MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
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IDENTIFICATION DETAILS
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Name : |
WESTERN FARM FRESH PRIVATE LIMITED |
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Registered
Office : |
NJO.37, Vardharajapuram, Poonamalle, Chennai – 600056, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.02.2011 |
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Com. Reg. No.: |
18-046711 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U63022TN2001PTC046711 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of Frozen Foods. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office : |
NJO.37, Vardharajapuram, Poonamalle, Chennai – 600056, Tamilnadu,
India |
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E-Mail : |
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DIRECTORS
AS ON 29.09.2010
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Name : |
Pattabhi Reddy Nanga |
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Designation : |
Director |
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Date of Birth/Age : |
15.05.1965 |
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Date of Appointment : |
28.02.2001 |
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Name : |
Permeet Singh Bhupinder Singh Machre |
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Designation : |
Director |
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Date of Appointment : |
28.02.2001 |
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Name : |
Hermeet Singh Machre |
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Designation : |
Director |
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Date of Appointment : |
20.02.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Parmeet Singh Machere |
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360000 |
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Harmeet Singh Machere |
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360000 |
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N. pattabhi Reddy |
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652000 |
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Rajendar B. Machere |
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360000 |
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Simran H Macere |
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360000 |
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Vineet P Macere |
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360000 |
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Western Airconditioning and Refregeration Private Limited |
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2548000 |
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Total |
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5000000 |
AS ON 29.09.2010
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Category |
Percentage |
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Bodies corporate |
51.00 |
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Directors or relatives of Directors |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Frozen Foods. |
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GENERAL INFORMATION
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Bankers : |
·
CANARA
BANK, Worli Branch, Marthanda Building, Dr. Annie Besant Road, Mumbai
– 400018, Maharashtra, India ·
ICICI
Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L Sreenivasan and Company Chartered Accountant |
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Address : |
13 Central School Road, Choolaimedu, Chennai – 600094, Tamilnadu,
India |
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Tel. No.: |
91-44-42648394 |
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Fax No.: |
91-44-23741033 |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
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 |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.565 |
2.565 |
0.000 |
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4] (Accumulated Losses) |
(10.610) |
(9.518) |
(8.107) |
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NETWORTH |
41.955 |
43.047 |
41.893 |
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LOAN FUNDS |
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1] Secured Loans |
47.586 |
47.226 |
6.483 |
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2] Unsecured Loans |
73.967 |
69.767 |
80.155 |
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TOTAL BORROWING |
121.553 |
116.993 |
86.638 |
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DEFERRED TAX LIABILITIES |
11.622 |
8.676 |
5.951 |
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TOTAL |
175.130 |
168.716 |
134.482 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
135.615 |
136.816 |
112.559 |
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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 |
10.191 |
9.940 |
9.443 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.834
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12.243 |
0.365 |
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Sundry Debtors |
21.181
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13.541 |
8.199 |
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Cash & Bank Balances |
1.704
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4.068 |
4.006 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.594
|
14.645 |
9.180 |
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Total
Current Assets |
55.313
|
44.497 |
21.750 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Other Current Liabilities |
12.054
|
13.855 |
4.549 |
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Provisions |
13.935
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8.683 |
4.721 |
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Total
Current Liabilities |
25.989
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22.538 |
9.270 |
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Net Current Assets |
29.324
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21.959 |
12.480 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
175.130 |
168.715 |
134.482 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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TURNOVER |
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187.579 |
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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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186.782 |
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Interest |
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Depreciation |
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TOTAL |
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186.782 |
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PROFIT BEFORE
TAX |
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0.797 |
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Less |
TAX |
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(0.295) |
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PROFIT AFTER TAX
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1.092 |
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Earnings Per
Share (Rs.) |
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0.21 |
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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 |
(%) |
0.58
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-- |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.42
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.45
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-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.51
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3.24 |
2.28 |
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Current Ratio (Current Asset/Current Liability) |
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2.12
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1.97 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
Note :
The registered office address of the company has been shifted from No.
87, Arcot Road, Karpagam Studios, Saligramam, Chennai – 600093, Tamilnadu,
India to present w.e.f. 15.02.2011
Form : 8
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Corporate identity number of the company |
U63022TN2001PTC046711 |
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Name of the company |
WESTERN FARM FRESH PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
No.87, Arcot Road, Karpagam Studios, Saligramam, Chennai - 600 093, Tamil Nadu INDIA |
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This form is for |
Creation of charge |
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Type of charge |
Book debts Movable property (not being pledge) |
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Particular of charge holder |
CANARA BANK, Worli Branch, Marthanda
Building, Dr. Annie Besant
Road, Mumbai – 400018, Maharashtra,
India |
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Nature of instrument creating charge |
Supplemental Common Hypothecation
Agreement |
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Date of instrument Creating the charge |
13.09.2010 |
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Amount secured by the charge |
Rs. 106.440 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Term Loan- Base rate + 3.75% p.a. i.e.
@11.75% p.a. shall be charged and other Limits as per existing
Guidelines Terms
of repayment Cash Credit - On Demand and other limits as per extent guidelines Fresh Tern Loan to be repaid in 40 Monthly
installments of Rs.0.435 millions each commencing from the next month from
the date of disbursement. Margin CC - 25% FLC - 10% Guarantee
- 10% Term Loan
- 25% Term Loan Fresh-33% Extent
and operation of the charge Exclusive charge by way of hypothecation
on movable assets of the company. Other
Limit increased from Rs.89.040 millions to
Rs.106.440 millions |
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Short particulars of the property charged
(Including location of the property) |
Hypothecation of Stocks and Book Debts, Plant
and machineries viz. IQF Machinery and Hypothecation of Refrigerator Van and
all other movable goods and properties of the company. |
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Date of instrument modifying the charge |
10.05.2010 |
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Particulars of the present modification |
Hypothecation of Stocks and Book Debts, Plant
and machineries viz.IQF Machinery and Hypothecation of Refrigerator Van and
all other movable goods and properties of the company has now increased from
Rs.89.040 millions to Rs.106.440 millions, detailed as under Limit Covered Modified Limit Cash Credit 30.000 millions Guarantee 7.750 millions ILC/ FLC/ GT 7.000 millions Term Loan I and II 44.290 millions Fresh TL 17.400 millions Total 106.440 millions |
FIXED ASSETS :
·
Land
·
Buildings
·
Buildings
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Plant and Machinery
·
Office and other
Equipments
·
Furniture and Fixtures
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Electrical Equipments
·
Computers
·
Vehicles
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. 44.79 |
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|
1 |
Rs. 73.19 |
|
Euro |
1 |
Rs. 63.59 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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.