MIRA
INFORM REPORT
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Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAMESWAR AGRO INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Plot No. 1, Bhagabanpur Industrial Estate, Bhubaneswar 751019, Orissa |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.01.1990 |
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Com. Reg. No.: |
15-2416 |
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CIN No.: [Company
Identification No.] |
U01222OR1990PTC002416 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BBNR00620E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Raw as well as Boiled Rice |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 42000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has some accumulated
losses. Its payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 1, Bhagabanpur Industrial Estate, Bhubaneswar 751019, Orissa,
India |
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Tel. No.: |
91-674-2475614 / 2552103 |
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Fax No.: |
91-674-2552205 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sudhansu Sekhar Das |
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Designation : |
Director |
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Address : |
N 3/69, IRC Village, Nayapalli, Bhubaneswar 751015, Orissa, India |
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Date of Birth/Age : |
10.09.1950 |
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Date of Appointment : |
19.01.1990 |
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Name : |
Ms. Pusparani Das |
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Designation : |
Director |
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Address : |
N 3/69, IRC Village, Nayapalli, Bhubaneswar 751015, Orissa, India |
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Date of Birth/Age : |
22.07.1954 |
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Date of Appointment : |
19.01.1990 |
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Name : |
Mr. Sukhamaya Das |
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Designation : |
Director |
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Address : |
N 3/69, IRC Village, Nayapalli, Bhubaneswar 751015, Orissa, India |
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Date of Birth/Age : |
04.08.1982 |
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Date of Appointment : |
01.12.2003 |
KEY EXECUTIVES
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Name : |
Gopinath Nayak and Associates |
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Designation : |
Company Secretary |
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Address : |
VM 135, Sailasri Vihar, Bhubaneswar 751015 |
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Tel. No.: |
91-674-2742598 |
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Mobile No.: |
91-9437199291 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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Sudhansu Sekhar Das |
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3500 |
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Pusparani Das |
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47500 |
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Lifeline Protein and Care Private Limited |
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22000 |
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Industrial and Commercial Enterprises Private Limited |
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9000 |
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Sukhaniya Das |
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1000 |
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Kalinga Hatchery Private Limited |
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17000 |
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Total |
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100000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Raw as well as Boiled Rice |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Agasti and Associates Chartered Accountants |
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Address : |
97, Bhoi Nagar, Bhubaneswar 751022, Orissa, India |
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Name : |
Ramakrushna Patra and Company Chartered Accountants |
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Address : |
Plot No. 493, 1st Floor, Shivakrupa, Nageswar Tangi,
Bhubaneswar 751002, Orissa, India |
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Tel. No.: |
91-674-6418049 / 2432098 |
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E-mail: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.000
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 |
10.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[1.514] |
0.000 |
0.000 |
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NETWORTH |
8.486 |
0.100 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
33.053 |
0.000 |
0.000 |
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2] Unsecured Loans |
15.413 |
3.351 |
0.000 |
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TOTAL BORROWING |
48.466 |
3.351 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.436 |
0.000 |
0.000 |
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TOTAL |
57.388 |
3.451 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.750 |
1.250 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.043 |
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 |
16.939
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0.000 |
0.000 |
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Sundry Debtors |
6.699
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0.000 |
0.000 |
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Cash & Bank Balances |
0.493
|
1.731 |
0.006 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.514
|
0.006 |
0.000 |
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Total
Current Assets |
27.645
|
1.737 |
0.006 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.529
|
0.015 |
0.005 |
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Provisions |
0.000
|
0.000 |
0.218 |
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Total
Current Liabilities |
15.529
|
0.015 |
0.223 |
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Net Current Assets |
12.116
|
1.721 |
[0.217] |
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MISCELLANEOUS EXPENSES |
0.479 |
0.480 |
0.317 |
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TOTAL |
57.388 |
3.451 |
0.100 |
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PROFIT & LOSS
ACCOUNT
During the year 2005-06 there was no operation and Profit and Loss
Account for 2006 not available.
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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20.670 |
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Other Income |
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0.418 |
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Total Income |
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21.088 |
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Profit/(Loss) Before Tax |
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[1.059] |
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Provision for Taxation |
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0.019 |
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Profit/(Loss) After Tax |
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[1.078] |
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Expenditures : |
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Cost of Goods Sold |
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19.312 |
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Administrative Expenses |
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0.833 |
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Financial Charges |
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0.870 |
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Depreciation & Amortization |
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1.132 |
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Total Expenditure |
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22.147 |
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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 |
(%) |
5.12
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.12
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.53
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.54
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33.66 |
2.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.78
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115.800 |
0.03 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10027159 |
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Corporate identity
number of the company |
U01222OR1990PTC002416 |
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Name of the
company |
RAMESWAR AGRO
INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 1, Bhagabanpur Industrial Estate, Bhubaneswar 751019, Orissa,
India |
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Type of charge |
Immovable property Book Debts Others |
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Particular of
charge holder |
Corporation Bank Jayadev Vihar
Branch, Plot No. 2039, Jayadev Vihar, Bhubaneswar 751013, Orissa, India |
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Nature of
description of the instrument creating or modifying the charge |
Common deed of
hypothecation Memorandum of deposit of title deeds Corporation bank
sanction letter |
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Date of
instrument Creating the charge |
27.02.2008 |
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Amount secured by
the charge |
Rs. 82.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
11.50% per annum Existing term
loan – 11.50% per annum New Term Loan
11.50% per annum Forward Sale
contract – No interest only commission at prescribed rates. Terms of
Repayment Cash Credit
Running account repayable on demand subject to annual renewal Existing Term Loan
to be repaid in 75 months after initial repayment holiday upto December 2006
in set up installment as stipulated in original CSI Dated 16.09.2006. Term Loan to be
repaid from July 2008 with an initial repayment holiday upto June 2008 in
step up installments Margin Stock 35% Book Debts 35% Plant and
Machinery 25% Civil
Works/Building 30% Extent and
Operation of the charge Cash credit –
hypothecation of stocks and book debts Existing Term
Loan – Equitable mortgage of IDCO Plot No. 52, Sector C, Bhagwanpur
Industrial Estate, Bhubaneswar and hypothecation of plant and machinery and
other fixed assets. New Term Loan –
Equitable mortgage of IDCO Plot No. 1/B and 1/C and Plot No. 52/1 Others 1.
Age of Book
Debts for cash credit purposes shall be 90 days. 2.
import
letter of credit will be for a period
of 360 days 3.
Name of the
Guarantors : Kalinga Hatchery Private Limited Sukahmaya Das Sudhnsu Shekhar Das Pusparani Das |
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Short particulars
of the property charged |
Equitable mortgage
of IDCO Plot No. 52, Sector C, Bhagwanpur Industrial Estate, Bhubaneswar Equitable
mortgage of IDCO Plot No. 1/B and 1/C admeasuring AC 3, admeasuring 0.45
acres standing in the name of Kalinga Hatchery Limited both at Bhagwanpur
Industrial Estate, Bhubaneswar |
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Date of latest
modification prior to the present modification |
27.02.2008 |
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Particulars of
the present modification |
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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, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.95 |
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UK Pound |
1 |
Rs. 85.62 |
|
Euro |
1 |
Rs. 67.81 |
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 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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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 |
|
38 |
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 |
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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 |
|
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 |
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