MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ESDEE PAINTS LIMITED |
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Registered Office : |
203, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.09.1979 |
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Com. Reg. No.: |
11-21670 |
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CIN No.: [Company
Identification No.] |
U24222MH1979PLC021670 |
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IEC No.: |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04963A |
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PAN No.: [Permanent
Account No.] |
AAACE1378A |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of Paints and Enamels |
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 1741428 |
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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 records. 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 : |
203, |
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Tel. No.: |
91-22-25517982 |
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Fax No.: |
91-22-25561988 |
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E-Mail : |
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Godown : |
106-108, 156-158 Mahagujarat Industrial Estate, District
Ahmedabad, |
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Factory 1 : |
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Tel. No.: |
91-22-25341251 / 97 |
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Factory 2 : |
2013, GIDC, Vatva, Ahmedabad, |
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Tel. No.: |
91-79-2583 0857 / 2583 0339 |
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Branches : |
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Godown : |
106-108, 156-158 Mahagujarat Industrial Estate, District
Ahmedabad, |
DIRECTORS
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Name : |
Mr. Mahavir Ganeshlal Dawra |
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Designation : |
Managing Director |
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Address : |
8, Raniview, Chembur, Mumbai – 400 071 |
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Date of Birth/Age : |
02.09.1951 |
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Date of Appointment : |
12.09.1979 |
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Tel No. |
91-22-25341251/97 |
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Fax No. |
91-22-25384755/25561988 |
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Name : |
Mr. Shekhar Ganeshlal Dawra |
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Designation : |
Director |
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Address : |
8, Raniview, Chembur, Mumbai - 400 071 |
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Date of Birth/Age : |
13.03.1954 |
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Date of Appointment : |
12.09.1979 |
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Name : |
Mr. Sharad Ganeshlal Dawra |
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Designation : |
Director |
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Address : |
8, Raniview, Chembur, Mumbai - 400 071 |
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Date of Birth/Age : |
28.03.1955 |
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Date of Appointment : |
12.09.1979 |
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Name : |
Mr. Ajabdevi Ganeshlal Dawra |
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Designation : |
Director |
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Address : |
8, Raniview, Chembur, Mumbai - 400 071 |
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Date of Appointment : |
12.09.1979 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mrs. Ajabdevi G. Dawra |
12130 |
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Mr. Mahavir G. Dawra |
13530 |
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Mr. Shekhar G. Dawra |
10760 |
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Mr. Sharad G. Dawra |
13065 |
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Ms. Rekha S Doshi |
160 |
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M/s. Ganesh Chemicals Private Limited |
130 |
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Mr. Mitto M. Dawra |
725 |
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Ms. Malini M. Dawra |
725 |
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Ms. Varsha M Dawra |
660 |
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Mr. Rahul S. Dawra |
1125 |
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Mrs. Bela S. Dawra |
4100 |
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Mr. Sharad G. Dawra (HUF) |
465 |
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Mrs. Swarnalata M. Dawra |
3065 |
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Mr. Mahavir G. Dawra (HUF) |
465 |
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Mr. G G Dawra (HUF) |
465 |
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Mr. Ketkt S Dawra |
865 |
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M/s. Ganesh Industries |
18000 |
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M/s. Ganesh Warehousing & Transport Agency |
12530 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of Nitro-Cellulose Lacquers Synthetic Enamels, Silk Screen Inks and other Industrial Finishes, Synthetic Paints, Putty/Filler, SS Ink, Water Base Paint, Bituminous Black. Rubbing Compound, Glues and Adhesives and Thinners. |
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Products : |
v Enamel v Lacquer v Thinner |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
450 |
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Bankers : |
v Canara Bank, Chembur Branch, Mumbai - 400 074 v
Bank of v
Bank of v
State Bank of v
State Bank of v ICICI Bank v
Bank of v Ahmedabad Co-op Mercantile Bank |
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Auditors : |
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Name : |
Chandulal M. Shah & Company Chartered Accountants |
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Address : |
304, Maker Bhavan No. 3, 21, New Marine Lines, Mumbai - 400 020 |
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Memberships : |
v
Federation of Association of Small Industries
of v Indian Paint & Allied Industries Association |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- Each |
Rs. 30.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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99965 |
Equity Shares |
Rs. 100/- Each |
Rs. 9.996
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.997 |
9.997 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
425.360 |
381.980 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
435.357 |
391.977 |
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LOAN FUNDS |
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1] Secured Loans |
66.604 |
38.035 |
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2] Unsecured Loans |
16.600 |
18.322 |
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TOTAL BORROWING |
83.204 |
56.356 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
518.561 |
448.334 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
114.210 |
108.199 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
263.346 |
241.526 |
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Sundry Debtors |
186.803 |
145.898 |
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Cash & Bank Balances |
49.181 |
34.269 |
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Other Current Assets |
0.203 |
0.099 |
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Loans & Advances |
91.211 |
98.385 |
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Total
Current Assets |
590.744 |
520.177 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
127.402 |
80.743 |
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Provisions |
58.992 |
99.300 |
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Total
Current Liabilities |
186.394 |
180.043 |
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Net Current Assets |
404.350 |
340.134 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
518.561 |
448.334 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2005 |
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Sales Turnover |
1064.491 |
882.763 |
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Other Income |
5.901 |
29.081 |
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Total Income |
1070.392 |
911.844 |
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Profit/(Loss) Before Tax |
64.457 |
91.055 |
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Provision for Taxation |
22.893 |
35.062 |
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Profit/(Loss) After Tax |
41.564 |
55.993 |
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Imports : |
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Total Imports |
276.332 |
197.906 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
66.230 |
58.974 |
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Financial charges |
13.251 |
10.324 |
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Raw Material Consumed |
803.522 |
685.676 |
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Personnel expenses |
19.429 |
16.957 |
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Selling and distribution expenses |
92.140 |
76.010 |
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Increase/(Decrease) in Finished Goods |
2.106 |
39.774 |
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Depreciation & Amortization |
13.505 |
12.622 |
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Total Expenditure |
981.321 |
837.617 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.88
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6.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.05
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10.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.14
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14.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.62
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0.60 |
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Current Ratio (Current Asset/Current Liability) |
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3.17
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1.52 |
LOCAL AGENCY FURTHER INFORMATION
The company's fixed assets of important value include laboratory equipment, electrical installation, car, scooter and sumo, office building and plant & machinery.
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Name of the company |
ESDEE PAINTS LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Hypothecation cum loan agreement of plant and machinery, stock and
book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000 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 |
By first of hypothecation on All existing tangible movable plant, machinery in case at site or in
transit or which may at any time during the continuance of this security
being installed. Hypothecation agreement or wherever else the same may be or
be held by anywhere to the order and disposition of the company or in course
of transit to the company All tangible movable properties and the assets of whatsoever nature of
the company. Hypothecation agreement, wherever situate and which any time
during the continuance of this security being installed or lying loose or in
case or being in or upon or about the company’s All the present and future book debts, outstanding money may any time
hereafter during the continuance of the security |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interests @ 1% over BOI PLR Minimum 11.75% with monthly rests. Further
interest of 2% on overdue amount of default in repayment Margin – 25% against raw material 20% plant & Machinery Others terms and conditions The security to operate as a continuing security Borrower to insure the hypothecation assets and certain immovable
property The company individual director to furnish to the bank certain stamped
Banks right to enter the borrowers premises conditions as to lien
& set |
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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 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.84 |
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1 |
Rs.80.47 |
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Euro |
1 |
Rs.54.32 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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50 |
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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