%20PRIVATE%20LIMITED%20144592%2008-Jun-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
BAG ELECTRONICS (INDIA) PRIVATE LIMITED (w.e.f. 27.01.2011) |
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Formerly Known as : |
HUECO LIGHTRONIC ( |
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Registered Office : |
19, Yewlewadi, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.02.2006 |
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Com. Reg. No.: |
25-21987 |
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Capital Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company
Identification No.] |
U32109PN2006PTC021987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH05488A PNEH05200G |
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PAN No.: [Permanent
Account No.] |
AABCH6565P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic Blast. |
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No. of Employees : |
Information not divulged by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 83000 |
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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 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.
INFORMATION DENIED BY
|
Name : |
Mr. Yogesh |
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Designation : |
Accountant |
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Contact No. : |
91-20-30450700 |
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Date : |
06.06.2011 |
LOCATIONS
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Registered Office/Factory : |
19, Yewlewadi, |
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Tel. No.: |
91-20-30450700 |
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Fax No.: |
91-20-30450800 |
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E-Mail : |
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Website : |
DIRECTORS
As on 24.09.2010
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Name : |
Mr. Otto Julius Heinrich Ludwig Meyer |
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Designation : |
Director |
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Address : |
Zur Barlage, 28, Strmwede-32351, |
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Date of Birth/Age : |
12.04.1953 |
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Date of Appointment : |
10.02.2006 |
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DIN No. : |
01720275 |
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Name : |
Mr. Bindingnavile Seshadri Pravin |
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Designation : |
Director |
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Address : |
Flat No. 804, A Building, Tain Square Fatima Nagar, Pune – 411013,
Maharashtra, India |
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Date of Birth/Age : |
13.01.1957 |
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Date of Appointment : |
30.03.2010 |
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DIN No. : |
03017823 |
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Name : |
Mr. Thomas Josef Gerhard Padzelt |
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Designation : |
Director |
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Address : |
Moencherderweg 9, Langenfeld – 40764, |
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Date of Birth/Age : |
01.01.1962 |
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Date of Appointment : |
01.12.2009 |
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DIN No. : |
02837861 |
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Name : |
Mr. Blomeshekel Wilfried |
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Designation : |
Director |
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Address : |
Quetzer Heide 32, Petershagen – 411013, |
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Date of Birth/Age : |
31.12.1959 |
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Date of Appointment : |
10.03.2010 |
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DIN No. : |
02899920 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
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Names of Shareholders |
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No. of Shares |
|
Huco Lightronic N. I. Limited ( |
|
500 |
|
Otto Meyer |
|
500 |
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Total |
|
1000 |
(AS ON 24.09.2010)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronic Blast. |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
Information not divulged by the management. |
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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 : |
Kalyaniwala and Mistry Chartered Accountant |
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Address : |
3rd Floor, Pro-1, |
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Holding Company
: |
Huco Lightronic N. I. Limited ( |
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Associates : |
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CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000 |
Equity Share |
Rs.1000/- Each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1000 |
Equity Share |
Rs.1000/- Each |
Rs.1.000
million |
Note :
Above Equity Shares are held ny Hueco Lightronic
NI Limited the Holding Company through its nominees
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.661 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(2.091) |
(10.958) |
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NETWORTH |
20.661 |
(1.091) |
(9.958) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
1.096 |
1.032 |
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2] Unsecured Loans |
34.130 |
36.052 |
45.982 |
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TOTAL BORROWING |
34.130 |
37.148 |
47.014 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.791 |
36.057 |
37.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.343 |
34.744 |
16.218 |
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Capital work-in-progress |
0.000 |
0.000 |
6.243 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.871 |
1.169 |
0.678 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
75.748
|
17.051
|
6.310 |
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Sundry Debtors |
55.737
|
12.149
|
7.404 |
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Cash & Bank Balances |
9.460
|
4.488
|
3.264 |
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Other Current Assets |
0.252
|
0.286
|
0.000 |
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Loans & Advances |
21.055
|
13.929
|
9.172 |
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Total
Current Assets |
162.252
|
47.903
|
26.150 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
49.455
|
8.126
|
7.112 |
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Current Liabilities |
86.004
|
36.012
|
4.002 |
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Provisions |
7.216
|
3.621
|
1.119 |
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Total
Current Liabilities |
142.675
|
47.759
|
12.233 |
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Net Current Assets |
19.577
|
0.144
|
13.917 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.791 |
36.057 |
37.056 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income From
Operations |
225.390 |
383.122 |
147.158 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
378.790 |
145.265 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
4.332 |
1.893 |
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PROFIT BEFORE
TAX (E-F) (G) |
NA |
8.319 |
(7.613) |
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Less |
TAX (I) |
NA |
0.548 |
1.032 |
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PROFIT AFTER TAX
(G-I) (J) |
21.752 |
8.867 |
(6.581) |
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EARNINGS IN
FOREIGN CURRENCY |
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Manufacturing Income |
217.225 |
85.084 |
30.665 |
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Research and Development Fees |
8.107 |
9.445 |
2.349 |
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TOTAL EARNINGS |
225.332 |
94.529 |
33.014 |
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IMPORTS |
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Raw Materials and Stores and Spares |
149.419 |
0.000 |
0.000 |
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Capital Goods |
1.338 |
0.000 |
0.000 |
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TOTAL IMPORTS |
150.757 |
0.000 |
0.000 |
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Earnings Per
Share (Rs.) |
21751.76 |
8867.06 |
(6581.36) |
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%20PRIVATE%20LIMITED%20144592%2008-Jun-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20144592%2008-Jun-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
10.07
|
(17.97) |
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
(7.63)
|
(0.76) |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.56
|
(77.82)
|
(5.95) |
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Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.00
|
2.14 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Detail
|
Particulars |
As on 31.03.2010 (Rs. In Millions
) |
As on 31.03.2009 (Rs. In Millions
) |
As on 31.03.2008 (Rs. In Millions
) |
|
Sundry Creditor |
|
|
|
|
Dues to other than Micro and Small
Enterprises |
49.455 |
8.126 |
7.112 |
|
Total |
49.455 |
8.126 |
7.112 |
Operational Review
The company is a wholly owned subsidiary of Hueco Lightronics Northern
The company has carried on the activities in the field of manufacture of
electronic ballasts and mini power of lighting system on behalf of company.
The Company is in the process of commencing new division for carrying
out trading activity. There is a commercial understanding with BAG Electronics
GMBH for using trade name of BAG for electronic business in
The Company has also initiated the process for change in name of the
Company. The Company has also filed an application for availability of name
with the Registrar of Companies, Pune.
The auditor’s remarks are self explanatory. Board is taking steps to
regularize the matter
Company Background
:
Hueco Lightronic (
Hucco manufactures Electronic Ballasts and Mini Power for
lighting systems on behalf of the holding company or its assigned associates or
vendor.
The Company also conducts research in lightronic components
for which services arc billed to the holding company on a cost plus basis.
Note:
Registered Office
of the company has been shifted from Plot No.1 S. No.297, 298,299
Contingent
Liabilities and Capital Commitments :
(Rs. in Millions)
|
Particulars |
2009-2010 |
2008-2009 |
|
Guarantee given by the Bank on behalf of the Company |
1.735 |
1.735 |
|
Estimated amount of contracts remaining to be executed on Capital account and not provided for (Net of Advances). |
0.000 |
0.000 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
U32109PN2006PTC021987 |
|
Name of the
company |
HUECO LIGHTRONIC
( |
|
Address of the
registered office or of the principal place of business in |
S. No.19, Yewlewadi, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
HDCF Bank Limited, HDCF Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India Email ID: ruchita.mehta@hdfcbank.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement For
Autoloan No. 13714290 |
|
Date of
instrument Creating the charge |
06.09.2008 |
|
Amount secured by
the charge |
Rs.0.679 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 12.04% Per Annum Terms of
Repayment : The loan will be
repaid in 35 monthly installment of Rs.0.022 millions p.m. Payable on 7th
day of each month starting from October 2008 Margin : As Usually Agreed
Between The Parties Extent and
Operation of the charge : To The Extent of
Rs. 0.679 millions |
|
Short particulars
of the property charged |
Vehicle Being
Honda City Manufactured In Year 2008 Bearing Engine Number 158050 And Chasis
Number 422837 |
Fixed Assets
- Plant and
Machinery
- Leasehold
Improvements
- Vehicles
- Office
Equipment
- Furniture
- Computers
- Moulds and
Dies
- Test
Equipment
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.