MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
NETWORK POLYMERS PRIVATE LIMITED |
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Registered Office : |
27, West Hill, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.07.1989 |
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Com. Reg. No.: |
11-52507 |
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CIN No.: [Company
Identification No.] |
U24110MH1989PTC052507 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN04101G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of
Alkys Resins |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 72000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Several attempts made to contact top level management and talked to
Ms. Jessica and Ms. Smita but information denied as their directors are out
of country. Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
27, West Hill, |
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Tel. No.: |
91-22-40835383 |
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Fax No.: |
91-22-40335338 |
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E-Mail : |
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Factory : |
310, Creative Industrial Estate, N.M. Joshi Marg, Mumbai-400011, |
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Tel. No.: |
91-22-40335333/ 23082469/ 23082874/ 23098143/ 23616973 |
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Fax No.: |
91-22-23072714 |
DIRECTORS
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Name : |
Mr. Sushil C Shah |
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Designation : |
Director |
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Address : |
1401, 14 Shripal Nagar, Harkness Road, Mumbai-400006, |
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Date of Birth/Age : |
15.03.1958 |
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Date of Appointment : |
07.07.1989 |
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Name : |
Mr. Sharad J Sheth |
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Designation : |
Director |
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Address : |
27, |
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Date of Birth/Age : |
02.03.1946 |
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Date of Appointment : |
07.07.1989 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2007
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Names of Shareholders |
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No. of Shares |
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Sharad J Shah |
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18210 |
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Sushil C Shah |
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36600 |
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Anandini Dewoolkar |
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10000 |
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Piya P Thakkar |
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8750 |
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Pradip A Thakkar |
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11000 |
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Guolaben A Vithlani |
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1000 |
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Neeta S Shah |
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2600 |
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S N Shah |
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2500 |
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J N Shah |
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2500 |
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Saumil S Shah |
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16900 |
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Ruchita S Shah |
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5900 |
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Miloni S Shah |
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7000 |
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Mirish S Shah |
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17000 |
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P |
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200 |
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Bharat Shah |
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2500 |
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Bharat Shah |
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2500 |
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Raju A Bailur |
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2000 |
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Aditya P Thakkar |
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9700 |
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Pradip Thakkar |
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27600 |
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P A Joshi |
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1500 |
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Pallavi Joshi |
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1500 |
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Kruti S Sheth |
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22000 |
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Tejal M Shah |
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500 |
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Shakuntala M Tanna |
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100 |
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R P Accessries |
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500 |
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Pravina M Purohit |
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100 |
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Baiju Vishal Thakkar |
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34100 |
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Total |
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244760 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of
Alkys Resins |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
·
Bank of Maharashtra, Worli Branch, Ready Money
Terrance, Dr. A.B. Road, Near Worli Naka, Mumbai-400018, Maharashtra, India ·
Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mahendra Doshi and Associates Chartered Accountant |
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Address : |
45, Bhagwan Bhuvan, 4th Floor, 196/198, Samuel Street,
Masjid Bunder Road, Mumbai-400009, Maharashtra, India |
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Tel. No.: |
91-22-23465683/ 23464358 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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244760 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.448
Millions |
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 |
2.448 |
2.448 |
2.448 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.970 |
11.527 |
8.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.418 |
13.975 |
10.911 |
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LOAN FUNDS |
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1] Secured Loans |
22.635 |
19.495 |
18.118 |
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2] Unsecured Loans |
3.582 |
8.486 |
7.603 |
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TOTAL BORROWING |
26.217 |
27.981 |
25.721 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.653 |
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TOTAL |
40.635 |
41.956 |
37.285 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.785 |
3.041 |
3.413 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.125
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9.284 |
9.462 |
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Sundry Debtors |
71.250
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77.533 |
80.982 |
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Cash & Bank Balances |
0.715
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1.691 |
1.527 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.695
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3.661 |
1.874 |
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Total
Current Assets |
88.785
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92.169 |
93.845 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
46.546
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49.345 |
58.326 |
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Provisions |
4.389
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3.909 |
1.647 |
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Total
Current Liabilities |
50.935
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53.254 |
59.973 |
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Net Current Assets |
37.850
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38.915 |
33.872 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.635 |
41.956 |
37.285 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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214.722 |
252.576 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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214.722 |
252.576 |
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Profit/(Loss) Before Tax |
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0.811 |
4.787 |
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Provision for Taxation |
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0.368 |
0.805 |
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Profit/(Loss) After Tax |
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0.443 |
3.982 |
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Total Expenditure |
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213.911 |
247.789 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.21
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1.58 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.38
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1.89 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
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5.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.34 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.35
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5.81 |
10.96 |
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Current Ratio (Current Asset/Current Liability) |
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1.74
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1.73 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Land Plot
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Plant and Machinery
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Electrical Installments
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Lab Equipment
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Building
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Furniture
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Computer
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Scooter
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Fax Machine
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Storage Vert. Tank
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Refrigerator
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Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U24110MH1989PTC052507 |
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Name of the
company |
NETWORK POLYMERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
27, West Hill, |
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This form is for |
Modification of
Charge |
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Type of charge |
Equitable Mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Bank of Maharashtra, Worli Branch, Ready Money Terrance, Dr. A.B.
Road, Near Worli Naka, Mumbai-400018, Maharashtra, India |
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Amount secured by
the charge |
Rs. 11.000
Millions |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Land at village Pamtembhi
in Registration District Palghar, District: Thane, admeasuring 1800 sq.
meters and bearing Gat No. / Survey No. 80 |
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Charge
identification number of the charge to be modified |
80002108 |
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Name of the company |
NETWORK POLYMERS PRIVATE LIMITED |
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Presented By |
Bank of Maharashtra, Worli Branch, Ready Money Terrance, Dr. A.B.
Road, Near Worli Naka, Mumbai-400018, Maharashtra, India |
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1) Date and description of instrument creating the change |
31st
August 2000 Composite Deed of Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.000
Millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First and
Exclusive charge and security by way of hypothecation security charge in
favour of the Bank over the present and future movable plants machineries, goods,
stocks in process, semi finished and finished goods, stores and spares not
relating to plant machinery (consumable stores and spares), Stock in trade,
goods in process, movables in transit Bills Receivables, and Book Debts and
all of the borrower’s other movable assets and properties, both present and
future, situated or located at any place and now lying being affixed or
located at any place and now lying being affixed or installed at any place
outstanding monies, claims, receiables, book debts due or become due to the
borrower/s at any time or form time to time and all of the borrower’s rights,
titles or interest therein |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as per
Bank’s Rules |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra, Worli Branch, Ready Money Terrance, Dr. A.B.
Road, Near Worli Naka, Mumbai-400018, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
1st
March 2005, Composite Deed of Hypothecation for all facilities |
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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. |
By present
modification, the details of facilities secured by hypothecation charge,
stand revised as follow as per First Schedule to the Composite Deed dated
01.03.2005 and the charge over the borrower’s present and future movable
plants and / or machineries also extends to various reaction and blending
vessels, Thermic Fluid Heater, storage tanks, Generators, pipes and
structure, pumps, electrifications and utilizes lab apparatus for the plant
more particularly described in Fourth Schedule to the Composite Deed dated
01.03.2005
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CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 47.08 |
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1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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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