MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
VEGA AVIATION PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
543, Vithaldev Lane, Shahpur, Belgaum – 590003, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.05.2005 |
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Com. Reg. No.: |
08-036436 |
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CIN No.: [Company Identification
No.] |
U35303KA2005PTC036436 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV08864C |
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PAN No.: [Permanent Account No.] |
AACCV1342H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of automobile parts and accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 17000 |
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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. There is a
dip in the turnover and profitability of the Company. However, it is due to
not getting the contract from the companies like “Hindustan Aeronautics
Limited”. Trade relations are fair. Business is active. Payments are reported
to be slow but correct. The Company can be considered for business dealings with some
cautions. |
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
|
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. Suhas |
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Designation : |
Director |
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Contact No.: |
91-9845272888 |
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Date : |
27.04.2011 |
LOCATIONS
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Registered Office/Factory : |
543, Vithaldev Lane, Shahpur, Belgaum – 590003, Karnataka, India |
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Tel. No.: |
91-831-4201163 |
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Mobile No.: |
91-9845272888 (Mr. Suhas) |
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Fax No.: |
91-831-4201663 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 23.09.2010
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Name : |
Mr. Dilip Premraj Chandak |
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Designation : |
Director |
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Address : |
Meera Mahal Adarsh Nagar, Vadgaon, Belgaum – 590011, Karnataka, India |
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Date of Birth/Age : |
15.07.1962 |
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Date of Appointment : |
01.06.2005 |
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DIN No: |
00644673 |
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Name : |
Mr. Suhas Premraj Chandak |
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Designation : |
Director |
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Address : |
Meera Mahal Adarsh Nagar, Vadgaon, Belgaum – 590011, Karnataka, India |
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Date of Birth/Age : |
14.02.1968 |
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Date of Appointment : |
01.06.2005 |
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DIN No : |
00645032 |
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Name : |
Mr.Uttam Premraj Chandak |
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Designation : |
Director |
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Address : |
Meera Mahal Adarsh Nagar, Vadgaon, Belgaum – 590011, Karnataka, India |
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Date of Birth/Age : |
29.02.1970 |
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Date of Appointment : |
01.06.2005 |
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DIN No : |
00645073 |
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Name : |
Mr. Girdhari Premraj Chandak |
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Designation : |
Director |
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Address : |
Meera Mahal Adarsh Nagar, Vadgaon, Belgaum – 590011, Karnataka, India |
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Date of Birth/Age : |
10.01.1967 |
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Date of Appointment : |
01.06.2005 |
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DIN No : |
00674030 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2010
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Names of Shareholders |
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No. of Shares |
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Dilip Premraj Chandak |
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250 |
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Girdhari Premraj Chandak |
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250 |
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Suhas Premraj Chandak |
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250 |
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Uttam Premraj Chandak |
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250 |
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Total |
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1000 |
Equity Breakup AS
ON 30/09/2010
|
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 and Exporter of Hat rack, FRP Boxes, Helmet. |
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Products : |
Composite Reinforced Polymers ·
Top open Packing Cases Fibre Reinforced Polymers ·
Food Delivery Boxes ·
Head Gear ·
Automotive ·
Outdoor Waste Management Products ·
Wheel Barrow ·
Push Carts ·
Waste Bins ·
Stand Mounted Bins Sanitation Products ·
Public Urinals ·
Mobile Toilet Van Leather Products ·
Safety Footwear Defence Products ·
Engine Packing Case ·
Engine Shell ·
Special Equipment Packing |
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Exports : |
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Products : |
Composite Reinforced Polymers ·
Top open Packing Cases Fibre Reinforced Polymers ·
Food Delivery Boxes ·
Head Gear ·
Automotive ·
Outdoor Waste Management Products ·
Wheel Barrow ·
Push Carts ·
Waste Bins ·
Stand Mounted Bins Sanitation Products ·
Public Urinals ·
Mobile Toilet Van Leather Products ·
Safety Footwear Defence Products ·
Engine Packing Case ·
Engine Shell ·
Special Equipment Packing |
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Countries : |
·
Kuwait ·
USA ·
Muskat |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) (50% Advance) |
GENERAL INFORMATION
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Customers : |
End Users and Distributors ·
PTP CNC Tooling Private Limited ·
Vega Funmobiles Private Limited ·
Hotel Junglee ·
Epsilon Closed – Moulds Solution ·
Commissioner of City Corporation ·
Hindustan Aeronautics Limited ·
Tata Marcopolo
Motors Limited |
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No. of Employees : |
48 (Approximately) |
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Bankers : |
State Bank of India, Retail Assets and Small and Medium Enterprises
City, Credit Center, Halgekar Building, Belgaum-590011, Karnataka, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rajendra Sanjeev And Company Chartered Accountant |
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Address : |
1759, 2nd Floor, Annapurna Complex, Kirloskar Road,
Belgaum-590001, Karnataka, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/-
each |
Rs.0.100
Millions |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.237 |
4.232 |
0.014 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.337 |
4.332 |
0.114 |
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LOAN FUNDS |
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1] Secured Loans |
3.651 |
2.347 |
0.210 |
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2] Unsecured Loans |
0.000 |
1.372 |
1.730 |
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TOTAL BORROWING |
3.651 |
3.719 |
1.940 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.988 |
8.051 |
2.054 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.187 |
2.080 |
1.537 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
2.448
|
0.244 |
0.290 |
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Sundry Debtors |
4.453
|
3.047 |
0.172 |
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Cash & Bank Balances |
1.081
|
0.020 |
0.146 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.871
|
9.800 |
0.003 |
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Total
Current Assets |
11.853
|
13.111 |
0.609 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.039
|
4.400 |
0.000 |
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Other Current Liabilities |
1.125
|
2.642 |
0.126 |
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Provisions |
0.034
|
0.120 |
0.040 |
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Total
Current Liabilities |
6.198
|
7.162 |
0.166 |
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Net Current Assets |
5.655
|
5.949 |
0.443 |
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MISCELLANEOUS EXPENSES |
0.146 |
0.021 |
0.074 |
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TOTAL |
7.988 |
8.051 |
2.054 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
6.217 |
29.450 |
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Other Income |
|
0.587 |
0.668 |
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TOTAL (A) |
|
6.804 |
30.118 |
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Less |
EXPENSES |
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Preliminary Expenses |
|
0.007 |
0.007 |
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Other Expenses |
|
6.285 |
23.891 |
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TOTAL (B) |
|
6.292 |
23.898 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.512 |
0.512 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
|
0.160 |
0.087 |
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PROFIT BEFORE
TAX (E-F) |
|
0.352 |
6.133 |
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Less |
TAX |
|
0.347 |
1.919 |
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PROFIT AFTER TAX
(G-I) |
|
0.005 |
4.218 |
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Earnings Per
Share (Rs.) |
|
5.000 |
4.218 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.07
|
14.00 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.66
|
20.83 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.50
|
40.37 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
1.42 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
2.51 |
18.47 |
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Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.20 |
3.66 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE :
·
HAL
Form 8
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U35303KA2005PTC036436 |
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Name of the company |
VEGA AVIATION PRODUCTS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
543, VITHALDEV LANE, SHAHAPUR, BELGAUM-
590003, INDIA |
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Type of charge |
Book debts Movable property (not being pledge) |
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Particular of charge holder |
State Bank Of India, Retails Assets and Small
and Medium Enterprises City, Credit Center, Halgekar Building, Belgaum –
590011, Karnataka Email Id : smecc.zoban@sbi.co.in |
|
Nature of instrument creating charge |
Agreement of Loan Cum Hypothecation Letter of arrangement to Grant Cash Credit
Facility |
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Date of instrument Creating the charge |
13.03.2008 |
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Amount secured by the charge |
Rs.4.000million |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Rate of 0.75% above State Bank Advance
rate (SBAR) (SBAR=12.25% w.e.f 27.02.2008 with a minimum of 13.00% per annum. Terms
of repayment Repayable on Demand Margin 25% Raw Material : Indigenous 25% Domestic Receivables Extent
and operation of the charge The charge operates over stocks of raw
materials, finished and semi finished goods and receivables, stock stored at
the Registered Office of the company situated at 543, Vithaldev Lane,
Shahapur, Belgaum. |
|
Short particulars of the property charged
(Including location of the property) |
The charge operates over stocks of raw
materials, finished and semi finished goods and receivables, stock stored at
the registered office of the company situated at 543, Vithaldev Lane,
Shahapur, Belgaum |
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.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.