MIRA
INFORM REPORT
|
Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CENTAUR CHEMICALS
PRIVATE LIMITED |
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Registered Office : |
Centaur House,
Shantinagar, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.11.1981 |
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Com. Reg. No.: |
11-25661 |
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CIN No.: [Company
Identification No.] |
U24100MH1981PTC025661 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC01322G |
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PAN No.: [Permanent
Account No.] |
AAACC0443Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
Exporters of Bulk Drugs |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 930000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Centaur House,
Shantinagar, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Tel. No.: |
91-22-56499100 |
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Fax No.: |
91-22-56499108 /
112 |
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E-Mail : |
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Website : |
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Factory : |
Plot 75, Chikloli, MIDC, Ambernath [West], Thane – 421501,
Maharashtra, India |
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Tel. No.: |
91-251-2662968 / 2663968 / 2665437 |
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Fax No.: |
91-251-26665437 |
DIRECTORS
|
Name : |
Mr. Deepak Sadanand
Sabnis |
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Designation : |
Director |
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Address : |
Plot No 8/A,
Green Valiey, Chogma Road, Pilrne Bardez, Goa |
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Date of Birth/Age : |
20.08.1949 |
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Date of Appointment : |
06.02.2001 |
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Name : |
Mr. Govind Guno |
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Designation : |
Director |
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Address: |
Kedar Apartment,
Bhandara Gali, Off L J Road, Mumbai – 400015, Maharashtra, India |
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Date of Birth/Age : |
14.06.1933 |
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Date of Appointment : |
06.02.2001 |
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Name : |
Mr. Shreekant Dattathray Sawant |
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Designation : |
Director |
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Address: |
Flat No 11, 6th Floor, Om Sidhivinayak Apartment, LT Dilip
Gupte Road, Mahim [West], Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
31.05.1949 |
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Date of Appointment : |
29.07.1983 |
KEY EXECUTIVES
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Name : |
J. H. Ranade and Associates |
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Designation : |
Company Secretaries |
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Address : |
24A/25A, Dhanalaxmi Chambers, off Gokhale Road, Near Railway Station,
Thane [West] – 400602, Maharashtra, India |
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Tel No. : |
91-22-25442423 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr Shivanand
Dattatraya Sawant |
|
5820 |
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Mr Jagdish
Marutio Nadkarani |
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60 |
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Mr Anil Mahadev
Naik |
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150 |
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Ms Smita
Abhaykumar Phal |
|
4410 |
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Ms Rakhi Shridhar
Kadam |
|
5964 |
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Ms Veena
Shivanand Kadam |
|
360 |
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Ms Rekha Gopinath
Sawant |
|
210 |
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Mr Gopinath
Dattatraya Sawant |
|
210 |
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Ms Sudha Manohar
Padgonkar Mr Millind
Manohar Padgonkar |
|
1500 |
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Mrs Geeta Ramesh
Powar |
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60 |
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Mr Tushar
Shrikant Sawant Ms Sheela
Shrikant Sawant |
|
582 |
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Ms Sumitra Mohan
Parulkar |
|
10500 |
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Ms Veena
Shivanand Sawant Mr Shivanand
Dattatraya Sawant |
|
6054 |
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Ms Smita
Abhaykumar Phal Ms Veena
Shivanand Sawant |
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4554 |
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Ms Supriya
Shivanand Sawant Ms Veena
Shivanand Sawant |
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4554 |
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Mr Shrikant
Dattatraya Sawant Ms Sheela
Shrikant Sawant |
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9648 |
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Mr Anil Mahadev
Naik Ms Deepa
Anilkumar Naik |
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2850 |
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Mr Sudhakar
Keshav Rangnekar Ms Usha Sudhkar
Rangnekar |
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1320 |
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Mr Sachin Ramesh
Powar |
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540 |
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Category of Shareholders |
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Percentage of Holding |
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Directors or
relatives of director |
|
81.00 |
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Other top 50
share holder |
|
19.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Bulk Drugs |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Bulk drugs and drug Intermediates |
Kilos |
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12500 (5000) |
GENERAL
INFORMATION
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Bankers : |
Commercial
Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle East, Mumbai – 400057,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
Thane Demand and
Diu Regional Office, Office Complex Building, 6th Floor, Wagie Estate,
MIDC, Thane (West) |
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Auditors : |
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Name : |
A K Dhere Chartered
Accountants |
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Address : |
1-A, Arunoday
Company Operative Society, Ground Floor, Subhash Road, Vile Parle, Mumbai –
400057, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs 100/- each |
Rs 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90,000 |
Equity Shares |
Rs 100/- each |
Rs 9.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
223.426 |
187.774 |
184.572 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
232.426 |
196.774 |
193.572 |
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
95.709 |
73.625 |
67.569 |
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2] Unsecured Loans |
10.136 |
10.660 |
49.319 |
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TOTAL BORROWING |
105.845 |
84.285 |
116.888 |
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DEFERRED TAX LIABILITIES |
10.993 |
37.260 |
0.000 |
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TOTAL |
349.264 |
318.319 |
310.460 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
217.517 |
204.161 |
183.182 |
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Capital work-in-progress |
0.000 |
0.505 |
0.000 |
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INVESTMENT |
5.001 |
0.001 |
2.424 |
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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 |
85.724
|
54.309
|
61.186 |
|
Sundry Debtors |
42.833
|
43.233
|
39.772 |
|
Cash & Bank Balances |
11.586
|
19.135
|
17.782 |
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
Loans & Advances |
29.633
|
33.258
|
108.208 |
|
Total Current Assets |
169.776
|
149.935
|
226.948 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
43.030
|
36.283
|
38.765 |
|
Provisions |
0.000
|
0.000
|
63.330 |
|
Total Current Liabilities |
43.030
|
36.283
|
102.095 |
|
Net Current Assets |
126.746
|
113.652
|
124.853 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
349.264 |
318.319 |
310.459 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
243.674 |
236.061 |
190.388 |
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Profit/(Loss) Before Tax |
12.983 |
27.849 |
17.671 |
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Provision for Taxation |
0.000 |
16.874 |
12.544 |
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Profit/(Loss) After Tax |
12.983 |
10.975 |
5.127 |
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Expenditures : |
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Interest |
8.473 |
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Depreciation & Amortization |
16.447 |
13.858 |
172.717 |
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Other Expenditure |
205.771 |
185.382 |
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Total Expenditure |
230.691 |
208.213 |
172.717 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.33
|
4.65
|
2.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.33
|
11.80
|
9.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.35
|
7.86
|
4.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.14
|
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.61
|
1.13 |
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Current Ratio (Current Asset/Current Liability) |
|
3.95
|
4.13
|
2.22 |
LOCAL AGENCY
FURTHER INFORMATION
Business
The subject is
engaged in the business of manufacture, deal, distribute, buy, sell, exchange of
fine chemicals, chemical intermediates, drug intermediates, medical and herbal
extracts, synthetic organic, inorganic chemicals, distilled water,
pharmaceutical medicines in the form of tablets capsules granules, injections,
syrups or any other suitable form.
The subject has been able to carve a niche as India's leading manufacturer and exporter of APIs based on intellectual strength, core competence and a right vision. This vision has translated into Centaur being the first in India to manufacture Clobazam, Clonazepam, Melitracen, Metolazone, Nortriptyline, Oxazepam, Zaleplon, Zolpidem and Zopiclone bulk actives.
Current API comprises of
·
Alprazolam
·
Brimonidine Tartrate
·
Chlordiazepoxide
·
Clobazam
·
Diazepam
·
Fluphenazine HCI
·
Melitracen HCI
·
Benzydamine HCI
·
Bromazepam
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Clonazepam
·
Clorazepate Dapotassium
·
Flupentixol Dhihydrochloride
·
Lorazepam
·
Methvi Phenidate HCI
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90240951 |
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Corporate
identity number of the company |
U24100MH1981PTC025661 |
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Name of the
company |
CENTAUR CHEMICALS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Centaur House,
Shantinagar, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra |
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Type of charge |
|
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Particular of
charge holder |
State Bank of
India Commercial Branch,
Shyamkamal Trade Centre, Agarwal Market, Vile Parle East, Mumbai – 400057,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of loan cum hypothecation |
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Date of
instrument Creating the charge |
19.02.2007 |
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Amount secured by
the charge |
Rs. 113.400
Millions |
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Short particulars
of the property charged |
Hypothecation of all
movable plant and machinery of the company present and future Machinery of the
company present and future. Equitable
mortgage of following : Factory, Building
/ structures on Plot No. 75, Adm 2899 sq. mts. situated at Chikoli MIDC,
Ambernath |
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Date of latest
modification prior to the present modification |
19.05.2006 |
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Particulars of
the present modification |
Now by the
present Modification dated 19.02.2007 the Term Loan limit increased to Rs.
113.400 Millions |
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Name of the company |
CENTAUR CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr Shrikant D
Sawant |
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1) Date and description of instrument creating the change |
1] General
agreement for grant medium term advances to small scale industries and
hypothecation of movables. Book debts and other assets 2] Ancillary
agreement for medium term loan against pledge of movables machineries. 3] Memorandum of
deposits of title deeds. (all document dated 24.01.2003 to constitute a
single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 40.500
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 |
A] hypothecation
of all movable plant and machinery of the company present and future more
particularly described in the schedule ‘A’ and ‘B’ to the ancillary agreement
for medium term loan B] equitable
mortgage of the following 1] factory
building / structures on plot no 75
admeasuring 2899 sq. meter situated at Chikloli MIDC, Ambernath 2] 3rd and 4th floor admeasuring
around 7200 Sq ft at shantinagar industrial estate, vakola, santacruz (east),
Mumbai more particularly described in schedule to the deed details of securities
more particularly specified in agreements dated 24.01.2003 as referred herein
above under clause No 1 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
1.75% over minimum of 13.25% p.a. Loan repayable in
18 quarterly instalments. Amount of first 17 installments Rs 2.225 Millions
each and last 18th instalment of Rs 2.165 Millions commencing from
30th June, 2003 Margin : 33.60% Charge to cover
all outstanding sums, interests, costs, and charges payable by the company to
the bank. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Vile Parle,
commercial Branch, Mumbai – 400057 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
CENTAUR CHEMICALS COMPANY PRIVATE LIMITED |
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Presented By |
CENTAUR
CHEMICALS COMPANY PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
No instrument was
executed but an equitable mortgage was created by the company on the 08.09.1998
In favour of the
Maharashtra state financial corporation by deposit of title deeds of the
company’s flat bearing no 403 on the 4th floor in ‘A’ wing No 1,
of padmavati complex, of plot no 8 and 24 of development scheme no 15 of
ambernath and bearing CTS no 4717 to 4719 and 4723 to 4728, village kohop,
within the village limits of ambernath municipal council, taluka ulhasnagar,
district thane, described in the second schedule therto with Maharashtra
state financial corporation with intent to create a security thereon by way
of equitable mortgage pursuant to a resolution passed by the board of
directors of the company on the 30.04.1998
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs 2.300 Millions |
|
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 |
1] Mortgage by
deposit of title deeds of flat bearing flat no 403 by way of second charge on
flat on 4th floor, in a ‘A’ wing no 1 of padmavati complex, of
plot no 8 and 24 of development scheme no 15 of ambernath and bearing CTS No
4717 to 4719 and 4723 to 4728 village kohop within the limits of ambernath
municipal council taluka ulhasnagar district thane |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the said loan of rs 2.300 millions from the corporation the company has
mortgage the said flat owned by it in favour of the corporation as collateral
security. |
|
5) Name and Address and description of the person entitled to the charge. |
Maharashtra State
Financial Corporation Thane Demand and
Diu Regional Office, Office Complex Building, 6th Floor, Wagie
Estate, MIDC, Thane (West) |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
|
Name of the company |
CENTAUR CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr Shrikant D
Sawant |
|
1) Date and description of instrument creating the change |
Mortgage deed
dated 09.08.1994 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs 6.750 Millions |
|
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 |
Plot No 75,
chikhloli, MIDC, Ambernath |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per RBI rules |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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
- Leasehold Land
- Factory Building
- Residential Flats
- Plant and Machinery
- Furniture and Fixture
- Vehicles
- Electrical Installation
- Laboratory Equipments
- Laboratory Furniture
- Tank and Vessels
- Fire Extinguishers
- Weighing Scale
- Pumps and Motors
- Service Equipments
India’s largest manufacturer and exporter of
psychotropic APIs
Centaur, with a strong focus, has built strengths across their API, intermediates and exports business. We are now strategically poised to capitalize on the emerging opportunities in the domestic and international markets and deliver enhanced long term value.
Centaur is India's leading
manufacturer and exporter of Psychotropic APIs with a footprint extending
across more than 50
Manufacturing
Centaur
leverages state-of-the-art manufacturing facility at Ambernath, near Mumbai,
conforming to ISO 9001 : 2000 standards,
to ensure quality products. As a future focused organization, we are building
capacities and capabilities in India and across international geographies with
strong demand potential.
Areas of specialization range from APIs and intermediates to
process development and contract Manufacturing
Object of the company
The subject is
engaged in the business of deal, distribute, buy, sell, exchange of chemicals,
pharmaceuticals, medicines, dyes and colours used in food articles including
food preparations, food supplements, confectionaries
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.39.36 |
|
UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|