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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
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Name : |
IC ICE MAKE REFRIGERATION PRIVATE LIMITED |
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Registered Office : |
B-1, Vasupujya Chamber, Near |
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Country : |
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Financials As on : |
31.03.2012 |
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Date of Incorporation : |
31.03.2009 |
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Com. Reg. No.: |
04-056482 |
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Capital
Investment / Paid-up Capital : |
Rs.12.670 Millions |
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CIN No.: [Company
Identification No.] |
U29220GJ2009PTC056482 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI01252G |
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PAN No.: [Permanent
Account No.] |
AACCI0566L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of industrial and commercial refrigeration
equipments |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
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 151680 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Reserves
of the company is slowly, but company is improving. However, trade relations
are reported to be fair. Business is active. Payments are reported to be
slow. The company can be considered for small business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road,
Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9727762427 [Mr. Nikhil] |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory: |
Survey
No.226/227, Dantali Industrial Estate, Gota-Vadsar Road, Dantali, At :
Dantali, Taluka Kalol, District : Gandhinagar, Ahmedabad-382721, Gujarat, India |
|
Tel. No.: |
91-79-65426394 / 95 / 25851816 / 25858755 / 65426416 / 25862526 /
25861226 |
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Fax No.: |
91-79-27540620 / 25851816 / 25858755 |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Chandrakant Popatbhai Patel |
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Designation : |
Director |
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Address : |
23, Apurva Bunglowl, Near Memnagar, Saheli Party Plot, |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02441116 |
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Name : |
Mr. Rajendrabhai Popatbhai Patel |
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Designation : |
Director |
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Address : |
22-a, Sarvoday Swatantra, Ghatlodia, Ahmedabad-380061, |
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Date of Birth/Age : |
01.06.1970 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02441138 |
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Name : |
Mr. Vipul Ishwarbhai Patel |
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Designation : |
Director |
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Address : |
43, Apurva Bunglow, Near Memnagar Sahali Party Plot, |
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Date of Birth/Age : |
01.06.1975 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02473121 |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Shares |
|
Chandrakant P Patel |
387333 |
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Rajendra P Patel |
443000 |
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Vipul I Patel |
370000 |
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Popatbhai L Patel |
32167 |
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Gauriben P Patel |
10000 |
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Ishwarbhai L Patel |
12000 |
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Kantaben I Patel |
10000 |
|
Manishaben B Patel |
2500 |
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TOTAL
|
1267000 |
AS ON 24.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
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Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of industrial and commercial refrigeration
equipments |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank, Sharda Society Branch, Paldi, Ahmedabad - 380009,
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel and Jesalpura Chartered Accountant |
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Address : |
803/804, Samudra Annexe, Near Klassic Gold Hotel, Off C. G. Road, Navrangpura,
Ahmedabad - 380006, Gujarat, India |
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PAN No.: |
AAFFP1700R |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1267000 |
Equity Shares |
Rs.10/- each |
Rs.12.670
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.670 |
10.667 |
10.000 |
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2] Share Application Money |
0.000 |
4.200 |
0.100 |
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3] Reserves & Surplus |
25.250 |
6.861 |
0.853 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.920 |
21.728 |
10.953 |
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LOAN FUNDS |
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1] Secured Loans |
45.869 |
54.187 |
52.404 |
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2] Unsecured Loans |
16.730 |
17.387 |
16.990 |
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TOTAL BORROWING |
62.599 |
71.574 |
69.394 |
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DEFERRED TAX LIABILITIES |
0.505 |
0.544 |
0.294 |
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TOTAL |
101.024 |
93.847 |
80.641 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.334 |
61.062 |
47.859 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
59.122
|
37.696 |
11.874 |
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Sundry Debtors |
40.238
|
32.374 |
24.819 |
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Cash & Bank Balances |
4.338
|
6.722 |
6.132 |
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Other Current Assets |
0.123
|
0.132 |
0.000 |
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Loans & Advances |
10.580
|
2.481 |
4.075 |
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Total
Current Assets |
114.401
|
79.405 |
46.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
45.828
|
28.341 |
14.044 |
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Other Current Liabilities |
25.619
|
18.279 |
0.000 |
|
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Provisions |
0.264
|
0.000 |
0.250 |
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Total
Current Liabilities |
71.711
|
46.620 |
14.294 |
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Net Current Assets |
42.690
|
32.785 |
32.606 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.176 |
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TOTAL |
101.024 |
93.847 |
80.641 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
271.814 |
180.563 |
108.112 |
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Other Income |
0.024 |
0.117 |
0.809 |
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TOTAL (A) |
271.838 |
180.680 |
108.921 |
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Less |
EXPENSES |
|
|
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|
|
|
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Raw Material Consumed |
198.711 |
147.278 |
84.709 |
|
|
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Manufacturing Expenses |
18.413 |
10.602 |
5.042 |
|
|
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Payment to Employees |
16.438 |
8.975 |
4.013 |
|
|
|
Administrative and other
Expenses |
19.931 |
12.538 |
8.770 |
|
|
|
Preliminary Expenses Written off |
0.000 |
0.000 |
0.044 |
|
|
|
Increase / Decrease in stock |
(5.502) |
(14.518) |
(1.665) |
|
|
|
TOTAL (B) |
247.991 |
164.875 |
100.913 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.847 |
15.805 |
8.008 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.007 |
6.919 |
3.774 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.840 |
8.886 |
4.234 |
|
|
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.860 |
6.491 |
2.837 |
|
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|
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|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.980 |
2.395 |
1.397 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.612 |
0.721 |
0.544 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.368 |
1.674 |
0.853 |
|
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|
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|
|
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|
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|
Earnings Per
Share (Rs.) |
4.97 |
1.62 |
1.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.97
|
0.93 |
0.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.94
|
1.36 |
1.29 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.62
|
1.71 |
1.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
3.29 |
6.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.94 |
3.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
Registered office address of the company has been shifted from 11/13 and
11/14, Subhash Industrial Estate, Near AMC Pumping Station, Ramol Road,
Amraiwadi, Ahmedabad-380026, Gujarat, India to the present address w.e.f.
25.11.2010
FORM 8
|
Corporate
identity number of the company |
U29220GJ2009PTC056482 |
|
Name of the company
|
IC ICE MAKE REFRIGERATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road,
Ahmedabad-380009, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10166473 |
|
Type of charge |
·
Immovable
property ·
Any
interest in immovable property |
|
Particular of
charge holder |
Canara Bank, Sharda Society Branch, Paldi, Ahmedabad-380009, |
|
Nature of
instrument creating charge |
Letter Evidencing
Deposit of Title Deeds (Mortgage Deed)
dated 29th February,2012 modifying Mortgage charge of the Bank over the
Immovable Property in the form of Factory Land & Building of the Company
situated at Village : Dantali, Ta.
Kalol, Dist : Gandhinagar and Bunglow
Numbers 23(23B) an 43 in Apurva Bunglows at Ghatlodia and Bunglow Number-
22/A in Sarvoday Nagar at Sola more particularly described in the mortgage
deed attached herewith. |
|
Date of
instrument Creating the charge |
29.02.2012 |
|
Amount secured by
the charge |
Rs. 87.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base
Rate(10.75%)+4.00%=14.75%(floating)or at Such other Rates as the Bank may
specify from time to time. Terms of repayment On Demand.
Renewable from time to time. Margin Stock- 25% , Book
Debts- 50%, Goods-25% . Extent and operation of the charge Canara Bank is
having exclusive mortgage charge over the immovable property in the form of
Factory Land and Building of the company situated at Village : Dantali,
Taluka Kalol, District : Gandhinagar and Bunglow Numbers 23(23B) an 43 in
Apurva Bunglows at Ghatlodia and Bunglow Number- 22/A in Sarvoday Nagar |
|
Short particulars
of the property charged (Including location of the property) |
All the part and
parcel of the land along with construction thereon bearing survey no. 226 and
227 totaling to 9506 Sq. Mtr situated at Gota Vadsar Road, Mouje Dantali,
Taluka Kalol, District :Gandhinagar. Bunglow Numbers
23(23B) an 43 in Apurva Bunglows at Ghatlodia and Bunglow Number- 22/A in
Sarvoday Nagar |
|
Whether any of the
property or interest therein under reference is not registered in the name of
the company. |
Yes |
|
If yes, in whose
name it is registers |
1. Chandrakant P
Patel 2. Rajendra P Patel 3. Vipul I Patel
and Kapila V Patel. |
|
Date of
instrument modifying the charge |
23.09.2010 |
|
Particulars of
the present modification |
By this Letter of
Evidence dtd.29th March, 2012, the Existing Limit of Rs.67.000 Millions is
extended to Rs.87.000 Millions. |
FIXED ASSETS
·
Free hold Land
·
Factory Building
·
Furniture
·
Computer
·
Office Equipments
·
Electrical Installations
·
Vehicles
·
Ozone Layer Conservation Project
·
Machineries
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 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 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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
37 |
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.