MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
U K POLYPLAST PRIVATE LIMITED |
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Registered Office : |
B-37, New Empire Industrial Estate, Kondivita Road, Andheri (East),
Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.11.2004 |
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Com. Reg. No.: |
149674 |
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CIN No.: [Company
Identification No.] |
U25200MH2004PTC149674 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU05386D |
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PAN No.: [Permanent
Account No.] |
AAACU8105B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of variety of office product like display books, envelope
bag, card holders, suspension file, computer file, ring binders, sheet
protector, swing grip file, clip files, expanding bags and many other
products. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Kavita |
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Designation : |
Account Manager |
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Date : |
03.07.2008 |
LOCATIONS
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Registered Office : |
B-37, New Empire Industrial Estate, Kondivita Road, Andheri (East),
Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-66920358 / 66920354 / 30883456 / 57 / 58 / 59 / 60 |
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Fax No.: |
91-22-66920358 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Plot 376/2/10, Gala No.3, Zari Grora, Daman |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Umesh Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B.Com |
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Name : |
Mr. Bachubhai Patel |
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Designation : |
Director |
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Date of Birth/Age : |
40 Years |
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Date of Appointment : |
B.Com |
KEY EXECUTIVES
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Name : |
Mr. Umesh Sharma |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.11.2004)
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Names of Shareholders |
No. of Shares |
|
Umesh Sharma |
510 |
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Bachubhai Patel |
490 |
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Total |
1000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of variety of office product like display books, envelope
bag, card holders, suspension file, computer file, ring binders, sheet
protector, swing grip file, clip files, expanding bags and many other
products. |
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Exports : |
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Countries : |
Worldwide |
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Imports : |
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Countries : |
·
Taiwan ·
China |
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Terms : |
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Selling : |
Credit – 30 days |
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Purchasing : |
Credit – 30 days |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
20 |
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Bankers : |
The Saraswat Co-operative Bank Limited Mahim Branch, GSB Temple Building, Sitaladevi Temple Road, Mahim,
Mumbai – 400 016, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vivek Joshi and Associates |
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Address : |
11 Godavari, Topiwala Compound, Station Road, Goregaon (West), Mumbai
– 400 062, Maharashtra, India |
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Associates/Subsidiaries : |
·
Krishna Industries ·
U K Plastics and U K Poly Prints Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
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 |
0.100 |
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) |
(0.388) |
(0.678) |
(0.016) |
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NETWORTH |
(0.288) |
(0.578) |
0.084 |
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LOAN FUNDS |
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1] Secured Loans |
37.358 |
14.759 |
0.000 |
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2] Unsecured Loans |
18.889 |
15.119 |
4.830 |
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TOTAL BORROWING |
56.247 |
29.878 |
4.830 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
55.959 |
29.300 |
4.914 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.582 |
28.112 |
0.000 |
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Capital work-in-progress |
9.226 |
0.000 |
4.692 |
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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 |
4.990
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6.793 |
0.000 |
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Sundry Debtors |
11.269
|
2.753 |
0.000 |
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Cash & Bank Balances |
0.209
|
0.021 |
0.050 |
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Other Current Assets |
0.404
|
0.000 |
0.082 |
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Loans & Advances |
0.932
|
0.245 |
0.051 |
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Total
Current Assets |
17.804
|
9.812 |
0.183 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.443
|
8.631 |
0.011 |
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Provisions |
0.250
|
0.033 |
0.000 |
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Total
Current Liabilities |
7.693
|
8.664 |
0.011 |
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Net Current Assets |
10.111
|
1.148 |
0.172 |
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MISCELLANEOUS EXPENSES |
0.040 |
0.040 |
0.050 |
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TOTAL |
55.959 |
29.300 |
4.914 |
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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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31.522 |
5.367 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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31.522 |
5.367 |
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Profit/(Loss) Before Tax |
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0.352 |
(1.113) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.352 |
(1.113) |
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Expenditures : |
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Interest |
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1.036 |
0.391 |
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Depreciation & Amortization |
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2.438 |
0.700 |
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Other Expenditure |
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27.696 |
5.389 |
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Total Expenditure |
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31.170 |
6.480 |
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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 |
(%) |
1.12
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(20.74) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.12
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(20.74) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.65
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(2.93) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(1.22)
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(1.93) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(222.01)
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(66.68) |
57.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.31
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1.13 |
16.64 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Sagar Plastic – Fort
·
Mark Plastic – Fort
·
SVS Plastic – Fort
Form No. 8
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Name of the company |
U K POLYPLAST PRIVATE LIMITED |
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Presented By |
The Saraswat Co-operative Bank Limited Mahim (W), Mumbai – 400 016, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
of Movable Property Dated 2nd
November, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 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 |
Hypothecation by
way of first charge on all the Imported machinery tangible movable property
(both present and future) belonging to the Company’s and lying and being at
the Company’s place of business at B/37, New Empire Industrial Estate,
Kondivita Road, Andheri (E), Mumbai – 400 059 or at the Company’s place of
residence and whether now lying at or at any time hereafter during the
continuance of this security be kept at the Company’s place of business or
place of Works or wherever else the same may be or be held by any party
anywhere to the order and disposition of the Companys in the course of
transit as security for the due payment to the Bank with interest and all
costs, charges and expenses incurred by the Bank for the protection,
preservation and perfection of this security. Hypothecation by
way of first charge on all the Book Debts, Outstandings, monies receivable,
claims and bills which are now due and owing or which may at any time
hereafter during the continuance of
this security become due and owing to the Company’s in the course of his
business by any person, firm, Company or by Government or any Local or Public
Body or Authority as security for due repayment to the Bank at any time on
demand at Mumbai all the Monies which now are or which may at any time or
times hereinafter become due and owing from the Company/s to the Bank
including monies owing upon any Cheques, Promissory Notes or Bills of Exchange
made, drawn, accepted or endorsed or discounted or purchased or paid at the
request or on behalf of or credit of the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as a continuing security for the balance from time to time due to
the Bank. Rate of Interest : 13.00% p.a. or at such other rate as may from
time to time be fixed by the bank. Repayment : On Demand or by 60 Month if the same is
not demanded earlier. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited Mahim Branch, GSB Temple Building, Sitaladevi Temple Road, Mahim,
Mumbai – 400 016, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U25200MH2004PTC149674 |
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Name of the
company |
U K POLYPLAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
1503 Badrinath
Tower Opp. Sanjiv Enclave Building, 7 Bunglows, Andheri (W), Mumbai – 400
061, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited Mahim Branch, GSB Temple Building, Sitaladevi Temple Road, Mahim,
Mumbai – 400 016, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Movable Property |
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Date of instrument
Creating the charge |
03.05.2006 |
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Amount secured by
the charge |
Rs.3.000 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The charge
operates as a continuing security for the balance from time to time due to
the Bank. Interest : 13.00%
p.a. or at such rate as may from time to time be fixed by the Bank. |
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Description of
the property charged indicating whether it is a charged on |
·
Plant and
Machinery ·
Book debts ·
Others |
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.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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 |
|
29 |
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 |
|