MIRA
INFORM REPORT
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Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
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Name : |
FRICTION WELDING TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
F-2, Vishnu Malti lndsutrial Estate, S No. 77/1/2/3, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
20.12.2005 |
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Com. Reg. No.: |
021710 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC021710 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00905C |
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PAN No.: [Permanent Account No.] |
AAACF9744K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider of Friction Welding Services for
varied applications in various industries like automobile, nuclear, cutting
tool industries |
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No. of Employees
: |
21 [In Office + In Factory] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 8000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track. The
management of the company has not filed its financials with the government
department after the year 2009. However, trade relations are reported as
fair. Business is active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Swapnil |
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Designation : |
Accounts Manager |
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Contact No.: |
91-20-25293123 |
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Date : |
30.12.2011 |
LOCATIONS
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Registered Office/ Factory : |
F-2, Vishnu Malti Industrial
Estate, S No. 77/1/2/3, NDA Road, Shivane Pune-411023, Maharashtra,
India |
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Tel. No.: |
91-20-25293123 |
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Fax No.: |
91-20-25292610 |
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E-Mail : |
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Website: |
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Location : |
Owned |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Atul Ashok Joshi |
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Designation : |
Director |
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Address : |
Flat No. 502, Audumbar, Navashya Maruti, Vit Bhatti, Pune-411030, |
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Date of Appointment : |
20.12.2005 |
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DIN : |
02069508 |
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Other Directorship : |
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Name : |
Mr. Yateen Suresh Tambe |
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Designation : |
Director |
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Address : |
Flat No. 1, Willow Hill Apartment, Plot No. 14, Shreeram Society,
Waraje Naka, Pune-411037, Maharashtra, India |
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Date of Appointment : |
20.12.2005 |
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DIN : |
02331645 |
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Name : |
Mrs. Devyani Yateen Tambe |
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Designation : |
Director |
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Address : |
Flat No. 1, Willow Hill Apartment, Plot No. 14, Shreeram Society,
Waraje Naka, Pune-411037, Maharashtra, India |
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Date of Appointment : |
20.12.2005 |
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DIN : |
02569958 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Atul Ashok Joshi |
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2500 |
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Manjiri Atul Joshi |
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2500 |
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Yateen Suresh Tambe |
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2500 |
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Devyani Yateen Tambe |
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2500 |
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Total |
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10000 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Service provider of Friction Welding Services for
varied applications in various industries like automobile, nuclear, cutting
tool industries |
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Products : |
·
Bi-Metallic Specimen ·
Butterfly Valve ·
Body Forging ·
Bimetal Engine Valve ·
Drill: Miranda Tools ·
Drive Shaft : Automobile ·
Electrical Contact : Nitin
Electroplaters ·
X-Ray Tube Rotor : BEL, Pune ·
Tripot Outer, Customer : ·
Link Rod, Customer : Man Force Motors
Private Limited ·
Linear Bush Bearings : L and T ·
Propeller Shaft, Customer : Kinetic ·
Rock Cutting Drill, Customer :DATC ·
Hydraulic Lift Link (Forging) ·
Hexagonal Weld With Orientation ·
Oil Gear Pump : EATON ·
Turbo Charger ·
Industrial Rollers ·
Pump Shafts : IDMC Limited and Lubi
Group ·
S-Cam Shaft : Knorr Bemse ·
Flow Control Valve Flowserve ·
Flow Control Valve : Stellite Head
Welded to Stem ·
Transition Joint For Nuclear Reactor
Barc, ·
CU-AL Bimetal Cable Plug ·
CU-AL Connector ·
CU-AL Inline Connector ·
CU-SS Joints For Plasma Research
Institute
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
21 [In Office + In Factory] Approximately |
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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 : |
C.D. Upasani and Company Chartered Accountant |
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Address : |
11, Phulwari Apartments, Shahu College Road, Opposite State Bank Colony
No.2, Sahakarnagar, Pune-411009, |
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Tel. No.: |
91-20-24230423/24230424 |
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Fax No.: |
91-20-24230324 |
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E-Mail : |
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Name : |
Jakodar and Shah Company Chartered Accountants |
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Address : |
Pune, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.976 |
0.939 |
0.103 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.076 |
1.039 |
0.203 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.175 |
0.494 |
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2] Unsecured Loans |
1.795 |
2.040 |
1.713 |
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TOTAL BORROWING |
1.795 |
2.215 |
2.207 |
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DEFERRED TAX LIABILITIES |
0.014 |
0.000 |
0.000 |
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TOTAL |
3.885 |
3.254 |
2.410 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.355 |
2.590 |
2.105 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.115 |
0.115 |
0.258 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.008 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.738
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1.777 |
0.003 |
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Sundry Debtors |
1.183
|
1.961 |
0.855 |
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Cash & Bank Balances |
0.753
|
0.195 |
0.173 |
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Other Current Assets |
0.673
|
0.582 |
0.219 |
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Loans & Advances |
0.404
|
0.452 |
0.000 |
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Total
Current Assets |
3.751
|
4.967 |
1.250 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.166
|
0.119 |
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Other Current Liabilities |
1.516
|
3.524 |
1.108 |
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Provisions |
0.654
|
0.775 |
0.103 |
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Total
Current Liabilities |
2.336
|
4.418 |
1.211 |
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Net Current Assets |
1.415
|
0.549 |
0.039 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.885 |
3.254 |
2.410 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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TOTAL INCOME |
14.105 |
8.213 |
4.158 |
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TOTAL
EXPENDITURE AND DEPRECIATIONS |
12.391 |
6.742 |
4.012 |
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PROFIT BEFORE
TAX |
1.714 |
1.471 |
0.159 |
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Particulars |
|
31.03.2011 |
31.03.2010 |
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Sales Turnover [Approximately] |
|
5.900 |
5.800 |
Expected Sales (2011-2012) : Rs.25.000 millions [they have got more
order and more labor]
The above information has been parted by Mr. Swapnil [Accounts Manager].
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.07
|
19.47 |
4.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.83
|
1.42 |
0.78 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.99
|
6.38 |
16.83 |
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Current Ratio (Current Asset/Current Liability) |
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1.60
|
1.12 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report [Yes/No] |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Construction of the firm |
Yes |
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Premises details |
Yes |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoters background |
- |
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No. of Employees |
Yes |
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Name of Person Contacted |
Yes |
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Designation of contact
person |
Yes |
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Turnover of firm for last
two years |
Yes |
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Profitability for last
three years |
No |
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Reasons for variation
<> 20% |
- |
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Estimation for coming
financial year |
Yes |
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Capital the business |
Yes |
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Details of sister
concerns |
- |
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Major Suppliers |
No |
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Major Customers |
No |
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Payment Terms |
Yes |
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Export / Import Details
[If Applicable] |
No |
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Market Information |
- |
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Litigations that the firm
/ promoter involved in |
- |
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Banking Details |
Yes |
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Banking Facility Details |
Yes |
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Conduct of the banking
account |
- |
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Buyer visit details |
- |
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Financials, if provided |
No |
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Incorporation details, if
applicable |
- |
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Last accounts filed at
ROC |
- |
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Major Shareholders, if
applicable |
- |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29299PN2005PTC021710 |
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Name of the
company |
FRICTION WELDING
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-2, Vishnu Malti Industrial Estate, S No. 77/1/2/3, NDA Road, Shivane
Pune-411023, Maharashtra, India |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Janata
Sahakari Bank Limited,1444, Shrukrawar Peth, Bajirao Road, Throuthits F.C.
Road, Branch Pune-411002, Maharashtra, India |
|
Email |
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|
Nature of description
of the instrument creating or modifying the charge |
Deed of simple
mortgage. |
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Date of
instrument Creating the charge |
10.08.2010 |
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Amount secured by
the charge |
Rs.1.900 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% P.A. with
monthly rest. Terms of
Repayment to be repaid in
sixty EMIS each of Rs. 43,300/- Margin 20% Extent and
Operation of the charge Type of Credit
Facility: Term Loan |
|
Short particulars
of the property charged |
Immoveable
property specifically described in the schedule to the deed of simple
mortgage. |
Fixed Assets:
- Office
Equipment
- Electrical
Installations
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
Systems
- Land
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.53.14 |
|
|
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.69.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.