Peenya Industrial Estate, 2nd
Cross, |
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Tel. No.: |
91-80-28396162 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Aravind C |
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Designation : |
Whole Time Director |
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Address : |
108, 43rd Main, Ideal Home, Township, Rajarjeshwari Nagar, |
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Date of Birth/Age : |
14.06.1968 |
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Date of Appointment : |
12.02.1996 |
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DIN No.: |
00388496 |
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Name : |
K |
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Designation : |
Whole Time Director |
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Address : |
28, Shruti Income Tax Layout, Vijayanagar, |
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Date of Birth/Age : |
03.07.1971 |
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Date of Appointment : |
12.02.1996 |
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DIN No.: |
00388650 |
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Name : |
Dr. Lakshman Krishnaswamy |
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Designation : |
Whole Time Director |
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Address : |
58/4, 2nd Main, 1st Block, Thyagarajanagar, |
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Date of Birth/Age : |
22.01.1954 |
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Date of Appointment : |
28.06.1997 |
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DIN No.: |
01105610 |
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Name : |
Mr. Hari Doss Kadaramandalige Seetharamadoss |
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Designation : |
Whole Time Director |
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Address : |
No 28 G 01 Palasha Apartments, 4th Main, 9th
Cross Malleshwaram, |
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Date of Birth/Age : |
26.06.1966 |
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Date of Appointment : |
06.08.1996 |
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DIN No.: |
01473132 |
KEY EXECUTIVES
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Name : |
Mr. Ramesh
R |
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Designation : |
Manager
(Engineering) |
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Name : |
Ms.
Sunitha Doss |
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Designation : |
Manager
(Finance) |
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Name : |
Mr.
Shripad Hegde |
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Designation : |
General
Manager (Quality and Production) |
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Name : |
Mr.
Prakash Hooli |
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Designation : |
Manager
(Customer Relations) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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K. S. Seetharama Doss |
|
3850 |
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K. S. Kishan Doss |
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10250 |
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Mr. C Aravind |
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140908 |
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Mr. K. S. Hari Doss |
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126808 |
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K. S. Hari Sarvothama Doss |
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140908 |
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Ms. Radha R |
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74204 |
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Dr. K. Lakshman |
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66704 |
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Total |
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563632 |
As On 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Precision auto turned parts and components |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institute : |
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Auditors : |
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Name : |
K G Acharya and Company Chartered Accountant |
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Address : |
No. 14, |
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Pan No.: |
AAHFK8720C |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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563632 |
Equity Shares |
Rs. 10/- each |
Rs. 5.636
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
5.636 |
5.636 |
3.500 |
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2] Share Application Money |
0.051 |
0.051 |
1.390 |
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3] Reserves & Surplus |
11.767 |
10.359 |
9.045 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.454 |
16.046 |
13.935 |
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LOAN FUNDS |
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1] Secured Loans |
25.454 |
17.757 |
13.246 |
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2] Unsecured Loans |
6.034 |
6.129 |
7.527 |
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TOTAL BORROWING |
31.488 |
23.886 |
20.773 |
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DEFERRED TAX LIABILITIES |
3.765 |
3.090 |
2.631 |
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TOTAL |
52.707 |
43.022 |
37.339 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.235 |
25.276 |
26.552 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.004 |
0.004 |
0.004 |
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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 |
20.663
|
17.909 |
13.499 |
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Sundry Debtors |
10.138
|
7.963 |
4.897 |
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Cash & Bank Balances |
2.447
|
1.153 |
0.843 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.365
|
1.351 |
1.426 |
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Total
Current Assets |
35.614
|
28.376 |
20.665 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.148
|
8.671 |
7.619 |
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Other Current Liabilities |
1.333
|
1.872 |
2.106 |
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Provisions |
0.664
|
0.091 |
0.157 |
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Total
Current Liabilities |
12.145
|
10.634 |
9.882 |
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Net Current Assets |
23.469
|
17.742 |
10.783 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.707 |
43.022 |
37.339 |
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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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TOTAL INCOME |
84.763 |
65.038 |
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Less |
TOTAL EXPENSES |
82.578 |
63.563 |
NA |
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PROFIT BEFORE
TAX |
2.185 |
1.475 |
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Less |
TAX |
0.706 |
0.507 |
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PROFIT AFTER TAX
|
1.479 |
0.968 |
1.654 |
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Earnings Per Share
(Rs.) |
2.62 |
1.74 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.74
|
1.49 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.37
|
2.75 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.09 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50
|
2.15 |
2.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.93
|
2.67 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U34107KA1996PTC019812 |
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Name of the
company |
SEAROCK PRECISION
PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
B-44(B),Industrial
Estate,Kumbalgodu, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Supplemental Agreement
of Loan Cum Hypothecation Form Sme – 4 |
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Date of
instrument Creating the charge |
13.02.2010 |
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Amount secured by
the charge |
Rs. 25.700
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 1). WCL- At 1.50% Above SBAR, Effective Rate 13.25% P.A. At Monthly Rests. 2). TL- At 2.00%
Above SBAR, Effective Rate 14.75% P.A. At Monthly Rests. Penal Int : Max
2% P.A. Over The Terms of
Repayment - WCL - On Demand. Advance Is For A Period Of 12 Months And Subject
To Review As Per Sanction. Term Loan : In 52
Monthly Installments, First 48 Monthly Installments Of Rs. 0.050 million Each
Next 6 Monthly Installments Of Rs. 0.100 million Each With Effect From June
2010. Sme Car Loan : In
36 Monthly Installments Of Rs. 0.039 Each Commencing From One Month After
Disbursement. Margin -
Rm/Sip/Fg/Bg/Receivables - 25% Term Loan (Sme
Hepl) - 15% Sme Car Loan -
15% Extent And
Operation Of The Charge - Exclusive First Charge On The Assets Of The Company
And To The Full Extent. Others - CC
Stocks Rs. 13.000 Millions; CC
Receivables Rs. 7.000 Millions; TL Rs.
3.000 Millions; TL (Sme Car) Rs. 1.200 Millions; Bg Rs. 1.500 Millions; Total Rs. 25.700 Millions. |
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Particulars of
the property charged |
Hypo. of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, stores, components, furniture
and fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance |
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Date of
instrument modifying the charge |
08.02.2010 |
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Particulars of
the present modification |
For the existing
charge of Rs. 25.700 millions Additional security of current assets and other
movables described and herein above continue for the limit. All other terms
and conditions remain unchanged. |
Fixed Assets:
- Building
- Furniture and
fixtures
- Office
equipment
- Computers and
accessories
- Vehicles
- Plant and
machinery
- Electrical
installation
- Tools and
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.44.20 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.