MIRA
INFORM REPORT
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Report Date : |
22.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
G. M.
POLYPLAST PRIVATE LIMITED |
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Formerly Known As : |
G. M.
POLYPLAST |
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Registered Office : |
A/39/49,
New Empire Industrial Estate, Kondivita Road, Near Camlin, J. B. Nagar,
Andheri [East], Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
27.11.2003 |
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Com. Reg. No.: |
11-143299 |
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CIN No.: [Company
Identification No.] |
U25200MH2003PTC143299 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09869G |
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PAN No.: [Permanent
Account No.] |
AACCG0610R |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Plastic Hips Sheets, PP Sheets and ABS Sheets. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small
Company |
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
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Comments : |
Subject
is a small traders. Its trade relations are fair. No payment records are
available. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
A/39/49,
New Empire Industrial Estate, Kondivita Road, Near Camlin, J. B. Nagar,
Andheri [East], Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28369722
/ 9403/28209552 / 30889722 / 23 |
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Fax No.: |
91-22-28209552 |
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E-Mail : |
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Website : |
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Area : |
1000
sq. ft. |
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Location : |
Owned |
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Corporate Office : |
A/66,
New Empire Industrial Estate, Kondiviti Road, Near Camlin, J B Nagar, Andheri
[East], Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28369722
/ 28369403 |
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Fax No.: |
91-22-28209552 |
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Factory
: |
Gala
No. 1, 2 3, Minaxi Industrial Estate,
Vasai [East], Thane – 401102, Maharashtra, India |
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Area : |
2000
sq. ft. |
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Location : |
Rented
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DIRECTORS
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Name : |
Mr.
Dinesh Sharma |
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Designation : |
Director
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Address : |
103,
Lomier Chs, Picnic Cottage, Andheri (West), Mumbai – 400061 |
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Date of Birth/Age : |
03.09.1977 |
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Date of Appointment : |
27.11.2003 |
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Name : |
Ms.
Sarita Sharma |
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Designation : |
Director
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Address : |
103,
Lomier Chs, Picnic Cottage, Andheri (West), Mumbai – 400061 |
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Date of Birth/Age : |
14.05.1979 |
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Date of Appointment : |
27.11.2003 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Dinesh Sharma |
500 |
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Ms.
Sarita Sharma |
500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Plastic Hips Sheets, PP Sheets and ABS Sheets. |
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Terms : |
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Selling : |
Cash,
Credit and Advance Payment |
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Purchasing : |
Cash
and Credit [30 / 60 / 90 days] |
GENERAL
INFORMATION
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Customers : |
IG
Polymers India [Private] Limited BASF
India Limited, Mumbai, Maharashtra, India |
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No. of Employees : |
5 |
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Bankers : |
Saraswat
Co-operative Bank Limited Marol,
Andheri [East], Mumbai, Maharashtra, India |
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Facilities : |
Cash
Credit : Rs. 0.700 millions Hypothecation
of movable property |
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Banking Relations : |
Satisfactory
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Auditors : |
Vivek
V Joshi & Associates Chartered
Accountant |
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Address: |
11,
Godawari, Topiwala Compound, Station Road, Goregaon (West), Mumbai – 400062 |
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Tel. No.: |
91-22-28738711 |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1000 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.100 million |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1000 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.100 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
The company’s last available financials are enclosed herewith
Management
remained non – cooperative during current investigation
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Particulars |
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31.03.2006 |
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Sales Turnover |
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30.000 |
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.003 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.103 |
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LOAN FUNDS |
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1] Secured Loans |
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0.098 |
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2] Unsecured Loans |
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0.001 |
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TOTAL BORROWING |
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0.099 |
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DEFERRED TAX LIABILITIES |
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0.001 |
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TOTAL |
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0.203 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.054 |
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Capital work-in-progress |
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1.487 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.004 |
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Sundry Debtors |
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0.413 |
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Cash & Bank Balances |
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0.016 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.030 |
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Total Current Assets |
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0.463 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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1.854 |
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Total Current Liabilities |
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1.854 |
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Net Current Assets |
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(1.391) |
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MISCELLANEOUS EXPENSES |
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0.053 |
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TOTAL |
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0.203 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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|
31.03.2004 |
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Sales Turnover [including other income] |
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0.858 |
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Profit/(Loss)
Before Tax |
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0.006 |
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Provision
for Taxation |
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0.002 |
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Profit/(Loss)
After Tax |
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0.004 |
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Total
Expenditure |
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0.855 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2004 |
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PAT / Total Income |
(%) |
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0.46 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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0.69 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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1.16 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.05 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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18.96 |
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Current
Ratio (Current
Asset/Current Liability) |
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0.24 |
LOCAL AGENCY
FURTHER INFORMATION
Directors
Report
The
directors do not recommend any dividend
The
company has commended partial operation from January 2004 company is still in
the progress of installation of major plants, which is expected to be operation
in financial year 2004-2005. After this company is expecting to achieve the
targeted turnover by end of 2004-2005
Fixed Assets
v
Plant
& Machinery
Sales
Plastic
Film
KG –
27150 – Rs. 0.853 Millions
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Name of the company |
G.
M. POLYPLAST PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of movable property dated 03.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.700 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible movable property, plant and machinery etc, and more particularly as shown in the above referred agreement dated 03.09.2004 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @ 13% or at such rate as may from time to time be fixed by the bank and notified to the borrower. Other terms and conditions as per the above referred agreement dated 03.09.2004 |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Cooperative Bank Limited, Marol Branch, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400059 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Name of the company |
G.
M. POLYPLAST PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of movable property dated 03.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.100 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible movable property, plant and machinery etc, and more particularly as shown in the above referred agreement dated 03.09.2004 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @ 13% or at such rate as may from time to time be fixed by the bank and notified to the borrower. Other terms and conditions as per the above referred agreement dated 03.09.2004 |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Cooperative Bank Limited, Marol Branch, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400059 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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.44.70 |
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UK
Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.57.82 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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