MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
K PATEL PHYTO EXTRACTIONS PRIVATE LIMITED |
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Registered Office : |
A-101
‘Alaknanda’, Annasaheb Vartak Marg, TPS III, Borivali (West), Mumbai – 400 092 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.10.2004 |
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Com. Reg. No.: |
11-149202 |
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CIN No.: [Company
Identification No.] |
U24230MH2004PTC149202 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK13554C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporters of Phytochemicals and Extracts |
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 40000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track 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 : |
A-101 ‘Alaknanda’, Annasaheb Vartak Marg, TPS III, Borivali (West),
Mumbai – 400 092, |
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Tel. No.: |
91-22-2899 4142, 2898 1431, 2898 6324, 2898 1850 |
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Mobile No.: |
91-9870227527
[Dr. Mahesh K. Bisht] |
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Fax No.: |
91-22-2898
6067, 2899 0583 |
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E-Mail : |
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Website : |
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Factory 1 : |
Village
Talwada, Behind Sales Tax Check Post, Bhilad, N.H. 8, Taluka Umergaon Dist. Valsad, Gujarat - 396 105.
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DIRECTORS
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Name : |
Mr. Meghjibhai Kanjibhai Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
19.08.1936 |
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Date of Appointment : |
21.10.2004 |
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Name : |
Mr. Gopalbhai Kanjibhai Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.01.1945 |
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Date of Appointment : |
21.10.2004 |
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Name : |
Mr. Jitendra Meghji Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.06.1958 |
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Date of Appointment : |
21.10.2004 |
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Name : |
Mr. Girish Meghji Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
08.05.1961 |
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Date of Appointment : |
21.10.2004 |
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Name : |
Mr. Nilesh Gopal Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.05.1971 |
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Date of Appointment : |
21.10.2004 |
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Name : |
Mr. Hitesh Gopal Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.12.1972 |
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Date of Appointment : |
21.10.2004 |
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Name : |
Mr. Parimal Amrutlal Desai |
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Designation : |
Director |
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Address : |
5 A, Prerna Society, Tithal Road, Valsad – 396001, |
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Date of Birth/Age : |
19.09.1959 |
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Date of Appointment : |
01.01.2005 |
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Name : |
Mr. Maheshkumar Morsingh Bisht |
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Designation : |
Director |
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Address : |
65 Rail Vihar, Sector – 30, Noida – 201303, |
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Date of Birth/Age : |
12.05.1962 |
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Date of Appointment : |
01.01.2005 |
KEY EXECUTIVES
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Name : |
Dr. Mahesh K.
Bisht |
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Designation : |
Chief
Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Patel Meghjibhai K. |
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10000 |
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Patel Gopalbhai K. |
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10000 |
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Patel Jitendra M. |
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10000 |
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Patel Girish M. |
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10000 |
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Patel Nilesh G. |
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10000 |
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Patel Hitesh G. |
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10000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Phytochemicals and Extracts |
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Products : |
Ř Phytochemicals Ř Herbal Extracts Ř
Oleoresins |
GENERAL INFORMATION
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Bankers : |
Bank of Sir P M Road Branch, Laxmi Insurance Building, Ground Floor, Sir P M
Road, Mumbai – 400001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kiran Desai and Associates Chartered Accountants |
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Address : |
106, M. K. Bhavan, 300, |
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Associates : |
K. Patel Group Companies |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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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10.000 |
0.600 |
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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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0.031 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.031 |
0.600 |
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LOAN FUNDS |
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1] Secured Loans |
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81.104 |
4.750 |
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2] Unsecured Loans |
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53.700 |
7.873 |
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TOTAL BORROWING |
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134.804 |
12.623 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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144.835 |
13.223 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.701 |
10.180 |
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Capital work-in-progress |
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120.973 |
6.522 |
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INVESTMENT |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.753 |
0.000 |
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Sundry Debtors |
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1.920 |
0.000 |
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Cash & Bank Balances |
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0.580 |
0.064 |
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Loans & Advances |
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9.183 |
0.307 |
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Total
Current Assets |
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12.436 |
0.371 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.259 |
4.028 |
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Provisions |
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0.235 |
0.000 |
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Total
Current Liabilities |
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21.494 |
4.028 |
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Net Current Assets |
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[9.058] |
[3.657] |
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MISCELLANEOUS EXPENSES |
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0.178 |
0.178 |
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Others |
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1.041 |
0.000 |
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TOTAL |
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144.835 |
13.223 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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5.274 |
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Other Income |
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0.000 |
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Total Income |
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5.274 |
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Profit/(Loss) Before Tax |
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0.266 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.266 |
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Earnings in Foreign Currency : |
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Export Earnings |
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5.266 |
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Total Earnings |
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5.266 |
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Expenditures : |
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Interest |
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0.070 |
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Depreciation & Amortization |
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0.456 |
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Other Expenditure |
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4.481 |
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Total Expenditure |
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5.007 |
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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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5.04 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.04 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.60 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
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15.58 |
27.75 |
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Current Ratio (Current Asset/Current Liability) |
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0.58 |
0.09 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
K PATEL PHYTO
EXTRACTIONS PRIVATE LIMITED |
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Presented By |
Mr. Jitendra Patel, Managing Director |
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1) Date and description of instrument creating the change |
Memorandum of
Entry dated 13.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 104.750
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 |
Mortgage by
deposit of title deed on the company’s immovable properties being all that
piece and parcel of land situate lying and being at village Talwada, Taluka
Umbergaon, Dist. Valsad, and bearing the revenue survey no and admeasuring
about 82203 sq. meters together with all buildings and structures thereon
more particularly described in second schedule attached herewith and all
plant and machinery to be installed and to be attached to the earth or
permanently fastened to anything attached to the earth. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : 10.50 % p.a.
with monthly rests subject to change as per bank’s guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Sir p M Road Branch, Sheel Chamber, |
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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 |
90351992 |
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Corporate
identity number of the company |
U24230MH2004PTC149202 |
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Name of the
company |
K PATEL PHYTO EXTRACTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
A-101
‘Alaknanda’, Annasaheb Vartak Marg, TPS III, Borivali (West), Mumbai – 400 092 |
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Type of charge |
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Particular of
charge holder |
Bank of Sir P M Road Branch, Laxmi Insurance Building, Ground Floor, Sir P M
Road, Mumbai – 400001, Maharashtra, India |
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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 |
09.05.2007 |
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Amount secured by
the charge |
Rs. 100.450
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest R.O.I. : 2 % over
BPLR Terms of
repayment As determined by
the bank from time to time Margin As determined by
the bank from time to time Extent operation
of the charge
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Short particulars
of the property charged |
Mortgage by
deposit of title deed on the company’s immovable properties being all that
piece and parcel of land situate lying and being at village Talwada, Taluka
Umbergaon, Dist. Valsad, and bearing the revenue survey no and admeasuring
about 82203 sq. meters together with all buildings and structures thereon
more particularly described in second schedule herewith hypothecation of
stocks, raw materials, packing material etc.
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Date of latest
modification prior to the present modification |
22.08.2005 |
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Particulars of
the present modification |
The present
limits is Rs. 100.450 millions [Term Loan : Rs. 65.700 Millions, Cash Credit
: Rs. 30.000 Millions : LABOD [III Party FDR]: Rs. 4.750 Millions] |
Group Background,
Founded in 1956
The K. Patel Group is a reflection of the dedication and entrepreneurial vision of its founder, Mr. Meghjibhai K. Patel. A dynamic, down to the earth person, he with his indomitable courage and will-power, set out to establish K. Patel foothold into myriad activities successfully.
Mr. Meghjibhai's younger brother Mr. Gopalbhai
K. Patel brushed shoulders with him in his maiden foray into the industrial
manufacturing arena. Thus the concrete foundations of a 'K. PATEL GROUP' were
laid. As the nation progressed, K. Patel group's enterprise grew by leaps and
bounds and during this period the group diversified its business activities in
the manufacturing of viz : Basic dyes and chemicals, Pigments, Specialty
Chemicals, Enameled Copper wires and Real Estate business.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.39.73 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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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63 |
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. |
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 |
|