MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
KORTEN PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
1 A, Ojha Niwas, Patel Estate Marg, Jogeshwari (West),
Mumbai – 400 102, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.11.1990 |
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Com. Reg. No.: |
11-58797 |
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CIN No.: [Company
Identification No.] |
U24239MH1990PTC058797 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK04733B |
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PAN No.: [Permanent
Account No.] |
AAACK5781D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacture, import, export, buy, sell, distribute and deal
in pharmaceutical products, bulk drugs & chemicals, human, animal and
plant health care also specialities, patent & proprietory medicines
containing these products. |
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 210000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience 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 : |
1 A, Ojha Niwas, Patel Estate Marg, Jogeshwari (West),
Mumbai – 400 102, |
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Tel. No.: |
91- 22- 26783546 / 26796093 |
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Fax No.: |
91- 22- 26785983 |
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E-Mail : |
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Factory 1 : |
Plot Numbers 1 to 5, Shantisthan, Village Shirgaon, Taluka
Palghar, District Thane – 401 407, Maharashtra, India |
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Tel. No.: |
91- 0252-2554560 |
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Area : |
5666.5 Sq. Mtrs. |
DIRECTORS
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Name : |
Mr. Kirti S. Sheth |
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Designation : |
Chairman cum Managing Director |
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Address : |
1 A, Ojha Niwas, Patel Estate
Marg, Jogeshwari (West), Mumbai – 400 102, |
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Date of Birth/Age : |
04.09.1934 |
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Date of Appointment : |
05.11.1990 |
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Name : |
Mr. Shirish N. Daftary |
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Designation : |
Director |
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Address : |
2, Ashoknagar Society, |
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Date of Birth/Age : |
30.11.1933 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Ashok D. Mahajan |
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Designation : |
Director |
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Address : |
Steam Limited, 1st Floor,
Nirman, appointed as Director by AGM nominated by Steam. |
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Date of Birth/Age : |
04.07.1956 |
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Date of Appointment : |
11.06.2002 |
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Name : |
Mr. Laxman N. Godbole |
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Designation : |
Director |
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Address : |
A – 41, Sukhada Society, Pandurangwadi, Road Number 4,
Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
07.03.1937 |
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Date of Appointment : |
05.11.1990 |
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Name : |
Mr. Madhav Laxman Deshpande |
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Designation : |
Director |
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Address : |
404, 5-C, Alica Nagar, Lokhandwala Complex, Akruli Road, Kandivali
East, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
05.06.1932 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Ms. Neelam Sandip Mahtre |
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Designation : |
Director |
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Address : |
201-B Sukhshanti Mandir Chsl, |
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Date of Birth/Age : |
01.10.1965 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Mr. Sandip Pramod Mhatre |
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Designation : |
Director |
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Address : |
201-B Sukhshanti Mandir Chsl, |
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Date of Birth/Age : |
04.11.1967 |
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Date of Appointment : |
03.04.2006 |
KEY EXECUTIVES
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Name : |
Mr. Laxman N. Godbole |
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Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Kirti S. Sheth |
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216000 |
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Laxman N. Godbole |
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12000 |
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Sindhu S. Daftary |
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27000 |
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Gaurang S. Daftary |
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5000 |
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Amit S. Daftary |
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5000 |
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Shirish N. Daftary |
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4000 |
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Mansuklal V. Shah |
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1500 |
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Chandrika M. Shah |
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2500 |
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Shirish N. Daftary |
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27000 |
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Total
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300000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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60.00 |
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Directors or relatives of directors |
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40.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, import, export, buy, sell, distribute and
deal in pharmaceutical products, bulk drugs & chemicals, human, animal
and plant health care also specialities, patent & proprietory medicines
containing these products. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
·
Adit Containers Private Limited ·
Krishna Manufacturers Private Limited ·
Kapoor Glass ( ·
Supreme Vinyal Claims Limited ·
Bhansali Packwell ·
Emess Plastics Works |
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No. of Employees : |
250 |
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Bankers : |
140, Vivek Darshan, Sindhi
Society, Chembur, Mumbai – 71,
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B.D. Jokhakar & Company Chartered Accountants |
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Address : |
8, Ambala Doshi Marg, Fort, Mumbai, |
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Tel. No.: |
91-22-22654882 / 2651731 |
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Fax No.: |
91-22-2657093 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- each |
Rs.30.000 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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30.000 |
30.000 |
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2] Reserves & Surplus |
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22.519 |
19.801 |
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NETWORTH |
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52.519 |
49.801 |
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LOAN FUNDS |
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1] Secured Loans |
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36.333 |
25.312 |
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2] Unsecured Loans |
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44.036 |
53.136 |
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TOTAL BORROWING |
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80.369 |
78.448 |
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DEFERRED TAX LIABILITIES |
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13.133 |
15.031 |
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TOTAL |
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146.021 |
143.280 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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142.313 |
129.532 |
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Capital work-in-progress |
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0.000 |
8.211 |
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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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22.136 |
22.240 |
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Sundry Debtors |
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13.801 |
5.851 |
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Cash & Bank Balances |
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1.811 |
0.963 |
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Loans & Advances |
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15.014 |
11.602 |
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Total
Current Assets |
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52.762 |
40.656 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.911 |
21.811 |
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Provisions |
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14.143 |
13.308 |
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Total
Current Liabilities |
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49.054 |
35.119 |
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Net Current Assets |
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3.708 |
5.537 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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146.021 |
143.280 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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2.46 |
2.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.08 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
- Residence
Premises
- Plant &
Machinery
- Office &
Equipment
- Furniture
& Fixture
- Vehicles
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Corporate
identity number of the company |
U24239MH1990PTC058797 |
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Name of the
company |
KORTEN PHARMACEUTICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
1 A, Ojha Niwas, Patel Niwas Marg, Jogeshwari [West], Mumbai – 400102,
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This form is for |
Modification of
Charge |
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Type of charge |
Equitable mortgage
or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
Bank of Malad [West]
Branch, |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Charge
identification number of the charge to be modified |
90153977 |
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Brief description
of the instrument modifying the charge under section 135 |
Record of Extension
of Equitable Mortgage |
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Date of
instrument modifying the charge |
17.04.2006 |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.31 |
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1 |
Rs.80.12 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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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 |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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