MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHAGWAN ENTERPRISE TEXTILES PRIVATE LIMITED |
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Registered
Office : |
Ground Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.12.1985 |
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Com. Reg. No.: |
11-38273 |
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Capital Investment
/ Paid-up Capital : |
Rs.3.618 millions |
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|
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CIN No.: [Company Identification
No.] |
U17115MH1985PTC038273 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Cloth Materials. |
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No. of Employees
: |
20 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 130000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 as usually
made 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 DECLINED BY
|
Name : |
Mr. Manish |
|
Designation : |
Marketing Manager |
|
Date : |
05.07.2011 |
LOCATIONS
|
Registered Office : |
Ground Floor, |
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Tel. No.: |
91-22-26493468 / 26491601 |
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Fax No. : |
91-22-26490286 |
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E-Mail : |
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|
Area : |
1000 sq ft |
|
Location : |
Owned |
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|
|
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Administrative Office : |
9, Bhagwan Complex, 3rd Floor, Opposite Vrindavan Hotel, Near
Khar Railway Station, Khar (West), Mumbai – 400 052, |
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Tel. No.: |
91-22-26499501 / 02 / 03 |
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|
|
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Warehouse : |
Vardhaman Complex, Near Pipe Line, Bhiwandi, Mumbai, |
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E-Mail : |
DIRECTORS
As on 20.09.2010
|
Name : |
Mr. Shailesh B. Kukreja |
|
Designation : |
Managing Director |
|
Address : |
La emrude, |
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Date of Birth/Age : |
11.06.1975 |
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Date of Appointment : |
01.04.1998 |
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DIN No. : |
00278405 |
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|
|
|
Name : |
Mr. Bansilal B. Kukreja |
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Designation : |
Director |
|
Address : |
La emrude, |
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Date of Birth/Age : |
15.09.1950 |
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Date of Appointment : |
09.12.1985 |
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DIN No. : |
00582039 |
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|
|
|
Name : |
Mr. Manoharlal B. Kukreja |
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Designation : |
Director |
|
Address : |
La emrude, |
|
Date of Birth/Age : |
18.02.1944 |
|
Date of Appointment : |
09.12.1985 |
|
DIN No. : |
00582219 |
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|
|
|
Name : |
Mr. Tikamdas B. Kukreja |
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Designation : |
Director |
|
Address : |
La emrude, |
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Date of Birth/Age : |
01.03.1939 |
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Date of Appointment : |
09.12.1985 |
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DIN No. : |
02363223 |
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|
|
|
Name : |
Mr. Dilip N. Kukreja |
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Designation : |
Director |
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Address : |
La emrude, |
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Date of Birth/Age : |
20.10.1966 |
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Date of Appointment : |
01.04.1989 |
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DIN No. : |
01101084 |
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|
|
|
Name : |
Mr. Prakash T. Kukreja |
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Designation : |
Director |
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Address : |
La emrude, |
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Date of Birth/Age : |
05.03.1969 |
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Date of Appointment : |
01.04.1989 |
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DIN No. : |
00581924 |
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|
|
|
Name : |
Ms. Rani T. Kukreja |
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Designation : |
Director |
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Address : |
La emrude, |
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Date of Birth/Age : |
25.02.1943 |
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Date of Appointment : |
01.04.1998 |
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DIN No. : |
01438306 |
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|
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Name : |
Ms. Poonam B. Kukreja |
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Designation : |
Director |
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Address : |
La emrude, |
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Date of Birth/Age : |
03.05.1956 |
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Date of Appointment : |
01.04.1998 |
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DIN No. : |
01482907 |
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|
|
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Name : |
Ms. Champa N. Kukreja |
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Designation : |
Director |
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Address : |
La emrude, |
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Date of Birth/Age : |
06.05.1945 |
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Date of Appointment : |
01.04.1998 |
|
DIN No. : |
01438259 |
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|
|
|
Name : |
Mr. Jitendra B. Kukreja |
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Designation : |
Director |
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Address : |
La emrude, |
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Date of Birth/Age : |
23.09.1977 |
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Date of Appointment : |
01.04.2002 |
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DIN No. : |
00582180 |
KEY EXECUTIVES
|
Name : |
Mr. Manish |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bansilal B. Kukreja |
|
450 |
|
Som Shailesh Kukreja |
|
1521 |
|
Tikamdas B. Kukreja |
|
675 |
|
Manoharlal B. Kukreja |
|
5300 |
|
Saatchi R. Kukreja |
|
1506 |
|
Dilip N. Kukreja |
|
4266 |
|
Champa N. Kukreja |
|
3550 |
|
Kanchan D. Kukreja |
|
2075 |
|
Rani T. Kukreja |
|
2970 |
|
Poonam B. Kukreja |
|
2925 |
|
Neeta M. Kukreja |
|
510 |
|
Varsha M. Kukreja |
|
120 |
|
Prakash T. Kukreja |
|
3320 |
|
Aanchal P. Kukreja |
|
1971 |
|
Tarun T. Kukreja |
|
75 |
|
Shailesh B. Kukreja |
|
450 |
|
Jitendra B. Kukreja |
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20 |
|
Sheetal T. Kukreja |
|
1322 |
|
Savitri B. Kukreja |
|
3150 |
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Total
|
|
36176 |
As on 20.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Cloth Materials. |
GENERAL INFORMATION
|
No. of Employees : |
20 Approximately |
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Bankers : |
·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, ·
Bank of Parel Branch, Mumbai South Zone, 183, ·
Jankalyan Sahakri Bank Limited ·
Oriental Bank of Commerce, Santacruz ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
U.S. Gandhi and Company Chartered Accountants |
|
Address : |
215, 2nd Floor, Sundervilla, |
CAPITAL STRUCTURE
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
199000 |
Equity Shares |
Rs.100/- each |
Rs.19.900 millions |
|
1000 |
12% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.0.100 million |
|
|
Total
|
|
Rs.20.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36176 |
Equity Shares |
Rs.100/- each |
Rs.3.618
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.618 |
3.618 |
3.618 |
|
|
2] Share Application Money |
4.017 |
4.017 |
4.017 |
|
|
3] Reserves & Surplus |
23.878 |
20.901 |
18.911 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.513 |
28.536 |
26.546 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.159 |
53.544 |
54.272 |
|
|
2] Unsecured Loans |
0.518 |
0.106 |
1.039 |
|
|
TOTAL BORROWING |
52.677 |
53.650 |
55.311 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.039 |
|
|
|
|
|
|
|
|
TOTAL |
84.190 |
82.186 |
81.896 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
7.232 |
7.115 |
8.089 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.927 |
1.680 |
1.651 |
|
|
DEFERREX TAX ASSETS |
0.086 |
0.025 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.096
|
36.977
|
27.721 |
|
|
Sundry Debtors |
114.661
|
77.886
|
84.358 |
|
|
Cash & Bank Balances |
0.267
|
0.348
|
0.394 |
|
|
Other Current Assets |
8.575
|
4.059
|
5.610 |
|
|
Loans & Advances |
2.552
|
1.521
|
3.998 |
|
Total
Current Assets |
157.151
|
120.791
|
122.081 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
79.819
|
44.676
|
44.986 |
|
|
Other Current Liabilities |
0.635
|
1.008
|
3.497 |
|
|
Provisions |
1.752
|
1.741
|
1.442 |
|
Total
Current Liabilities |
82.206
|
47.425
|
49.925 |
|
|
Net Current Assets |
74.945
|
73.366
|
72.156 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84.190 |
82.186 |
81.896 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
413.809 |
347.527 |
303.282 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
413.809 |
347.527 |
303.282 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
400.294 |
335.671 |
292.665 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
400.294 |
335.671 |
292.665 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.515 |
11.856 |
10.617 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
7.868 |
7.085 |
6.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.647 |
4.771 |
4.416 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.296 |
1.167 |
1.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.351 |
3.604 |
3.268 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.373 |
1.575 |
1.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.978 |
2.029 |
1.846 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
82.32 |
56.10 |
24.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.72
|
0.58
|
0.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.65
|
2.82
|
2.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.13
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.28
|
3.54
|
3.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.55
|
2.45 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors for Expenses |
1.128 |
2.038 |
2.338 |
|
Sundry Creditors for Goods |
78.691 |
42.638 |
42.648 |
|
Total |
79.819 |
44.676 |
44.986 |
OPERATIONAL
PERFORMANCE
The company is in the
business of wholesale trading activity only. The company has achieved a
turnover of Rs.413.800 millions. However inspite of stiff competition in the
market, the Company has earned a net profit of Rs.4.351 millions (before tax)
as against 3.604 millions in the F.Y. 2009-10.i.e. an increase of 19.07%.
FUTURE SCENARIO
The scope of the
wholesale market in cloth materials is encouraging and ever increasing and so
is the competition. Thus the dynamic external environment presents a very wide
scope for expansion coupled with the cutthroat competition. The Company is now
focusing entirely on its wholesale business and the management is fully
equipped to face the competition.
FORM 8
|
Corporate
identity number of the company |
U17115MH1985PTC038273 |
|
Name of the
company |
BHAGWAN ENTERPRISE TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ground Floor, E-Mail: usgandhiandco@rediffmail.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80012684 |
|
Type of charge |
·
Book
Debts ·
Movable
Property ·
Floating
Charge |
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Letter of Hypothecation. |
|
Date of
instrument Creating the charge |
02/08/2010 |
|
Amount secured by
the charge |
Rs.91.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment: Overall Facility
under the MFA/ Addendum shall payable On Demand. Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: Hypothecation by
way of First Charge on Company's Stock in Trade, Book Debts, Plant and
Machinery and Vehicles, etc, to secure as a continuing security as
mentioned for the repayment of Rs.91.500 millions together with interest,
costs, charges, expenses and other moneys due and payable by the Company to
the Bank. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties. All the debts,
that is, all the book debts, outstandings, monies receivables, claims, bills,
invoice documents, contracts, guarantees, and rights. The movable plant
and machinery and vehicles, which may now or at any time hereafter belong to
the Borrower or come to the Borrower's disposal. |
|
Date of latest
modification prior to the present modification |
29/12/2009 |
|
Particulars of
the present modification |
The Charge shall
now stand increase from Rs.66.500 millions to Rs.91.500 millions, against the
security of Stock in Trade, Book Debts, Plant and Machinery and Vehicles of
the Company. |
FIXED ASSETS
·
Furniture and Fixtures
·
Air Conditioner
·
Computer
·
Electrical Installation
·
Motor Vehicle
·
Godown
·
Office Equipment
·
Invertor
·
Sample Cutting Machine
·
Television
·
·
Capital W.I.P.
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
|
|
--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 |
|
49 |
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.