MIRA
INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE VAISHNAV INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
104, Shiv Ashish Complex, Plot No.10, 19th Road, Next to Mallhar
Hotel, Chembur (East), Mumbai- 400071, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.04.2004 |
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Com. Reg. No.: |
11-145976 |
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Capital Investment / Paid-up Capital : |
Rs. 19.878 Millions |
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CIN No.: [Company
Identification No.] |
U27100MH2004PTC145976 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of TMT Bars, MS Angles, MS Channels, MS Flats and MS
Squares. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 859580 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
104, Shiv Ashish Complex, Plot No.10, 19th Road, Next to
Mallhar Hotel, Chembur (East), Mumbai- 400071, Maharashtra, India |
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Tel. No.: |
91-22-67304400 |
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Fax No.: |
91-22-67304410/11 |
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E-Mail : |
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Factory : |
Survey No.54/2/2 and 54/2/3, |
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Fax No.: |
95-2526-222492/ 220670 |
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E-Mail: |
DIRECTORS
As on 28.09.2010
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Name : |
Mr. Dinesh S. Agarwal |
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Designation : |
Director |
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Address : |
Vaishnav Sadan, Bunglow No.2, Vikas Classique, Chs., Behind, Basant Cinema, Chembur, Mumbai, 400074,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1974 |
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Date of Appointment : |
29.04.2004 |
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Name : |
Mr. Shersingh O. Agarwal |
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Designation : |
Director |
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Address : |
Vaishnav Sadan, Bunglow No.2, Vikas Classique, Chs., Behind, Basant Cinema, Chembur, Mumbai, 400074,
Maharashtra, India |
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Date of Birth/Age : |
10.07.1951 |
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Date of Appointment : |
29.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Shersingh Agarwal |
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166071 |
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Dinesh Agarwal |
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276464 |
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S |
|
51964 |
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Rajrani Agarwal |
|
245857 |
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Dinesh Agarwal(H.U.F.) |
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38214 |
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Preeta Agarwal |
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152000 |
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Vipin Agarwal |
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130000 |
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Ruchi Agarwal |
|
72500 |
|
Shree Vaishnav Ispat Private
Limited, Mumbai |
|
630535 |
|
Sun beam Suppliers, Kolkata |
|
177857 |
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Shree Vaishnav Metal and PowerPrivate Limited(Anjani Commotrade Private Limited), Kolkata |
|
46357 |
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Total |
|
1987819 |
AS ON 30.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
43.00 |
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Directors or relatives of directors |
|
57.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of TMT Bars, MS Angles, MS Channels, MS Flats and MS
Squares. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. B. Agarwal and Company Chartered Accountant |
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Address : |
204, C-Wing, Mhatre Pen Building, Senapati Bapat Marg, Dadar (West),
Mumbai- 400028, Maharashtra, India |
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Tel. No.: |
91-22-40298218 |
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Fax No.: |
91-22-24363312 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
20,00,000 |
Equity Shares |
Rs. 10 each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
19,87,819 |
Equity Shares |
Rs. 10 each |
Rs. 19.878 Millions |
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|
Shree Vaishnav Finance Share Application Money |
|
Rs. 26.000 Millions |
|
|
Total |
|
Rs. 45.878
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 |
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|
|
|
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1] Share Capital |
19.878 |
19.878 |
15.050 |
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2] Share Application Money |
26.000 |
0.000 |
30.000 |
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3] Reserves & Surplus |
169.017 |
126.975 |
29.322 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
214.895 |
146.853 |
74.372 |
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LOAN FUNDS |
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1] Secured Loans |
240.204 |
224.492 |
192.377 |
|
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2] Unsecured Loans |
131.628 |
82.737 |
118.063 |
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TOTAL BORROWING |
371.832 |
307.229 |
310.440 |
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DEFERRED TAX LIABILITIES |
24.991 |
20.170 |
9.727 |
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|
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TOTAL |
611.718 |
474.252 |
394.539 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
219.023 |
198.757 |
133.061 |
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Capital work-in-progress |
7.565 |
2.748 |
14.699 |
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INVESTMENT |
24.506 |
1.450 |
1.450 |
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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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|
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Inventories |
442.410
|
166.491 |
224.514 |
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Sundry Debtors |
126.405
|
91.921 |
51.079 |
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Cash & Bank Balances |
63.909
|
33.127 |
11.507 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
79.345
|
63.711 |
35.897 |
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Total
Current Assets |
712.069
|
355.250 |
322.997 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
326.403
|
77.567 |
74.462 |
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Other Current Liabilities |
6.537
|
0.072 |
0.065 |
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Provisions |
18.551
|
6.406 |
3.279 |
|
Total
Current Liabilities |
351.491
|
84.045 |
77.806 |
|
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Net Current Assets |
360.578
|
271.205 |
245.191 |
|
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MISCELLANEOUS EXPENSES |
0.046 |
0.092 |
0.138 |
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TOTAL |
611.718 |
474.252 |
394.539 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
1783.243 |
1431.465 |
967.418 |
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Other Income |
34.278 |
7.744 |
2.092 |
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TOTAL (A) |
1817.521 |
1439.209 |
969.510 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Raw Materials & Stores Consumed |
1586.499 |
1325.612 |
828.738 |
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Manufacturing Expenses |
83.417 |
43.468 |
47.179 |
|
|
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Personnel Expenses |
18.315 |
13.144 |
6.739 |
|
|
|
Increase/(Decrease) in Finished Goods |
(33.524) |
(60.952) |
17.839 |
|
|
|
Selling and Distribution Expenses |
18.113 |
12.348 |
5.179 |
|
|
|
Preliminary Expenses |
0.046 |
0.046 |
0.046 |
|
|
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TOTAL (B) |
1672.866 |
1333.666 |
905.720 |
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.655 |
105.543 |
63.790 |
|
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Less |
FINANCIAL
EXPENSES (D) |
50.408 |
36.082 |
29.685 |
|
|
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.247 |
69.461 |
34.105 |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
28.917 |
17.724 |
13.895 |
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|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
65.330 |
51.737 |
20.210 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
23.288 |
16.850 |
9.698 |
|
|
|
|
|
|
|
|
|
Less |
Excess/(short) Provision
of IT of Previous years |
-- |
0.002 |
-- |
|
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
42.042 |
34.885 |
10.512 |
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.258 |
14.372 |
3.860 |
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|
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|
|
|
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|
BALANCE CARRIED
TO THE B/S |
91.300 |
49.257 |
14.372 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.31
|
2.42 |
1.08 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.66
|
3.61 |
2.08 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.01
|
9.33 |
4.43 |
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|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.35 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.36
|
2.66 |
5.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
4.22 |
4.15 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from
Form 8
|
Corporate identity number of the company |
U27100MH2004PTC145976 |
|
Name of the company |
SHREE VAISHNAV
INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
104, Shiv Ashish
Complex, Plot No.10, 19th Road, Next to Mallhar Hotel, Chembur
(East), Mumbai- 400071, Maharashtra |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
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Particular of charge holder |
State Bank of kamalax_saraf@hotmail.com |
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Nature of instrument creating charge |
No Instrument. Memorandum Of Deposit For Creation Of
Further Charge For Term Loan/ Overall Limit Where The Initial Charge Is
Created By Way Of Mortgage By Deposit Of Title Deeds |
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Date of instrument Creating the charge |
04.08.2010 |
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Amount secured by the charge |
Rs. 539.800 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Not Application Terms of Repayment As per sanction terms and conditions. Margin As per sanction terms and conditions. Extent and Operation of the charge Not Application Others Not Application |
|
Short particulars of the property charged |
All Present And Future Goods, Bookdebts And
All Other Movables Assets Of The Borrower Including Documents Of Title To
Goods, Outstanding Moneys, Receivables, Including Receivables By Way Of Cash Assistance And/Or Cash Incentives Under
The Cash Incentive Scheme Or Any Other Scheme Claims Including Claims By Way
Of Refund Of Customs/ Excise Duties Under Duty Drawback Credit Scheme Or Any
Other Scheme, Bills, Invoices, Documents,
Contracts, Insurance Policies, Guarantees, Engagements, Securities,
Investments, Rights And The Present And Future Machinery. Details Of Land, Building, Plant And
Machinery: Land: The Company Has Already Acquired
Land Admeasuring 35630 Sq. Mtrs. Area In Village Vasuri Khurd, Taluka Wada. Plant And Machinery: Section Rolling Mill, Machinery(1 Set), Mill
Motors(4 Nos) Rolis (No.98 Of Various Size & Products - 1 Motor And Starteres (Nos.45 Of Various
Sizes, Workshop Machinery, Hydraulic Foundation And Erection Of Main Mill And
Other Items With Rcc Foundation Etc. |
|
Date of instrument modifying the charge |
04.08.2010 |
|
Particulars of the present modification |
Now By The Present Modfn. Dt.4.8.2010 The
Company Offered An Additional Security By Way Of An Equitable Mortgage By
Deposit Of Title Deeds Over The Immovable Properties To Secure Its Extended
Limits Of Rs.539.800 millions. The
Details Of Immovable Properties |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10004443 |
|
Corporate
identity number of the company |
U27100MH2004PTC145976 |
|
Name of the
company |
Shree Vaishnav Industries Private Limited |
|
Address of the
registered office or of the principal place of business in |
104, Shiv Ashish Compalex, Plot No.10, 19th Road, Next to
Mallhar Hotel, Chembur (East), Mumbai- 400071, Maharashtra, India |
|
Type of charge |
Immovable Property
|
|
Particular of
charge holder |
State Bank of E-Mail – kamalax_saraf@hotmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit for creation of further charge for term loan/ overall limit where the
initial charge is created by way of mortgage by deposit of title deeds. Form
10 |
|
Date of
instrument Creating the charge |
07.10.2008 |
|
Amount secured by
the charge |
Rs.278.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As would be
determined by the bank from time to time Terms of Repayment As per the
Sanction Terms. Margin As per the
Sanction Terms. Extent and Operation of the charge As per the
Sanction Terms. |
|
Short particulars
of the property charged |
A first charge by
way of hypothecation of the borrowers entire goods, Movables and other assets
present and future including documents of title to goods and other assets,
such as book- debts outstanding money, receivables, including receivables by
way of cash assistance and/or cash incentives under the cash incentive scheme
or any other scheme, claims, including claims by way of refund of
customs/Excise duties under the duty drawback credit scheme, or any other
scheme. |
Fixed Assets
- Land and Building
- Furnace
- Plant and Machinery
- Electrical Installation
- Crane
- Mill Motors
- Computer
- Workshop Machinery
- Office Equipment
- Mumbai Office
- Motor Car
- Rolls
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.