MIRA
INFORM REPORT
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Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
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Registered Office : |
161/1, 12th Cross, Mahal Layout, Bangalore 560 086, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.09.2005 |
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Com. Reg. No.: |
08-37274 |
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Capital Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company
Identification No.] |
U29222KA2005PTC037274 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI02505G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Diesel Generators Sets |
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No. of Employees : |
105 (20 in Office, 85 in Factory) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 86296 |
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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 a well-established and a reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitment. The company can be considered good 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Skekhar |
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Designation : |
Account Department |
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Contact No.: |
91-9886773975 |
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Date : |
13.10.2011 |
LOCATIONS
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Registered Office/Factory: |
161/1, 12th Cross, Mahal Layout, Bangalore 560 086, Karnataka, India |
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Tel. No.: |
91-80-23597576 |
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Fax No.: |
91-80-23597567 |
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E-Mail : |
kohinoorprinters@yahoo.co.in / innovadieselgpl@rediffmail.com / |
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Website : |
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Location: |
Rented |
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Factory 2: |
48/2 and 48/3, 3rd Main Keonics Layout, Karihobanahalli, TP
Main Road, 2nd Stage, Peenya, Bangalore- 560058, Karnataka, India |
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Tel No.: |
91-80-41171676 |
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E-Mail : |
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Factory 3: |
Survey # 149, |
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Location: |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Prashanth K Shetty |
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Designation : |
Director |
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Address : |
No. 8, G F Bhavani Nilaya, I Main, 5th Block, K P West, |
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Date of Birth : |
28.08.1968 |
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Date of Appointment : |
20.09.2005 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
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1 |
U29222KA2005PTC037274 |
INNOVA DIESEL GENERATORS
PRIVATE LIMITED |
Director |
20/09/2005 |
20/09/2005 |
- |
Active |
NO |
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Name : |
Mrs. Rashmi P Shetty |
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Designation : |
Director |
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Address : |
No. 8, G F Bhavani Nilaya, I Main, 5th Block, K P West, |
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Date of Birth : |
06.12.1977 |
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Date of Appointment : |
20.09.2005 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
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1 |
U29222KA2005PTC037274 |
INNOVA DIESEL GENERATORS
PRIVATE LIMITED |
Director |
20/09/2005 |
20/09/2005 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Prashant K Shetty |
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9000 |
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Mrs. Rashmi P Shetty |
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1000 |
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Total |
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10000 |
AS ON 30.09.2010
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage of
Holding |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diesel Generators Sets |
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Products : |
Product
Description |
ITC Code |
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D G Set |
8501 |
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Export to : |
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Products: |
Diesel |
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Countries: |
Nepal |
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Imports : |
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Products : |
Diesel Machine |
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Countries : |
Japan |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
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PRODUCTION STATUS AS ON 31.03.2010
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Products |
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Unit |
Actual
Production |
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Diesel Generators Sets |
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Nos |
766 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
105 (20 in Office, 85 in Factory) |
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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 : |
Vishnu Daya and Company Chartered Accountants |
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Address : |
GF No. 7, Karuna Complex, No. 337, |
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Tel. No.: |
91-80-23312779/ 23560633 / 23313725/ 23343983 |
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Fax No.: |
91-80-23313725 |
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Pan No.: |
AACFV5145P |
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Memberships : |
Karnataka Small Scale Industries Association [KASSIA] |
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Subsidiaries: |
Professional
Diesel Power Engineers, Line of
Business: Manufacturer and Trader of Diesel |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1050000 |
Equity shares |
Rs.10/- each |
Rs.10.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs.10/- each |
Rs.0.100
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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330.000 |
The above information has been parted by Mr. Skekhar (Accounts
Department)
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
4.669 |
3.219 |
3.219 |
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3] Reserves & Surplus |
16.805 |
7.307 |
3.246 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.574 |
10.626 |
6.565 |
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LOAN FUNDS |
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1] Secured Loans |
32.401 |
12.496 |
3.080 |
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2] Unsecured Loans |
31.044 |
12.765 |
0.000 |
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TOTAL BORROWING |
63.445 |
25.261 |
3.080 |
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DEFERRED TAX LIABILITIES |
1.545 |
0.000 |
0.000 |
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TOTAL |
86.564 |
35.887 |
9.645 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.929 |
12.023 |
5.027 |
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Capital work-in-progress |
0.000 |
7.842 |
0.000 |
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INVESTMENT |
0.250 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.019 |
0.092 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.559
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12.958
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6.493
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Sundry Debtors |
37.535
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24.041
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16.419
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Cash & Bank Balances |
8.425
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6.912
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4.310
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
7.806
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3.186
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4.734
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Total
Current Assets |
79.325
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47.097
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31.956
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
38.421
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29.290
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20.846
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Current Liabilities |
0.804
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1.181
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5.936
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Provisions |
1.715
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0.623
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0.648
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Total
Current Liabilities |
40.940
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31.094
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27.430
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Net Current Assets |
38.385
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16.003
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4.526
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
86.564 |
35.887 |
9.645 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Other Income |
239.618 |
131.433 |
139.919 |
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TOTAL (A) |
239.618 |
131.433 |
139.919 |
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Less |
EXPENSES |
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Administrative Expenses |
216.814 |
121.844 |
134.862 |
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TOTAL (B) |
216.814 |
121.844 |
134.862 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.804 |
9.589 |
5.057 |
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Less |
FINANCIAL
EXPENSES (D) |
6.104 |
2.358 |
0.779 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.700 |
7.231 |
4.278 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.351 |
1.031 |
0.646 |
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PROFIT BEFORE
TAX (E-F) (G) |
14.349 |
6.200 |
3.632 |
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Less |
TAX (H) |
4.852 |
2.139 |
1.256 |
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PROFIT AFTER TAX
(G-H) (I) |
9.497 |
4.061 |
2.376 |
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Earnings Per
Share (Rs.) |
950.00 |
406.11 |
237.75 |
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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 |
(%) |
3.96
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3.08
|
1.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.28
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10.48
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9.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.67
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0.58
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0.55 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.84
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5.30
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4.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.94
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1.51
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1.16 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from No.
88 / D, 12th Cross, 8th Main Mahalaxmi Layout, Bangalore
560 086, Karnataka, Inida to present addres w.e.f. 18.03.2011
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Check List by
Info Agents |
Available in
Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if
applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
-- |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10064569 |
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Corporate
identity number of the company |
U29222KA2005PTC037274 |
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Name of the
company |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 88 / D, 12th Cross, 8th Main Mahalaxmi
Layout, |
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Type of charge |
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Particular of
charge holder |
Centurion Bank of
Punjab Limited 70/2, 2nd
Floor, |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Hypothecation of goods, vehicle, plant and machinery, stock and book debts |
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Date of
instrument Creating the charge |
17.05.2008 |
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Amount secured by
the charge |
Rs.24.498
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
Facility – BPLR Minus 1.50 % [Presently @ 13.5 % p.a.] Term Loan – BPLR
Minus 1.50 % [Presently@ 13.5 % p.a.] Terms of Repayment Cash Credit – 12
Months Term Loan –
Repayable in 36 equal monthly installments Margin CC – Stock 25 % Book Debts – 30 %
Extent and Operation of the charge To cover loan
amount, interest and other incidentals |
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Short particulars
of the property charged |
All Stocks, raw
Materials, Work in progress, finished goods both present and future. All book
debts present and future |
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Date of latest
modification prior to the present modification |
12.07.2007 |
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Particulars of the
present modification |
The total loan
limit is increased from Rs. 15.000 Millions to Rs. 24.498 Millions |
|
Corporate
identity number (CIN) Foreign company registration number |
U29222KA2005PTC037274 |
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Name of the
Company |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
|
Address |
No. 88 /D, 12th Cross, 8th Main Mahalaxmi
Layout, |
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This form is for |
Creation of
Charge |
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Type of Charge |
Movable property
(not being pledge) |
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Particulars of
the charge holder |
The Federal Bank
Limited No. 70, Ist
Floor, |
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Amount secured by
the charge |
Rs. 0.300 million
|
|
Brief of the
principal terms and conditions |
Rate of Interest:
11% Term of
Repayment: Repayable in 36
months monthly installments of Rs. 0.010 million commencing from 27.03.2007 Margin: 22% Extent and
operation of the charge: The said amount
shall operate to the extent of Rs. 0.300 million Plus Interest, Commission,
Expenses, Costs and other charges thereon.
|
|
Description of
the property charged indicating |
Hypothecation by
way of first charge on Tata Mobile (TATA 2007) NEW Regn No. KA-52 6126,
Chassis No. 374466ASZ905193 and Engine No. 497SP38ASZ808944 |
|
Nature or
description of the instruments(s) creating or modifying the charge (copy to
be attached) |
Agreement for
Federal Proposal Car Loan Scheme |
|
Corporate
identity number of the company |
U29222KA2005PTC037274 |
|
Name of the
company |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 88 / D, 12th Cross, 8th Main Mahalaxmi
Layout, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
The Federal Bank
Limited No.20/1, Email: bgrc@federalbank.co.in |
|
Nature of
instrument creating charge |
Composite
Agreement -Rs. 0.806 million Composite Agreement-Rs.
0.994 million ( Both the above
pertain to the same charge) |
|
Date of
instrument Creating the charge |
22.03.2010 |
|
Amount secured by
the charge |
Rs. 1.800
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 12.5% p. a.
(linked to BPLR as BPLR -1.75% p.a), Subject to revision from time to time. Terms of repayment The amount is
repayable within 84 months with 12 months cushion period. Margin 25% Extent and operation of the charge The Charge shall
operate to the extent of entire loan amount plus interest, cost, commission,
expenses & other charges if any thereon. Other Term loan of Rs.
0.806 millions and Rs. 0.994 millions respectively. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
brand new EICHER 10.90 K cabin chasis Commercial Truck, Engine No.
E483CD9L505442 Chasis No.
MC217KRT09LI90863, Reg. No. KA524839 Hypothecation of
brand new EICHER 10.90 K Skyline Staff Bus, ordinary bus 32 seaters, Engine
No.E483CDAC228054, Chasis No. MC217HRCOAC197690, Reg No.KA02AA7126. |
Fixed Assets
- Computer and
Accessories
- Generator Set
- Factory
Equipment
- Furniture and
Fixtures
- Motor
Vehicles
- Mobile
Handset
- Plant and
Machinery
TRADE REFERENCES:
·
Bharat Electronics Private Limited
·
Government of India Enterprises
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.49.17 |
|
|
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.