MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PORUS DRUGS AND INTERMEDIATES PRIVATE LIMITED |
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Registered Office : |
Plot No. 21, Balajiswanuri Colony, Erragadda, Hyderabad-500 018,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
9.12.1996 |
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Com. Reg. No.: |
01-25914 |
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CIN No.: [Company
Identification No.] |
U99999AP1996PTC025914 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP00921E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Drugs and Intermediates. |
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 138000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported as experienced, respectable and resourceful businessman.
Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings as
usual trade term and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 21, Balaji Sarnapuri Colony, Erragadda , Hyderabad, Andhra
Pradesh-500 018 |
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Tel. No.: |
91-40-23412716 |
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Mobile No.: |
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Fax No.: |
91-40-23412715 |
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E-Mail : |
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Corporate Office : |
S V’s Classic Residency, 401, Fourth Floor, 6-3-853/B, Ameerpet,
Hyderabad,-500 016, Andhra Pradesh, India. |
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Tel. No.: |
91-40-23412716, 23412717 |
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Fax No.: |
91-40-23412715 |
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E-Mail : |
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Unit 1 : |
Survey No. 339, Nallabandagudem, Village, Kodad, Nalgonda-508 206,
Andhra Pradesh, India. |
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Tel. No.: |
91-8683-284260 |
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Fax No.: |
91-8683-284430 |
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Unit 2 : |
Survey No. 452/A, Bibinagar, Nalgonda-508 126, Andhra Pradesh, India. |
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Tel. No.: |
91-8685-279374 |
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Fax No.: |
91-8685-278140 |
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Unit 3 : |
Shed No. 2, Pipeline Road, Phase I, I.D.A. Jeedimetla, Hyderabad-500
055, and Andhra Pradesh, India. |
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Tel. No.: |
91-40-23096766 |
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Fax No.: |
91-40-23092685 |
DIRECTORS
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Name : |
Mr. N Purushottama Rao |
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Designation : |
Managing Director |
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Address : |
Plot No. 21, Balaji Swarnapuri Colony, Erragodda, Hyderabad, Andhra Pradesh-500
018. |
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Date of Birth/Age : |
26.05.1955 |
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Date of Appointment : |
01.06.1995 |
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Name : |
Ms. Nal Kumari |
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Designation : |
Director |
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Address : |
Plot No. 21, Balaji Swarnapuri colony, Erragadda, Hyderabad, Andhra
Pradesh-500 018. |
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Date of Birth/Age : |
05.04.1961 |
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Date of Appointment : |
18.07.1994 |
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Name : |
Mr. N Srinivasan |
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Designation : |
Director |
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Address : |
Plot No.21, Balaji Swarnapuri Colony, Erragadda, Hyderabad, Andhra
Pradesh-500 018. |
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Date of Birth/Age : |
01.05.1980 |
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Date of Appointment : |
30.09.1998 |
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Name : |
Ms. N Swetha Hasini |
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Designation : |
Director |
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Address : |
Plot No.21, Balaji Swarnapuri Colony, Erragadda, Hyderabad, Andhra
Pradesh-500 018. |
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Date of Birth/Age : |
26.02.1984 |
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Date of Appointment : |
04.03.2002 |
KEY EXECUTIVES
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Name : |
M/s Krishna Kumar and Associates |
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Designation : |
Company Secretary |
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Address : |
H.No. 2-2-1144/27, Pcakasa Sa’V’’’A Apartments., New Nallakon’a,
Hyderabad- 500 044 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. N Purushottama Rao |
168233 |
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Ms. N.A.L. Kumari |
165900 |
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Ms. N. Swetha Hasini |
162166 |
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Mr. N Srinivasan |
245833 |
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Mr. P. Raja Babu |
21666 |
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Mr. P.Veeraiah Chowdary |
19333 |
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Mr. N Ravindranath |
22000 |
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Mr. M.S.N. Murthy |
4900 |
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Mr. V.V.V. Satyanarayana |
16666 |
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Mr. G. Harish Kumar |
22000 |
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Mr. K Srinivas |
13333 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Drugs and Intermediates. |
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Products : |
Drugs and Intermediates. |
GENERAL
INFORMATION
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Bankers : |
The Cosmos Co Operative Bank Limited 269-270, Shaniwar Peth, Pune, Maharashtra-411 030 |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. G P Rao and Associates. Chartered Accountant |
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Address : |
D3, G44, Shanthi Sikara Apartments, Raj Bhavan Road, Somajiguda,
Hyderabad, Andhra Pradesh-500 082 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10,000,00 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,620,30 |
Equity shares |
Rs.10/- Each |
Rs.8.620
Million |
FINANCIAL DETAILS
IN MILLIONS
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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 |
8.620 |
8.620 |
4.882 |
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2] Share Application Money |
0.000 |
0.000 |
0.815 |
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3] Reserves & Surplus |
60.783 |
53.879 |
26.010 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
69.404 |
62.499 |
31.707 |
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LOAN FUNDS |
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1] Secured Loans |
128.202 |
115.056 |
73.864 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
128.202 |
115.056 |
73.864 |
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DEFERRED TAX LIABILITIES |
14.998 |
14.908 |
6.993 |
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TOTAL |
212.604 |
192.463 |
112.564 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
139.036 |
138.577 |
47.280 |
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Capital work-in-progress |
3.871 |
0.000 |
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INVESTMENT |
1.406 |
1.406 |
0.824 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
35.958
|
22.170 |
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Sundry Debtors |
104.641
|
39.501 |
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Cash & Bank Balances |
0.718
|
1.444 |
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Other Current Assets |
16.465
|
4.443 |
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Loans & Advances |
47.438
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21.698 |
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Total
Current Assets |
205.220
|
89.256 |
113.857 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
120.883
|
29.440 |
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Provisions |
16.114
|
7.425 |
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Total
Current Liabilities |
136.997
|
38.865 |
49.418 |
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Net Current Assets |
68.223
|
52.391 |
64.439 |
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MISCELLANEOUS EXPENSES |
0.068 |
0.089 |
0.021 |
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TOTAL |
212.604 |
192.463 |
112.564 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
538.128 |
384.114 |
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Other Income |
4.182 |
3.465 |
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Total Income |
542.310 |
387.579 |
316.792 |
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Profit/(Loss) Before Tax |
20.266 |
18.996 |
18.061 |
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Provision for Taxation |
8.780 |
7.475 |
4.819 |
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Profit/(Loss) After Tax |
11.486 |
11.521 |
13.242 |
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Expenditures : |
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Financial Charges |
11.007 |
10.650 |
- |
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Depreciation |
17.969 |
15.633 |
- |
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Other Expenses |
493.068 |
342.296 |
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Total Expenditure |
522.044 |
368.583 |
- |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.11
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2.81 |
4.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.76
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4.64 |
5.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.87
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9.25 |
11.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.27 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97
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1.97 |
3.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.49
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1.49 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8:
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Name of the company |
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Presented
By |
The Cosmos
Co-Operative Bank Limited 269/270, Shaniwar
Peth, Pune-411 030. |
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1) Date and description of instrument creating the change |
Date: 06.12.2004 Description:
Hypothecation of tangible goods/ manageable property to secure a demand each credit
account/ demand overdraft account/ Demand loan account. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.65,00,000/- (Rs. Sixty Five
Lakhs Only) |
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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 existing and
future plant and machinery situated at unit- I, II and III. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 11%
Per Annum payable with monthly installments of Rs.1, 45,000/-. |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos
Co-Operative Bank Limited. 269/270, Shaniwar
Peth, Pune-411 030. |
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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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This form is for |
Modification of Charge |
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Charge
identification number of the charge to be modified |
90116444 |
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Corporate
identity number of the company |
U24230AP1996PTC025914 |
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Name of the
company |
PORUS DRUGS AND INTERMEDIATES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 21,
Balajiswanuri Colony, Erragadda, Hyderabad-500 018, Andhra Pradesh, India. |
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Type of charge |
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Particular of
charge holder |
The Cosmos Co
Operative Bank Limited 269-270, Shaniwar
Peth, Pune-411 030, Maharashtra |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
25.04.2007 |
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Amount secured by
the charge |
Rs.184.000
Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
11% Per Annum as per Sanction letter Terms of
repayment
Margin 25% Margin on
Cash/Credit and Bill Discounting limits and 15% for Bank Guarantee and Letter
of credit limit. Extent operation
of the charge Stocks, Book
Debts, Receivables and Plant and Machinery both Existing and future. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
06.12.2004 |
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Particulars of
the present modification |
The earlier charge
is modified by enhancement of cash credit limits of Rs.35.000 Million, Bill
Discounting Limit of Rs.50.000 Million, Bank Guarantee limit of
Rs.10.000Million and LC limit of Rs.24.000 Millions. |
As per the web
details:
Subject is an Indian producer of intermediates and API's for the
bulk drug industry established in 1994 with corporate headquarters in
Hyderabad, Andhra Pradesh, India. The successful matching of technology and
processes with specific needs have allowed us to establish and add a broad
range of products to their portfolio. By constantly striving to keep up with
customer requirements PDIL will continue to build on the emerging business
opportunities.
They can serve as a partner to the pharmaceutical industry in a
variety of ways. custom manufacturing business for pharmaceutical industry has
been their key focus area. They have established a network of partnerships with
companies worldwide making mutual synergetic effects. They can respond to wide
range of client's needs form very small inquiry to commercial quantity under
international quality standards. Their excellent and efficient staff including
experienced and qualified chemists can respond to any inquiries and be of
assistance to find solutions to difficult problems.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.34 |
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UK Pound |
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.57.57 |
SCORE & RATING
EXPLANATIONS
|
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 |
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 |
NO |
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--LITIGATION |
YES/NO |
YES |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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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. |
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 |
|