MIRA
INFORM REPORT
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Report Date : |
12.12.2011 |
IDENTIFICATION DETAILS
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Name :c |
KARTAR AGRO INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.03.1990 |
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Com. Reg. No.: |
16-010233 |
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Capital
Investment / Paid-up Capital : |
Rs.8.300 Millions |
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CIN No.: [Company Identification
No.] |
U29211PB1990PTC010233 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Agricultural Equipments and Harvesters. |
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No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [48] |
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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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USD 184000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Subject is a well
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.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 DECLINED BY
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Name : |
Mr. Bhupinder |
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Designation : |
Accounts Manager |
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Date : |
08.12.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
Not Available |
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Fax No.: |
91-1765-260486 |
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E-Mail : |
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Website : |
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Factory address: |
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Tel No: |
91-1765-260136 / 260486 |
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Fax NO: |
91-1765-260486 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Harmeet Singh |
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Father Name : |
S. Isher Singh |
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Designation : |
Additional director |
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Address : |
Bhadson, |
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Date of Appointment : |
01.08.2004 |
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DIN : |
01046655 |
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Name : |
Mr. Manjeet Singh |
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Father Name : |
S. Amarjit Singh |
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Designation : |
Additional director |
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Address : |
Bhadson, |
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Date of Appointment : |
01.04.2003 |
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DIN : |
01046678 |
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Name : |
Mr. Amarjit Singh |
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Father Name : |
S. Daulat Singh |
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Designation : |
Director |
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Address : |
Bhadson, |
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Date of Appointment : |
27.03.1990 |
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DIN : |
01046704 |
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Name : |
Mr. Jaspreet Kaur |
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Designation : |
Director |
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Address : |
Vill Ram Singh Nau, Teh Nabha, |
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Date of Appointment : |
01.01.2010 |
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DIN : |
02904467 |
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Name : |
Mr. Jasvir Kaur |
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Designation : |
Director |
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Address : |
Village Ram Singh Nau, Block Bhadson Tehsil Nabha, |
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Date of Appointment : |
01.01.2010 |
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DIN : |
02904470 |
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KEY EXECUTIVES
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Name : |
Mr. Bhupinder |
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Designation : |
Accounts Manager |
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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Amrik Singh s/o S. Harbans Singh V.P.O Bhadson, |
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7582 |
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Swaran Singh s/o S. Harbans Singh V.P.O Bhadson, |
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4782 |
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Surinder Singh s/o S. Harbans Singh V.P.O Bhadson, |
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4782 |
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Amarjit Singh s/o S. Daulat Singh V.P.O Bhadson, |
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20157 |
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Narinder Kaur w/o S. Isher Singh V.P.O Bhadson, |
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2560 |
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Manmohan Kaur w/o Amrik Singh V.P.O Bhadson, |
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1160 |
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Jagdish Singh s/o S. Zora Singh V. Sakrali, P.O. Bhadson, District |
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2050 |
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Gulzar Singh s/o Atma Singh V. Sounda, P.O Bhadson, |
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350 |
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Naginder Singh s/o S. Atma Singh V. Sounda, P.O Bhadson, |
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350 |
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Isher Singh s/o S. Daulat Singh |
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16087 |
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Harvinder Singh s/o Late S. Kartar Singh |
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9700 |
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Manjeet Singh s/o S. Amarjit Singh VPO Bhadson District, |
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1600 |
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Manpreet Singh s/o S. Kartar Singh VPO Bhadson District, |
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4640 |
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Sukhdev Singh s/o S. Isher Singh VPO Bhadson District, |
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4200 |
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Harmeet Singh s/o S. Isher Singh VPO Bhadson, District |
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1570 |
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Daljit Kaur D/o Sh. Isher Singh VPO Bhadson, District |
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100 |
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Jasbir Kaur D/o Sh. Kulwant Singh VPO Bhadson, District |
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100 |
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Romila Devi D.o Sh. Harbans Singh VPO Bhadson, District |
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100 |
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Kamaljit Kaur S/o Sh. Piara Singh VPO Bhadson, District |
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100 |
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Sarbjit Kaur D/o Rajinder Singh VPO Bhadson, District |
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100 |
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Inderjit Singh S/o Sh. Isher Singh VPO Bhadson, District |
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100 |
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Tarawanti D/o Sh.Kundan Singh VPO Bhadson, District |
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100 |
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Amarjit Kaur D/o Sh. Kuldeep Singh VPO Bhadson, District |
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500 |
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HarvinderSingh and HUF VPO Bhadson, District |
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30 |
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Manjit Singh and HUF VPO Bhadson, District |
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30 |
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Bhupinder Singh S/o S. Nachattar Singh VPO Bhadson, District |
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70 |
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Smt. Jasmeet Kaur D/o Sh. Kulwant Singh VPO Bhadson, District |
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100 |
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Total |
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83000 |
As on 30.09.2010
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Equity Share
Break Up 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 : |
Manufacture of Agricultural Equipments and Harvester |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.S. Khera and Associates Chartered Accountants |
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Address : |
Upstairs |
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Tel. No.: |
91-2533081 |
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PAN : |
AFIPS4462H |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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300,000 |
Equity Shares |
Rs.100/- each |
Rs.30.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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83,000 |
Equity Shares |
Rs.100/- each |
Rs.8.300
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.300 |
8.300 |
6.300 |
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2] Share Application Money |
10.400 |
8.000 |
3.850 |
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3] Reserves & Surplus |
27.371 |
13.427 |
8.168 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.071 |
29.727 |
18.318 |
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LOAN FUNDS |
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1] Secured Loans |
57.895 |
25.903 |
25.932 |
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2] Unsecured Loans |
13.038 |
7.310 |
6.443 |
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TOTAL BORROWING |
70.933 |
33.213 |
32.375 |
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DEFERRED TAX LIABILITIES |
5.926 |
2.657 |
1.485 |
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ADVANCES etc. |
43.485 |
49.508 |
27.216 |
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TOTAL |
166.415 |
115.105 |
79.394 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
70.530 |
32.593 |
18.881 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
122.453 |
92.005 |
51.665 |
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Sundry Debtors |
64.625 |
9.092 |
29.360 |
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Cash & Bank Balances |
4.207 |
21.867 |
4.628 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
45.365 |
22.632 |
15.328 |
|
Total
Current Assets |
236.650
|
145.596 |
100.981 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
127.614
|
48.198 |
37.735 |
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Other Current Liabilities |
13.151
|
14.886 |
2.733 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
140.765
|
63.084 |
40.468 |
|
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Net Current Assets |
95.885
|
82.512 |
60.513 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
166.415 |
115.105 |
79.394 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1052.731 |
551.834 |
171.442 |
|
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Other Income |
0.800 |
0.742 |
0.014 |
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TOTAL (A) |
1053.531 |
552.576 |
171.456 |
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Less |
EXPENSES |
|
|
|
|
|
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Material Consumed |
879.682 |
456.394 |
139.371 |
|
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Manufacturing Expenses |
54.896 |
25.577 |
8.119 |
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Administrative Expenses |
31.316 |
25.625 |
7.675 |
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Personnel Exp |
20.893 |
11.834 |
3.647 |
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Selling & Distribution Expenses |
36.413 |
18.662 |
4.625 |
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TOTAL (B) |
1023.200 |
538.092 |
163.437 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.331 |
14.484 |
8.019 |
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Less |
FINANCIAL
EXPENSES (D) |
6.198 |
4.755 |
4.677 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.133 |
9.729 |
3.342 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.694 |
1.428 |
0.982 |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
21.439 |
8.301 |
2.360 |
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Less |
TAX (H) |
7.470 |
3.042 |
0.751 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
13.969 |
5.259 |
1.609 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.427 |
8.168 |
6.647 |
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Interest on TDS/TCS late Deosited |
0.025 |
0.000 |
0.000 |
|
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|
Donation u/s 80 - G |
0.000 |
0.000 |
0.086 |
|
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Provision of taxation of previous year
reserved |
0.000 |
0.000 |
0.002 |
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|
BALANCE CARRIED
TO THE B/S |
27.371 |
13.427 |
8.168 |
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|
Earnings/[Loss]
Per Share (Rs.) |
168.30 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.32
|
0.95 |
0.94 |
|
|
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|
(PBT/Sales) |
(%) |
2.04
|
1.50 |
1.38 |
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.98
|
4.66 |
1.97 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.28 |
0.13 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.59
|
3.24 |
3.98 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
2.31 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from 769/1 Street No 5, Partap Nagar,
Ludhiana,;141003, Punjab , India to the present address w.e.f. 01.02.2008
FINANCIAL RESULTS :
The company has made sale of Rs.1053.531 millions as compared to Rs.552.576 millions in previous year. The company has earned a profit before tax in the tune of Rs. 21.438 millions as against the previous year profit of Rs.8.300 millions. The upward more trend is expected in the years to come.
PRODUCTION BUSINESS :
The Company achieved a production of 50 Harvester Combines
of various type during the year and sold 51 Harvester combines during the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29211PB1990PTC010233 |
|
Name of the
company |
KARTAR AGRO
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
90173699 |
|
Type of charge |
Book Debts immovable
Property |
|
Particular of
charge holder |
Union Bank of Email : deepinder_ind@hotmail.com |
|
Nature of
instrument creating charge |
All the goods stocks
of raw materials , plant and machinery , furniture and fixture, implements,
fittings and other installations , furniture , vehicles computers and all
other articles and things both present and future , whether installed or not
.all borrowers present and future book debts , outstanding monies ,
receivable claims , bills contracts , securities investment rights and other
assets , companies land and building and properties situated at VPO Bhadson Hypothecation
agreement of goods and debts ( SD- 06) |
|
Date of
instrument Creating the charge |
06.08.2011 |
|
Amount secured by
the charge |
Rs. 192.600
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– CC limit
regular Base Rate + 5.25% ADHOC Base Rate +5.25%+2% T/L Base Rate
+2.50% Terms of
Repayment – CC limit
repayment on demand Term Loan 72
installments Margin – CC(H) 25% LC Sight 10% LC Defferred 25% Term Loan 25% Bill Purchased
Under LC Nil Extent and
Operation of the charge - 100% In Favour of Branch Manager , Union Bank of |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
Land and Building
, Plant and Machinery Situated At Amloh Road , Bhadson Distt , Patiala,
Khasra No.64/137 , Khasra No 62/194 , Khasra No 41/77 , Khasra No.124/260
Khasra No 104/221 ,69/67,70/67 |
|
Date of
instrument modifying the charge |
30.07.2010 |
|
Particulars of
the present modification |
CC limit 100.000
millions ADHOC limit
20.000 millions Term Loan 10.400
millions LC deferred
07.200 millions LC sight 30.000 millions LG deferred
payment 25.000 millions Total 192.600 millions |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90173699 |
|
Corporate
identity number of the company |
U29211PB1990PTC010233 |
|
Name of the
company |
KARTAR AGRO INDUSTRIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
769/1,Street No
5, Partap Nagar, |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Union Bank of The Mall, |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Stock of raw Marterial, smi-finished Goods, finished Goods, Equipment Tools,
Combine Harvestor/ Agriculture, Implements, all the outastanding book debts
and equitable mortagage of Land and Building of the company Hypothecation of
Plant and Machinery |
|
Date of instrument
Creating the charge |
08.02.2007 |
|
Amount secured by
the charge |
Rs.22.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest on CC Limit@15.00% p.a on Monthly rests Interest onTerm
loan @16.00% p.a on monthly rests. Terms of
repayments CC limits
repayable on Demand Term Loan
repayable in 84 monthly installments Margin 25% Extent and operation
of the charge 100% in favour of
Union Bank of Other -- |
|
Short particulars
of the property charged |
Land and
Building, Plants and Machinery situated at Amloh road Bhadson, Distt: |
|
Date of latest
modification prior to the present modification |
27.06.2006 |
|
Particulars of
the present modification |
Hypothecation of
Stock of raw Material, semi-finished Goods, Finished Goods, Equipment Tools, Combine
Harvestor/ agriculture implements, all the outstanding book-debts and
equitable mortage of land and Building of the company Hypothecation of
Plant and Machinery of the company. |
FIXED ASSETS :
§
Land
§
Building
§
Plant and Machinery
§
Furniture and Fixtures
§
Computer
§
Vehicles
§
Tools and Dies
§
Motor Cycle
§
Electric Fittings
§
Patent and Design
§
Photostate Machine
§
Car
§
Scooter
§
Fax Machine
§
Air Conditioner
§
Water Cooler
§
Generator
§
Type Writer
§
Weighing Machine
§
Mobile Phones
§
Pager
§
Refrigerator
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.52.22 |
|
|
1 |
Rs.81.54 |
|
Euro |
1 |
Rs.69.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.