MIRA
INFORM REPORT
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Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
URVESH PSYLLIUM INDUSTRIES LIMITED |
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Registered Office : |
8, National Highway Roadkhali Taluka, Sidhpur -384 151 , Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.03.1995 |
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Com. Reg. No.: |
04-25264 |
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CIN No.: [Company
Identification No.] |
U91110GJ1995PLC025264 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMU00437D |
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PAN No.: [Permanent
Account No.] |
AAACU1974G |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Exporter of Psyllium Husk and Powder. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 74000 |
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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 company having fine track. Financial
position is good. Payments are usually correct and as per commitments. The company is doing well. It can be considered good for any normal
business dealings at usual trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long - run. |
LOCATIONS
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Registered Office : |
8, National Highway Roadkhali Taluka, Sidhpur -384 151 , Gujarat |
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E-Mail : |
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Website : |
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Corporate Office : |
State Highway,
Khali Char Rasta, Khali, Ta-Sidhpur - 384 151, |
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Tel. No.: |
91-2767-282390 /
282391 |
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Fax No.: |
91-2767-282392 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Krutiben Mayank Patel |
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Designation : |
Director |
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Address : |
Bindu Sarovar Road, District Patan, Sidhpur – 384 151, Gujarat, India |
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Date of Birth/Age : |
09.12.1963 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mrs. Ninaben Urvesh Kumar Patel |
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Designation : |
Director |
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Address : |
Rajendra Brothers, Bindu Sarovar Road, Sidhpur – 384 151, Gujarat,
India |
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Date of Birth/Age : |
19.09.1966 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mr. Shambhubhai Apabhai Patel |
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Designation : |
Director |
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Address : |
Bindu Sarovar Road, District Patan, Sidhpur – 384 151, Gujarat, India |
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Date of Birth/Age : |
15.06.1931 |
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Date of Appointment : |
31.03.1995 |
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Name : |
Mr. Mayank Kumar Shambhubhai Patel |
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Designation : |
Director |
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Address : |
Bindu Sarovar Road, District Patan, Sidhpur – 384 151, Gujarat, India |
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Date of Birth/Age : |
10.02.1963 |
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Date of Appointment : |
14.09.1998 |
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Name : |
Mr. Urvesh Kumar Shambhubhai Patel |
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Designation : |
Director |
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Address : |
Bindu Sarovar Road, District Patan, Sidhpur – 384 151, Gujarat, India |
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Date of Birth/Age : |
24.07.1965 |
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Date of Appointment : |
31.03.1995 |
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Name : |
Mrs. Hirabhai Patel |
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Designation : |
Director |
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Address : |
Shiv Shakti Jayvijay Society, Unjha – 384 170, Gujarat, India |
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Date of Birth/Age : |
01.08.1932 |
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Date of Appointment : |
02.09.1994 |
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Name : |
Mr. Manubhai Fuljibhai |
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Designation : |
Executive director |
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Address : |
7- Vijay Park Society, Near Shambhu Park Society, Unjha – 384 170,
Gujarat, India |
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Date of Birth/Age : |
01.06.1956 |
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Date of Appointment : |
06.02.1995 |
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Name : |
Mr. Chandrakant V Miodh |
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Designation : |
Director |
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Address : |
Luhar Chakla, Sidhpur – 384 151, Gujarat, India |
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Date of Birth/Age : |
02.10.1955 |
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Date of Appointment : |
21.05.2001 |
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Name : |
Mr. Hasmukh C Chavda |
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Designation : |
Director |
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Address : |
Brahmanwada, Taluka Unjha, Gujarat, India |
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Date of Birth/Age : |
27.02.1980 |
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Date of Appointment : |
21.05.2001 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
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1 |
Bodies corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Psyllium Husk and Powder. |
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Products : |
GENERAL
INFORMATION
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No. of Employees : |
Around 150 |
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Bankers : |
Dena
Bank Address:
Jadiaveer Naka, Sidhpur Branch, Sidhpur – 384
151, Gujarat, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kantilal Manilal Shah and Company Chartered Accountants |
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Address : |
6/3, Indraprasth Flat, Near Gurudwara, Jail Road, Mehsana – 384 002,
Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1305000 |
Equity Shares |
Rs. 10/- each |
Rs.13.050
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
13.050 |
13.050 |
13.050 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.613 |
32.613 |
35.755 |
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4] (Accumulated Losses) |
[27.320] |
[32.556] |
0.000 |
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NETWORTH |
18.343 |
13.107 |
48.805 |
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LOAN FUNDS |
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1] Secured Loans |
113.490 |
122.137 |
114.122 |
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2] Unsecured Loans |
49.776 |
49.698 |
49.862 |
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TOTAL BORROWING |
163.266 |
171.835 |
163.984 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.021 |
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TOTAL |
181.609 |
184.942 |
212.810 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.718 |
18.661 |
20.599 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.451 |
2.482 |
0.214 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.726 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
178.940
|
147.944 |
161.865 |
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Sundry Debtors |
42.404
|
46.643 |
64.091 |
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Cash & Bank Balances |
0.270
|
0.347 |
0.110 |
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Other Current Assets |
1.226
|
0.000 |
0.340 |
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Loans & Advances |
12.702
|
28.398 |
11.534 |
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Total
Current Assets |
235.542
|
223.332 |
237.940 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
74.695
|
59.041 |
46.669 |
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Provisions |
0.407
|
0.492 |
0.000 |
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Total
Current Liabilities |
75.102
|
59.533 |
46.669 |
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Net Current Assets |
160.440
|
163.799 |
191.271 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
181.609 |
184.942 |
212.810 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
363.477 |
353.637 |
340.488 |
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Other Income |
8.301 |
2.308 |
3.428 |
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Total Income |
371.778 |
355.945 |
343.916 |
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Profit/(Loss) Before Tax |
7.320 |
[35.230] |
8.568 |
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Provision for Taxation |
0.000 |
0.000 |
0.022 |
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Profit/(Loss) After Tax |
7.320 |
[35.230] |
8.546 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
4.791 |
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Raw Material Consumed |
310.229 |
334.689 |
278.943 |
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Operating Expenses |
0.000 |
0.000 |
6.331 |
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Employees Remuneration and other Benefits |
0.000 |
0.000 |
3.306 |
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Selling expenses |
0.000 |
0.000 |
13.263 |
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Director Salary |
0.000 |
0.000 |
0.514 |
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Salaries, Wages, Bonus, etc. |
2.981 |
3.245 |
0.000 |
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Managerial Remuneration |
0.539 |
0.539 |
0.000 |
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Interest |
20.293 |
20.135 |
0.000 |
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Other Expenditure |
30.416 |
32.567 |
0.000 |
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Total Expenditure |
364.458 |
391.175 |
307.148 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.96 |
[9.89] |
2.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.01 |
[9.96] |
2.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.87 |
[14.55] |
3.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
[2.68] |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
12.99 |
17.65 |
4.31 |
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Current Ratio (Current Asset/Current Liability) |
|
3.13 |
3.75 |
5.09 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U91110GJ1995PLC025264 |
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Name of the company |
URVESH PSYLLIUM INDUSTRIES LIMITED |
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Address |
8, National Highway Roadkhali Taluka, Sidhpur -384 151 , Gujarat,
India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Movable Property · Others |
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Particular of the charge holder
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Dena Bank Address: Jadiaveer Naka, Sidhpur Branch,
Sidhpur – 384 151, Gujarat, India Email ID: sidhpu@denabank.co.in |
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Nature or description of the instrument creating charge |
Hypothecation of agreement, goods, book debts and movable assets to
secure multiple facilities dated 10.10.2006. |
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Date of the instrument creating charge |
10.10.2006 |
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Amount Secure by the charge |
Rs. 131.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Rate of interest for PCH, CCP, FBP 8.5, 15.25, 8.5% respectively and
WCDL @ 11.75% Term of repayment: Repayment of Term Loan W.E.F 10.11.2006 for Rs. 1.556 millions per
month and every month on 10th upto 10.10.2007 Margin: PCH 10% , CCP 25%, FBP Nil WCDL Nil |
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Short particulars of the Property charged |
Agreement of hypothecation goods, book debts and other movable assets
to secure multiple facilities Hypothecation of first charge all the borrowers, book debts and
movable and other assets Personal guarantee of all directors in their personal capacities Equitable mortgage by deposit of original title deed in respect of
Immovable properties being factory land and building located at 123, 124, 124
/ ˝ and Total Admeasuring 16211 sq.mtrs in the name of Shrishambhubhai Patel.
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Particulars of the present modification |
No change in limit on present modifications but bifercation has been
changes which is as under:
|
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Name of the
company |
URVESH PSYLLIUM INDUSTRIES LIMITED |
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Presented
By |
Mr. Mayank S
Patel |
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1) Date and
description of instrument creating the change |
17.01.2001 Hypothecation to
secure motor trucks two other transport vehicle cars created a single charge |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 1.800
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 to
secure motors trucks and other transport vehicle cars. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest @ 14.75% p.a |
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5) Name and
Address and description of the person entitled to the charge. |
Dena Bank Address: Sidhpur Branch |
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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 |
WEBSITE DETAILS:
Psyllium has a long history of use throughout the world. Psyllium has
been used in traditional medicine in India and finds mention in ancient Indian
Ayurvedic prescriptions.
Psyllium Husk is derived from the seed of the Plantago Ovata (Psyllium)
Plant. Plantago ovata (Psyllium) is an annual crop and is cultivated in the
Northwestern region of India in the states of Gujarat, Rajasthan and some parts
of Madhya Pradesh.
Botanical Name (Latin) : Plantago Psyllium
Sanskrit Name : Sat Isabgol
Common Name (English) : Psyllium Husk
Type of Herb : Ayurvedic
Pharmacological Action : Laxative, Demulcent, Expectorant,
Emolient, Astringent
Indications (uses) :
Chronic constipation, Colitis, Diarrhoea, Dysentery, Urethritis, Cystitis,
Ulcers, Gastritis, Blood cholesterol LDL level, High
triglycerides, Irritable bowel syndrome
Plant Part Used : Husk
Their modern diet usually lacks in fiber, as most of it is removed from
the cereals including flour by hulling, refining and peeling of fruit and
vegetables before consuming them.
Psyllium Husk is a natural agent to provide sufficient dietary fiber to
the fiber deficient food. Psyllium Husk is a complete natural fiber and does
not contain any additives or preservatives.
Psyllium Husk is used as laxative, demulcent, expectorant, emolient,
astringent and in treatment of chronic constipation, colitis, diarrhoea,
dysentery, urethritis, cystitis, ulcers, gastritis, Blood Cholesterol LDL
Level, High triglycerides, Irritable bowel syndrome.
Recent studies have shown that an intake of 10.2 g of Psyllium Husk per
day as part of a diet low in saturated fat and cholesterol significantly lower
the blood total- and LDL-cholesterol levels. Since Oct 1998, the US Food and
Drug Administration approved the health claim on the association between
consumption of Psyllium Husk and reduction in risk of coronary heart disease.
Psyllium stalks contain tiny seeds, also called Psyllium, covered by
husks, which are the parts used in foods. Psyllium's total dietary content --
86 percent -- is made up of 71 percent soluble fiber and 15 percent insoluble
fiber. This compares to 15 percent total fiber and only five percent soluble
fiber for oat bran. The soluble fiber in one tablespoon of Psyllium is equal to
14 tablespoons of oat bran. For this reason, in contrast to oats, Psyllium is
added in relatively small quantities to other cereal grains to make food
products.
Studies show that Psyllium (12 grams per day) lowers total cholesterol
by about 5 percent, similar to that observed for oats.
In several studies conducted, researchers found that seriously obese
women who took few teaspoons of Psyllium with water before meals lost more
weight than those who did not.
According to Ayurved and Unani System of medicine, Psyllium is cooling,
soothing and softening substance and prevents acidity.
· High affinity to water
· Completely Natural
· Non - Toxic
· Purely mechanical action (body does not assimilate it)
· Non - Habit forming
In addition to Psyllium Husk being in itself directly consumable natural
fiber to treat constipation, acidity and score of bowel related problems, it
finds several other uses and applications commercially. There are various
commercial uses of Psyllium Husk in food, pharmaceutical and other industries.
Psyllium can be used as a wonder product in health drinks, beverages,
ice cream, bread, biscuits, other bakery products, rice cakes, jams, instant
noodles, breakfast cereals etc., to improve the fiber content of the food as
also to increase the bulk of the food.
It is being used as a thickener in ice cream and frozen deserts. The
viscosity of Psyllium mucilage dispersions are relatively unaffected between
temperatures of 68 to 122°F, by pH from 2 to 10 and by salt (sodium chloride)
concentrations up to 0.15 M. These properties in combination with psyllium's
natural fiber characteristic may lead to increased use by the food processing
industry
Psyllium Husk may also be added to fresh fruit drinks or flavoured
drinks to improve the mouth-feel of the drink and make it more rich and impart
good consistency to it.
Psyllium has been used worldwide in traditional medicine, in India finds
its mention is ancient Indian Ayurvedic prescriptions. Psyllium Husk is mainly
used for its following medicinal benefits : As a natural laxative to cure
constipation and related problems. As an aid in lowering cholesterol levels in
blood.
Recent interest in Psyllium has arisen primarily due to its use in high
fiber breakfast cereals and from claims that these high fiber cereals
containing Psyllium are effective in reducing cholesterol. Several studies
point to a cholesterol reduction attributed to a diet that includes dietary
fiber such as Psyllium. Research reported in The American Journal of Clinical
Nutrition concludes that the use of soluble-fiber cereals is an effective and
well-tolerated part of a prudent diet for the treatment of mild to moderate
Hypercholesterollaemia. Research also indicates that Psyllium incorporated into
food products is more effective at reducing blood glucose response than use of
a soluble fiber supplement that is separate from the food.
On Tuesday, Feb. 17, 1998, the food and drug administration, u.s.a. gave
permission to allow kellogg and other food manufactures to make a health claim
on the packaging of food products regarding a plant fiber called psyllium. The
claim reads: "eating soluble fiber from foods such as psyllium as part of
a diet low in saturated fat and cholesterol may reduce the risk of heart
disease".
Pharmaceutical and Ayurvedic companies are finding out more and more
uses of this wonder-herb from India.
They have immense pleasure in introducing their selves as a leading
processor and exporter of Psyllium Husk and Powder in India.
They are in this line of business since last 52 years (i.e. from 1949).
Initially they processed and supplied Psyllium products in local market but,
looking to the worldwide demand, in 1966 they started to export Psyllium
Products in the name of Rajendra Brothers. Later on with the increase of demand
from overseas buyers there rose a need to expand the business, and thus the
company was formed in 1985, which later on was converted into a Limited Company
in the year 1995.
In the year 1995 itself, subject acquired the prestigious status of Government
Of India Recognized EXPORT HOUSE and later in the year 1997 subject became
Government Of India recognized Trading House.
Subject works under the standards of GMP, which is approved by the
Multinational Company " PROCTER and GAMBLE ", U.S.A. Also, to
maintain quality as per buyer's requirements Subject acquired the ISO 9001:2000 Certification, and was awarded
prestigious status from the world recognized SGS QUALITY CERTIFICATION
SERVICES, UK.
Subject exports its quality products (i.e. Psyllium Seeds, Psyllium
Husks and Powder) to various countries throughout the world especially,
Subject lays due emphasis on the requirements of it's
buyers with respect to Purity, Mesh Size, Moisture and other Specifications
while fulfilling its export contracts. Besides, Subject also exports the
by-product of Psyllium (i.e. Psyllium Industrial (Khakha) Powder).
Subject has received numerous awards for its excellent
performance in Export field, Quality and Services rendered to its clients. In
the Year 1995-96 CHEMEXCIL (A council set up by Ministry of Commerce,
Government of India) awarded Urvesh "TOP AWARD" for its excellence in
exports. In the year 1997-98, subject was awarded Gujarat Export Award",
one of the prestigious awards presented by Government of Gujarat. Once again FIEO
Award in 2001-2002 subject was conferred "TOP
AWARD" by CHEMEXCIL.
Also they have a sister concern named Unjha Formulations which produces Psyllium
formulations as per I.P., B.P. and U.S.P., and is also a G.M.P certified unit.
Products:-
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.39.43 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.58.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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/normal. |
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 |
|