MIRA INFORM REPORT
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Report No. : |
310379 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SWASTIK FURNACES PRIVATE LIMITED |
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Registered
Office : |
Gala No. C-8, 9 and 10, Actual Industrial Complex, Village Maagthane, Taluka
Wada, Thane - 421312, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.03.2009 |
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Com. Reg. No.: |
11-190914 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.520 Millions |
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CIN No.: [Company Identification
No.] |
U74990MH2009PTC190914 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Furnaces, Control and Automation and Combustion
Systems. |
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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 48000 |
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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. External borrowings of the company seem to be huge during 2014. However, trade relations are fair. Business is active. Payment terms 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = B+ |
|
Rating Explanation |
Have high risk of default. |
|
Date |
February 16, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
February 16, 2015 |
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
31-03-2014.
LOCATIONS
|
Registered Office/ Factory : |
Gala No. C-8, 9 and 10, Actual Industrial Complex, Village Maagthane,
Taluka Wada, Thane - 421312, Maharashtra, India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9820578713 [Mr. Baldeep Dogra] |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Office No. 158, 1st Floor, 19, Building No. S-2, Vedant Commercial
Complex, Vartak Nagar, Thane (West) – 400606, Maharashtra, India |
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Tel. No.: |
91-22-25808601/ 602/ 603 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Baldeep Kishanchand Dogra |
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Designation : |
Managing director |
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Address : |
E101/102, Krutika
Apartment, Kores Nakshatra Vartak Nagar, Thane West – 400606, Maharashtra,
India |
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Date of Birth/Age : |
13.10.1976 |
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Date of Appointment : |
01.06.2011 |
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DIN No.: |
02466072 |
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Other Directorship :
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Name : |
Mrs. Priya Baldeep Dogra |
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Designation : |
Director |
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Address : |
Kores Nakshatra,
Bldg No 7, G-2, Krutika Apartment, Block No. 101/ 102,Vartak Nagar, Thane
[West] – 400606, Maharashtra, India |
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Date of Birth/Age : |
11.12.1983 |
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Date of Appointment : |
01.03.2010 |
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DIN No.: |
02942243 |
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Name : |
Mr. Rajendra Kisanchand Dogra |
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Designation : |
Director |
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Address : |
Bangali Chawl,
Road No-10, Behind Congress (I), Office, Hajuri, Wagle Estate, Maharashtra,
India |
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Date of Birth/Age : |
30.07.1972 |
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Date of Appointment : |
13.03.2009 |
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DIN No.: |
02551903 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Baldeep
Kishanchand Dogra |
352000 |
77.88 |
|
Rajendra
Kisanchand Dogra |
50000 |
11.06 |
|
Sarinder
Paldarshan Singh |
50000 |
11.06 |
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|
|
|
Total |
452000 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Furnaces, Control and Automation and Combustion
Systems. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Union Bank of India Byculla Branch, 75/77,Sant Savta Marg, Mustafa Bazar, Byculla,, Mumbai - 400010, Maharashtra, India The Thane Janata Sahakari Bank Limited Gala No:16-17, Jagruti Apartment, Shivaji Chowk,
Kalwanaka, Kalwa (West), Thane - 400605, Maharashtra, India · Deutsche Bank · HDFC Bank Limited · Kotak Mahindra Bank Limited · Magma Fincorp Limited · Shriram City Union Finance Limited · Tata Capital Finance |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajan Ranade Chartered Accountants |
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Address : |
Casa Piedade, 1st Floor, Opposite Shivsena Shakha, Charai, Thane – 400601,
Maharashtra, India# |
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Tel. No.: |
91-22-25360236 |
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Mobile No.: |
91-9769291026 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
ACRPR7904F |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital : Rs. 25.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 18.080
Millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
452,000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.520 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
4.520 |
4.520 |
4.520 |
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(b) Reserves & Surplus |
12.170 |
8.510 |
5.875 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
16.690 |
13.030 |
10.395 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
66.344 |
43.857 |
21.596 |
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(b) Deferred tax liabilities (Net) |
0.111 |
0.110 |
0.020 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
66.455 |
43.967 |
21.616 |
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(4) Current Liabilities |
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|
(a)
Short term borrowings |
0.000 |
0.000 |
0.607 |
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(b)
Trade payables |
112.054 |
42.000 |
23.002 |
|
(c)
Other current liabilities |
1.653 |
0.113 |
0.906 |
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(d)
Short-term provisions |
0.671 |
0.930 |
0.728 |
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Total
Current Liabilities (4) |
114.378 |
43.043 |
25.243 |
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TOTAL |
197.523 |
100.040 |
57.254 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
21.284 |
16.321 |
14.424 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
21.284 |
16.321 |
14.424 |
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(2) Current assets |
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|
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|
(a)
Current investments |
6.450 |
1.176 |
1.548 |
|
(b)
Inventories |
77.231 |
58.597 |
27.323 |
|
(c)
Trade receivables |
41.087 |
14.468 |
8.713 |
|
(d)
Cash and cash equivalents |
35.933 |
1.563 |
0.836 |
|
(e)
Short-term loans and advances |
15.538 |
7.915 |
4.369 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.041 |
|
Total
Current Assets |
176.239 |
83.719 |
42.830 |
|
|
|
|
|
|
TOTAL |
197.523 |
100.040 |
57.254 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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PROFIT BEFORE
TAX |
5.310 |
4.004 |
3.175 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.69 |
4.00 |
5.55 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.31 |
0.31 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
3.98 |
3.37 |
2.14 |
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
1.95 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4.520 |
4.520 |
4.520 |
|
Reserves & Surplus |
5.875 |
8.510 |
12.170 |
|
Net
worth |
10.395 |
13.030 |
16.690 |
|
|
|
|
|
|
Long-term borrowings |
21.596 |
43.857 |
66.344 |
|
Short term borrowings |
0.607 |
0.000 |
0.000 |
|
Total
borrowings |
22.203 |
43.857 |
66.344 |
|
Debt/Equity
ratio |
2.136 |
3.366 |
3.975 |
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 |
No |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10475023 |
10/01/2014 |
3,214,779.00 |
UNION BANK OF
INDIA |
BYCULLA BRANCH,
75/77, SANT SAVTA MARG, MUSTAFA BAZAR, BYCULLA, MUMBAI, MAHARASHTRA - 400010,
INDIA |
B95267258 |
|
2 |
10475024 |
10/01/2014 * |
59,933,000.00 |
UNION BANK OF
INDIA |
BYCULLA BRANCH,,
75/77,SANT SAVTA MARG, MUSTAFA BAZAR, BYCULLA, MUMBAI, MAHARASHTRA - 400010,
INDIA |
B95287348 |
|
3 |
10375213 |
29/03/2012 |
2,500,000.00 |
TJSB SAHAKARI
BANK LIMITED |
GALA NO.16-17, JAGRUTI
APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA -
400605, INDIA |
B40925026 |
|
4 |
10325033 |
30/11/2011 |
1,233,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO. 16-17, JAGRUTI
APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, THANE, MAHARASHTRA
- 400605, INDIA |
B28524643 |
|
5 |
10288982 |
12/05/2011 |
1,000,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B13773791 |
|
6 |
10318541 |
26/03/2011 |
8,500,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B18256537 |
|
7 |
10280883 |
22/03/2011 |
8,500,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B10640852 |
|
8 |
10267441 |
28/01/2011 |
500,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B05810098 |
|
9 |
10259269 |
07/12/2010 |
520,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B02543676 |
|
10 |
10257966 |
10/11/2010 |
2,000,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B00784314 |
|
11 |
10200549 |
29/03/2012 * |
25,000,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
GALA NO.16-17,
JAGRUTI APARTMENTS, SHIVAJI CHOWK, KALWA NAKA, KALWA, THANE, MAHARASHTRA
- 400605, INDIA |
B40926867 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
From Banks |
12.056 |
|
SHORT TERM BORROWINGS |
|
|
Baldeep Dogra |
17.127 |
|
|
|
|
Total |
29.183 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Office No.19,
Building No. S / 2, Vedant Commercial Complex, Vartak Nagar, Thane West –
400606, Maharashtra, India to the present address w.e.f.01.05.2013
FIXED ASSETS:
· Factory Building
· Office Equipment
· Vehicles
· Machinery
· Furniture and Fixture
· Computer and Laptop
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. 62.20 |
|
|
1 |
Rs. 94.71 |
|
Euro |
1 |
Rs. 68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
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 |
|
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.