MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BALMUKUND CHEMICALS PRIVATE LIMITED |
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Registered Office : |
505, Narsinh Natha Street, Mumbai-400009, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
05.07.2004 |
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Com. Reg. No.: |
147318 |
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CIN No.: [Company
Identification No.] |
U24100MH2004PTC147318 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB15678F |
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PAN No.: [Permanent
Account No.] |
AACCB4225B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Chemicals. |
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 : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
505, Narsinh Natha Street, Mumbai-400009, Maharashtra, India |
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Factory 1 : |
Crescent Towers, 229, AJC Bose Road, Kolkata-700020, West Bengal,
India |
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Tel. No.: |
91-33-22834327 |
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Fax No.: |
91-33-22830428 |
DIRECTORS
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Name : |
Mr. Alok Agarwaol |
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Designation : |
Director |
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Name : |
Mrs. Poonam Agarwaol |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals. |
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Products : |
Fine Chemicals |
GENERAL INFORMATION
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Bankers : |
v HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-400013,
Mahashtra, India v Standard
Chartered Bank, 19, N S Road, Kolkata-700001 |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U24100MH2004PTC147318 |
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Name of the company |
BALMUKUND CHEMICALS PRIVATE LIMITED |
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Address |
505, Narsinh Natha Street, Mumbai-400009, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-400013,
Mahashtra, India |
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Nature or description of the instrument creating charge |
Letter of hypothecation |
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Date of the instrument creating charge |
18.04.2006 |
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Amount Secure by the charge |
Rs.5.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The facility provided to the borrower is in the nature of cash credit and letter of credit facility. The bank is entitled to charge interest at such other rate as may be determined by the bank from time to time. The charge and hypothecation shall continue to subsist till such time all the borrower dues have been repaid in full. |
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Name of the company |
BALMUKUND
CHEMICALS PRIVATE LIMITED |
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Presented By |
-- |
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1) Date and description of instrument creating the change |
The borrower has by declaration created the first charge on all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise whatsoever, being movable properties now or at any time hereafter belonging to the borrower or at the borrowers disposal and now or at any time and from time to time hereafter stored or be stored or brought into or upon or in course of transit to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place (all of which herein after collectively referred to as the said goods) and All the present and future book debts, outstanding, moneys receivable, claims and bills which are now due and owing or which nay at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the government Department or office or any Municipal or Local or public or semi Government body or authority or any body corporate of undertaking or project whatever in the public sector (all of which are collectively referred to as the said debts). (the said goods and the said debts wherever the context so requires are hereinafter collectively referred to s the Hypothecated Assets). By means of hypothecation in favour of Standard Chartered Bank on 13.01.2005. the certified copy of agreement of hypothecation of stock and book debts in this regard is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.000 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 |
Hypothecation of all stock and book debts, both present and future, relating to the company’s business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security for the letter of credit facility and overdraft facility (sub limit of LC) granted to Balmukund Chemicals Private Limited. Charges operate as first and paramount charge in favour of the Bank as security for all dues under the letter of credit facility and overdraft facility (sub limit of LC) Terms of letter of credit facility Commission for : Issuance : 1.50% p.a. subject to a maximum of INR 1500/- per LC. Amendment : Financial : 1.50% p.a. subject to a maximum of INR 1000 (flat) Terms of overdraft facility : Rate of interest : 10.50% p.a. at monthly rests. (rates are subject to charge at the discretion of the bank). |
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5) Name and Address and description of the person entitled to the charge. |
Standard Chartered Bank 19, N S Road Kolkata-700001 |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.86 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<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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