MIRA
INFORM REPORT
|
Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIRODKAR PRECI
COMP PRIVATE LIMITED |
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|
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Registered
Office : |
BG – 71/1/11, General Block, MIDC Bhosari, Off Telco Road, Indrayani
Corner, Bhosari, Pune – 411 026, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
14.10.2004 |
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Com. Reg. No.: |
25-019841 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.812 millions |
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|
|
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CIN No.: [Company Identification
No.] |
U34300PN2004PTC019841 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES13997E |
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PAN No.: [Permanent Account No.] |
AAICS4419A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of
Cast, Forged, Precision Components, Valves, Engine Parts and Mounts. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 55900 |
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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 a moderate track record. The company
has financial capability has improved and wipe out its accumulated losses
during the current year. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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
|
Registered Office : |
BG – 71/1/11, General Block, MIDC Bhosari, Off Telco Road, Indrayani
Corner, Bhosari, Pune – 411 026, Maharashtra, India |
|
Tel. No.: |
91-20-30685638 |
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Fax No.: |
91-20-30685638 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sanjay Pandurang Shirodkar |
|
Designation : |
Director |
|
Address : |
Flat No. 12, Nisarg
Apartment, Kamla-Nehru Park, Near Joshi Hospital, Pune - 411 004, Maharashtra, India |
|
Date of Appointment : |
01.11.2006 |
|
DIN No.: |
00324020 |
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|
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|
Name : |
Mr. Pandurang Shriram Shirodkar |
|
Designation : |
Director |
|
Address : |
54/3, Shri Mauli
Co-Operative Housing Society, Sadashiv Peth, Pune – 411 030, Maharashtra, India |
|
Date of Appointment : |
14.10.2004 |
|
DIN No.: |
00624248 |
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|
|
|
Name : |
Mrs. Minakshi Sanjay Shirodkar |
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Designation : |
Director |
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Address : |
Flat No. 12, Nisarg Apartment, Kamla-Nehru Park, Near Joshi Hospital,
Pune - 411 004, Maharashtra, India |
|
Date of Appointment : |
14.10.2004 |
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DIN No.: |
00624264 |
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Name : |
Mrs. Surekha Manoj Shirodkar |
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Designation : |
Director |
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Address : |
Flat
No.10,Yashodeep - B Apartment,, Rambaug Colony, Sadashiv Peth, Pune – 411
030, Maharashtra, India |
|
Date of Appointment : |
14.10.2004 |
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DIN No.: |
00624297 |
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|
|
|
Name : |
Mr. Manoj Pandurang Shirodkar |
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Designation : |
Director |
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Address : |
Flat No.10,Yashodeep - B Apartment,, Rambaug Colony, Sadashiv Peth,
Pune – 411 030, Maharashtra, India |
|
Date of Appointment : |
14.10.2004 |
|
DIN No.: |
00624427 |
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|
|
|
Name : |
Ms. Pratibha Pandurang Shirodkar |
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Designation : |
Director |
|
Address : |
Flat No, 5, Mauli
Society, 4/3 E, Phule Baug, Sadashiv Peth, Pune - 411 030, Maharashtra, India |
|
Date of Appointment : |
14.10.2004 |
|
DIN No.: |
02351226 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Manoj Pandurang Shirodkar |
|
12500 |
|
Surekha Manoj Shirodkar |
|
12500 |
|
Pandurang Shriram Shirodkar |
|
12500 |
|
Pratibha Pandurang Shirodkar |
|
12500 |
|
Minakshi Sanjay Shirodkar |
|
12500 |
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Sanjay Pandurang Shirodkar |
|
12500 |
|
Sanjay Tools and Accessories Private Limited, India |
|
3125 |
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|
|
|
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TOTAL |
|
78125 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
4.00 |
|
Directors or relatives of Directors |
96.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Cast, Forged, Precision Components, Valves, Engine Parts and Mounts. |
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|
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Products : |
· Hydraulics and Pneumatics · Oil and Gas Exploration Machinery · Valves · Compressors · Injection Molding Machinery · Glass Molding Machinery · Transmission and Suspension · Process Automation for Food and Beverages · General Engineering |
GENERAL INFORMATION
|
Customers : |
· Atlas Copco · Alfa Laval · Bonfiglioli · Taco Hendrickson · Parker Hannifin · ASB International · Halliburton · Gevasol · Gawa Equipment Connections · Burkhardt Compression Technique |
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No. of Employees : |
Not Available |
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Bankers : |
·
The Saraswat Co-Operative Bank Limited, C – 2,
Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road,
Sangamwadi, Pune – 411 003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Natu and Pathak Chartered Accountants |
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Address : |
401 – 402, Utkarsha Apartment, Bhakti Marg, Law College Road, Pune –
411 004, Maharashtra, India |
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Tel. No.: |
91-20-25458074/25458075 |
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E-Mail : |
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PAN No.: |
AABSM5816E |
CAPITAL STRUCTURE
As on 28.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78125 |
Equity Shares |
Rs. 100/- each |
Rs. 7.812
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
7.812 |
7.812 |
7.812 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.164 |
(4.469) |
0.601 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(5.896) |
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|
NETWORTH |
13.976 |
3.343 |
2.517 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.617 |
10.008 |
12.177 |
|
|
2] Unsecured Loans |
5.149 |
7.316 |
5.150 |
|
|
TOTAL BORROWING |
24.766 |
17.324 |
17.327 |
|
|
DEFERRED TAX LIABILITIES |
1.190 |
0.481 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
39.932 |
21.148 |
19.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.282 |
17.651 |
18.234 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.839 |
0.026 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.880
|
4.811 |
3.402 |
|
|
Sundry Debtors |
11.191
|
6.519 |
1.922 |
|
|
Cash & Bank Balances |
5.729
|
1.517 |
0.629 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.028 |
|
|
Loans & Advances |
6.754
|
1.348 |
1.648 |
|
Total
Current Assets |
37.554
|
14.195 |
7.629 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.234
|
7.963 |
5.173 |
|
|
Other Current Liabilities |
9.648
|
3.560 |
0.872 |
|
|
Provisions |
0.047
|
0.014 |
0.002 |
|
Total
Current Liabilities |
35.929
|
11.537 |
6.047 |
|
|
Net Current Assets |
1.625
|
2.658 |
1.582 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
39.932 |
21.148 |
19.844 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
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|
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Income |
|
|
|
|
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Other Income |
|
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|
|
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TOTAL |
105.171 |
37.310 |
13.267 |
|
|
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|
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EXPENSES |
|
|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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|
|
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TOTAL |
91.649 |
35.577 |
16.063 |
|
|
|
|
|
|
|
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|
PROFIT/(LOSS) BEFORE TAX |
13.442 |
1.628 |
(2.796) |
|
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|
TAX |
2.809 |
0.201 |
6.103 |
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PROFIT/(LOSS) AFTER TAX |
10.633 |
1.427 |
(3.307) |
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|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
28.987 |
7.202 |
1.542 |
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|
|
|
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|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
136.10 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.11
|
3.82 |
(24.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.72
|
5.11 |
(10.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.96
|
0.48 |
(1.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.77
|
5.18 |
6.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.23 |
1.26 |
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 |
Yes |
|
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 |
---- |
|
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 |
No |
|
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:
The registered office of the company has been shifted from SP – 106, S
Block, MIDC, Bhosari, Pune – 411 026, Maharashtra, India to the present address
w.e.f 01.11.2006
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Advances (Includes Rs. 2.965 from Directors of the Company) (Of the above Rs. Nil is guaranteed by Directors / others) |
3.028 |
6.020 |
|
Term Loan ·
Repayable in one Year |
2.121 |
1.296 |
|
|
|
|
|
TOTAL |
5.149 |
7.316 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U34300PN2004PTC019841 |
|
Name of the
company |
SHIRODKAR PRECI
COMP PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
BG - 71/1A/11, General Block, MIDC, Bhosari,
Pune – 411026, Maharashtra, India e-mail: info@spcindia.com |
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
|
|
Type of charge |
Book Debts Movable Property Floating Charge All Intangible
Property |
|
Particular of
charge holder |
The Saraswat
Co-Operative Bank Limited, C-2, Kohinoor Estate Co-Operative Housing Society,
Plot No. 12, Mula Road Sangamwadi, Pune – 411003, Maharashtra, India E-mail: csadeshpande@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1) Agreement of
Hypothecation of Movable Property Dated 8th August 2012 2) Agreement of Further
Charge Dated 8th August 2012 (Both These
Documents Create A Single Charge) |
|
Date of
instrument Creating the charge |
08.08.2012 |
|
Amount secured by
the charge |
Rs. 2.600
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At par with PLR =
14.50% p.a., with monthly rests or at such rates as may be prescribed in
future by the bank from time to time. Present PLR is 14.50% p.a. Terms of Repayment Term loan VIII of
Rs. 2.600 millions to be repaid within 60 months from the date of
disbursement as under: 1) 59 monthly
installments of Rs. 4.300 millions each. 2) 1st
installment of Rs. 6.300 millions Interest to be
paid separately at actuals. Margin 50% -
Hypothecation of Stabilizer and Other Tools and Equipments. Extent and Operation of the charge Type of
Facility:- Term Loan VIII of Rs. 2.600 Millions Others All other terms
and conditions as per the agreement. |
|
Short particulars
of the property charged |
Borrower/s doth
do hereby hypothecate to and in favour of bank all stabilizer and other tools
and equipments, book debts, outstandings, monies receivable, claims and all
tangible movable property (both present and future) belonging to borrower/s
and lying and being at borrower/s place of business situated at BG/71/1A,
gen. Block, MIDC, bhosari, Pune or at borrower's place of residence or
anywhere else as may be situated |
FIXED ASSETS
·
Improvements to leasehold
Property
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computer
·
Electrical Installation
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.54.40 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.