MIRA
INFORM REPORT
|
Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONAL NON FERROUS METALS PRIVATE LIMITED |
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Registered
Office : |
Room No. 26, II Floor, Rungtha Bhavan, 94/ 100 Fanaswadi,
Mumbai-400002, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.05.1999 |
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Com. Reg. No.: |
11-119854 |
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Capital
Investment / Paid-up Capital : |
Rs.5.958
Millions |
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CIN No.: [Company Identification
No.] |
U27209MH1999PTC119854 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36959G/ MUMS25378D |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Trader of Ferrous and Non Ferrous Metals. |
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No. of Employees
: |
20 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 58000 |
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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 an established 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.
INFORMATION PARTED BY
|
Name : |
Mr. Shrikant |
|
Designation : |
Accounts Department |
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Contact No.: |
91-9004602055 |
|
Date : |
07.12.2011 |
LOCATIONS
|
Registered Office : |
Room No. 26, II Floor, Rungtha Bhavan, 94/ 100 Fanaswadi,
Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-22063950/22007997 |
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Mobile No.: |
91-9004602055 [Mr. Shrikant] |
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Fax No. : |
91-22-22052132 |
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E-Mail : |
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Area : |
325 Sq. Ft. |
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Location : |
Rented |
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Warehouse : |
Arihant Compound, Village Val, Bhiwandi, Thane, |
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Area : |
2000 Sq. Ft |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sandeep Ganeshlal Kachhara |
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Designation : |
Director |
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Address : |
A-903, |
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Qualification : |
B.Com |
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Date of Appointment : |
13.05.1999 |
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Din No.: |
00442006 |
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Other Directorship:
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Name : |
Mr. Hitesh Hastimal Kachhara |
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Designation : |
Director |
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Address : |
A – 2102, Great LBS Marg, Kanjurmarg West, Mumbai – 400 078, |
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Qualification : |
B Com. |
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Date of Appointment : |
13.05.1999 |
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Din No.: |
00996617 |
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KEY EXECUTIVES
|
Name : |
Mr. Shrikant |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sandeep G. Kachhara |
|
295400 |
|
Hitesh H. Kachhara |
|
300110 |
|
Ganesh Lal Kachhara |
|
10 |
|
Raghunath Narayan Ghanekar |
|
10 |
|
Ghanekar Construction Private Limited |
|
10 |
|
Ghanekar Builder Private Limited |
|
10 |
|
Sachin K Surya |
|
10 |
|
Purvi P Karia |
|
10 |
|
Raksha S Karia |
|
10 |
|
Mahendra Kawadia (HUF) |
|
10 |
|
Puspendra Kawadia |
|
10 |
|
Suman Bordia |
|
10 |
|
Sony |
|
10 |
|
Dinesh Gupta (HUF) |
|
10 |
|
Dinesh Gupta |
|
10 |
|
Usha Gupta |
|
10 |
|
Rajesh Kachhara |
|
10 |
|
Sushila Devi Kachhara |
|
10 |
|
Kishan Lal Surya |
|
10 |
|
Nitesh Jain |
|
10 |
|
Regent Diamonds |
|
10 |
|
Pavan Bhimraj Mehta |
|
10 |
|
Meena Devraj Mehta |
|
10 |
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Champalal N Jain |
|
10 |
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Nirmal Kumar Daga |
|
10 |
|
Anil Manoharlal Daga |
|
10 |
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Mahavir
Enterprises Company (Proprietor Narendra C Jain) |
|
10 |
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Trison Agencies (Proprietor Kamlesh M. Kanungo) |
|
10 |
|
Prem Surendra Kachhara |
|
10 |
|
Subhdil Gems |
|
10 |
|
Sunland Metal
Recycling Industries |
|
10 |
|
Diasque Exports |
|
10 |
|
Laxmi Trading
Company |
|
10 |
|
Trison Impex |
|
10 |
|
|
|
|
|
Total |
|
595830 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
0.03 |
|
Directors
or relatives of directors |
|
99.95 |
|
Other
|
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Ferrous and Non Ferrous Metals. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Europe ·
Saudi Arabia |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
20 [Approximately] |
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Bankers : |
v
The Shamrao Vithal Co-Operative Bank Limited,
Ghatkopar (East), Mumbai- 400 077, v
Canara Bank, Ground Floor, Mittal Tower, C Wing,
Nariman Point, Mumbai-400021, Maharashtra, India v
Lakshmi Vilas Bank Limited v
HDFC Bank Limited v
The Sangli Bank Limited v
Citi Bank Limited v
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.G. Gokhru and Company Chartered Accountants |
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Address : |
27, Rungta Bhawan, 94/ 100, Fanaswadi, Mumbai - 400002, Maharashtra,
India |
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Pan No.: |
AAFPG3666F |
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|
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Associates/Subsidiaries : |
·
Sunalco Alloys Private Limited Address: Room No. 26, II Floor, Rungtha Bhavan,
94/ 100 Fanaseadi, Mumbai-400002, Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
595830 |
Equity Shares |
Rs.10/- each |
Rs.5.958
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.958 |
5.958 |
5.948 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
8.678 |
5.659 |
3.571 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
14.636 |
11.617 |
9.519 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.439 |
0.874 |
0.437 |
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2] Unsecured Loans |
82.800 |
52.675 |
17.875 |
|
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TOTAL BORROWING |
83.239 |
53.549 |
18.312 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.013 |
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TOTAL |
97.875 |
65.166 |
27.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.918 |
1.229 |
1.006 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.359 |
0.104 |
0.104 |
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DEFERREX TAX ASSETS |
0.017 |
0.032 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.843
|
16.602 |
36.847 |
|
|
Sundry Debtors |
12.205
|
5.579 |
0.106 |
|
|
Cash & Bank Balances |
14.513
|
28.129 |
9.412 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
85.966
|
30.082 |
14.722 |
|
Total
Current Assets |
136.527
|
80.392 |
61.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.739
|
11.086 |
30.060 |
|
|
Other Current Liabilities |
4.395
|
0.253 |
0.000 |
|
|
Provisions |
3.812
|
5.252 |
4.293 |
|
Total
Current Liabilities |
39.946
|
16.591 |
34.353 |
|
|
Net Current Assets |
96.581
|
63.801 |
26.734 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
|
TOTAL |
97.875 |
65.166 |
27.844 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
|
|
|
|
|
|
|
Income |
1199.126 |
1046.276 |
312.769 |
|
|
|
Other Income |
0.632 |
1.640 |
0.161 |
|
|
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TOTAL (A) |
1199.758 |
1047.916 |
312.930 |
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|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office and Administrative and Operating
Expenses |
3.859 |
2.931 |
0.902 |
|
|
|
Staff Expenses |
1.910 |
0.971 |
0.636 |
|
|
|
Cost of Goods Sold |
1183.075 |
1033.436 |
309.444 |
|
|
|
TOTAL (B) |
1188.844 |
1037.338 |
310.982 |
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|
|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.914 |
10.578 |
1.948 |
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
5.872 |
6.815 |
0.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.042 |
3.763 |
1.430 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.311 |
0.414 |
0.345 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
4.731 |
3.349 |
1.085 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.712 |
1.262 |
0.463 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
3.019 |
2.087 |
0.622 |
|
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|
|
|
|
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|
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|
IMPORTS VALUE |
NA |
854.155 |
274.324 |
|
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.07 |
3.50 |
1.05 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
2127.670 |
The above information has been parted by Mr. Shrikant.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.25
|
0.20 |
0.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.39
|
0.32 |
0.35 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.44
|
4.10 |
1.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.29 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.42
|
6.04 |
5.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.42
|
4.85 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
31.739
|
11.086 |
30.060 |
PARTIAL DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
B.G Gokhru and
Company |
0.023
|
0.020 |
0.020 |
|
Ishita Metal |
12.163
|
0.000 |
2.386 |
|
Orient Overseas
Containers Line |
0.025
|
0.000 |
0.667 |
|
Palrecha Metal
Enterprises |
0.452
|
0.000 |
26.987 |
|
CAN Metals |
0.000
|
3.529 |
0.000 |
|
Maersk India
Private Limited |
0.000
|
0.020 |
0.000 |
|
Posco Steel and
Alloys |
0.000
|
7.517 |
0.000 |
|
Sunberg Limited |
19.076
|
0.000 |
0.000 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U27209MH1999PTC119854 |
|
Name of the company |
SONAL NON FERROUS METALS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Room No. 26, II Floor, Rungtha Bhavan, 94/ 100 Fanaswadi,
Mumbai-400002, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property (not being pledge) Others
|
|
Particular of charge holder |
Canara Bank, Ground Floor, Mittal Tower, C Wing, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
Common Hypothecation Agreement dated 10th
June, 2010.covering the facilities such as, Cash credit - 30.000 Millions. Sublimit: ODBD - 10.000 Millions. |
|
Date of instrument Creating the charge |
10.06.2010 |
|
Amount secured by the charge |
Rs.30.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest BPLR+3.50% = 15.50%. Terms of Repayment As stipulated by Bank from time to time. Margin 40% Extent and Operation of the charge The Bank shall have first charge on all
the assets secured. |
|
Short particulars of the property charged |
Current assets of the company Flat A 903, Kailash Tower, Ghatkopar
(East), M-86. (Not belonging to the Company) Godown at No.23, Arihant Compound, Village
Val, Bhiwandi, Thane. (Not belonging to the Company) Godown No.36 Arihant Compound, Village
Val, Bhiwandi, Thane. (Not belonging to the Company) |
FIXED ASSETS:
- Computers
- Furniture and Fixture
- Mobile Phone
- Fax Machine
- Xerox Machine
- Motor Car
- Air Conditioner
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.51.45 |
|
|
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.