MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
AGFA INDIA PRIVATE LIMITED |
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Formerly Known As : |
BOMBAY FLAVOURS AND FRAGRANCES PRIVATE LIMITED |
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Registered Office : |
C/O. Bayer Cropscience Limited, Kolshet Road, Thane-400607,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.09.1993 |
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Com. Reg. No.: |
11-74256 |
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CIN No.: [Company
Identification No.] |
U99999MH1993PTC074256 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA05132B |
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PAN No.: [Permanent
Account No.] |
AABCB2567K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Chemicals, Paper, Leather, Petroleum Products etc. |
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 1250000 |
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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 : |
C/O. Bayer Cropscience Limited, Kolshet Road, Thane-400607,
Maharashtra, India |
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Tel. No.: |
91-22-25311973/ 42/ 43/ 25700300 |
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Fax No.: |
91-22-25455092/ 93/ 25703017 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. McGilvray Paul Alan |
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Designation : |
Director |
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Address : |
Sorrento Flat No.7, 4th Floor, Mount Pleasant Road,
Mumbai-400076, Maharashtra |
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Date of Birth/Age : |
26.07.1949 |
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Date of Appointment : |
01.07.1996 |
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Name : |
Mr. Hennecken F. Andreas |
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Designation : |
Director |
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Address : |
Flat No.8, C/D Kanchanjunga, 7th Floor, 72, Peddar Road,
Mumbai-400026, Maharashtra |
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Date of Birth/Age : |
21.01.1962 |
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Date of Appointment : |
07.12.1998 |
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Name : |
Mr. Faust Wolfgang |
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Designation : |
Director |
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Address : |
Kanchanjunga 72, Peddar Road, Mumbai-400026, Maharashtra |
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Date of Birth/Age : |
18.01.1944 |
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Date of Appointment : |
17.02.2000 |
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Name : |
Mr. Jayant V. Athavale |
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Designation : |
Director |
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Address : |
202, Rajgruh Opposite Evpharma Laboratories, Subhash Road, Vile Parle
East, Mumbai-400057, Maharashtra |
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Date of Appointment : |
17.02.2000 |
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Name : |
Mr. Chaitan M. Mahiar |
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Designation : |
Director |
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Address : |
Garden House, Dadyseth, 2nd Corss Lane, Chowpatty
Bandstand, Mumbai-400007, Maharashtra |
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Date of Birth/Age : |
04.12.1935 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mr. Andrea Bergen |
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Designation : |
Director |
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Address : |
Vlaskouter (Kor) 20, 8500, Kortrijk, Belgium |
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Date of Birth/Age : |
22.09.1950 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mr. Suresh Ranganathan |
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Designation : |
Director |
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Address : |
503, Victoria Classic, 35/38 Dalmia Estate, Off P.K. Road, Asha Nagar
Mulund (West), Maharashtra, India |
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Date of Birth/Age : |
22.10.1965 |
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Date of Appointment : |
29.02.2004 |
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Name : |
Mr. Prasad Prabhakar Paranjpe |
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Designation : |
Director |
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Address : |
Accolade CHS, Building 3A, Flat 602, Hajuri Darga Road, Near LIC
Building, Louis Wadi, Thane-400604, Maharashtra, India |
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Date of Birth/Age : |
11.06.1969 |
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Date of Appointment : |
19.07.2006 |
KEY EXECUTIVES
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Name : |
Mr. Prasad Prabhakar Paranjpe |
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Designation : |
Director |
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Address : |
Accolade CHS, Building 3A, Flat 602, Hajuri Darga Road, Near LIC
Building, Louis Wadi, Thane-400604, Maharashtra, India |
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Date of Birth/Age : |
12.06.1969 |
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Date of Appointment : |
05.02.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Narendra P. Upadhyay |
30 |
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Mr. Tarit Mukhopadhyay |
20 |
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Mr. Jayant V. Athavale |
10 |
BUSINESS DETAILS
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Line of Business : |
Dealing in chemicals, Paper, Leather, Petroleum Products etc. |
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Products : |
v Graphic Art
Films v Medical X-Ray
Film v Laser Images |
GENERAL
INFORMATION
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Bankers : |
Deutsche Bank |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
BSR & Associates Chartered Accountants |
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Address : |
KPMG House, Kamla Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
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Holding Company : |
AGFA-GEAVERT N.V. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6470020 |
Equity Shares |
Rs.10/- each |
Rs.64.700
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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64.700 |
64.700 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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265.151 |
159.726 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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329.851 |
224.426 |
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LOAN FUNDS |
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1] Secured Loans |
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0.160 |
200.210 |
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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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0.160 |
200.210 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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330.011 |
424.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.550 |
11.882 |
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Capital work-in-progress |
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4.330 |
2.588 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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18.777 |
13.901 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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274.241 |
274.318 |
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Sundry Debtors |
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313.604 |
310.897 |
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Cash & Bank Balances |
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27.254 |
16.279 |
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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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216.543 |
257.851 |
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Total
Current Assets |
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831.642 |
859.345 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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317.320 |
307.762 |
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Provisions |
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217.968 |
155.318 |
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Total
Current Liabilities |
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535.288 |
463.080 |
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Net Current Assets |
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296.354 |
396.265 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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330.011 |
424.636 |
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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 |
(%) |
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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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1.62 |
2.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.55 |
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
AGFA INDIA PRIVATE LIMITED |
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Presented By |
AGFA
INDIA PRIVATE LIMITED AND DEUTSCHE BANK HAZARIMAL SOMANI MARG, MUMBAI-400001 |
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1) Date and description of instrument creating the change |
23.03.2001 Deed of hypothecation of stocks and book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.260.000 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 |
All the borrower’s present and future stock in trade consisting of stocks of raw materials, goods in process, semi finished and finished goods. Consumable stores, spares etc. which now or hereinafter from time to time during the continuance of these presents shall be the brought in, stored or be in or above the Borrower’s premises or godowns. All the present and future book debts, outstanding, monies receivable, claims, bills, contracts,, engagements, securities which are now due and owing to which may at any time hereinafter, during the continuance of these presents, become due and owing to the Borrower’s in the course of body corporate or by the Government of India or any State Government of Indian Railways or any government department or office. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : Overdraft/Short term Loan : Deutche Bank, Prime Lending Rate prevalent form time to time Import/ Inland Letters of Credit : Market (as mutually agreed) Guarantees : 0.75% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Deutsche Bank |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Website Details :
Subject is amongst the largest Graphic Arts Company in the world. The
company’s head office and parent company are located in Mortsel, Belgium. AGFA
India has a marketing and technical alliance with BASF Printing Systems for
Photopolymer Printing Plates. BASF Printing Systems is a globally active
organization dedicated to providing state-of-the-art flexo and letterpress
solutions for the printing and packaging industry. BASF offers the widest range
of photopolymer plates in the world for flexography, letterpress and gravure
printing, as well as a full line of complete plate-making equipment and
accessories. BASF offers some of the most innovative technology in the world by
taking advantage of BASF's vast expertise in research and development in the
printing, paper and packaging technologies. BASF photopolymer plates provide
excellent print quality in solids, line or halftone for all kinds of print
applications and are available in a wide range of depths for use in both
conventional and digital imaging processes. The areas of application are Label
Printing, Plastic Bags and Corrugated box, Paper sacks, Coating, Printing on
Tins, Tubes and Cups, Pad Printing etc.
Products on Display:
BASF
Photopolymer plates:
nyloflex® - conventional and digital printing plates for flexography
digiflex™ - laser engraveable plates for flexography
Nyloprint®- printing plates for letterpress, embossing and hot foil stamping
Nylograv™ - printing plates for sheetfed gravure, ceramics and pad printing
Nylocoat™ - coating plates for inline/offline varnishing in sheet-fed offset
Agfas’ solution for Pre-Press flexo: - Workflow, Software and Proofing
Aniloxes and Sleeves
Special Feature:
Inline/Offline Embossing and Hot foil Stamping with Nyloprint Photopolymer
Plates
WFQ: New Nyloprint plate for letterpress/label printing
Direct engraving on photopolymer plates
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.44.22 |
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UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.03 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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--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 |
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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 |
|
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 |
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