MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUMINTER INDIA ORGANICS PRIVATE LIMITED |
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Registered Office : |
Indian House, Makwana Road Off, M V Road, Marol Naka, Andheri (E),
Mumbai- 400059, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04.2004 |
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Com. Reg. No.: |
11-145857 |
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CIN No.: [Company
Identification No.] |
U51220MH2004PTC145857 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS44795C |
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PAN No.: [Permanent
Account No.] |
AAICS3167M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Producer of certified organic food and fibre products under the brand name Satva |
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 7000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established trader having satisfactory track Directors
are experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually correct and per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Indiana House, Makwana Road Off, M Vasanji Road, Marol Naka, Andheri (E),
Mumbai- 400059, Maharashtra, India. |
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Tel. No.: |
91-22-26743685 |
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Mobile No.: |
91-9821718317 |
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Fax No.: |
91-22-26744903 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.fts. |
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Location : |
Leased |
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Corporate Office / Branches : |
308, Oberoi Chamber No. 1, New Link Road, Andheri (W), Mumbai – 400053,
Maharashtra, India. |
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Tel. No.: |
91-22-26743685/ 26743415 |
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Fax No.: |
91-22-26744903 |
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Area : |
1000 sq.fts. |
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Location : |
Rented |
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Overseas Office : |
Suminter India Organics B.V. P. O. Box 7317, 3280 AC Numansdorp, The Netherlands. |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sameer Mehra |
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Designation : |
Director |
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Address : |
Taranga NSRD#7, JVPD Scheme, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
32 years |
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Qualification : |
MBA |
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Experience : |
10 years |
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Name : |
Mrs. Padma Hingorani |
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Designation : |
Directors |
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Address : |
Siddhani, Juhu – Dhara Complex, Juhu – Versova, Link Road, Versova,
Mumbai, Maharashtra, India |
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Date of Birth/Age : |
61 years |
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Qualification : |
BSc. |
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Experience : |
35 years |
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Name : |
Mr. Sandeep Shiamsunder Singhal |
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Designation : |
Director |
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Address : |
Flat No. 16, Konark Empress, Dr. E Moses Road, Worli , Mumbai – 400
018, Maharashtra, India |
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Date of Birth/Age : |
21.10.1966 |
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Date of Appointment : |
04.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
No. of Shares |
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Equity Shares |
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Mr. Sameer Mehra |
5000 |
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Mrs. Padma Govind Hingorani |
47500 |
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Mr. Sameer Mehra (HUF) |
42500 |
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M/s Nexus India
Ventures Investment |
100 |
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Preference Shares |
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M/s Nexus India
Venture Investment |
419900 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Producer of certified organic food and fibre products under the brand name Satva |
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Products : |
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Brand Names : |
“SATVA” |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
7 |
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Bankers : |
Corporation Bank Limited, Sarkar Palace, Amboli Branch, Andheri (W),
Mumbai-400 058, Maharashtra, India |
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Facilities : |
Credit Limit Rs. 25.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Paresh Zatakia and Company Chartered Accountant |
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Address : |
165/4608, Naidu Colony, Pant Nagar, Ghatkopar (E), Mumbai - 400075
Maharashtra, India |
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Tel. No.: |
91-22-65751550 |
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Fax No.: |
91-22-25139844 |
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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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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
1.221 |
0.420 |
0.000 |
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3] Reserves & Surplus |
0.244 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.113) |
(0.169) |
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NETWORTH |
1.565 |
0.407 |
(0.069) |
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LOAN FUNDS |
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1] Secured Loans |
20.114 |
4.407 |
0.000 |
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2] Unsecured Loans |
4.696 |
3.900 |
2.120 |
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TOTAL BORROWING |
24.810 |
8.307 |
2.120 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.375 |
8.714 |
2.051 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.511 |
0.356 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.475 |
5.400 |
0.000 |
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DEFERREX TAX ASSETS |
0.054 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.511
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1.215 |
1.087 |
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Sundry Debtors |
15.646
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3.486 |
0.000 |
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Cash & Bank Balances |
0.820
|
0.369 |
0.105 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.430
|
0.795 |
2.023 |
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Total
Current Assets |
28.407
|
5.865 |
3.215 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.761
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2.718 |
1.161 |
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Provisions |
1.311
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0.189 |
0.004 |
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Total
Current Liabilities |
8.072
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2.907 |
1.165 |
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Net Current Assets |
20.335
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2.958 |
2.050 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.375 |
8.714 |
2.051 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
36.887 |
17.948 |
0.000 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
36.887 |
17.948 |
0.000 |
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Profit/(Loss) Before Tax |
0.623 |
0.238 |
(0.169) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.623 |
0.238 |
(0.169) |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
0.112 |
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Raw Material Consumed |
0.000 |
0.000 |
1.107 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(1.087) |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
0.030 |
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Selling and Distribution Expense |
0.000 |
0.000 |
0.000 |
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Financial Charges |
0.000 |
0.000 |
0.008 |
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Interest |
1.785 |
0.885 |
0.000 |
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Depreciation & Amortization |
0.071 |
0.042 |
0.000 |
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Other Expenditure |
34.408 |
16.784 |
0.000 |
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Total Expenditure |
36.264 |
17.711 |
0.170 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.69
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0.32 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.69
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1.33 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.81
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2.05 |
(5.26) |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.58 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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21.01
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27.55 |
(47.60) |
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Current Ratio (Current Asset/Current Liability) |
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3.52
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2.02 |
2.76 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
M/S SUMINTER INDIA ORGANICS PRIVATE
LIMITED |
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Presented By |
Corporation Bank
, Amboli Branch, Mumbai |
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1) Date and
description of instrument creating the change |
Second
supplemental common deed of hypothecation of movable / assets / book debts
dated 26.07.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Packing credit
hypothecation Rs. 10.000 millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
· Hypothecation of exclusive first charge by way of hypothecation of stocks consisting of organics food, agricultural products stored at various places. · Hypothecation of book debts · Hypothecation of all other movables assets such as furniture , fixtures, computers, etc. |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Interest @ 7.50% p.a subject to change
from time to time at the discretion of the bank. |
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5) Name and
Address and description of the person entitled to the charge. |
Corporation Bank, Amboli Branch, Sarkar
Place, Amboli , Andheri (West), Mumbai – 400 058, Maharashtra, India |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
Trade References:
- Mr. Vincent
Evers - DO-IT B.V. Barneveld – The Netherland
- Topkapi Iplic
/ Karsuteksi
- Mr. Ali
Eyubogu – Yedra Ticaret Merkezi – Istanbul – Turkey.
Company Profile:
Subject is exporter of organically grown agro produce. By bridging the gap between the farmers and the potential consumers in the global market, they strive to bring farmers closer to market opportunities. They are committed to supporting our Partners in the chain, namely the farmers themselves by lending our expertise in the field of market development, project development and other related know-how.
Their business approach is transparent and fair to both farmers and business partners. Quality of delivered goods is at par with International Standards, which will be the main touch stone of their business.
Subject has an established, wide and growing network of organically certified farms and farmer groups and their own projects offering a variety of Certified Organic Agricultural Produce.
Organic food is wholesome food grown in healthy soil, naturally, without any chemical pesticides, herbicides or artificial fertilizers. The focus of Organic farming is respect for the environment and its long term sustainability for ensuring the future of their children and future generations. Plants are provide with a balanced food supply and attention is more focused on improving soil organisms in the soil that thrive for mature, composts and other organic matter, and directly influence the health of plants and the build up of nutritive elements in them – a living vibrant in soil.
Indian tradition and Ayurvedic philosophy strongly believe that “they are what they eat” and organic systems developed by alternative thinkers support this belief. Their health is directly connected with the health of the food they eat. Organic farming nurtures soil life, rotates crops and returns nutrition to the soil in a healthy natural cycle – as nature designed it to be .Healthy plants, animals and people depend on healthy soil. This isn’t ‘go organic’ for being ‘fashionably healthy’. This is living healthy – the future of humanity.
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.39.94 |
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UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
YES |
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TOTAL |
|
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
|
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 |
|