MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ICCON OIL AND SPECIALITIES PRIVATE LIMITED |
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Registered Office : |
Plot No. 1, Village Hondtakai, Adoshi Road, Off Pen, Khopoli Road,
Khopoli, Khalapur-410203, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.09.2004 |
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Com. Reg. No.: |
11-49574 |
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CIN No.: [Company
Identification No.] |
U23200MH2004PTC049574 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NUMM20664A |
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PAN No.: [Permanent
Account No.] |
AAACI0344J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Greases, Industrial Oils and Waxes |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject seems to be a pretty old company having poor track. The
company had huge accumulated losses as per last available financials. The
company’s current whereabout is unknown. At the given address, there is a
company by the name lccond Petroleum Private Limited to whom subject is
unknown. It would be advisable to be extremely careful while dealings with the
subject. |
LOCATIONS
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Registered Office : |
Plot No. 1, Village Hondtakai, Adoshi Road, Off Pen, Khopoli Road, Khopoli,
Khalapur-410203, Maharashtra, India |
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Tel. No.: |
91-2192-67474/ 69044 |
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E-Mail : |
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Factory 1 : |
E-9, Nandham Industrial Estate, Marol Moroshi Road, Andheri (East), Mumbai-400059,
Maharashtra, India |
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Tel. No.: |
91-22-28508801/ 28518658/ 28518660 |
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Fax No.: |
91-22-28501640 |
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E-Mail : |
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Area: |
800 Sq.ft |
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Branch Office : |
U-60, Shakarpur, Delhi-110092, India |
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Tel. No.: |
91-11-2242615/ 2423569 |
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Fax No.: |
91-11-2451124 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Tushar Hasmukhlal Shah |
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Designation : |
Dirctor |
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Address : |
25, Gitanjali, 73/75, Walkeshwar Road, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
10.05.1960 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Narendra Kumar Tiwari |
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Designation : |
Director |
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Address : |
Flat No. 2, Building No. 4, Vardhman Vihar, Bhavani, Khopoli – 410203,
Raigad, India |
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Date of Birth/Age : |
10.05.1960 |
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Name : |
Mr. Prakash Rathod |
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Designation : |
Director |
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Address : |
1, Suman Co-operative Soceity, B-Wing, Ground Floor, Virar (West),
Thane, Maharashtra, India |
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Date of Birth/Age : |
02.01.1969 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2006
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Names of Shareholders |
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No. of Shares |
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Bodies Corporate (not mentioned above) |
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1.00 |
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Directors or relatives of directors |
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10.00 |
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Other top fifty (50) shareholders (Other than listed above) |
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5.00 |
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Others |
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84.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Greases, Industrial Oils and Waxes |
GENERAL
INFORMATION
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Bankers : |
Central Bank of India,
Paddan Road Branch, Poornima Apartments, Poddar Road, Mumbai-400016,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajendra and Company Chartered Accountant |
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Address : |
1311, Dalmal Tower, 211, Nariman Point, Mumbai-400021, Maharashtra,
India |
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Tel. No.: |
91-22-22855770 |
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Fax No.: |
91-22-22834243 |
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E-Mail : |
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Memberships : |
·
Federation of Indian Export Organisation ·
Indian Merchants Chamber |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5600000 |
Equity Shares |
Rs. 10/-
each |
Rs. 56.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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56.000 |
56.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.235 |
3.235 |
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4] (Accumulated Losses) |
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[158.402] |
[156.823] |
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NETWORTH |
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[99.167] |
[97.588] |
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LOAN FUNDS |
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1] Secured Loans |
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115.901 |
115.901 |
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2] Unsecured Loans |
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22.361 |
22.348 |
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TOTAL BORROWING |
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138.262 |
138.249 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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39.095 |
40.661 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.945 |
13.243 |
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Capital work-in-progress |
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30.467 |
30.467 |
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INVESTMENT |
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0.002 |
0.002 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.149 |
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Cash & Bank Balances |
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0.058 |
0.063 |
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Other Current Assets |
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0.030 |
0.030 |
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Loans & Advances |
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0.463 |
0.463 |
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Total
Current Assets |
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0.551 |
0.705 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.707 |
3.593 |
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Provisions |
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0.163 |
0.163 |
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Total
Current Liabilities |
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3.870 |
3.756 |
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Net Current Assets |
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[3.319] |
[3.051] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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39.095 |
40.661 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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0.000 |
4.678 |
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Other Income |
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0.005 |
0.394 |
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Total Income |
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0.005 |
5.072 |
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Profit/(Loss) Before Tax |
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[1.875] |
[1.158] |
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Provision for Taxation |
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[0.296] |
0.000 |
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Profit/(Loss) After Tax |
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[1.579] |
[1.158] |
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Expenditures : |
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Operating Expenses |
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0.054 |
1.003 |
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Raw Material Consumed |
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0.000 |
3.025 |
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Preliminary Expenses Written Off |
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0.000 |
0.011 |
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Provision for Doubtful Debts |
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0.232 |
0.000 |
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Depreciation & Amortization |
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1.594 |
2.191 |
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Total Expenditure |
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1.880 |
6.230 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[31580.00] |
[22.83] |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.00 |
[24.75] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[15.00] |
[8.30] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.02] |
[0.01] |
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Debt Equity Ratio (Total Liability/Networth) |
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[1.43] |
[1.45] |
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Current Ratio (Current Asset/Current Liability) |
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0.14 |
0.19 |
LOCAL AGENCY
FURTHER INFORMATION
Observation Points:
Name of Board : Sighted
Visibility of Name Board: High
Location : Difficult
Landmark: Ground Floor
Locality: Office
Bankers Charges
Report as per Registry
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Name of the company |
ICCON OIL AND SPECIALITIES PRIVATE LIMITED |
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Presented By |
Mr. Samir B
Dewanjee |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation at 29.07.1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.400
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
all the borrower’s personal and future, book debts, outstanding moneys,
receivables claims, bills, contracts, securities investments rights of
assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as may
be applicable form time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India, Paddan Road Branch, Poornima Apartments, Poddar Road, Mumbai-400016,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
Fixed Assets:
·
Land
·
Building
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Plant and Machinery
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Office Equipments
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Computer
·
Furniture and Fixtures
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.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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