MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
LAXMIPRASAD PUMPS PRIVATE LIMITED |
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Registered
Office : |
Block No.505, Palky, P O Majigam, Chikhali, |
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Country : |
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Date of
Incorporation : |
18.01.2000 |
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Com. Reg. No.: |
037191 |
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CIN No.: [Company Identification
No.] |
U29120GJ2000PTC037191 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Submersible Pumps |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
-- |
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Status : |
Poor Corporate Governance |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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Comments : |
The management has not filed the financials of the company with the
government departments since its incorporation in 2000, thus indicating a
poor corporate governance. Payment terms are not unknown. The company can be considered for business dealings on a secured 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. Shailesh Dave |
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Designation : |
Director |
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Contact No.: |
91-9825324365 |
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Date : |
17.01.2011 |
LOCATIONS
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Registered Office : |
Shree Rang Darshan< |
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Tel No.: |
91-2634-283691 |
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E-Mail : |
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Area : |
8000sq.fts |
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Location : |
Owned |
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Factory 1 : |
Block No.505, Palky, P O Majigam Chikhali, |
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Tel. No.: |
91-2634-232413/232933/309247 |
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Fax No.: |
91-2634-232923 |
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Area : |
22000sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2005
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Name : |
Mr. Laxmiprasad J Dave |
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Designation : |
Director |
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Address : |
Shree Rang Darshan< |
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Date of Birth/Age : |
16.12.1933 |
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Qualification : |
MA |
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Date of Appointment : |
18.01.2000 |
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Name : |
Mr. Shailesh Dave |
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Designation : |
Director |
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Address : |
Shree Rang Darshan< |
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Date of Birth/Age : |
27.08.1966 |
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Qualification : |
B.com / LLB |
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Date of Appointment : |
18.01.2000 |
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Name : |
Mr. Rajesh L Dave |
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Designation : |
Director |
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Address : |
Shree Rang Darshan< |
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Date of Birth/Age : |
03.05.1969 |
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Qualification : |
Mech. Engineer |
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Date of Appointment : |
18.01.2005 |
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Name : |
Mr. Rajendra Jain |
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Designation : |
Director |
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Qualification : |
B.com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.12.2000
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Names of Shareholders |
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No. of Shares |
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Llaben Hiteshbhai Shah |
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10000 |
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Hemant Patel |
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61500 |
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Shailesh Patel |
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40000 |
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Nilesh Patel |
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30000 |
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Naresh G Ahir |
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30000 |
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Rajendra B Jani |
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12000 |
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Laxmiprasad J Dave (Devi) |
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55000 |
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Laxmiprasad J Dave |
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150500 |
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Shailesh L Dave |
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47500 |
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Ragesh L Dave |
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45000 |
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I L Dave |
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18500 |
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Total |
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500000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Submersible Pumps |
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Exports : |
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Products : |
Submersible Pumps |
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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 : |
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No. of Employees : |
55 (In office 12 + In factory 43) |
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Bankers : |
The Gandevi Peoples Co-Operative Bank, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Desai and Company Chartered Accountant |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2010 |
31.03.2009 |
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Sales Turnover (Approximately) |
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5.000 |
6.000 |
Expected Sales (2010-2011) : Rs.7.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
LAXMIPRASAD PUMPS PRIVATE LIMITED |
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Name of the
company |
U29120GJ2000PTC037191 |
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Address of the registered
office or of the principal place of
business in |
Shree Rang Darshan< |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Immovable
Property Movable Property Floating Charge |
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Particular of
charge holder |
The Gandevi Peoples Co-Operative Bank |
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Nature of
instrument creating charge |
Agreement for
Loan Deposite of Title
Deeds |
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Date of
instrument Creating the charge |
29.03.2010 |
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Amount secured by
the charge |
Rs.2.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 16% p.a + 1%
Penal Interest in case of default Terms of
Repayment 1 year sub. To
Repayment on Demand Extent and
Operation of the charge Charge shall
extend over goods and immovable property to secure the loan amount plus
interest, charges and all other costs that may be payable by the company to
the bank |
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Short particulars
of the property charged |
All that piece
and parcel of Non Agri land bearing RS No.566 block No.505 paikee 2&3
Adms about 6073 Sq.Mtr along with building thereon registered wide No.820
situated at Vill. Magigam Tal. Chikhli, All that piece and parcel of Agri
land bearing block No.503 Adms about 0.08.09 Sq. Mtr situated at Vill.
Magigam Tal. Chikhli All that piece and parcel of Agri land bearing block
No.539 Adms about 0.41.48 Sq. Mtr situated at Vill. Magigam Tal. Chikhli |
Trade References:
Kanama Pumps Private Limited
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.59 |
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1 |
Rs.72.31 |
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Euro |
1 |
Rs.60.73 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.