MIRA
INFORM REPORT
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Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
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Name : |
CANAAN ENGINERING PRIVATE LIMITED |
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Registered
Office : |
Canaan Complex, Vaishetpada No.2, Near Triveni Nagar, Malad [East],
Mumbai – 400097, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.2005 |
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Com. Reg. No.: |
11-152357 |
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Capital
Investment / Paid-up Capital : |
Rs.22.000 Millions |
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CIN No.: [Company Identification
No.] |
U28900MH2005PTC152357 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13563E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of heat exchangers, oil and air coolers, industrial
equipments and condensers |
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No. of Employees
: |
600 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [45] |
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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 272000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having Satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Amit |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-28407738 |
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Date : |
01.07.2011 |
LOCATIONS
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Registered Office : |
Canaan Complex, Vaishetpada No.2, Near Triveni nagar, Malad [East],
Mumbai – 400097, |
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Tel. No.: |
91-22-28407738 / 28429988 / 28412032 / 32550887 |
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Fax No.: |
91-22-28404772 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
Plot No.E – 44, E - 45, E – 46, Jayraj Society, Ichapore No.3, |
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Corporate Office 2: |
C/O Kailash Trading Company Shop N0. U-19,
Capital Point-6, Khambhaliya Highway, Moti Khavdi Jamnagar, Jamnagar – 361140, Gujarat, India |
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Factory : |
131, 132 Amgaon Wada Taluka, Thane District – 421303, |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Victor Baby |
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Designation : |
Managing director |
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Address : |
502, Dhiraj Valley Tower, Near Saibaba Complex, Ciba Road, Goregaon –
East, Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
31.05.1969 |
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Date of Appointment : |
01.04.2005 |
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DIN : |
01513039 |
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Name : |
Mr. Blessy Victor |
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Designation : |
Director |
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Address : |
502, Dhiraj Valley Tower, Near Saibaba Complex, Ciba Road, Goregaon –
East, Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
03.12.1974 |
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Date of Appointment : |
01.04.2005 |
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DIN : |
02356789 |
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Name : |
Mr. Kishorilal Mukhija |
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Designation : |
Additional director |
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Address : |
1A / 13, Vijay Vihar CHS. Sion, |
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Date of Birth/Age : |
02.03.1949 |
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Date of Appointment : |
02.05.2009 |
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DIN : |
02796923 |
KEY EXECUTIVES
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Name : |
Mr. Amit |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Equity Shares |
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Victor Baby |
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454450 |
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Blessy Victor |
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245550 |
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Kishorilal Mukhija |
|
150000 |
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Simon Baby |
|
100000 |
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Bobin K. V. John |
|
100000 |
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Babu Oommen Baby |
|
150000 |
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Preference
Shares |
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Kunju Kutty Anian Kunju |
|
1000000 |
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Total |
|
2200000 |
As on 29.09.2010
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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 : |
Manufacturer of heat exchangers, oil and air coolers, industrial
equipments and condensers |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
Overseas
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No. of Employees : |
600 [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 : |
Gada And Haria Chartered Accountant |
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Address : |
5, Framroz Court, Sencon Floor, Dadasaheb, Phalke Road, Near Dadar
Railway Station (Cr), Dadar, Mumbai – 400014, Maharashtra, India |
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Tel. No.: |
91-22-40794141 |
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Fax No.: |
91-22-40794111 |
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E-Mail : |
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Associates/Subsidiaries : |
S. K. Fabricators |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
3,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30.000 millions |
|
2,000,000 |
Preference Shares |
Rs.10/-each |
Rs.20.000 millions |
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Total |
|
Rs.50.000
millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1,200,000 |
Equity Shares |
Rs.10/-each |
Rs.12.000 millions |
|
1,000,000 |
Preference Shares |
Rs.10/-each |
Rs.10.000 millions |
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Total |
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Rs.22.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.000 |
20.000 |
5.000 |
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2] Share Application Money |
15.000 |
6.023 |
1.723 |
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3] Reserves and Surplus |
31.201 |
23.398 |
12.397 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.201 |
49.421 |
19.120 |
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LOAN FUNDS |
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1] Secured Loans |
115.039 |
18.736 |
9.321 |
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2] Unsecured Loans |
2.023 |
0.050 |
0.186 |
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TOTAL BORROWING |
117.062 |
18.786 |
9.507 |
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DEFERRED TAX LIABILITIES |
3.804 |
0.256 |
0.299 |
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TOTAL |
189.067 |
68.463 |
28.926 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
97.828 |
14.104 |
12.962 |
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Capital work-in-progress |
32.075 |
18.292 |
4.535 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.537 |
0.003 |
0.006 |
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CURRENT ASSETS, LOANS and ADVANCES |
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Inventories |
13.753
|
9.213 |
4.204 |
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Sundry Debtors |
50.471
|
47.295 |
26.368 |
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Cash and Bank Balances |
1.720
|
7.407 |
5.670 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans and Advances |
37.759
|
18.416 |
11.185 |
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Total
Current Assets |
103.703
|
82.331 |
47.427 |
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Less : CURRENT
LIABILITIES and PROVISIONS |
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Sundry Creditors |
29.825 |
32.867 |
29.428 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
15.251
|
13.400 |
6.576 |
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Total
Current Liabilities |
45.076
|
46.267 |
36.004 |
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Net Current Assets |
58.627
|
36.064 |
11.423 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
189.067 |
68.463 |
28.926 |
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PROFIT and 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 |
14641 |
19.714 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.815 |
1.929 |
NA |
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PROFIT BEFORE
TAX |
10.826 |
17.785 |
12.454 |
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Less |
TAX |
3.023 |
6.785 |
4.230 |
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PROFIT AFTER TAX
|
7.803 |
11.000 |
8.224 |
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BALANCE CARRIED
TO THE B/S |
7.803 |
11.000 |
8.224 |
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Earnings Per
Share (Rs.) |
3.55 |
-- |
-- |
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Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Sales Turnover [Approximately] |
188.400 |
161.900 |
193.800 |
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[due to
recession] |
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Expected Sales ( 2011-2012 ) : Rs.550.000 millions
The above information has been parted by Mr. Amit [Accounts Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
18.44 |
20.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.36 |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.38
|
1.32 |
2.38 |
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Current Ratio (Current Asset/Current Liability) |
|
2.30
|
1.78 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
During the F.Y.
2009-2010, the company was able to generate profit before depreciation of
Rs.14.641 millions (P.Y. Rs.19.714 millions)
Sundry Creditors
Details
Rs. in millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors for
Goods |
11.584 |
5.918 |
4.429 |
|
Sundry Creditors for
Fixed Assets |
[2.946] |
[1.770] |
2.012 |
|
Sundry Creditors for
Expenses |
21.187 |
28.719 |
22.987 |
|
Total |
29.825 |
32.867 |
29.428 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28900MH2005PTC152357 |
|
Name of the
company |
CANAAN
ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Canaan Complex,
Vaishetpada No 2, Near Triveni Nagar Malad (E), Mumbai – 400097, |
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
10203719 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Union Bank of India, Goregaon – East Branch, 172/73, Shree Sadan, Shantaben
Estate, Goregaon (East), Mumbai - 400063, Maharashtra, India |
|
Nature of
instrument creating charge |
Extension of
Equitable Mortgage |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs.110.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Together with Interest, Compound Interest, Additional interest in case of
Default, Exchange, Fluctuations, Costs, Charges, Expenses etc. Terms of Repayment
- Term Loan in Installments Margin - As per
sanction terms Extent and
Operation of the charge - To Additionally secure Term Loan facility of
Rs.110.000 millions W/W Import LC Capital Goods facility of(Rs.18.600
millions) granted by the Bank to the Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Creation/Extension
of Equitable Mortgage by Deposit of Title Deeds in respect of Company's
Immovable Properties Viz. 1. All that piece
and parcel of Non-Agricultural land bearing survey No/Gutt No.27/B Piki
admeasuring an area (H-R-Pratis) 2-77-5, Survey No./Gutt No.131 admeasuring
an area (H-R-Pratis) 0-10-0, Survey No./Gutt No.132 admeasuring an area
(H-R-Pratis) 0-65-0 i.e. total aggregating admeasuring an area (H-R-Pratis)
3-52-5,situate lying and being at Village Aamgaon,Talathi Saja
Hamarpur,Taluka Wada,Sub-Registration District Bhiwandi,and Registration
District Thane. 2.Non
Agricultural land admeasuring an Area of 0.40.0 HRP, bearing Gut No.27, Hissa
No.1 Situated at Village- Amgaon, Taluka- Wada, Sub-Registration office at
Wada, Post-Jawar, Dist-Thane bounded by : To East -Gut No.27, land of M./S.
Canaan Engineering Private Limited To West - To South - To North - 3.Non
Agricultural land admeasuring an Area of 0.55.0 HRP, bearing Gut No.27, Hissa
No.1 Situated at Village- Amgaon, Taluka- Wada, Sub-Registration office at
Wada, Post-Jawar , Dist-Thane bounded by : To East - Gut No.27, land of M/s.
Canaan Engineering Private Limited To West - To South -Land of
M/s Canaan Engineering Private Limited and To North - |
|
Particulars of
the present modification |
The Original
Charge Dated:10/02/2010 of Rs.110.000 millions is hereby modified and
additionally secured by Creation/Extension of Equitable Mortgage by Deposit
of Title Deeds in respect of Company's Immovable Properties Viz. 1 Non
Agricultural Land bearing Survey/Gut No.27/B Piki at Village Aamgaon total
area(H-R-Pratis)3-52-5, 2 3 |
FIXED ASSETS :
·
Plot
·
Machinery
·
Computer
·
Office Equipments
·
Carriage Vehicles
·
Motor
Bus
CMT REPORT (Corruption, Money Laundering and 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.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 and 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.