MIRA
INFORM REPORT
|
Report Date : |
17th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BONUS
PLASTIC PRIVATE LIMITED |
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Registered Office : |
G:6-7, Diamond Square, Near Navjeevan Press,
Ashram Road, Ahmedabad - 380014, Gujarat, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
03.06.1998 |
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Com. Reg. No.: |
04-10796 |
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CIN No.: [Company
Identification No.] |
U24200GJ1988PTC010796 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers, Sellers and Exporters of Bonus brand Narrow Woven
Fabrics (Belts) for Soft Luggage Bags, School Bags, Thermoware, Jumbo Bags,
Folding Garden Chairs, Beds, Twines and Ropers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced,
respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions |
LOCATIONS
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Registered Office : |
G:6-7, Diamond Square, Near Navjeevan Press,
Ashram Road, Ahmedabad - 380014, Gujarat, India. |
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Tel. No.: |
91-79-27540214/27542873/31009323 |
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Fax No.: |
91-79-27544774 |
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E-Mail : |
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Website : |
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Area : |
Owned - 3,000.sq.fts |
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Factory
1 : |
41/42, Ashwamegh Industrial Estate, Changodar Dist., Ahmedabad,
Gujarat. |
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Area : |
10,050 sq.yards. - Owned |
DIRECTORS
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Name : |
Mr.
Parikh Rajendra Sakalchand |
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Designation : |
Managing
Director |
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Address : |
A-5, Kailash
Tower, Navrangpura, Ahmedabad - 380 009, Gujarat. |
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Date of Birth/Age : |
21.10.1935 |
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Experience : |
17 years |
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Date of Appointment : |
03-06-1988 |
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Name : |
Mr.
Parikh Nikhil Rajendra |
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Designation : |
Director |
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Address : |
A-5, Kailash Tower, Navrangpura, Ahmedabad - 380
009,Gujarat. |
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Date of Birth/Age : |
02.09.1964 |
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Experience : |
17 years |
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Date of Appointment : |
03-06-1988 |
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Name : |
Mr.
Rasiwla Suyab Ibrahim |
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Designation : |
Director |
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Address : |
Kaji’s Dharga,
Kach Ni Masjid, Astodia, Ahmedabad - 380 001, Gujarat |
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Experience : |
17 years |
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Date of Appointment : |
03-06-1988 |
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Name : |
Mr.
Parikh Rocky Rajendra |
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Designation : |
Director |
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Address : |
A-5, Kailash
Tower, Navrangpura, Ahmedabad - 380 009, Gujarat. |
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Qualification : |
9 years |
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Date of Appointment : |
14-01-1996 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
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Equity
Shareholders |
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Rejendra
S. Parikh |
27510 |
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Nikhil.
R. Parikh |
8510 |
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Rajendra
S. Parikh |
2000 |
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Rocky
R. Parikh |
8500 |
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Veenaben
R. Parikh |
13460 |
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Suryakant
N. Dalal |
1 |
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Sivani
D. Shah |
1 |
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Shaily
D. Shah |
1 |
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Anupama
D. Shah |
1 |
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Snehal
D. Shah |
1 |
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Raj
Snehal Shah |
1 |
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Sonal S. Shah |
1 |
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Sriraj
S. Shah |
1 |
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Lalbhai
M. Shah |
1 |
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Surendra
Mangaldas (HUF) |
1 |
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Prakash
S. Mehta |
10 |
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Total |
60000 |
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Preference
Shareholders |
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R. S. Parikh |
3000 |
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V. R. Parikh |
17000 |
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Total |
20000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Sellers and Exporters of Bonus brand Narrow Woven
Fabrics (Belts) for Soft Luggage Bags, School Bags, Thermoware, Jumbo Bags,
Folding Garden Chairs, Beds, Twines and Ropers. |
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Products : |
Item Code No. Product
Description
54026908 PP Filament Yarn 54026909 HDPE Fabrics |
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Exports to : |
Asia
Pacific, Middle East, & Africa, |
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Imports from : |
Europe |
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Terms : |
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Purchasing : |
L/C
& DA terms |
PRODUCTION
STATUS
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Particulars |
Installed Capacity |
Actual Production |
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HDPE/PP/HDPP Monofilament Tape |
32 Looms |
831398 kgs. |
GENERAL
INFORMATION
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No. of Employees : |
38
persons : - 8 persons in office & 30 persons at works |
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Bankers : |
Corporation
Bank, Industrial Finance Branch, Ahmedabad, Gujarat, India. |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Atul
Dalal & Company Chartered
Accountants |
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Membership : |
˜
SRTEPC (Synthetic and Rayon Textiles Export Promotion Council) ˜
GSPMA (Gujarat State Plastic Manufacturers Association) ˜
ATPMA |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
80000 |
Equity
Shares |
Rs. 100 each |
Rs. 8.000 millions |
|
20000 |
Preference
|
Rs. 100 each |
Rs. 2.000 millions |
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Total
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Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
60000 |
Equity
Shares |
Rs. 100 each |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.000 |
8.000 |
8.000 |
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3] Reserves & Surplus |
3.173 |
2.500 |
1.745 |
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NETWORTH |
9.173 |
10.500 |
9.745 |
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LOAN FUNDS |
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1] Secured Loans |
8.790 |
5.669 |
9.713 |
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2] Unsecured Loans |
1.975 |
1.725 |
0.000 |
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TOTAL BORROWING |
10.765 |
7.394 |
9.713 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
19.938 |
17.894 |
19.458 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.608 |
7.759 |
8.612 |
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Capital work-in-progress |
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INVESTMENT |
-- |
-- |
- |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.004 |
5.691 |
7.543 |
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Sundry Debtors |
7.199 |
5.525 |
4.127 |
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Cash & Bank Balances |
0.676 |
0.628 |
1.096 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.989 |
1.982 |
2.594 |
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Total Current Assets |
17.868 |
13.826 |
15.360
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
6.538 |
3.691
|
3.229 |
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Provisions |
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|
1.285 |
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Total Current Liabilities |
6.538 |
3.691 |
4.514
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Net Current Assets |
11.330 |
10.135 |
10.846 |
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MISCELLANEOUS EXPENSES |
-- |
-- |
0.000 |
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TOTAL |
19.938 |
17.894 |
19.458 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover [including other income] |
70.841 |
73.592 |
69.026 |
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Profit/(Loss)
Before Tax |
2.287 |
1.398 |
2.111 |
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Provision
for Taxation |
0.759 |
0.373 |
0.570 |
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Profit/(Loss)
After Tax |
1.528 |
1.025 |
1.541 |
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Import
Value |
NA |
0.000 |
0.024 |
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Total
Expenditure |
68.553 |
72.194 |
66.914 |
KEY
RATIOS
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
2.156
|
1.392 |
2.232 |
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Net
Profit Margin (PBT/Sales) |
(%) |
3.245
|
1.931 |
3.058 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.845
|
14.585 |
8.806 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.249
|
0.133 |
0.216 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.886
|
1.055 |
1.459 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.732
|
3.745 |
3.402 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
Result
Though
the sales for the year has decreased by about 2.61% compared to previous year,
there has been sharp increased in the operating profit and net profit.
Operating profit before interest, depreciation and tax is Rs.4.702 millions
against Rs. 4.029 millions in the last year where as the net profit for the
year is Rs. 1.450 millions as against Rs. 1.025 millions in the last year.
Company has changed the product mix and has switched over to profitable
products and has also switched over to purchased certain raw materials rather
than going in for own production which has resulted in the better result for
the year.
Future
Prospects
In spite
of the severe competition from the unorganised market, the products of the
company are being well received in the market which is on account of better
quality. The company is constantly changing the product mix as per the needs of
the market so as to improve the profitability.
Fixed Assets :
- Land
- Factory building
- Plant and Machinery
- Electric installation
- Furniture and fixtures
- Office equipments
- Vehicles
Generic Names of Products of the companies are :-
˜
Nylon Webbing
˜
Polypropylene Webbing
˜
Nylon Twine
˜
Polypropylene Twine
˜
Nylon Rope
˜
Polypropylene Rope
˜
Webbing Straps
It deals in high quality belts, which are used in various kinds of
designer and utility bags.
It is specialized in the process of manufacturing and then exporting
narrow woven fabrics also known as webbings made out of polypropylene, nylon
and synthetic material.
It offers plastics ropes for various end-uses.
It’s webbings are in standard colors including red, green, blue, orange,
yellow in S & Z twist and available in packed coils of 200 yards or as per
specifications given by the customer.
It is well equipped with modern techniques and machinery to deliver a
fabulous range of products that are made to perfection.
It’s manufacturing unit has a dedicated team of quality personnel to
ensure all the products are superior in quality and have excellent finish.
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FORM NO. 8 Registration No of Company 04-10796 THE COMPANIES ACT, 1956 Nominal Capital Rs. 10.000 millions FORM NO. 8 Filing Fees Rs. 300 Particulars of Charges created by a company registered in India (Pursuant to sections 125/127/135) Name of the Company BOUNUS PLASTIC PRIVATE LIMITED Presented by Mr. NIKHIL RAJENDRA PARTIH – DIRECTOR |
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No Legal document was executed but memorandum of deposit of title deed was executed on 15-11-2003 |
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Rs. 10.500 millions only |
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All that undivided proportionate share in the piece of land bearing :
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Property mortgaged as mentioned above in para 3 will stood as security for various working capital facilities cash credit Rs. 8.500 millions letter of credit Rs. 2.000 millions total Rs. 10.500 millions sectioned to the company |
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Corporation Bank Industrial Finance Branch, Ahmedabad |
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NA |
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NA |
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Agreement of term loan dated 19.01.2004 |
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Rs. 0.590 millions |
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Hypothecation of plant and machinery worth Rs. 0.291 millions |
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Interest : 15.25% margin 25% repayable in 24 monthly instalments from the date of first disbursement |
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Corporation Bank Industrial Finance Branch, Ahmedabad |
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NA |
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NA |
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No Legal document was executed but memorandum of deposit of title deed was executed on 15-11-2003 |
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Rs. 10.500 millions only |
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All that undivided proportionate share in the piece of land bearing :
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Property mortgaged as mentioned above in para 3 will stood as security for various working capital facilities cash credit Rs. 8.500 millions letter of credit Rs. 2.000 millions total Rs. 10.500 millions sectioned to the company |
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Corporation Bank Industrial Finance Branch, Ahmedabad |
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No Legal document was executed but continuality letter on 19.01-2004 |
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Charge created on 15-11-2003 and registered on 12-12-2003 was modified to secure the term loan of Rs. 0.698 millions for purchased of water chilling plant making total charge of Rs. 11.098 millions |
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Agreement of Hypothecation of Movable/ Assets / Debts dated 19.01.2004 |
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Rs. 10.500 millions |
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All raw material, stock in process, semi finished goods, stores and pares consisting of HDPE Granules, PPMF Yarn, HDPE Fabrics, tapes pp multi filament tapes, milt filament yarn stores at 41/42 Ashwamegh industrial Estate, Changodar, District Ahmedabad Belonging to the company and receivables, books debts. First charge over fixed assets of the company plant and machinery equipments furniture, DG set and fixtures etc and all other movable, fixed assets of the company present and future. The above facilities are further secured by personal guarantee of all the directors of the company . |
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Interest : 14.5% and for import L/C as per norms of the bank Margin 30 % on Inventories Margin 25% on Book Debts |
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Corporation Bank Industrial Finance Branch, Ahmedabad |
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NA |
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NA |
AS PER WEBSITE
About Us
Based in Ahmedabad-
Gujarat (India), Bonus Plastics specializes as manufacturer and exporter of
Narrow Fabrics , Webbings, Trouser Belts and Safety Belts for different
application . Bonus Plastics is well equipped with modern techniques and
machinery to deliver a fabulous range of products. We have been producing
Polypropelene Multifilament Yarn on our imported plant.
Our main products are Webbing and Ropes/Braids.
*
Products
Our product range includes:
» Webbing (Narrow Woven Fabrics)
»
Trouser Belts / Safety Belts
»
Polypropylene Multifilament Yarn
Applications
Our Webbings are used in the manufacture of variety of products such as
school bags, promotional bags, wallets and CD bags, casual bags, computer bags,
thermoware, folding beds, garden chairs, etc.
Quality & Infrastructure
Bonus Plastics offer highly distinguished range of products that are made to
perfection.
*
Contact Us
BONUS
PLASTICS PVT. LTD.
Mr. N. R. Parikh
G-6, Diamond Square, Near Navjivan Press, Ashram Road, Ahmedabad- 380 014,
Gujarat, INDIA
Tel: 91-79-30080220, 30080330
Mob: 91-9327009323
Email: bonus@vsnl.net
CMT REPORT [Corruption, Money
laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.89 |
|
UK
Pound |
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
44 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |