MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MERCURY GRANITES PRIVATE LIMITED |
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Registered Office : |
282, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.10.1999 |
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Com. Reg. No.: |
54392 |
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CIN No.: [Company
Identification No.] |
U14102TN1999PTC54392 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM06703F |
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PAN No.: [Permanent
Account No.] |
AADCM5315W |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer. |
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 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. 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 : |
282, |
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Tel. No.: |
91-44-25340061/ 25340081 |
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Fax No.: |
91-44-25340435 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sandeep Kumar Sodhani |
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Designation : |
Director |
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Address : |
Vrundavan, Ricco Colony, |
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Date of Appointment : |
14.10.1999 |
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Name : |
Mr. Harish Taparia |
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Designation : |
Director |
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Address : |
4, Gopala Puram, |
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Date of Appointment : |
01.02.2002 |
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Date of Ceasing : |
01.10.2004 |
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Name : |
Mr. Dilip Kumar Mehta |
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Designation : |
Director |
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Address : |
13, |
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Date of Appointment : |
31.03.2003 |
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Name : |
Mr. Anurag Taparia |
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Designation : |
Director |
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Address : |
4, Gopala Puram, |
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Date of Appointment : |
15.05.2003 |
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Name : |
Mr. Shiv Prakash Goenka |
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Designation : |
Director |
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Address : |
282, |
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Date of Appointment : |
10.06.2004 |
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Name : |
Mr. Samir Goenka |
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Designation : |
Director |
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Address : |
282, |
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Date of Appointment : |
10.06.2004 |
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Name : |
Mr. Binod Kumar Choudhary |
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Designation : |
Director |
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Address : |
282, |
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Date of Appointment : |
10.06.2004 |
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Name : |
Capt. S S Murthy |
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Designation : |
Director |
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Address : |
Flat No.1, Ahuja Ragency, No.1, |
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Date of Appointment : |
10.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Chandra Purbla |
10 |
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Mr. Badrilal Kakani |
10 |
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Mr. J C Sodhani |
335000 |
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Mr. Dilip Kumar Sodhani |
4980 |
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Mrs. Sahan Devi Sodhani |
100000 |
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Mr. Kamlesh Baldeva |
10000 |
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Roshan Housing Projects Private Limited |
450000 |
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Alliance Minerals Private Limited |
1650000 |
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Mr. Krishna Taparia |
100000 |
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Mr. Harish Taparia |
57500 |
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Mr. Anurag Taparia |
100000 |
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Mr. Ansu Taparia |
100000 |
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Mr. Jai Taparia |
92500 |
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Total |
3000000 |
All the shares are held by Bodies Corporate.
BUSINESS DETAILS
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Line of Business : |
Manufacturer. |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Punjab National Bank, Purasawalkam Branch, Chennai-600084 |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
R Subramanian & Company Chartered Accountants |
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Address : |
No.28C, |
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Holding Company : |
Alliance Minerals Private Limited |
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Associates/Subsidiaries : |
Mannah Tradelinks Private Limited Vrundavan Ricco Colony, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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50.000 |
30.000 |
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2] Share Application Money |
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2.231 |
4.505 |
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3] Reserves & Surplus |
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7.501 |
1.844 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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59.732 |
36.349 |
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LOAN FUNDS |
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1] Secured Loans |
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97.251 |
82.568 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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97.251 |
82.568 |
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DEFERRED TAX LIABILITIES |
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1.707 |
1.328 |
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TOTAL |
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158.690 |
120.245 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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80.154 |
88.375 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.030 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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59.203 |
43.015 |
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Sundry Debtors |
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32.994 |
7.997 |
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Cash & Bank Balances |
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1.537 |
4.423 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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17.757 |
11.313 |
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Total
Current Assets |
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111.491 |
66.748 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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32.723 |
34.537 |
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Provisions |
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0.235 |
0.375 |
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Total
Current Liabilities |
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32.958 |
34.912 |
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Net Current Assets |
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78.533 |
31.836 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.004 |
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TOTAL |
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158.690 |
120.245 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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150.000 |
100.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.18 |
3.23 |
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Current Ratio (Current Asset/Current Liability) |
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3.38 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
MERCURY GRANTIES PRIVATE LIMITED |
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Presented
By |
THE MANAGER, PUNJAB NATIONAL BANK,
PURASWALKAM BRANCH, CHENNAI-600084 |
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1) Date and description of instrument creating the change |
All instruments pertaining to a single charge dated 10.07.2004. Hypothecation agreement of movable assets forming part of fixed/ block assets Hypothecation of assets to secure term loans Packing credit agreement (Hypothecation) FOBP/ FOUBP Agreement Deed of hypothecation to secure LC on DA basis General counter indemnity |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Primarily secured by hypothecation of movable property of any kind, machinery, all products, goods and stock of raw materials, semi finished goods, and finished goods of the company brought and stored in the premises of or godowns at Plot No.124-129, 110-115, IIDC (APIIC), Tada, Nellore or any other godown or godowns or be in course of transit from one godown to another or wherever else entire block of assets including land and building and miscellaneous fixed assets, present and future, including entire stocks, book debts, loans and advances. Hypothecation of goods/ assets represented by documents drawn/ covered under letter of credit various raw materials, stock in process and semi finished goods, finished goods including granites and packing materials. All the above properties/ assets of the company were offered as security to cover the limit of Rs.147.500 millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Term loan : BPLR +0.5% OBR minimum of BPLR +0.5% and repayable in 16 equal quarterly installments of Rs.2.850 millions Packing credit : @ 7.50% p.a. at monthly rest. FOBP/ FOUBP : Overdue interest @ 2% p.a. over and above clean advance rate of the bank with minimum of 14.25% p.a. with monthly rests. LC : @ BPLR +3.50% commission @7.5% per quarter or part thereof minimum tow quarters. Margin : Term Loan : 25% Packing Credit – 25% LC – 10% |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank Purasawalkam Branch Chennai-600084 |
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6) Date and brief description of instrument modifying the charge |
Deed of hypothecation to secure LC on DA basis dated 16.02.2006 |
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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. |
The total credit facilities extended by the bank to the company has been enhanced from Rs.157.500 millions to Rs.167.500 millions as per the details given hereunder :
The securities so far offered kept at borrower’s premises situated at Tade in the state of Andhra Pradesh or any other godown or godowns or be in course of transit from one godown to another or wherever the same may be is continued to be extended for the above enhanced limit of Rs.167.500 millions and there is no change in the other terms and conditions. |
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 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.40.46 |
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1 |
Rs.81.55 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
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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