MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED |
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Formerly Known As : |
GUJARAT TORRENT ENERGY CORPORATION LIMITED |
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Registered Office : |
6th Floor, “Chanakya” Building, off Ashram Road, Ahmedabad
– 380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1992 |
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Com. Reg. No.: |
04-18284 |
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CIN No.: [Company
Identification No.] |
U40100GJ1992PTC018284 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00339D |
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PAN No.: [Permanent
Account No.] |
AAACG7999P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Gas Turbine Spares and Steam
Turbine Spares |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 67000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established power generation company having
satisfactory track records. Trade relations are fair. Capital base is strong.
Payments are correct and as per commitments. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6th Floor, “Chanakya” Building, off Ashram Road, Ahmedabad
– 380009, Gujarat, India |
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Tel. No.: |
91-79-26585969 |
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Fax No.: |
91-79-26583254 |
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E-Mail : |
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Corporate office : |
302, Boston House, Suren Road, Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-67588888 |
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Fax No.: |
91-22-67588811 |
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Factory : |
Bharuch-Palej
Road, Bharuch, Gujarat, India |
DIRECTORS
|
Name : |
Mr. Littlewood Albert Peter |
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Designation : |
Chairman |
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Address : |
House E, Little Palm Villa, Hang Hau Wing Lung Road, Clearwater Bay,
Hong Kong |
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Date of Birth/Age : |
06.03.1951 |
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Date of Appointment : |
20.02.2002 |
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Name : |
Mr. Prakash Ved Sharma |
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Designation : |
Vice Chairman |
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Address : |
43 B, Block 3, Royal Ascot 1, Tsun King Road, New Territories, Hong
Kong |
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Date of Birth/Age : |
30.01.1949 |
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Date of Appointment : |
20.02.2002 |
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Name : |
Mr. Rajiv Rajan Mishra |
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Designation : |
Director |
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Address : |
Appt 2 N 1 and 2N 2, Nibanna Annexe, Pali Hill, Bandra [West], Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
01.01.1966 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Sham Sunder Sharma |
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Designation : |
Director |
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Address : |
A – 17, Power Welfare Organisation Housing Complex, Sector 43, Near D
Block, Shashwatlok, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
06.08.1942 |
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Date of Appointment : |
18.09.2003 |
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Name : |
Mr. Maroli Chittaranjan Kumar |
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Designation : |
Director |
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Address : |
A – 232, Twin Towers, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
18.09.1953 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Ho Kwok Wing |
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Designation : |
Director |
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Address : |
Unit B, 2/F, Block 13, Symphony Bay, Villa Raphsody, 533 Sal Sha Road,
Sai Kung, New Territories, Hong Kong |
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Date of Birth/Age : |
19.02.1962 |
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Date of Appointment : |
18.09.2003 |
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Name : |
Mr. Robertsson John Stefan |
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Designation : |
Director |
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Address : |
A 2, Unicorn Garden, 11 Shouson Hill Road East, Shouson Hill, Hong
Kong |
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Date of Birth/Age : |
29.08.1951 |
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Date of Appointment : |
13.02.2004 |
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Name : |
Mr. Wan Kin Ernest Chow |
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Designation : |
Director |
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Address : |
61 A, Tower 2, Victoria Towers, 188 Canton Road, Tsmi Sha Tsui,
Kowloon, Hong Kong |
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Date of Birth/Age : |
21.09.1956 |
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Date of Appointment : |
13.02.2004 |
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Name : |
Mr. Munjal Naveen |
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Designation : |
Director |
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Address : |
1803, Continental Towers, Shirly Rajan Road, Rizvi Complex, Bandra
[West], Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
05.12.1965 |
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Date of Appointment : |
05.02.2007 |
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Name : |
Mr. Pankajkumar Kantilal Shah |
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Designation : |
Director |
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Address : |
C – 5, GPEC Township, Village Paguthan, Bharuch Palej Road, Bharuch –
392015, Gujarat, India |
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Date of Birth/Age : |
23.08.1952 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Mohammad Shahid Aftab |
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Designation : |
Director |
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Address : |
Sukriti Apartment Flat No. 2 A, 20 Bally Gunj Circular Road, Kolkata –
700019, West Bengal, India |
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Date of Birth/Age : |
22.03.1946 |
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Date of Appointment : |
19.03.2007 |
KEY EXECUTIVE
|
Name : |
Mr. Nitesh B Trivedi |
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Designation : |
Company Secretary |
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Address : |
29-A, Bhavan Society, Gita Mandir Road, Maninagar, Ahmedabad – 380022,
Gujarat, India |
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Date of Birth/Age : |
17.09.1963 |
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Date of Appointment : |
18.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
CLP Power [GPEC] Limited |
|
735225305 |
|
CLP Power India Private Limited |
|
21 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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|
Bodies corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Gas Turbine Spares and Steam
Turbine Spares |
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Export to : |
Western
Europe |
PRODUCTION STATUS
|
Particulars |
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Actual
Production |
|
Ipp |
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|
655 MW |
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Gas Turbine, Siemens Steam Turbine |
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|
254. 5 MW |
GENERAL
INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V Nijhawan Price Waterhouse Chartered Accountants |
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Address : |
Building 8, 7th and 8th Floor, Tower B, Cyber
City, Gurgaon – 122002, Haryana, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000,000 |
Equity Shares |
Rs. 10/-each |
Rs. 10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
728597871 |
Equity Shares |
Rs. 10/-each |
Rs. 7285.979
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7285.979 |
7352.253 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
9551.460 |
12055.278 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
16837.439 |
19407.531 |
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LOAN FUNDS |
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1] Secured Loans |
|
1575.756 |
2014.208 |
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2] Unsecured Loans |
|
3147.676 |
3938.101 |
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TOTAL BORROWING |
|
4723.432 |
5952.309 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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21560.871 |
25359.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
9733.873 |
10894.250 |
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Capital work-in-progress |
|
25.221 |
17.297 |
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INVESTMENT |
|
816.000 |
250.500 |
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DEFERREX TAX ASSETS |
|
1458.036 |
1008.458 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
807.254 |
840.516 |
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Sundry Debtors |
|
1461.268 |
2780.978 |
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Cash & Bank Balances |
|
7958.388 |
10034.120 |
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Other Current Assets |
|
43.598 |
141.156 |
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Loans & Advances |
|
193.161 |
501.153 |
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Total
Current Assets |
|
10463.669 |
14297.923 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
941.112 |
1129.149 |
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Provisions |
|
2.096 |
1.738 |
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Total
Current Liabilities |
|
943.208 |
1130.887 |
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Net Current Assets |
|
9520.461 |
13167.036 |
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MISCELLANEOUS EXPENSES |
|
7.280 |
22.299 |
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TOTAL |
|
21560.871 |
25359.840 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
20000.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.34 |
0.36 |
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Current Ratio (Current Asset/Current Liability) |
|
|
11.09 |
12.64 |
LOCAL AGENCY FURTHER
INFORMATION
BUSINESS
Ipp having 655 MW capacity combined cycle power plant located at
Bharuch, Gujarat, India. This is wholly owned subsidiary of CLP power, Asia.
Main equipments-v94. 2 gas turbine, Siemens steam turbine 254. 5 MW. They procure
spares and services for maintaining their gas turbines & steam turbine. The
annual procurement is in the range of 5-6 million US $.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10020174 |
|
Corporate
identity number of the company |
U40100GJ1992PTC018284 |
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Name of the
company |
GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6th Floor, “Chanakya” Building, off Ashram Road, Ahmedabad
– 380009, Gujarat |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services Branch, Adjoining BOB,
Staff College, College, Opposite Law Garden, Ellisbridge, Ahmedabad – 380009,
Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
06.11.2006 |
|
Amount secured by
the charge |
Rs. 199.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.5 % below Bank
of Baroda Bench Mark Prime Lending rate i.e. 9.00 % p.a. at present on
monthly rests Terms of
repayment Loan is repayable
in 27 quarterly installments each Rs. 7.100 Millions and the last installment
of Rs. 7.300 Millions. First installment due after three months from the date
of first disbursements. Margin The Borrower
shall at times during the continuance of the security keep and maintain such
security in favour of the Bank as may be stipulated by the Bank as per terms
of sanction. Margin of 14 % on the total fixed assets acquired. Extent operation
of the charge Extent and
operation of charge as per hypothecation agreement dated 14.08.2006. now the
bowering is secured by mortgage of immovable property of the company by first
and exclusive charge on immovable property at Nabipur and Haldar by deposit
of title deeds on 6th November 2006 |
|
Short particulars
of the property charged |
Immovable
property of Naphtha storage facility situated at Village Haldar and Nabibur
village land adm. 128379 sq. mts. and buildings appurtenant thereto |
|
Particulars of
the present modification |
Now the borrowing
is secured by mortgage of immovable property of the company by deposit of
title deeds on 6th November 2006 |
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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
54 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|