MIRA
INFORM REPORT
|
Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NARENDRA PLASTICS PRIVATE LIMITED |
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Registered Office : |
3, Vakil Industrial Estate, Walbhat Road, Goregaon (East), Mumbai –
400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.05.2006 |
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Com. Reg. No.: |
161549 |
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CIN No.: [Company
Identification No.] |
U25200MH2006PTC161549 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN13834C |
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PAN No.: [Permanent
Account No.] |
AACCN3024E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Exporter and Importer of Plastic Bags.. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 118352 |
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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 has taken over the running business of erstwhile partnership
concern Narendra Bags. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The Company can be considered good for normal business dealings at
usual trade terms and conditions. The Company can be regarded as a promising business partner in a
medium to long-run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Varadraj |
|
Designation : |
Export Executive |
LOCATIONS
|
Registered Office : |
3, Vakil Industrial Estate, Walbhat Road, Goregaon (East), Mumbai –
400063, Maharashtra, India. |
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Mobile No.: |
91-9870011808, 9324617070 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Survey No. 436/1/2, 1st Floor, Village Dabel, Damon –
36210, Union Territory, India. |
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Tel. No.: |
91-260-3290870 |
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Fax No.: |
91-260-2243042 |
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Location : |
Owned |
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Factory : |
Plot A, 195, Phase – I, ELDECO, Sidcul Industrial Park, Jail Compound
Road, Sitar Gauj – 262405, Uttaranchal, India. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Punit Narendra Kumar Punamiya |
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Designation : |
Director |
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Address : |
Punit Himachal Co. Hsc. Soc, Block No. 1/D, Sunder Nagar, S. V. Road,
Malad (West), Mumbai– 400064, Maharashtra, India. |
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Date of Birth/Age : |
25.09.1976 |
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Date of Appointment : |
03.05.2006 |
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Other Directorship : |
Narendra Exim Private Limited U51909MH2004PTC150170 |
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Name : |
Mr. Nav Ratan Mulchand Punamiya |
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Designation : |
Director |
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Address : |
E-310, Royal Samrat, S. V. Road, Goregaon (West), Mumbai – 400 062,
Maharashtra, India. |
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Date of Birth/Age : |
06.10.1952 |
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Date of Appointment : |
03.05.2006 |
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Other Directorship : |
Narendra Poly Prints Limited U25209MH1991PTC064043 |
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Name : |
Mr. Lalit Kumar Nav Ratan Punamiya |
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Designation : |
Director |
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Address : |
810-E, Royal Samrat, 3rd Floor, S. V. Road, Goregaon (W),
Mumbai – 400 066, Maharashtra, India. |
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Date of Birth/Age : |
20.07.1978 |
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Date of Appointment : |
02.05.2006 |
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Name : |
Mr. Narendra Kumar Mulchand Punamiya |
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Designation : |
Director |
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Address : |
Punit Himachal Co. Hsc. Soc, Block No. 1/D, Sunder Nagar, S. V. Road,
Malad (West), Mumbai– 400064, Maharashtra, India. |
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Date of Birth/Age : |
05.10.1956 |
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Date of Appointment : |
02.05.2006 |
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Name : |
Mr. Neemit Kumar Narendra Punamiya |
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Designation : |
Director |
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Address : |
Punit Himachal Co. Hsc. Soc, Block No. 1/D, Sunder Nagar, S. V. Road,
Malad (West), Mumbai– 400064, Maharashtra, India. |
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Date of Birth/Age : |
04.04.1972 |
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Date of Appointment : |
03.05.2006 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
LIST OF ALLOTTEES
|
Sr. No. |
Date of
Allotment |
Full Name,
Address and Occupation of
Allottee |
No. of Shares
Allotted |
Nominal Amount
Per share (In Rs.) |
Total Premium
Amount (In Rs.) |
|
1. |
29.02.2008 |
ITOCHU CORPORATION 5-1, Kita – Aoyama 2 – Chome, Minato-KU, Tokyo, Japan. |
2,030,000 |
10/- |
27,96,93,400 |
|
|
|
Total |
2,030,000 |
|
27,96,93,400 |
LIST OF ALLOTTEES
|
Full Name, of
Allottee |
No. of Equity Shares Allotted |
|
Mr. Neemit Narendra Punamiya |
410000 |
|
Mrs. Manisha Neemit Punamiya |
140000 |
|
Mr. Punit Narendra Punamiya |
443000 |
|
Mr. Lalit Nav Ratan Punamiya |
457000 |
|
Mrs. Hanjabai Mulchand Punamiya |
7911 |
|
Narendra Exim Private Limited |
927602 |
|
Mrs. Ladkunwar Narendra Punamiya |
375874 |
|
Mrs. Manisha Neemit Punamiya |
4996 |
|
Mr. Narendra Mulchand Punamiya |
61393 |
|
Mr. Narendra Mulchand Punamiya HUF |
28454 |
|
Mr. Neemit Narendra Punamiya |
626 |
|
Mr. Neemit Narendra Punamiya HUF |
7009 |
|
Mr. Punit Narendra Punamiya |
455441 |
|
Mr. Lalit Nav Ratan Punamiya |
457208 |
|
Mr. Lalit Nav Ratan Punamiya HUF |
1394 |
|
Mr. Nav Ratan Mulchand Punamiya |
61511 |
|
Mr. Nav Ratan Mulchand Punamiya HUF |
23422 |
|
Mrs. Vimla Nav Ratan Punamiya |
387159 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies Corporate
(not being pledge) |
19.53 |
|
2. |
Directors or
relatives of directors |
80.47 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Plastic Bags. |
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Products : |
v Carrier Bags v Vest-Type
Carrier Bags (T- Shirt Bags) v Fresh Products
Bags (T- Shirt Bags on Roll) v Knot Bags (T –
Shirt Bags on Roll) v Garbage Bags v Butcher Sheets v Polypropylene
Bags (Also in ready to use sizes). v H D P E Bags |
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Exports : |
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Countries : |
v Dubai v Germany v Poland v Mauritius v Panama v Singapore v Italy v U.K. v USA v UAE |
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Imports : |
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Products : |
v Raw Material v Granules |
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Countries : |
v Singapore v China v Hong Kong v South Arabia v UAE v Taiwan v Malaysia |
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Terms : |
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Selling : |
L/C, D/A/ TT |
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Purchasing : |
L/C |
GENERAL
INFORMATION
|
Customers : |
v Wholesalers v Retailers v Manufacturer |
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No. of Employees : |
800 |
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Bankers : |
v ICICI Bank v Standard
Chartered Bank v Barleys , Fort
Branch v Bharat Co. Opp.
Bank Limited, Goregaon Branch,
‘ShivGiri’, Ground Floor, Plot No. 11, Samant Estate, Mumbai –
400063,
Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Amit Desai and Associates, Chartered Accountants |
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Address : |
125/7, Jawahar Nagar, Road No. 8, Goregaon (East), Mumbai – 400062,
Maharashtra, India. |
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Memberships : |
v All India
Plastics Manufacturers Association (AIPMA). v Organization of
Pharmaceutical Producers of India (OPPI). |
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Subsidiaries : |
Narendra Exim Private Limited U51909MH2004PTC150170 Narendra Poly Prints Limited U25209MH1991PTC064043 |
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Associates : |
Narendra Poly Prints Limited Line Of Business Manufacturer, Exporter and Importer of P P Bags, H D P E Bags. |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 80.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,750,000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 47.500
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
19.500 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
10.088 |
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
29.588 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
77.348 |
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2] Unsecured Loans |
|
|
19.432 |
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TOTAL BORROWING |
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|
96.780 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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|
|
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|
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TOTAL |
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126.368 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.372 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
|
|
0.200 |
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DEFERREX TAX ASSETS |
|
|
0.210 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
|
|
55.766 |
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Sundry Debtors |
|
|
85.242 |
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Cash & Bank Balances |
|
|
16.363 |
|
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Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
36.219 |
|
Total
Current Assets |
|
|
193.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
86.214 |
|
|
Provisions |
|
|
4.960 |
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Total
Current Liabilities |
|
|
91.174 |
|
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Net Current Assets |
|
|
102.416 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.170 |
|
|
|
|
|
|
|
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TOTAL |
|
|
126.368 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
498.650 |
|
|
Other Income |
|
|
0.000 |
|
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Total Income |
|
|
498.650 |
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|
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|
Profit/(Loss) Before Tax |
|
|
14.859 |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
14.859 |
|
|
|
|
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|
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Expenditures : |
|
|
|
|
|
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Interest |
|
|
7.357 |
|
|
Depreciation & Amortization |
|
|
4.098 |
|
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Other Expenditure |
|
|
472.336 |
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Total Expenditure |
|
|
483.791 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
2.98 |
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|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
2.98 |
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
2.98 |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.50 |
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|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
3.08 |
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Creation of Charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U25200MH2006PTC161549 |
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Name of the company |
NARENDRA PLASTICS PRIVATE LIMITED |
|
Address |
3, Vakil Industrial Estate, Walbhat Road, Goregaon (East), Mumbai –
400063, Maharashtra |
|
Type of Charges |
v Book Debts v Movable property
(not being pledge) v Others |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
|
Particular of the charge holder |
Name : Barclays Bank PLC Address : 801 / 808, Ceejay House, Shiv Sagar Estate, Dr. Annie Besant Road, Worli City: Mumbai State: Maharashtra ISO Country Code: IN Pin Code: 400018 Email ID: vinesh.mundarath@barcap.com |
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Nature or description of the instrument creating or modifying the charge |
Deed of Hypothecation dated 19.09.2007 |
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Date of the instrument creating charge |
19.09.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 100.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) rate of interest Prime Lending Rate or any other rate as specified by the Bank from time to time. (b) Terms of repayment As per Multi Option Facility Agreement dated 19.09.2007 and Deed of Hypothecation dated 19.09.2007 (c) Margin As per Multi Option Facility Agreement dated 19.09.2007 and Deed of Hypothecation dated 19.09.2007 (d) Extent and operation of the charge As per Multi Option Facility Agreement dated 19.09.2007 and Deed of Hypothecation dated 19.09.2007 |
|
Short particulars of the Property charged |
As per Deed of Hypothecation dated 19.09.2007 |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Trade References:
v Exoomobill Chemicals Private Limited, Singapore
v Euro Packaging, USA
v Dart, Germany
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. 39.94 |
|
UK Pound |
1 |
Rs. 79.03 |
|
Euro |
1 |
Rs. 63.39 |
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 |
|