MIRA
INFORM REPORT
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Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HITEIN BUSHINGS PRIVATE LIMITED |
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Registered Office : |
Renuka 38, Walvekar Nagar, Pune – 411 009, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.05.1999 |
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Com. Reg. No.: |
25-13642 |
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CIN No.: [Company
Identification No.] |
U25209PN1999PTC013642 |
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IEC No.: |
3104005338 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH05418A |
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PAN No.: [Permanent
Account No.] |
AABCH1095C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Insulating Components. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 33020 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.
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. Hrishikesh Pawar |
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Designation : |
Director |
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Contact No.: |
91-9960034422 |
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Date : |
21.02.2011 |
LOCATIONS
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Registered Office: |
Sr. No. 43/1-4-1, Jambulwadi Road, Next to Datta Vihar Complex, Datta
Nagar, Pune – 411 046, Maharashtra, India
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Tel. No.: |
91-20-24317291 |
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Fax No.: |
91-20-24318453 |
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Email : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Girish Ashok Pawar |
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Designation : |
Director |
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Address : |
Renuka 38, Walvekar Nagar, Pune – 411 009, |
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Date of Birth/Age : |
17.01.1971 |
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Qualification : |
B.Com. |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
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Name : |
Mr. Hrishikesh Ashok Pawar |
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Designation : |
Director |
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Address : |
Renuka 38, Walvekar Nagar, Pune – 411 009, |
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Date of Birth/Age : |
30.12.1974 |
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Qualification : |
B.E. Prod. |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
Class A |
Class B |
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Girish Ashok Pawar |
6400 |
2766 |
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Shirish Ashok Pawar |
6400 |
2767 |
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Hrishikesh Ashok Pawar |
6400 |
2766 |
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Suresh Narsinhrao Metrani |
-- |
1 |
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Total |
19200 |
8300 |
Equity shares Breakup (percentage of total equity)
AS ON 30.09.2010
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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 Insulating Components. |
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Products : |
·
Electrical Insulation Material ·
Electrical Insulation Tubes ·
Low Voltage Insulation Tubes ·
Medium Voltage Insulation Tubes ·
High Voltage Insulation Tubes ·
Insulation Pipes ·
Glass Epoxy Insulation Tubes ·
Fibre Reinforced Insulation Tubes ·
Fibre Reinforced Insulation Pipes ·
Fibre Composite Material Insulation Tubes |
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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 : |
OEM’s |
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No. of Employees : |
40 (In Office 10 and In Factory 30) |
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Bankers : |
Janata Sahakari Bank Limited, 1444, Shukrawar Peth, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sagar Vaidya and Associates Chartered Accountants |
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Address : |
Shree Prabhu Krupa, 1624, Sadashiv Peth, Pune – 411 030, |
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Name: |
Rushabh Jain and Associates Chartered Accountants |
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Address : |
Pune |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Class A – 19200 Equity Shares and Class B – 8300 Equity Shares |
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Rs.0.275 million |
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Share Application Money |
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Rs.2.225 Millions |
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.755 |
5.560 |
1.730 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.255 |
8.060 |
4.230 |
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LOAN FUNDS |
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1] Secured Loans |
4.370 |
14.901 |
6.419 |
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2] Unsecured Loans |
1.613 |
0.765 |
1.595 |
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TOTAL BORROWING |
5.983 |
15.666 |
8.014 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.238 |
23.726 |
12.244 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.412 |
7.059 |
5.906 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.584 |
1.448 |
1.318 |
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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 |
2.513
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1.862 |
4.711 |
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Sundry Debtors |
8.583
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19.377 |
3.768 |
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Cash & Bank Balances |
0.030
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0.163 |
0.104 |
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Other Current Assets |
0.034
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0.000 |
0.000 |
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Loans & Advances |
1.507
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1.661 |
0.313 |
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Total
Current Assets |
12.667
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23.063 |
8.896 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.046
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7.778 |
3.590 |
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Other Current Liabilities |
0.000
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0.000 |
0.00 |
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Provisions |
0.379
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0.066 |
0.286 |
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Total
Current Liabilities |
6.425
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7.844 |
3.876 |
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Net Current Assets |
6.242
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15.219 |
5.020 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.238 |
23.726 |
12.244 |
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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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38.755 |
23.030 |
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Other Income |
17.773 |
0.131 |
0.081 |
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TOTAL (A) |
17.773 |
38.886 |
23.111 |
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Less |
EXPENSES |
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Cost of Material |
NA |
23.182 |
12.558 |
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Manufacturing Expenses |
NA |
4.358 |
5.825 |
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Administrative Expenses |
NA |
1.607 |
1.237 |
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L D Charges |
NA |
1.890 |
0.000 |
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Audit Fees |
NA |
0.020 |
0.020 |
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Director Remuneration |
NA |
1.080 |
1.020 |
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TOTAL (B) |
NA |
32.137 |
20.660 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.853 |
6.749 |
2.451 |
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Less |
FINANCIAL
EXPENSES (D) |
0.550 |
1.835 |
0.847 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.303 |
4.914 |
1.604 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.108 |
1.084 |
0.918 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.195 |
3.830 |
0.686 |
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Less |
TAX (I) |
0.043 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
0.152 |
3.830 |
0.686 |
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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 |
(%) |
0.86
|
9.85 |
2.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
9.88 |
2.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.97
|
12.71 |
4.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.47 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.50
|
2.92 |
2.81 |
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Current Ratio (Current Asset/Current Liability) |
|
1.97
|
2.94 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office address of the company has been
shifted from Renuka 38, Walvekar Nagar, Pune – 411009,
Trade References
·
Crompton Greaves
·
Tharmax Limited
Form No. 8
|
Corporate
identity number of the company |
U25209PN1999PTC013642 |
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Name of the
company |
HITEIN BUSHINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Renuka 38, Walvekar Nagar, Pune – 411 009, |
|
This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Janata Sahakari Bank Limited 1444, Shukrawar Peth, |
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Nature of
instrument creating charge |
Memorandum of
agreement of equitable mortgage |
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Date of
instrument Creating the charge |
19.09.2007 |
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Amount secured by
the charge |
Rs.20.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Commission @ 2.50% ·
Terms
of repayment 12 Months ·
Margin As may be mutually decided between bank and the company ·
Extent
and operation of the charge Type of credit facility : Bank Guarantee (Non Fund Base) |
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Particulars of
the property charged |
S. No. 43/1/2/1,
S No. 43/1/1/3A/1/2/2, S No. 43/1/2/1/1 at Village Ambegaon (Bk), Tal Haveli,
Dist. Pune and Plot no. 38 out of sanctioned Lay out, S No. 50-52 and 53-A
along with construction standing thereon, Walvekar Nagar, Parvati, Tal.
Haveli Dist. Pune. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25209PN1999PTC013642 |
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Name of the
company |
HITEIN BUSHINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Renuka 38, Walvekar Nagar, Pune – 411 009, |
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Type of charge |
Movable Property Floating Charge Others |
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Particular of
charge holder |
JANATA SAHAKARI
BANK LIMITED PUNE |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Plant and Machinery |
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Date of instrument
Creating the charge |
26/11/2008 |
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Amount secured by
the charge |
Rs.2.500 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.5% p.a. with
monthly rests Terms of Repayment
Total repayment
period is 5 years. Term Loan to be repaid in 60 EMIs each of Rs.0.059 Million Margin Computer 50% Machinery 30% Extent and
Operation of the charge Type of credit
facility : Term Loan |
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Short particulars
of the property charged |
Present and
Future Computers and Machinery, mutually agreed by the company and bank,
given in the sanction letter and as per records maintained at the Registered
Office of the Company. |
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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.