MIRA
INFORM REPORT
|
Report Date : |
17.02.2011 |
Note: The
registered office of the company has been shifted from Sr. No. 83, Mauje shivane, Tal Haveli, (Near
Warje Malwadi, Pune Bangalore Highway), Pune-411023, Maharashtra, India to
the present address.
IDENTIFICATION DETAILS
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Name : |
ORBITTAL ELECTROMECH ENGINEERING PROJECTS PRIVATE LIMITED |
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Registered
Office : |
Soham, Survey No. 24, Maharsharness Colony No. 2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.02.2007 |
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Com. Reg. No.: |
11-129673 |
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CIN No.: [Company Identification
No.] |
U32109PN2007PTC129673 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEO01575A |
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PAN No.: [Permanent Account No.] |
AAACO9079L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and exporter of electrical control panels. |
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 66000 |
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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. The
company can be is progressing well. 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
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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. Sunil Misal |
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Designation : |
Marketing Executive |
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Contact No.: |
91-9763707240 |
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Date : |
29.01.2011 |
LOCATIONS
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Registered Office : |
Soham, Survey No. 24, Maharsharness Colony No. 2, |
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Mobile No.: |
91-9763707240 (Mr. Sunil Misal) |
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Email: |
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Factory : |
Sr. No. 83, Mauje shivane, Tal Haveli, (Near Warje Malwadi, |
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Tel. No.: |
91-20-25292910/25291673 |
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Fax No.: |
91-20-25292910/25291673 |
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E-Mail : |
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Website: |
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Area : |
25 Acers (Approximately) (Owned) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Pravin N. Biche |
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Designation : |
Director |
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Address : |
24, Mhaskarnes Colony, Near |
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Date of Birth/Age : |
05.02.1971 |
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Date of Appointment : |
26.02.2007 |
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Name : |
Ms. Manjiri P. Biche |
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Designation : |
Director |
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Address : |
24, Mhaskarnes Colony, Near |
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Date of Birth/Age : |
06.04.1971 |
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Date of Appointment : |
04.06.2008 |
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Name : |
Mr. Sagar M. Bawdhankar |
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Designation : |
Director |
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Address : |
B-2, |
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Date of Birth/Age : |
21.12.1974 |
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Date of Appointment : |
26.02.2007 |
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Name : |
Mr. Nikhil V. Tambe |
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Designation : |
Director |
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Address : |
FL 1, |
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Date of Birth/Age : |
14.07.1972 |
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Date of Appointment : |
26.02.2007 |
KEY EXECUTIVES
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Name : |
Mr. Sunil Misal |
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Designation : |
Marketing Executive |
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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Pravin N. Biche |
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3000 |
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Manjiri P. Biche |
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207968 |
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Sagar M. Bawdhankar |
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2000 |
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Nikhil V. Tambe |
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2000 |
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Total |
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214968 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Other
top fifty shareholders |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of electrical control panels. |
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Exports : |
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Products : |
Electrical Control Panels |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
Others
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No. of Employees : |
110 (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 : |
Raghunathan D. Aiyar and Company Chartered Accountant |
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Address : |
2A, |
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Tel No.: |
91-20-26138129 |
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Fax No.: |
91-20-26138129 |
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Email : |
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Associates/Subsidiaries : |
Orbital Panels, Pune |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
214968 |
Equity Shares |
Rs.10/- each |
Rs.2.149
Millions |
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 |
2.149 |
2.149 |
2.149 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.496 |
9.975 |
3.201 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.645 |
12.124 |
5.350 |
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LOAN FUNDS |
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1] Secured Loans |
10.717 |
0.041 |
0.450 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
10.717 |
0.041 |
0.450 |
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DEFERRED TAX LIABILITIES |
0.044 |
0.000 |
0.000 |
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TOTAL |
27.406 |
12.165 |
5.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.751 |
5.277 |
5.329 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
11.080 |
10.640 |
0.275 |
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DEFERREX TAX ASSETS |
0.000 |
0.040 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.692
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4.935 |
0.502 |
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Sundry Debtors |
20.152
|
15.255 |
25.449 |
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Cash & Bank Balances |
0.03
|
0.046 |
2.002 |
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Other Current Assets |
0.831
|
0.463 |
0.435 |
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Loans & Advances |
7.352
|
3.606 |
0.604 |
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Total
Current Assets |
46.057
|
24.305 |
28.992 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
33.374
|
17.889 |
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Other Current Liabilities |
1.027
|
2.518 |
22.535 |
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Provisions |
8.106
|
7.718 |
6.292 |
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Total
Current Liabilities |
42.507
|
28.125 |
28.827 |
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Net Current Assets |
3.550
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(3.820) |
0.165 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.028 |
0.031 |
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TOTAL |
27.406 |
12.165 |
5.800 |
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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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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.114 |
11.070 |
5.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.893 |
0.656 |
0.140 |
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PROFIT BEFORE
TAX |
10.221 |
10.414 |
4.860 |
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Less |
TAX |
5.700 |
3.639 |
1.660 |
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PROFIT AFTER TAX
|
4.521 |
6.775 |
3.200 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.975 |
3.200 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
14.496 |
9.975 |
3.200 |
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Earnings Per
Share (Rs.) |
26.52 |
31.52 |
NA |
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.38
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35.20 |
14.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.61
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0.86 |
0.91 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.20
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2.32 |
5.47 |
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Current Ratio (Current Asset/Current Liability) |
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1.08
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0.86 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF BUSINESS
OPERATIONS:
This is third year of operation of company. The company have made profit
of Rs.14.496 millions during the year. The directors are taking efforts to
improve the turnover and profit of the business.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10114693 |
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Corporate
identity number of the company |
U32109PN2007PTC129673 |
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Name of the
company |
ORBITTAL ELECTROMECH
ENGINEERING PROJECTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Soham, Survey No. 24, Maharsharness Colony No. 2, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
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Particular of
charge holder |
State Bank of India, SME CCC, 2nd Floor, Madhuri Kishor
Chambers, Senapati Bapat Road, Pune-411016, Maharashtra, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Loan-Cum-Hypothecation 2) Memorandum for
creation of Mortgage by Deposit of Title Deeds (Both the
documents executed for a single modification) |
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Date of
instrument Creating the charge |
28.04.2010 |
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Amount secured by
the charge |
Rs.20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital -
Interest at 0.25% above SBAR (SBAR=11.75%) with monthly rests. Present
Effective Rate 12% p.a. or the rate
prescribed by Bank from time to time. Terms of
Repayment As per the
Agreement with the Bank. Margin Raw Material 25%,
Semi Finished Goods & Finished Goods 30%, Domestic Receivables 40%, Bank
Guarantee 25% Extent and
Operation of the charge Details of Facilities
- DCC Rs.10.000 Millions (Existing Limit), Bank Guarantee Rs.10.000 Millions
(Existing Limit - Rs.5.000 Millions, Enhanced Limit Rs.5.000 Millions), Total
Rs.20.000 Millions. First Charge on
the hypothecated and mortgaged properties of the Company continues till full
repayment of Loan. |
|
Short particulars
of the property charged |
I)
Primary
Security - Hypothecation of Stock and Book-Debts. II)
Collateral
Security - Mortgage of immovable property of Company by way of Equitable
Mortgage of all that piece and parcel
of Flat No.102, on the 1st Floor of the Building known as" Mystique
Moods" III)
Constructed
on property bearing S.No.230, A Hissa No.5 Part as per Falani for S.No.230A
and Hissa No.3/1 and S.No.231/1/1
situated at Lohegaon within limits of PMC, admeasuring about 886.40
Sq.fts.i.e. IV)
82.34
sq.mtrs.carpet area(Built up 1108 Sq.Fts.i.e.102.93 sq.mtrs.) togetherwith
right to use terrace admeasuring about 32.79 sq.mtrs.and stilt level car parking A-16 admeasuring
about 9 Sq.mtrs. |
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Date of latest modification
prior to the present modification |
31.01.2009 |
|
Particulars of
the present modification |
BG Limit enhanced
by Rs.5.000 Millions making total
facility to Rs.20.000 Millions . Charge on hypo. assets extended and addl. prop. i.e. all that piece and parcel of Flat No.102,on1st Floor of
"Mystique Moods" constructed on prop. bearing S.No.230,AHissa No.5
Part as per Falani for S.No.230A and
Hissa No.3/1and S.No.231/1/1at Lohega on adm. about 886.40 Sq.fts.i.e.82.34 sq.mtrs.
carpet area together with right to use terrace adm. about 32.79
sq.mtrs.and stilt level car parking
A-16 mortgaged to secure facilities availed by the Co. |
Fixed Assets:
- Plant and
Machinery
- Office
Equipments
- Vehicles
- Furniture and
Fixtures
- Electrical
Equipments
Trade References:
- Bekaert
Industries Private Limited, Pune
- Fresenius
Kabi India Private Limited, Ranjangaon
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.