MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PANNA CHEMICALS AND SOLVENTS PRIVATE LIMITED |
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Registered Office : |
D-16-204, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400092,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.03.1992 |
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Com. Reg. No.: |
11-65808 |
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CIN No.: [Company
Identification No.] |
U24110MH1992PTC065808 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15790F |
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PAN No.: [Permanent
Account No.] |
AAACP2238C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals, Solvents, Paints Resine, Pigments, Thinner,
Organic and In-Organic Chemicals, Dyes Materials and Chemicals Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 15000 |
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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. Trade relations are fair. Business is active. Company’s profitability is
improving and its expected to wipe-off. Previous losses, soon. 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. |
INFORMATION PARTED
BY
|
Name : |
Miss. Chaya |
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Designation : |
Accountant |
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Date : |
12.08.2008 |
LOCATIONS
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Registered Office : |
D-16-204, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400092,
Maharashtra, India |
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Tel. No.: |
91-22-28641102/ 9676 |
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Mobile No.: |
91-9820086371 |
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Fax No.: |
91-22-28636178 |
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E-Mail : |
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Location : |
Owned |
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Head Office : |
2/C, Saichatra, Ground Floor, Sodawala Lane, R C Patel Road, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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Tel. No.: |
91-22-28641102/ 28649676 |
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Fax No.: |
91-22-28636178 |
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E-Mail : |
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Corporate Office : |
11 Siddgiri Premices, 2nd Floor, Opposite Indraprastha
Shopping Centre, S. V. Road, Axis Office and VIP Showeoom above J K Shah
Classes Borivali (West), Mumbai -
400092, Maharashtra, India |
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Tel. No.: |
91-22-28996155/ 56 |
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Factory : |
N-218, MIDC Industrial Estate, Tarapur Boisar - 401506, Thane,
Maharashtra, India |
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Tel No.: |
91-22-28901102/ 91-952525-326000/270/279/ 278612 |
DIRECTORS
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Name : |
Mr. Vijay B. Ajmera |
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Designation : |
Managing Director |
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Address : |
15, Yasodhan, 3rd Floor, Chandavarkar Road, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
04.07.1959 |
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Date of Appointment : |
30.09.1995 |
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Name : |
Mr. Sanjay Ajmera |
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Designation : |
Director |
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Address : |
D-16, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400091,
Maharashtra, India |
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Date of Birth/Age : |
18.07.1965 |
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Date of Appointment : |
30.09.1995 |
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Name : |
Mrs. Jasmita Ajmera |
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Designation : |
Director |
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Address : |
15, Yasodhan, 3rd Floor, Chandavarkar Road, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
17.09.1964 |
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Date of Appointment : |
30.09.1995 |
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Name : |
Mrs. Purnima Ajmera |
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Designation : |
Director |
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Address : |
D-16, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400091,
Maharashtra, India |
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Date of Birth/Age : |
11.08.1965 |
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Date of Appointment : |
30.09.1995 |
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Name : |
Mr. Bhadresh Ajmera |
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Designation : |
Director |
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Address : |
2 Sapnalok Society, Dattapada Road No.2, Borivali (East), Mumbai
400066, Maharashtra, India |
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Date of Birth/Age : |
20.06.1962 |
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Date of Appointment : |
30.09.1995 |
KEY EXECUTIVES
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Name : |
Mr. Subash Vyas |
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Designation : |
General Manager |
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Name : |
Mr. Verghese |
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Designation : |
Factory Manager |
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Name : |
Mr. Ganesh Kanchan |
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Designation : |
Sales Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Vijay B. Ajmera |
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1500 |
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Sanjay Ajmera |
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13150 |
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Purnima Ajmera |
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13750 |
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Rajendra Bhagat |
|
150 |
|
ILA B. Mehta |
|
150 |
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Kalpana R. BHagat |
|
150 |
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Bharat R. Mehta |
|
150 |
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Vijay B. Ajmera HUF |
|
4500 |
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Sanjay B. Ajmera HUF |
|
6500 |
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Total |
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40000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
99.99 |
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Other top fifty shareholders (other than listed above) |
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0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals, Solvents, Paints Resine, Pigments, Thinner,
Organic and In-Organic Chemicals, Dyes Materials and Chemicals Components. |
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Exports : |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
26 (Office – 6 and Factory – 10, Contract Basis - 20) |
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Bankers : |
Vile Parle, 325, Gitanjali Building, 1st Floor, Nehru Road,
Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Facilities : |
CC – Rs.10.000 Millions From Indian Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok V. Ajmera and Company Chartered Accountant |
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Address : |
C-2, Moti Nagar, Roshan Nagar Lane, Sodawala Lane Borivali (West),
Mumbai – 400092, Maharashtra, India |
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Associates/Subsidiaries : |
Premier Solvents |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
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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 |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.981) |
(1.252) |
(2.269) |
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NETWORTH |
3.019 |
2.748 |
1.731 |
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LOAN FUNDS |
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1] Secured Loans |
10.328 |
3.918 |
9.744 |
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2] Unsecured Loans |
2.668 |
10.272 |
9.678 |
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TOTAL BORROWING |
12.996 |
14.190 |
19.422 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Sales Tax Differed Tax Liabilities |
9.362 |
7.035 |
0.000 |
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TOTAL |
25.377 |
23.973 |
21.153 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.544 |
7.708 |
8.432 |
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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 |
0.551 |
1.363 |
1.363 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.478
|
9.776 |
8.725 |
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Sundry Debtors |
9.661
|
11.242 |
11.361 |
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Cash & Bank Balances |
0.085
|
1.766 |
0.664 |
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Other Current Assets |
1.211
|
0.396 |
0.160 |
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Loans & Advances |
0.777
|
0.680 |
0.294 |
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Total
Current Assets |
26.212
|
23.860 |
21.204 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.035
|
9.181 |
10.187 |
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Provisions |
0.009
|
0.004 |
0.000 |
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Total
Current Liabilities |
9.044
|
9.185 |
10.187 |
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Net Current Assets |
17.168
|
14.675 |
11.017 |
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MISCELLANEOUS EXPENSES |
0.114 |
0.227 |
0.341 |
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TOTAL |
25.377 |
23.973 |
21.153 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
59.635 |
50.884 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
59.635 |
50.884 |
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Profit/(Loss) Before Tax |
|
1.105 |
1.026 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.105 |
1.026 |
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Expenditures : |
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Intersts |
|
2.029 |
1.523 |
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Depreciation & Amortization |
|
1.084 |
1.193 |
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Other Expenditure |
|
55.417 |
47.142 |
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Total Expenditure |
|
58.530 |
49.858 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.85
|
2.02 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.85
|
2.02 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.27
|
3.25 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.37 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.30
|
8.51 |
17.11 |
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Current Ratio (Current Asset/Current Liability) |
|
2.89
|
2.60 |
2.08 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Tata
International, Madhya Pradesh
- Deepak
Nitrates, Baroda
Form 8:
|
Corporate identity
number of the company |
U24110MH1992PTC065808 |
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Name of the
company |
PANNA CHEMICALS AND SOLVENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D-16-204, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400092,
Maharashtra, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Immovable
Property Book Debts Stock and Plant
and Machinery |
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Particular of
charge holder |
Indian Bank Vile Parle, 325, Gitanjali Building, 1st Floor, Nehru Road,
Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of For
Open CC Agreement for
Subrogation of Mortgage Statement of Book
Debts Agreement of
Hypothecation of movable Agreement of
goods receivable under advance payment guarantee LCS Power of attorney
for collection of Bills Agreement of
irrevocable LC Medium Term Loan
Agreement (All the above charge constitute a single charge) |
|
Date of
instrument Creating the charge |
09.09.2006 |
|
Amount secured by
the charge |
Rs.9.945 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: ROI: 10.5%
Subject to charge other terms and Conditions as per agreement attached and as
per sanction letter of the Bank. Terms of
Repayable: As per Agreement
attached and as per sanction letter of the Bank. Margin: As per Agreement
attached and as per sanction letter of the Bank. Extent and
operation of the charge: Limit = 99.45
(Secured OD = 90 (Sub Limit For OD = LC Rs.3.00 Millions) TL = 9.45 First
Charge. Others Terms and
Conditions as per Agreement attached and as per sanction letter of the Bank. |
|
Particulars of
the property charged |
First Charge
(Present and future) Hypothecation of
all stock and Goods Spares, Consumables Including Goods Received under LCS Hypothecation of
all Book Debts and Receivable Hypothecation of
all the plant, Machinery and Equipment and other Fixed and current Assets of
the company EMG of Factory
Land and Building at N -218, MIDC, Tarapur, Boisar, District Thane |
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.42.40 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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 |
|