MIRA
INFORM REPORT
|
Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
STERICAT
GUTSTRINGS PRIVATE LIMITED |
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Registered Office : |
W-40, Greater Kailash Part I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.06.1983 |
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Com. Reg. No.: |
55-15846 |
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CIN No.: [Company
Identification No.] |
U74899DL1983PTC015846 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20550F |
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PAN No.: [Permanent
Account No.] |
AABCS3777L |
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
The
company is engaged in manufacturing, trading, Import and Export of surgical sutures
and medical equipment. |
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 320000 |
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Status : |
Good |
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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. Financial position is good. Trade relations
are fair. Payments are correct and as per commitments. The company is ding
well. It can be considered good for any normal business dealings at usual
terms and conditions. The company can
be regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
W-40, Greater Kailash Part I, |
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Tel. No.: |
91-11-2694 5185 / 2694 3079 |
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Fax No.: |
91-11-2694 2289 |
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E-Mail : |
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Factory 1 : |
E-25,
B-1, Mohan Co-Operative Industrial Estate, |
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Tel. No.: |
91-11-2694 5185 |
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Mobile No. : |
91-9810015026 |
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Fax No.: |
91-11-2694 2289 |
DIRECTORS
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Name : |
Mr.
Vikram Kapahi |
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Designation : |
Managing Director |
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Address : |
W-40, Greater Kailash Part I, |
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Date of Birth/Age : |
15.11.1955 |
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Date of Appointment : |
02.06.1983 |
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Name : |
Mrs.
Indu Kapahi |
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Designation : |
Director |
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Address : |
W-40, Greater Kailash Part I, |
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Date of Birth/Age : |
26.04.1963 |
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Date of Appointment : |
15.06.1999 |
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Name : |
Mrs.
Charanjit Kaur |
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Designation : |
Director |
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Address : |
BN 38, Shalimar Bagh (W), |
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Date of Appointment : |
31.03.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Mrs. Indu
Kapahi |
|
9995 |
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Mr.
Vikram Kapahi |
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11125 |
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Natasha Kapahi |
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850 |
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Mrs.
Charanjit Kaur |
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30 |
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Mr. Varun Kapahi |
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3000 |
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Total |
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25000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
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BUSINESS DETAILS
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Line of Business : |
The
company is engaged in manufacturing, trading, Import and Export of surgical
sutures and medical equipment. |
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Products : |
Surgical
sutures and allied products |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
84 |
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Bankers : |
Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V. K.
Dhinga & Company Chartered
Accountants |
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Address : |
1
E/15, Jhadewalan Extension, |
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Tel. No.: |
91-11-23528511 / 2363825
/ 23536857 / 23550475 |
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Fax No.: |
91-11-23549789 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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48000 |
Equity shares |
Rs. 100 each |
Rs. 4.800 millions |
|
2000 |
Preference shares |
Rs. 100 each |
Rs. 0.200 million |
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Total |
|
Rs. 5.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity shares |
Rs. 100 each |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
78.130 |
62.065 |
48.418 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.630 |
64.565 |
50.918 |
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LOAN FUNDS |
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1] Secured Loans |
5.738 |
0.000 |
2.612 |
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2] Unsecured Loans |
0.070 |
0.070 |
0.070 |
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TOTAL BORROWING |
5.808 |
0.070 |
2.682 |
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DEFERRED TAX LIABILITIES |
3.686 |
3.316 |
2.619 |
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TOTAL |
90.124 |
67.951 |
56.219 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.229 |
36.154 |
29.313 |
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Capital work-in-progress |
11.797 |
1.492 |
0.000 |
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INVESTMENT |
9.972 |
3.275 |
3.166 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.365
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21.193 |
12.132 |
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Sundry Debtors |
27.109
|
26.041 |
26.769 |
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Cash & Bank Balances |
15.553
|
12.125 |
10.500 |
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Other Current Assets |
0.340
|
0.402 |
0.765 |
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Loans & Advances |
6.958
|
2.404 |
2.524 |
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Total Current Assets |
66.325
|
62.165 |
52.690 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
36.199
|
31.552 |
28.756 |
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Provisions |
0.000
|
3.583 |
0.274 |
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Total Current Liabilities |
36.199
|
35.135 |
29.030 |
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Net Current Assets |
30.126
|
27.030 |
23.660 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.080 |
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TOTAL |
90.124 |
67.951 |
56.219 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 [Estimated] |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
180.000 |
115.517 |
97.245 |
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Profit/(Loss)
Before Tax |
NA |
25.079 |
16.002 |
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Provision for Taxation |
NA |
9.198 |
4.492 |
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Profit/(Loss)
After Tax |
NA |
15.881 |
11.510 |
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Export Value |
NA |
87.893 |
68.854 |
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Import Value |
NA |
39.034 |
23.368 |
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Total Expenditure |
NA |
90.439 |
81.243 |
KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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13.75 |
11.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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21.71 |
16.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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25.51 |
19.51 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.39 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.52
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0.55 |
0.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.83
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1.77 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
Ř
Leasehold
land
Ř
Building
Ř
Plant
and machinery
Ř
Electric
Installation
Ř
Office
equipments
Ř
Computer
Ř
Intangible
assets
Ř
Furniture
and Fixture
Ř
Vehicles
Business
represents company's from
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Name of the company |
STERICAT GUTSTRINGS PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Corporate Guarantee Agreement dated 26.10.2002 registered on 25.11.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.894 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 |
Floating charges an all assets of the company both present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
A corporate guarantee has been given by the company guaranteeing payment of all amount payable under various credit facilities granted to M./s X-L Orthormed Private Limited by way of cash credit limit of Rs. 0.600 millions and Terms loan of Rs. 0.294 millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Corporate Guarantee agreement dated 10.03.2004 for Rs. 0.300 millions |
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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 corporate guarantee of the company stands extended to guarantee all amounts payable under the enhancement in cash credit limit by Rs. 0.300 millions granted to X-L Oxthormed Private Limited together with all interests, costs, charges, expenses etc. Other terms and conditions remained the same. |
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Name of the company |
STERICAT GUTSTRINGS PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Corporate Guarantee Agreement dated 26.10.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.894 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 |
Floating charges an all assets of the company both present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
A corporate guarantee has been given by the company guaranteeing payment of all amount payable under various credit facilities granted to M./s X-L Orthormed Private Limited by way of cash credit limit of Rs. 0.600 millions and Terms loan of Rs. 0.294 millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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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 |
STERICAT GUTSTRINGS PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Corporate Guarantee Agreement dated 26.10.2002 registered on 25.11.2002 modified on 10.03.2004 for extension of corporate guarantee of the company to secure all amount payable under the enhancement in cash credit limit by Rs. 0.300 millions modification on 24.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.894 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 |
Floating charges an all assets of the company both present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
A corporate guarantee has been given by the company guaranteeing payment of all amount payable under various credit facilities granted to M./s X-L Orthormed Private Limited by way of cash credit limit of Rs. 0.600 millions and Terms loan of Rs. 0.294 millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Corporate Guarantee agreement dated 26.10.2004 |
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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 corporate guarantee of the company stands extended to guarantee all amounts payable under the enhancement of Rs. 0.500 millions in cash credit limit by Rs. 1.000 millions granted to X-L Oxthormed Private Limited together with all interests, costs, charges, expenses, commission etc. Other terms and conditions remained the same. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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/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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|