MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
H J AROCHEM PRIVATE LIMITED |
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Registered Office : |
11-B, New Ahmedabad Industrial Estate, Near Nova Petro Chemicals Limited,
Bavla Road, Sarkhej highway, Village Moraiya Ta Sanand, Dist. Ahmedabad – 388
210, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.11.2001 |
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Com. Reg. No.: |
04 – 40173 |
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CIN No.: [Company
Identification No.] |
U24119GJ2001PTC40173 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Di Phenyl Oxide. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 32815 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by are 30 days |
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Litigation : |
Clear |
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Comments : |
Subject has a moderate track record of performance. The company has
wiped out all previous losses however it has deferred tax liability Rs. 2.200
millions as on 31.03.2007. The company’s payments are reported as slow but correct. It can be considered small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
11-B, New Ahmedabad Industrial Estate, Near Nova Petro Chemicals
Limited, Bavla Road, Sarkhej highway, Village Moraiya Ta Sanand, Dist.
Ahmedabad – 388 210, Gujarat, India |
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Tel. No.: |
91-2717-251661/ 251662 |
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Fax No.: |
91-2717-251663 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Harilal Gordhandas Mandalia |
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Designation : |
Director |
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Address : |
18, Panchvati Society, 2nd Lane, Ambawadi, Ahmedabad – 382
210, Gujarat, India |
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Date of Birth/Age : |
03.08.1951 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mr. Ashok Gordhandas Mandalia |
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Designation : |
Director |
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Address : |
5, Haridwar, 23, Patel Society, Ahmedabad – 382 210, Gujarat, India |
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Date of Birth/Age : |
16.06.1958 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mr. Satish Balkrishna Rajpara |
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Designation : |
Director |
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Address : |
B-2, Panchvati Society, 2nd Lane, Ambawadi, Ahmedabad – 382
210, Gujarat, India |
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Date of Birth/Age : |
25.06.1959 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mr. Jitendra Kantilal Mandalia |
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Designation : |
Director |
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Address : |
653/2, Nandanvan, Panchvati, 2nd Lane, Ambawadi, Ahmedabad
– 382 210, Gujarat, India |
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Date of Birth/Age : |
15.01.1975 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mr. Ashit Dinesh Mandalia |
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Designation : |
Director |
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Address : |
B-1, Indira Apartments, Panchwati, 2nd Lane, Ambawadi,
Ahmedabad – 382 210, Gujarat, India |
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Date of Birth/Age : |
08.10.1979 |
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Date of Appointment : |
05.11.2001 |
KEY EXECUTIVES
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Name : |
M/s Dayani and Vekaria Associates |
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Designation : |
Company Secretary |
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Address : |
A-316, Yash Plaza, Opp. Dhanamal Mill Varachha Road, Surat – 395 006,
Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Harilal Gordhandas Mandalia |
2000 |
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Mr. Ashok Gordhandas Mandalia |
2000 |
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Mr. Satish Balkrishna Rajpara |
2000 |
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Mr. Jitendra Kantilal Mandalia |
2000 |
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Mr. Ashit Dinesh Mandalia |
2000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Di Phenyl Oxide. |
GENERAL
INFORMATION
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Bankers : |
v Central Bank of
India Mithakhali Branch, Navarangpura, Ahmedabad – 380 006, Gujarat, India v Nutan Nagrik
Sahakari Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shailesh and Company Chartered Accountants |
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Address : |
5- A/5, Municipal Blocks, Opp. IDBI Bank, C G Road, Ahmedabad – 380
006, Gujarat, India |
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Tel No.: |
91-79-26440079 (Not Reachable) 91-79-26447770038 (Wrong Number) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
467200 |
Equity shares |
Rs. 10/- each |
Rs. 4.672
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.672 |
4.672 |
4.672 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.891 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.432) |
(6.870) |
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NETWORTH |
6.563 |
4.240 |
(2.198) |
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LOAN FUNDS |
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1] Secured Loans |
16.125 |
16.078 |
23.616 |
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2] Unsecured Loans |
6.460 |
10.234 |
4.307 |
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TOTAL BORROWING |
22.585 |
26.312 |
27.923 |
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DEFERRED TAX LIABILITIES |
2.889 |
0.000 |
0.000 |
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TOTAL |
32.037 |
30.552 |
25.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.665 |
16.532 |
15.218 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.243 |
3.326 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.808
|
7.402 |
10.239 |
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Sundry Debtors |
8.377
|
2.802 |
8.332 |
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Cash & Bank Balances |
1.832
|
0.977 |
0.607 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.829
|
0.829 |
2.478 |
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Total
Current Assets |
21.846
|
12.010 |
21.656 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.742
|
1.362 |
11.220 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
11.742
|
1.362 |
11.220 |
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Net Current Assets |
10.104
|
10.646 |
10.436 |
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MISCELLANEOUS EXPENSES |
0.023 |
0.046 |
0.070 |
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TOTAL |
32.037 |
30.552 |
25.725 |
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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 |
47.200 |
49.616 |
37.610 |
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Other Income |
0.658 |
2.195 |
0.042 |
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Total Income |
47.858 |
51.811 |
37.652 |
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Profit/(Loss) Before Tax |
3.724 |
3.347 |
(2.148) |
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Provision for Taxation |
1.399 |
(3.090) |
0.000 |
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Profit/(Loss) After Tax |
2.325 |
6.437 |
(2.148) |
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Earnings in Foreign Currency : |
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FOB Value |
11.560 |
19.626 |
NA |
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Total Earnings |
11.560 |
19.626 |
NA |
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Imports : |
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CIF Value |
11.560 |
19.626 |
NA |
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Total Imports |
11.560 |
19.626 |
NA |
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Expenditures : |
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Depreciation & Amortization |
0.815 |
0.725 |
0.662 |
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Other Expenditure |
43.319 |
47.739 |
39.138 |
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Total Expenditure |
44.134 |
48.464 |
39.800 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.86
|
12.42 |
(5.70) |
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Net Profit Margin (PBT/Sales) |
(%) |
7.89
|
6.75 |
(5.71) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.78
|
6.46 |
(5.70) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.79 |
(0.98) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
0.32 |
(5.10) |
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Current Ratio (Current Asset/Current Liability) |
|
1.86
|
8.82 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
H J Arochem Private Limited |
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Presented By |
Mr. Ashok Mandalia, Director |
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1) Date and description of instrument creating the change |
Memorandum of Entry dated 16.07.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.500 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 of all piece and parcel of land situated at Plot No. 11-B, S. No. 396, Vill. Moraiya, Ta. And Reg. sub-dist. Sanand, Dist. Ahmedabad Ad,. 4467 Sq. meter together with buildings and fixed structures etc. situated thereon. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure term loan of Rs. 8.500 millions |
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5) Name and Address and description of the person entitled to the charge. |
v Central Bank of India Mithakhali Branch, Navarangpura, Ahmedabad – 380 006, Gujarat, India |
Form 8
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
80015028 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24119GJ2001PTC40173 |
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Name of the company |
H J AROCHEM PRIVATE LIMITED |
|
Address |
11-B, New Ahmedabad Industrial Estate, Near Nova Petro Chemicals
Limited, Bavla Road, Sarkhej highway, Village Moraiya Ta Sanand, Dist.
Ahmedabad – 388 210, Gujarat, India |
|
Type of Charges |
v Book debts v Immovable property (not being pledge) |
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Particular of the charge holder |
Name : Central Bank of India Address : Mithakali Branch, Navrangpura City : Ahmedabad State : Gujarat ISO country code : IN Pin code : 380 006 e-mail ID : dmahme0553@cbi.com |
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Nature or description of the instrument creating or modifying the charge |
Agreement of hypothecation to secure enhanced demand CC against goods – CC and Agreement of hypothecation to secure enhanced demand CC against goods – Import inland L/C |
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Date of the instrument creating charge |
01.11.2006 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 15.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest On CC BPLR – 1% in case of Packing Credit Etc. As per Bank Rule. Terms of repayment On demand Margin Stock 25% Hundies – 25% Book debts – 50% Bills – 10% Extent and Operation of the charge 1st charge in favour of Bank. |
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Short particulars of the Property charged |
Company’s Factory or in Transit or Godown. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Particulars of the present modification |
Import inland L/C increased from Rs. 3.000 millions to Rs. 5.500 millions CC Limit increased from Rs. 2.500 millions to Rs. 4.000 millions. Packing Credit Limit increased from Rs. 3.500 millions to Rs. 6.000 millions. |
As Per Website Details
They are one of the leading manufacturers of Diphenyl
Oxide, widely used in the production of cosmetics and fragrances.
They have installed state of the art manufacturing
equipment to provide a product of ultimate commercial quality. The product is
most certainly at par with any similar product worldwide.
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. 42.82 |
|
UK Pound |
1 |
Rs. 80.01 |
|
Euro |
1 |
Rs. 63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|