MIRA
INFORM REPORT
|
Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
A AND C BRAID AND ROPE COMPANY PRIVATE LIMITED |
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Registered
Office : |
Flat No. 100, First Floor, 4A4/278 B, Vishnupuri, Kanpur-208002, Uttar
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.09.2001 |
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Com. Reg. No.: |
20-026204 |
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Capital
Investment / Paid-up Capital : |
Rs.2.750 Millions |
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CIN No.: [Company Identification
No.] |
U17118UP2001PTC026204 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Narrow Textile Products. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 57000 |
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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.
Profitability of the company appears to be low. However, the networth of the
company is satisfactory. Trade relations are fair. Business is active.
Payments are reported to be usually correct. The company can be considered for normal 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
|
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 |
|
Insignificant |
A1 |
|
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
|
Name : |
Mr. Anandvir Singh |
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Designation : |
Director |
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Contact No.: |
91-9839901230 |
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Date : |
14.05.2011 |
LOCATIONS
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Registered Office : |
Flat No. 100, First Floor, 4A4/278 B, Vishnupuri, Kanpur-208002, |
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Tel. No.: |
91-512-2532793 |
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Mobile No.: |
91-9839901230 (Mr. Anandvir Singh) |
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Fax No.: |
91-512-2530346 |
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E-Mail : |
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Area : |
Owned |
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Factory: |
MIM-30 K, Rania Industrial Area, Ramabai Nagar, |
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Tel. No.: |
91-511-1211212 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dharamvir Kushwaha |
|
Designation : |
Director |
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Address : |
4/214 A (2), Vishnupuri, Kanpur-208002, |
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Date of Birth/Age : |
07.04.1938 |
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Date of Appointment : |
04.09.2001 |
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Name : |
Mr. Anandvir Singh |
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Designation : |
Director |
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Address : |
Flat No. 100-4-A, 4/278, B Vishnupuri, Kanpur-208002, |
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Date of Birth/Age : |
10.07.1963 |
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Date of Appointment : |
04.09.2001 |
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Name : |
Mrs. Sushma Singh |
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Designation : |
Director |
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Address : |
Flat No. 100-4-A, 4/278, B Vishnupuri, Kanpur-208002, |
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Date of Birth/Age : |
22.07.1967 |
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Date of Appointment : |
04.12.2001 |
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Name : |
Mr. Chris Muller |
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Designation : |
Chairman |
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Address : |
Zulpi Chhof, 34, NL-666, 2, CC, Elst, The Netherland |
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Date of Appointment : |
04.12.2001 |
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Name : |
Mr. Hetty Muller |
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Designation : |
Director |
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Address : |
Zulpi Chhof, 34, NL-666, 2, CC, Elst, The Netherland |
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Date of Appointment : |
04.12.2001 |
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Name : |
Mr. Jan Muller |
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Designation : |
Director |
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Address : |
Bramenstrasse, 35-8234, Stelten SCH, |
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Date of Appointment : |
04.12.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anandvir Singh |
|
102250 |
|
Dharamvir Kushwaha |
|
5000 |
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Sushma Singh |
|
17500 |
|
Ayushman Singh |
|
10000 |
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|
140250 |
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Total |
|
275000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
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 : |
Manufacturer of Narrow Textile Products. |
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Product: |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Wholesalers and Others |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Punjab National Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Pawan Kumar Agarwal Chartered Accountant |
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Address : |
113/54, Swaroop Nagar, Kanpur-208002, |
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Tel. No.: |
91-512-3296021 |
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Fax No.: |
91-512-2534427 |
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E-Mail : |
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Holding Company: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
275000 |
Equity Shares |
Rs.10/- each |
Rs.2.750
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.750 |
2.750 |
2.750 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
11.574 |
11.258 |
11.109 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.324 |
14.008 |
13.859 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
3.516 |
1.927 |
3.653 |
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2] Unsecured Loans |
3.005 |
4.005 |
5.400 |
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TOTAL BORROWING |
6.521 |
5.932 |
9.053 |
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DEFERRED TAX LIABILITIES |
0.172 |
0.899 |
1.234 |
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TOTAL |
21.017 |
20.839 |
24.146 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.311 |
15.589 |
16.654 |
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Capital work-in-progress |
0.000 |
0.017 |
0.017 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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|
|
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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|
Inventories |
5.532
|
5.158 |
4.813 |
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Sundry Debtors |
6.105
|
4.008 |
8.598 |
|
|
Cash & Bank Balances |
0.730
|
0.647 |
0.794 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.605
|
1.487 |
1.218 |
|
Total
Current Assets |
12.972
|
11.300 |
15.423 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.062
|
3.454 |
|
|
|
Other Current Liabilities |
0.862
|
1.214 |
6.550 |
|
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Provisions |
1.342
|
1.399 |
1.398 |
|
Total
Current Liabilities |
6.266
|
6.067 |
7.948 |
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Net Current Assets |
6.706
|
5.233 |
7.475 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
21.017 |
20.839 |
24.146 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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|
SALES |
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|
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|
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Income |
|
28.138 |
22.864 |
|
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Other Income |
|
0.014 |
0.439 |
|
|
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TOTAL (A) |
|
28.152 |
23.303 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
|
15.757 |
11.728 |
|
|
|
Manufacturing, selling and administration expenses |
|
9.445 |
9.763 |
|
|
|
Increase / decrease in stocks |
|
0.145 |
(0.937) |
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|
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TOTAL (B) |
|
25.347 |
20.554 |
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|
|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.805 |
2.749 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.780 |
0.878 |
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2.025 |
1.871 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.995 |
1.939 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
0.030 |
(0.068) |
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Less |
TAX (H) |
|
(0.286) |
(0.217) |
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|
PROFIT AFTER TAX
(G-H) (I) |
|
0.316 |
0.149 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
11.058 |
10.909 |
|
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|
BALANCE CARRIED
TO THE B/S |
|
11.374 |
11.058 |
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EARNINGS IN FOREIGN
CURRENCY |
|
21.136 |
19.736 |
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IMPORTS |
|
|
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|
Raw Materials |
|
1.950 |
2.534 |
|
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Capital Goods |
|
0.066 |
0.000 |
|
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TOTAL IMPORTS |
|
2.016 |
2.534 |
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|
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|
Earnings Per
Share (Rs.) |
|
1.15 |
0.54 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
30.000 |
Expected Sales (2011-12) : Rs.40.000 Millions
The above information has been parted by Mr. Anandvir Singh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.12
|
0.64 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.11
|
(0.30) |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.11
|
(0.25) |
NA |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.00) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.86 |
1.23 |
|
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|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.86 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10082577 |
|
Corporate
identity number of the company |
U17118UP2001PTC026204 |
|
Name of the
company |
A AND C BRAID AND
ROPE COMPANY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Flat No. 100, First Floor, 4A4/278 B, Vishnupuri, Kanpur-208002, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Punjab National Bank, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement dated 23.12.2010 |
|
Date of
instrument Creating the charge |
23.12.2010 |
|
Amount secured by
the charge |
Rs.5.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment As the loan is in
the nature of working capital assistance in form of overdraft against usance
bills, there is no specific terms of repayment and is repayable on demand
being made by the bank. Margin 10% of bills
presented for payment Extent and
Operation of the charge Entire exposure
shall be covered by existing securities as per original sanction further
agreed as per agreement of hypothecation of moveable assets forming part of
fixed/ block assets dated 23-12-2010 |
|
Short particulars
of the property charged |
Entire plant and
machinery forming part of block assets of the books of account of the
Company. |
|
Particulars of
the present modification |
Present
modification is being done on account of increase of total exposure from Rs.
3.000 millions to Rs. 5.000 millions. |
Fixed Assets:
- Land
- Office
Premises
- Generator
- Electrical
Equipments
- Furniture and
Fixtures
- Vehicles
- Office
Equipments
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.