MIRA INFORM REPORT
|
Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
HITEIN BUSHINGS PRIVATE LIMITED |
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Registered
Office : |
Sr. No. 43/1-4-1, Jambhulwadi Road, Datta Nagar, Pune – 411046,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.05.1999 |
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Com. Reg. No.: |
25-013642 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3.900 Million |
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CIN No.: [Company Identification
No.] |
U25209PN1999PTC013642 |
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IEC No.: |
3104005338 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05418A |
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PAN No.: [Permanent Account No.] |
AABCH1095C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Insulating Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 40000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Trade relations are reported to be fair. Business is active. Payments
are reported slow but correct. The company can be considered for business dealings with slight
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) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
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 : |
Sr. No. 43/1-4-1, Jambhulwadi Road, Datta Nagar, Pune – 411046,
Maharashtra, India |
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Tel. No.: |
91-20-24318453/24317291 |
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Fax No.: |
91-20-24318453 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Girish Ashok Pawar |
|
Designation : |
Director |
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Address : |
38, Renuka Walvekar Nagar, Satara Road, Pune – 411 009, Maharashtra, India |
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Date of Birth/Age : |
17.01.1971 |
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Qualification : |
B.Com. |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
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Name : |
Mr. Hrishikesh Ashok Pawar |
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Designation : |
Director |
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Address : |
38, Renuka Walvekar Nagar, Satara Road, Pune – 411 009, Maharashtra, India |
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Date of Birth/Age : |
30.12.1974 |
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Qualification : |
B.E. Prod. |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Girish Pawar |
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Designation : |
Managing Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Shareholders Details Not Available
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2012
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Insulating Components. |
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Products : |
·
Electrical Products ·
Machines Components ·
Electrical Insulation Material ·
Electrical Insulation Tubes ·
Low Voltage Insulation Tubes ·
Medium Voltage Insulation Tubes ·
High Voltage Insulation Tubes ·
Insulation Pipes ·
Glass Epoxy Insulation Tubes ·
Fibre Reinforced Insulation Tubes ·
Fibre Reinforced Insulation Pipes ·
Fibre Composite Material Insulation Tubes |
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GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rushabh R. Jain and Associates Chartered Accountants |
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Address : |
Shop.1, Vasturatna Building, Mahesh Society, near Datta Mandir,
Bibwewadi, Pune – 411037, Maharashtra, India |
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PAN No.: |
AIMPJ0712G |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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390000 |
Equity Shares |
Rs.10/- each |
Rs. 3.900
Million |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.900 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.139 |
5.844 |
5.755 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.039 |
8.344 |
8.255 |
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LOAN FUNDS |
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1] Secured Loans |
7.174 |
2.258 |
4.370 |
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2] Unsecured Loans |
3.863 |
3.963 |
1.613 |
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TOTAL BORROWING |
11.037 |
6.221 |
5.983 |
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DEFERRED TAX LIABILITIES |
0.114 |
0.036 |
0.000 |
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TOTAL |
21.190 |
14.601 |
14.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.305 |
7.603 |
7.412 |
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Capital work-in-progress |
0.000 |
0.109 |
0.000 |
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INVESTMENT |
0.301 |
0.301 |
0.584 |
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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 |
12.960
|
4.499 |
2.513
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Trade receivable |
5.584
|
2.826 |
8.583
|
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Cash & Bank Balances |
2.447
|
2.609 |
0.030
|
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Other Current Assets |
1.629
|
1.556 |
0.034
|
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Loans & Advances |
0.056
|
0.003 |
1.507
|
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Total
Current Assets |
22.676
|
11.493 |
12.667 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.979
|
3.948 |
6.046
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Other Current Liabilities |
3.300
|
0.000 |
0.000
|
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Provisions |
1.813
|
0.957 |
0.379
|
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Total
Current Liabilities |
10.092
|
4.905 |
6.425 |
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Net Current Assets |
12.584
|
6.588 |
6.242 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.190 |
14.601 |
14.238 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
0.000 |
0.000 |
0.000 |
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Other Income |
18.137 |
15.678 |
17.773 |
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TOTAL (A) |
18.137 |
15.678 |
17.773 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
17.676 |
15.534 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.461 |
0.144 |
1.853 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.550 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.461 |
0.144 |
1.303 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.220 |
1.142 |
1.108 |
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PROFIT (LOSS) BEFORE TAX (E-F) (G) |
(0.759) |
(0.998) |
0.195 |
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Less |
TAX (H) |
0.167 |
0.054 |
0.043 |
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PROFIT (LOSS)
AFTER TAX (G-H) (I) |
(0.926) |
(1.052) |
0.152 |
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Earnings Per
Share (Rs.) |
2.37 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.10) |
(6.71) |
0.86
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.44) |
(0.05) |
0.97
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Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
(0.11) |
0.02
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Debt Equity Ratio (Total Debt/Networth) |
|
1.10 |
0.74 |
0.71
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Current Ratio (Current Asset/Current Liability) |
|
2.24 |
2.34 |
1.97
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U25209PN1999PTC013642 |
|
Name of the
company |
HITEIN BUSHINGS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Sr. No. 43/1-4-1,
Jambhulwadi Road, Datta Nagar, Pune – 411046, Maharashtra, India Email-id:- admin@hitein.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10275553 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
IDBI Bank
Limited, IDBI House, City Msme Centre, 3rd Floor, F.C.Road, Dnyaneshwar
Paduka Chowk, Shivaji Nagar, Pune – 411004, Maharashtra, India Email-id:- vg.gramopadhye@idbi.co.in |
|
Nature of
instrument creating charge |
Mortgage By
Deposite Of Title Deeds Supplemental Deed
Of Hypothication |
|
Date of
instrument Creating the charge |
30.03.2013 |
|
Amount secured by
the charge |
Rs. 9.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BBR + 400 BPS
(Presently BBR IS 10.25% PA) As per Master Agreement. Terms of
Repayment 12 Months/
Repayable On Demand As per Master Agreement. Margin 25% on stocks
& debtors < 90 days As per Master Agreement. Extent and
Operation of the charge Security by mortgage
of immovable property belonging to Mrs. Keshar Ashok Pawar |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
(i) Agricultural land
ad measuring about 1 Are along with standing construction having
Grampunchayat property No. 406 lying and situate at AMBEGOAN Bk. property
belonging to Mrs. Keshar Ashok Pawar (ii) Agricultural
land admeasuring about 3 Are lying and situate at AMBEGOAN Bk. Dattanagar
situate at S. No.43/1 Hlssa No. 1/3A/l/2/2 property belonging to Mrs. Keshar
Ashok Pawar (iii) Land
admeasuring about 6 Are along with bunglow construction and situate at
AMBEGOAN Bk. Dattanagar situate at S. No.43/1 Hlssa No. 1/2/1 property
belonging to Mrs. Keshar Ashok Pawar (iv) Plot bearing
No' 24' admeasuring about 2108.3 Sq. Ft'/195'93 Sq' Mtr' Along with RCC
construction standing thereupon & the Plot in the society property
belongs to Mrs. Keshar Pawar & Mr.
Girish Pawar (v) Hypothecation
of present and future goods book debts and other movable assets as per terms
and conditions contained in supplemental facility agreement. |
|
Date of
instrument modifying the charge |
17.12.2011 |
|
Particulars of
the present modification |
The Charge is
being modified by increase in overall limit in respect of aforesaid cash
credit facility to be granted and/or continued by bank to company from
60,00,000 to 90,00,000.Other Terms and Conditions are remaining the same |
FIXED ASSETS
- Computer
- Plant and Machinery
- Vehicle
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 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] 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. 54.54 |
|
|
1 |
Rs. 84.19 |
|
Euro |
1 |
Rs. 71.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.