MIRA
INFORM REPORT
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Report Date : |
16.07.2012 |
IDENTIFICATION DETAILS
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Name : |
MK RETAIL PRIVATE LIMITED |
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Registered
Office : |
Metro Dome, Metro Theatre, M |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.06.2006 |
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Com. Reg. No.: |
11-162686 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U51494MH2006PTC162686 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Business of importing and wholesaling branded apparels and
accessories. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (11) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor |
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Payment Behaviour : |
Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having poor track. Financial condition
of the company is disappointing. It is under severe financial pressure.
Accumulated losses seems to be increasing over years. It has tried to
increase its sales turnover during the year 2011. Business is active. Payments are reported to be delayed. Initially, the company can be considered for business dealings only on
a safe and secured 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
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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 |
LOCATIONS
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Registered Office : |
Metro Dome, Metro Theatre, M |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office: |
No.734, CMH Road, Indiranagar, Bengaluru –
560038, Karnataka, India |
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Tel No.: |
91-80-41261555 |
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Branches Office: |
Located at · Kaggadasapura · Indiranagar · Banasawadi · Brooke Fields · Sarjapura · HSR Layout |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Vijay Mohan Murjani |
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Designation : |
Director |
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Address : |
Peit Tower, 23rd Floor, August Marg, Cumbala Hill, Mumbai –
400026, Maharashtra, India |
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Date of Birth/Age : |
18.10.1970 |
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Date of Appointment : |
16.06.2006 |
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DIN No.: |
00107129 |
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Other
Directorship:
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Name : |
Mr. Vipul Amritlal Gala |
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Designation : |
Director |
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Address : |
Flat No. 206, G Wing Marigold, |
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Date of Birth/Age : |
19.03.1975 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02696024 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
Address |
No. of Shares |
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Vijay Mohan Murjani |
Peit Tower, 23rd
Floor, August Marg, Cumbala Hill, Mumbai – 400026, Maharashtra, India |
10000 |
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Brand Marketing (India), Private Limited |
Metro Dome, 4th
Floor, Metro Theatre, M G Road, Mumbai – 400020, Maharashtra, India |
990000 |
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Total |
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1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Bodies corporate |
99.00 |
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Directors or relatives of Directors |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Business of importing and wholesaling branded apparels and
accessories |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
ABN
Amro Bank N. V, Bready House Fort, Mumbai -400023, Maharashtra, India ·
The Ratnakar Bank Limited, Shahupuri, Kolhapur -
416001, Maharashtra, India |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandabhoy and Jassoobhoy Chartered Accountants |
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Address : |
208, Phoenix House, A Wing, 2nd Floor, 462, Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-24961516/24951356 |
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Fax No.: |
91-22-24961718 |
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PAN.: |
AAAFC5274C |
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Holding Company : |
Brand marketing (India) Private Limited (CIN - U51900MH2006PTC160686) |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital: Rs.170.000 Millions
Issued, Subscribed & Paid-up Capital: Rs.168.992
Millions
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
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Note
Of the above 990,000 (2010: 990,000) equity shares
are held by Brand Marketing (India) Private Limited, the Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(127.720) |
(108.114) |
(86.201) |
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NETWORTH |
(117.720) |
(98.114) |
(76.201) |
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LOAN FUNDS |
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1] Secured Loans |
73.893 |
83.667 |
38.561 |
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2] Unsecured Loans |
177.530 |
123.351 |
139.701 |
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TOTAL BORROWING |
251.423 |
207.018 |
178.262 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.703 |
108.904 |
102.061 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.119 |
44.965 |
49.809 |
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Capital work-in-progress |
0.000 |
0.439 |
3.415 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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Inventories |
89.950
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59.861 |
40.463 |
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Sundry Debtors |
139.443
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89.092 |
118.057 |
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Cash & Bank Balances |
2.925
|
0.954 |
1.153 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.657
|
4.719 |
9.968 |
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Total
Current Assets |
239.975
|
154.626 |
169.641 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
113.744
|
75.537 |
67.078 |
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Other Current Liabilities |
24.958
|
14.960 |
52.888 |
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Provisions |
0.689
|
0.629 |
0.838 |
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Total
Current Liabilities |
139.391
|
91.126 |
120.804 |
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Net Current Assets |
100.584
|
63.500 |
48.837 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.703 |
108.904 |
102.061 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
269.969 |
169.135 |
222.905 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
272.191 |
169.253 |
237.966 |
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PROFIT/(LOSS)
BEFORE TAX |
(2.222) |
(0.118) |
(15.061) |
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Less |
TAX |
0.000 |
0.000 |
0.483 |
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PROFIT/(LOSS) AFTER TAX |
(2.222) |
(0.118) |
(15.544) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(108.114) |
(86.201) |
(70.614) |
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Less |
PRIOR
PERIOD ITEMS |
17.383 |
21.795 |
0.043 |
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BALANCE CARRIED
TO THE B/S |
(127.719) |
(108.114) |
(86.201) |
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VALUE OF IMPORTS
ON CIF |
NA |
30.124 |
64.359 |
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Earnings/Loss
Per Share (Rs.) |
(2.22) |
(21.91) |
(15.59) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.82)
|
(0.07) |
(6.97) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.92)
|
(0.08) |
(8.88) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.00) |
(0.20) |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.32)
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(3.04) |
(3.92) |
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Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.70 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
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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 |
No |
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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 |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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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 |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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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 |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Note
Registered office of the company has been shifted from 36-B, tamarind House,
Tamarind Lane, Fort, Mumbai – 400001, Maharashtra, India to present address
with effect from 07.02.2008
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51494MH2006PTC162686 |
|
Name of the
company |
MK RETAIL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Metro Dome, 4th
Floor, Metro Theatre, M.G. Road, Mumbai, Maharashtra, India, 400020 Email: statutory@bmindia.com |
|
This form is for
|
Creation of charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
CIN, in case
charge holder or ARC or assignee is a company |
U65191PN1943PLC007308 |
|
Particular of charge
holder |
The Ratnakar
Bank Limited, Shahupuri, Kolhapur - 416001, Maharashtra, India Email: cdzirkande@ratnakarbank.in |
|
Nature of
instrument creating charge |
Composite Deed of Hypothecation dated
10/02/2012 |
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Date of
instrument Creating the charge |
10.02.2012 |
|
Amount secured
by the charge |
Rs.192.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit- Base Rate + 4.00%p.a. For WCDL- Base Rate + 4.00%p.a. Terms of Repayment Cash Credit-On Demand WCDL-On Demand Margin Cash Credit -30% on entire Inventory and 25% on Book Debts up to 180 days
and 50% on Book Debts between 181 days to 360 days WCDL – NIL Extent and Operation of the charge Exclusive Charge on all Assets including Current Assets, Movable
Assets and Book Debts of the Company. |
|
Short
particulars of the property or asset(s) charged (including complete address
and location of the property) |
Current Assets,
Book Debts, Movable Fixed Assets |
FIXED ASSETS
·
Computer and Accessories
·
Leasehold Improvements
·
Furniture and Fixtures
·
Air conditioners
·
Electrical Installation
·
Office Equipment
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.55.65 |
|
|
1 |
Rs.85.88 |
|
Euro |
1 |
Rs.67.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
11 |
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.