MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MCC PTA CORPORATION INDIA PRIVATE LIMITED |
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Registered Office : |
22, Camac Street, Block – C, 4th Floor, Kolkata – 700016,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.02.1997 |
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Com. Reg. No.: |
088796 |
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CIN No.: [Company
Identification No.] |
U24299WB1997PTC088796 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM03777E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Purified Terephthalic Acid (PTA) |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 28262840 |
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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. The financial position of the company is good. The company has achieved substantial growth in its business and profits during the financial year 2004. Directors are well-experienced and respectable businessmen. Their trade relations are fair. 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 : |
22, Camac Street, Block ‘C’, 4th Floor, Kolkata – 700 016, West Bengal, India |
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Tel. No.: |
91-33-22836300-05/22462490-94/97-99/22836301 |
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Fax No.: |
91-33-22808470/22462467/9138/22836299 |
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E-Mail : |
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Area : |
5,000 sq.ft. |
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Location : |
Owned |
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Factory / Warehouse: |
Haldia, Mouza Alichak, J L # 128, District Midnapore – 721 602, West Bengal |
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Tel. No.: |
91-3244-275355/275572-73 |
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Fax No.: |
91-3244-275356/275574 |
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Area : |
200 acre |
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Location : |
Leased |
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DIRECTORS
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Name : |
Mr. Eiichi Ono |
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Designation : |
Director |
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Address : |
6-30-15-101, Shimouma, Setagaya – KU Tokyo – 1540002 |
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Date of Birth/Age : |
14.11.1940 |
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Date of Appointment : |
12.06.2003 |
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Name : |
Mr. Yoshihiro Ikegawa |
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Designation : |
Managing Director |
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Address : |
12, Ashoka Road, West Bengal Kolkata– 700027 West Bengal India |
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Date of Birth/Age : |
01.07.1960 |
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Date of Appointment : |
23.04.2006 |
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Name : |
Dr. Debi Prasad Patra |
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Designation : |
Managing Director |
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Address : |
CJ 332, Sector II, Saltlake, West Bengal, Kolkata – 700091 West Bengal
India |
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Date of Birth/Age : |
06.10.1955 |
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Date of Appointment : |
02.07.2003 |
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Name : |
Mr. Yoshinori Kasal |
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Designation : |
Whole Time Director |
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Address : |
MCC PTA Housing Complex, Azad Hind Nagar, P.O.Hatiberia Via Debhos,
Haldia - 721607 |
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Date of Birth/Age : |
25.02.1953 |
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Date of Appointment : |
30.03.2004 |
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Name : |
Mr.Naohisa Komaya |
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Designation : |
Whole Time Director |
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Address : |
12 Ashoka Road, Alipore, West Bengal |
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Date of Birth/Age : |
12.01.1962 |
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Date of Appointment : |
23.042005 |
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Name : |
Mr. Toshikazu Yamabe |
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Designation : |
Director |
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Address : |
33-5, Hayashi 2 – Chome, Kanagawa Prefecture, Atsugi - 2430816 |
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Date of Birth/Age : |
12.02.1949 |
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Date of Appointment : |
02.04.2001 |
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Name : |
Mr. Hiroki Satoh |
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Designation : |
Director |
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Address : |
22-83-702, Yotsuya -4, Shinjuku – KU, Tokyo – 1600004 |
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Date of Birth/Age : |
01.02.1953 |
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Date of Appointment : |
28.04.2006 |
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Name : |
Mr. Shotaro Goda |
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Designation : |
Director |
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Address : |
3-15-301, Funado 1 – Chome, Abiko, Chiba- 2701158 |
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Date of Birth/Age : |
28.10.1960 |
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Date of Appointment : |
02.04.2001 |
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Name : |
Mr. Sachio Kaneki |
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Designation : |
Director |
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Address : |
1-22-19, Okusawa, Setagaya – KU, Tokyo – 1580083 |
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Date of Birth/Age : |
19.10.1957 |
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Date of Appointment : |
11.07.2003 |
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Name : |
Mr. Eisuke Sasaki |
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Designation : |
Director |
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Address : |
2-3-9-206, Kichijojikitamachi, Musashino, Tokyo – 1800001 |
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Date of Birth/Age : |
13.02.1965 |
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Date of Appointment : |
10.11.2004 |
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Name : |
Mr. Michifumi Watanabe |
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Designation : |
Director |
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Address : |
5-5-7-202, Matsubara, Setagaya – KU, Tokyo – 1560043 |
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Date of Birth/Age : |
08.03.1952 |
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Date of Appointment : |
11.07.2003 |
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Name : |
Mr. Debasish Som |
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Designation : |
Director |
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Address : |
53/2, Ballygunge Place, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
09.03.1960 |
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Date of Appointment : |
30.06.2006 |
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KEY EXECUTIVES
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Name : |
Mr. Yoshihiro Umeha |
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Designation : |
Chief Executive officer |
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Address : |
Room # 135, Taj Bengal, 34-B, Belvedere Road, Kolkata – 700027 |
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Date of Birth/Age : |
15th March 1955 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mitsubishi Chemical Corporation |
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404,677,350 |
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West Bengal Industrial Development Corporation Limited |
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30,657,375 |
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Mitsubishi Corporation |
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55,183,275 |
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Sojitz Corporation |
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49,051,800 |
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Marubeni Corporation |
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30,657,375 |
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Toyota Tsusho Corporation |
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30,657,375 |
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Sumikin Bussan Corporation |
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12,262,950 |
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Total |
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613,147,500 |
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Category |
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Percentage
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Government Companies |
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5.00 |
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Foreign holdings (Foreign institutional investor(s), Foreign
companies(s), Foreign financial institution(s), Non-resident Indian(s), or
Overseas corporate bodies or Other |
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95.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Purified Terephthalic Acid (PTA) |
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Terms : |
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Selling : |
Cash, Credit and Contract Basis |
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Purchasing : |
Cash, Credit and Contract Basis |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Purified Terephthalic Acid |
MT |
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470000 |
431829 |
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GENERAL
INFORMATION
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Customer : |
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No. of Employees : |
Total 182 persons |
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Bankers : |
2, Brabourne Road, Kolkata – 700 001, West Bengal
Kanak Building, 41, Jawaharlal Nehru Road, Kolkata – 700 001, West Bengal
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and company Chartered Accountants (Rahul Roy, Partner, Membership No. 53956) |
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Address : |
22, Camac Street, Block – C, 3rd Floor, Kolkata – 700016,
West Bengal |
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Tel No.: |
91-33-22811224 |
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Fax No.: |
91-33-22817750 |
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Associates/Subsidiaries : |
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Holding Company: |
Mitsubishi Chemical Corporation, Japan |
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Parents Company : |
Mitsubishi Chemical Corporation, Dai-ichi Tamachi Building, 33-8, Shiba 5-chome, Minato-ku, Tokyo 108-0014, Japan. Tel No. : 81 3-6414-3730 Fax No : 81 3-6414-3745 |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000000 |
Equity shares |
Rs.10/- each |
Rs.10000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
613147500 |
Equity shares |
Rs.10/- each |
Rs.6131.475
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6131.475 |
6131.475 |
6131.475 |
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2] Reserves & Surplus |
934.235 |
1157.440 |
758.059 |
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3] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7065.710 |
7288.915 |
6889.534 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
158.540 |
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2] Unsecured Loans |
3188.726 |
3286.758 |
4473.783 |
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TOTAL BORROWING |
3188.726 |
3286.726 |
4632.323 |
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DEFERRED TAX LIABILITIES |
1324.240 |
1389.050 |
3411.662 |
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TOTAL |
11578.676 |
11964.723 |
14933.519 |
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FIXED ASSETS [Net Block] |
9075.716 |
9675.847 |
10030.666 |
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Capital work-in-progress |
2287.057 |
35.475 |
65.600 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
1246.690 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3821.844 |
2193.683 |
1945.648 |
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Sundry Debtors |
1556659 |
1997.724 |
1961.443 |
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Cash & Bank Balances |
2369.213 |
2787.965 |
2411.983 |
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Other Current Assets |
8.526 |
24.180 |
19.104 |
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Loans & Advances |
1218.174 |
355.165 |
200.758 |
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Total
Current Assets |
8974.416 |
7356.717 |
6538.936
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8744.107 |
4705.935 |
652.187 |
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Provisions |
14.406 |
399.381 |
2303.740 |
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Total
Current Liabilities |
8758.513 |
5104.316 |
2955.927
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Net Current Assets |
215.903 |
2253.401 |
3583.009
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
7.554 |
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TOTAL |
11578.676 |
11964.723 |
14933.519 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
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Sales Turnover |
15736.154 |
17330.783 |
15949.691 |
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Other Income |
793.194 |
325.841 |
0.000 |
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Total Income |
16529.348 |
17656.624 |
15949.691 |
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Profit/(Loss) Before Tax |
(279.601) |
1238.008 |
2352.888 |
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Provision for Taxation |
56.396 |
439.240 |
1048.515 |
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Profit/(Loss) After Tax |
(223.205) |
798.762 |
1304.373 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
0.000 |
0.000 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
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Other Earnings |
373.097 |
578.189 |
403.813 |
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Total Earnings |
373.097 |
578.189 |
403.813 |
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Imports : |
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Raw Materials |
14557.819 |
13363.277 |
0.000 |
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Stores & Spares |
181.144 |
131.734 |
0.000 |
|
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Capital Goods |
106.874 |
8.888 |
0.000 |
|
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Packing Materials |
5.770 |
11.734 |
0.000 |
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Others |
0.000 |
0.000 |
0.000 |
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Total Imports |
14851.607 |
13515.633 |
0.000 |
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Expenditures : |
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Depreciation |
742.381 |
719.949 |
0.000 |
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Financial Charges |
148.636 |
137.099 |
0.000 |
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Other Expenditure |
593.745 |
582.850 |
0.000 |
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Total Expenditure |
15917.932 |
15561.568 |
0.000 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
1.35 |
4.52 |
8.178
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Net Profit Margin (PBT/Sales) |
(%) |
1.77 |
7.14 |
15.063
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.54 |
7.26 |
13.157
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Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.16 |
0.341
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Debt Equity Ratio (Total Liability/Networth) |
|
1.69 |
1.15 |
1.104
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Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.44 |
2.212
|
LOCAL AGENCY
FURTHER INFORMATION
Form
8
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Corporate
identity number (CIN) Foreign company registration number |
U24299WB1997PTC088796 |
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Name of the
Company |
MCC PTA INDIA
CORPORATION PRIVATE LIMITED |
|
Address |
22, Camac Street, Block ‘C’, 4th Floor, Kolkata – 700 016, West Bengal, India |
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This form is for |
Modification of
charge |
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Type of Charge |
·
Immovable
property ·
Book debts ·
Movable
Property (not being pledge) |
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Particulars of
the charge holder |
State Bank of
India Corporation Accounts
Group Branch, 34, JL Nehru Road, Kolkata-700071, West Bengal, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
No instrument was
executed, but mortgage was extended by constructive delivery and deposited of
title deeds on 8 June, 2007, in the office of the State Bank of India,
Corporation Accounts Group Branch, 34, JL Nehru Road, Kolkata-700071 (A copy
of the memorandum of entry dated 8 June, 2007 is enclosed.) |
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Date of the
instrument creating or modifying the charge |
08.06.2007 |
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Amount secured by
the charge |
Rs.2500.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Collateral Security: 2nd charge over the fixed assets of
the company ranking after and subservient to the charge favoring the terms
lenders of the company.
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Short particulars
of the property charged (including location of the property) |
All present and
future goods, book debts and all other movable assets of the borrower listed in
the Schedule to the Agreement as also specified hereunder by way of 1st
charge and all immovable properties by way of 2nd charge. More
fully described in annexure II attached herein. |
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Particular of the
present modification |
By this
modification the overall limit remains same at Rs.2500 Million, but mortgage
in extended from Rs.1350 Million upto Rs.2500 Million by constructive
delivery and deposited of title deeds of the immovable properties situated at
mouza bhuniaraichak, Anandchak/Krishnachak, Alichak,
Jhikurkhali,Biswanathdutterchak,Ratnagudarchak, and Purbaraghunathchak all in
the district of purbamidnapur west Bengal more fully described in annexurell
attached herein. |
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Presented By |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of goods and assets dated 30.03.2000.(read with letter
regarding of individual limits within the overall limit dated 30.03.2000
which forms part of the Agreement. As modified on:
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.125.000
Millions Nature of
facilities Limit Cash Credit
(including working Rs.850.000
Millions Capital Demand
loans) Export packing
Credit Rs.250.000
Millions (Within Cash
Credit) Letters of
Credit
Rs.200.000 Millions Bank
Guarantee
Rs.200.000 Millions Overall
Limit
Rs.1250.000 (Rupees One Hundred Twenty Five Crores
Only) |
|
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 Present and
future goods book debts and all other movable assets of the borrower listed
in the schedule to the agreement as also specified hereunder including
documents of title to the goods. Outstanding money receivable including
receivable by way of cash assistance and/or scheme claims including claims by
way of refund customer excise duties under the duty drawback Credit scheme or
any other scheme bills, invoices documents contracts insurance policies
thereto guarantee agreement securities investment and right belonging to or
in the possession or under the control of the borrow where in possessions of
the borrower whether lying stores and kept whether in possession of the
borrower or of the bank or of any third party whether in India or elsewhere
thought the worlds including all such
goods as may be in course of shipment, transit or delivery by way of first
charge (Subject, however, to any charge in favour of any third party which
may been notifies by the borrower and accepted by the bank as having property
over its own charge). Schedule: The whole of the
borrower current assets namely stocks of raw materials, semi finished and finished
goods, consumable stores and spares, book debts and receivable and such other
movable assets, present and future, whether lying stirred and kept and / or
shall hereinafter from time to time during the continuance of the security of
theses presents be thought in to or be stored or be in or about the borrower
premises or godowns situated in halide in the state of west Bengal or
wherever else the same may be or held by any party to the order or
disposition of the borrower (including any or all such goods and assets in
course of shipment, transit or delivery) By modification
dated 23.02.2001, additional securited is crested by way of joint mortgage by
deposited of title deeds of the immovable properties situated at mouza
bhuniaraichak,anandachak, krishnachak, alichak band purabaraghunathchak all
in the district of midnapore west Bengal for the sum of Rs. 125.00 Crores. By modification
dated 12.09.2002 joint mortgage was extended by constructively delivery
property situated at mouza bhuniaraichak,anandachak, krishnachak, alichak
band purabaraghunathchak all in the district of midnapore. The joint
mortgage referred above is by way of second charge ranking subservient to the
charge created to be created in favors of the term lpan lenders. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Borrower
shall not do or allow anything which may prejudice the security and shall
comply with the terms and conditions of the agreements. The Bank reserves
the right to charge the interest commission discount costs and charge at such
rate as may to determined by the bank from time to time for the respective
credit facilities according to banking norms and RBI guidelines the present
rate of interest being- Cash credit:
1.75% over SBAR effective rate 13.75% plus interest tax at quarterly rests. Export packing
credit (Within Cash Credit) : 10.00% upto 180 days 13.00% beyond days and
upto 270 days. Margin: 25% of
raw materials stock-in-process finished goods consumable stores and spares
and book debts (upto 90 days) and 10% stock for export. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Corporation
Accounts Group Branch, 34, JL Nehru Road, Kolkata-700071, West Bengal, India |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement of hypothecation of goods and assets for increase in the overall
limit dated 24.09.2003 |
|
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. |
By this
modification the overall limit is enhanced from Rs.135.00 Crores to Rs.250.00
Crores with details of credit facilities as specifies below. Nature of facilities
Limit Cash and
Credit
Rs.2100.00 Millions (including
working capital demand Loans) Export packing
Credit/ Foreign Bill Rs. 2100.00 Millions Discounting
(Within Cash Credit) Letters of
credit
Rs. 200.00 Millions Bank
Guarantee
Rs. 200.00 Millions Overall
limit
Rs. 2500.00Millions Interest eligible
is modified to for cash credit SBAR Current @ 10.35 % at monthly rests. For export
packing credit/ Foreign Bill Discounting (Within Cash Credit) EPC: upto 180
days : 2.65% below SBSTAR currently 7.35%p.a. with monthly rests; Beyond 180 days
and upto 270 days: 0.35 % above SBSTAR currently @ 10.35% P.A. with monthly
rests. FBD: for demand bills and usance bills upto
90 days: 2.50% below SBSTAR currently 7.50%p.a. For beyond 90
days upto 180 days 0.50% above SBSTAR currently 10.50% p.a. Margin and all other
terms and conditions continue to remain as before in full force and effect, |
HISTORY:
Subject was originally incorporated on 19th February, 1997 at New Delhi having Company Registration Number 55-85248.
The company’s registered office was shifted to Kolkata in West Bengal w.e.f. 15th February, 1999 and a new Company Registration Number 21-88796 of Kolkata ROC was obtained.
BUSINESS:
Subject is engaged in manufacturing of Purified Terephthalic Acid (PTA) product.
The Polyster Film was further processed to produce audio/video tapes, X-ray films, photographic films, cine films, packaging films, metgalised films and so on. Bottle grade PET resins are used a aseptic bottles for packing mineral water, carbonated drinks, vegetable oils, cosmetics, toiletries, tea, coffee and so on.
Generic Name of Principal Product/Service of the company are :-
· Purified Terephthalic Acid
· Scrap
The company’s major customers include manufacturers, wholesalers and government bodies.
The company promoted Rs. 16000 millions plant to manufacturer purified terephthalic acid was inaugurated by Mr. Jyoti Basu –Honourable Chief Minister of West Bengal on 11th April, 2000. The commercial production has started from 1st April 2000
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 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.39.29 |
|
UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|