MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
KUSABA ENGINEERS PRIVATE LIMITED |
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Registered Office : |
26, Amar Society, Gulmohar Path, Erandawane, Pune – 411 004, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.10.2001 |
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Com. Reg. No.: |
25-16482 |
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CIN No.: [Company
Identification No.] |
U29299PN2001PTC016482 |
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IEC No.: |
3101006601 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK05037E |
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PAN No.: [Permanent
Account No.] |
AABCK6395C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of various Motor control instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7184 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It scale of activity is
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered business dealings with some caution. |
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. Chandrasekhar |
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Designation : |
Senior Manager |
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Date : |
08.01.2011 |
LOCATIONS
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Registered Office : |
26, Amar Society, Gulmohar Path, Erandawane, Pune – 411 004, |
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Tel. No.: |
91-20-25433879 / 25464818 |
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Fax No.: |
91-20-25446759 / 25446750 |
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E-Mail : |
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Website : |
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Area : |
3000sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 20.08.2010
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Name : |
Mr. Vishwakumar Vishwanath Badawe |
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Designation : |
Managing Director |
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Address : |
Adwait, 72/24, Erandawane, Gulmohar Path, Off |
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Date of Birth/Age : |
22.05.1936 |
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Date of Appointment : |
08.10.2001 |
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Name : |
Mr. Satyajit Vishwakumar Badawe
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Designation : |
Director |
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Address : |
Adwait, 72/24, Erandawane, Gulmohar Path, Off |
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Date of Birth/Age : |
12.11.1967 |
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Date of Appointment : |
08.10.2001 |
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Name : |
Mrs. Manjiri Satyajit Badawe |
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Designation : |
Director |
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Address : |
Adwait, 72/24, Erandawane, Gulmohar Path, Off |
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Date of Birth/Age : |
11.11.1971 |
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Date of Appointment : |
08.09.2004 |
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Name : |
Mr. Ramkumar Chandrasekaran Kuppanoor |
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Designation : |
Director |
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Address : |
5/6, |
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Date of Birth/Age : |
27.11.1968 |
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Date of Appointment : |
15.02.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2010
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Names of Shareholders |
No. of Shares |
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Satyajit Vishwakumar Badawe |
2284 |
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Vishwakumar Vishwanath Badawe |
661 |
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Satyajit Vishwakumar Badawe (HUF)
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250 |
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Vineeta Badawe |
67 |
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Manjiri Satyajit Badawe |
2505 |
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Vrinda V Badawe |
583 |
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Total |
6350 |
Equity share
breakup (percentage of total equity)
AS ON 20.08.2010
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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 : |
Trader of various Motors control instruments. |
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Exports : |
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Products : |
Motors control instruments |
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Countries : |
·
Asian Countries ·
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·
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
·
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
L/C, Cash, Credit (30 days) |
PRODUCTION STATUS
(As on 31.03.2009)
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Particulars |
Unit |
Actual
Production |
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Electric Mechanical Systems |
-- |
15.50 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
15 (In ofice) |
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Bankers : |
The Cosmos Co-Operative Bank Limited ( 269/270, Shaniwar Peth, Pune – 411 030, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
U B Gujar and Company Chartered Accountant |
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Address : |
Swojas Gulmohar, 3 Shantisheela Society, Film Institute Road, Pune –
411 004, |
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Tel. No.: |
91-20-25440006 / 25449400 |
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Associates: |
Badawe Engineers Private Limited, Pune Activity : Manufacturer of various control engineering instrumentation
position control system. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6350 |
Equity Shares |
Rs.100/- each |
Rs.0.635
million |
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Share Application Money |
|
Rs.0.300
million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.935 |
0.635 |
0.585 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.861 |
0.997 |
0.887 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.796 |
1.632 |
1.472 |
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LOAN FUNDS |
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1] Secured Loans |
0.284 |
0.272 |
0.122 |
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2] Unsecured Loans |
1.960 |
0.600 |
0.002 |
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TOTAL BORROWING |
2.243 |
0.872 |
0.124 |
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DEFERRED TAX LIABILITIES |
0.023 |
0.027 |
0.026 |
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TOTAL |
4.062 |
2.531 |
1.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.371 |
0.427 |
0.195 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.051 |
0.043 |
0.037 |
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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 |
1.983
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1.383 |
1.314
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Sundry Debtors |
1.971
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0.963 |
0.124
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Cash & Bank Balances |
0.038
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0.084 |
0.024
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Other Current Assets |
0.025
|
0.042 |
0.029
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Loans & Advances |
0.777
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0.688 |
0.458
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Total
Current Assets |
4.794
|
3.160 |
1.949 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.144
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0.334 |
0.078
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Other Current Liabilities |
0.616
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0.299 |
0.191
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Provisions |
0.394
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0.466 |
0.290
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Total
Current Liabilities |
1.154
|
1.099 |
0.559
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Net Current Assets |
3.640
|
2.061 |
1.390
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.062 |
2.531 |
1.622 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income and Agency Commission |
6.562 |
5.508 |
5.043 |
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TOTAL (A) |
6.562 |
5.508 |
5.043 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
5.152 |
4.460 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(0.063) |
0.356 |
0.583 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(0.063) |
0.069 |
0.583 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.076 |
0.069 |
0.062 |
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PROFIT BEFORE
TAX (E-F) (G) |
(0.139) |
0.287 |
0.521 |
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Less |
TAX (I) |
(0.004) |
0.104 |
0.170 |
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PROFIT AFTER TAX
(G-I) (J) |
(0.136) |
0.183 |
0.351 |
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EARNINGS IN
FOREIGN CURRENCY |
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Trading Sales |
0.042 |
0.000 |
0.000 |
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Agency Commission |
0.310 |
0.543 |
0.753 |
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TOTAL EARNINGS |
0.352 |
0.543 |
0.753 |
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IMPORTS |
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Raw Materials |
4.802 |
3.277 |
3.829 |
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TOTAL IMPORTS |
4.802 |
3.277 |
3.829 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(2.07)
|
3.32 |
6.94
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Net Profit Margin (PBT/Sales) |
(%) |
(2.12)
|
5.21 |
10.31
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.69)
|
8.00 |
24.25
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
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0.17 |
0.35
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Debt Equity Ratio (Total Liability/Networth) |
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1.89
|
1.21 |
0.46
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Current Ratio (Current Asset/Current Liability) |
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4.15
|
2.87 |
3.49
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
Rs. In Millions 31.03.2010 |
Rs. In Millions 31.03.2009 |
Rs. In Millions 31.03.2008 |
|
Sundry Creditors |
0.144
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0.334 |
0.078
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Trade References
·
Bharat Electronics Limited
·
Kirloskar Oil Engine Limited
Form No. 8
|
Corporate
identity number of the company |
U29299PN2001PTC016482 |
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Name of the
company |
KUSABA ENGINEERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
26, Amar Society, Gulmohar Path, Erandawane, Pune – 411 004, |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
The Cosmos Co-Operative Bank Limited ( 269/270, Shaniwar Peth, Pune – 411 030, |
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Nature of
instrument creating charge |
Hypothecation of tangible
goods / movable property |
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Date of
instrument Creating the charge |
02.06.2006 |
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Amount secured by
the charge |
Rs.0.400 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Facility : Cash
Credit Interest : 11%
p.a. |
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Description of
the property charged indicating whether it is a charged on |
·
Stock
in trade ·
Book
debts |
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Particulars of
the property charged |
Stock and
Receivables at the registered office of the company |
|
Corporate
identity number of the company |
U29299PN2001PTC016482 |
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Name of the
company |
KUSABA ENGINEERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
26, Amar Society, Gulmohar Path, Erandawane, Pune – 411 004, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Floating Charge |
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Particular of
charge holder |
Scheduled
Co-Operative Bank |
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Nature of instrument
creating charge |
Deed Of
Hypothecation Of Stock, Book Debts And Machinery Dated 23/03/2010 |
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Date of
instrument Creating the charge |
23/03/2010 |
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Amount secured by
the charge |
Rs.1.00 Million |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest: 12.5%
P.A. At Present Terms of
Repayment Repayable On
Demand/ Review Within 12 Months Margin Margin: 40% In
Bank's Favour Extent and Operation
of the charge The Charge Shall
Continue To Operate Untill Full Repayment Of Loan By The Company Others Facility: Cash
Credit |
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Short particulars
of the property charged |
All Stock In
Trade Including Raw Material, Semi Finished And Finished Goodslying Or To Be
Lying At 26 Amar Soc. Law College Road, Pune Or At Any Other Place Of
Business Of The Company All Present And Future Book Debts, Outstanding
Moneys, Claims, Bills Etc. |
|
Particulars of
the present modification |
The Present Cash Credit
Limit Of Rs.0.400 million Is Enhanced By Rs.0.600 million To Make The Total
Cash Credit Limit To Rs.1.000 Million |
Fixed Assets
·
Computer
·
Mobile Handset
·
Office Furniture
·
Office Equipment
·
Plant and Machinery
·
Tools Dies and Mould
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 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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--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 |
|
26 |
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.