MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OLYMPIC LAMINATE PRIVATE LIMITED |
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Registered Office : |
Shree Complex, 3rd Floor, Opposite Sardar Patel Stadium, Navrangpura,
Ahmedabad – 380 017, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.03.1999 |
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Com. Reg. No.: |
04-35650 |
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CIN No.: [Company
Identification No.] |
U20299GJ1999PTC035650 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA02488D / AHMO00240C |
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PAN No.: [Permanent
Account No.] |
AAACO3029Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Decorative Laminates. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 430000 |
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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 satisfactory track records. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are fair. Financial position is good. Payments are correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Deepak Dalvad |
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Designation : |
Accountants |
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Date : |
21.06.2008 |
LOCATIONS
|
Registered
Office : |
Shree Complex, 3rd Floor, Opposite Sardar Patel Stadium,
Navrangpura, Ahmedabad – 380 017, Gujarat , India |
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Tel. No.: |
91-79-26565522 /
65218510 / 26565522 |
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Fax No.: |
91-79-26564477 |
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E-Mail: |
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Administrative
Office : |
P. K. House, B/h
M. J. Library Ellisbridge, Ahmedabad-380006, Gujarat , India |
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Tel. No.: |
91-79-26575511 |
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Fax No.: |
91-79-26575533 |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Head Office : |
Block No. 49-50, Behind
Kalpaturu Paper Mill, Village Karoli, Taluka-kalol, Mehsana, Gujarat, India |
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Tel. No.: |
91-2764-281503 /
40017979 |
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E-mail: |
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Area : |
7909.71 sq. mtrs.
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Arvindkumar
Ambalal Patel |
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Designation : |
Managing Director
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. Bharatbhai
Ambalal Patel |
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Designation : |
Director |
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. Prahsantbhai
Tulsidas Patel |
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Designation : |
Director |
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Name : |
Mr. Jitendra
Patel |
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Designation : |
Director |
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Date of Appointment : |
09.07.1999 |
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Name : |
Dr. Ambalal Patel
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Designation : |
Director |
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. Jay
Ashwinbhai Patel |
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Designation : |
Director |
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Address : |
13, Unique Park Society, Satellite Road, Ahmedabad – 380 015, Gujarat,
India |
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Date of Appointment : |
25.03.1999 |
KEY EXECUTIVES
|
Name : |
Rajesh Parekh and Company |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names
of Shareholders (As on 31.03.2007) :- |
|
No. of Shares |
|
Mr. Arvindkumar Ambalal
Patel |
|
165000 |
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Mr. Bharatbhai
Ambalal Patel |
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232500 |
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Mr. Jay
Ashwinbhai Patel |
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381000 |
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Mr. Prahsantbhai
Tulsidas Patel |
|
47000 |
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Mr. Bharatbhai
Ambalal Patel (HUF) |
|
64500 |
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Mrs. Hinaben
Patel |
|
47000 |
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Mrs. Chetana Parsania
|
|
66500 |
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Mr. Dineshkumar
Patel |
|
65000 |
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Others |
|
573500 |
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Category (As on 31.03.2007) :- |
Percentage |
|
Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Decorative Laminates. |
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Products : |
Decorative
Laminated Sheets |
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Brand Names : |
‘Delta’ |
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Exports : |
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Countries : |
Hong Kong, Singapore, Dubai |
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Imports : |
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Countries : |
Germany, France, Europe.
U.S. A. and Japan |
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Terms : |
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Selling : |
Cash and as per
mutually agreed terms |
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Purchasing : |
L/C, Cash and as
per mutually agreed terms |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Decorative
Laminated Sheets |
|
Nos. |
1.200 Millions P.
A. |
820569 Nos. |
GENERAL
INFORMATION
|
Customers : |
Distributors v
Homag v
Nordisk
Paper AB v
Keprej
Powerrtronics – http://wwwkeprej.com |
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No. of
Employees : |
75 (5 in Office
and 70 in Factory) |
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Bankers : |
v
Punjab
National Bank, Ambawadi Branch, Harikrupa Tower, Eillisbridge,
Ahmedabad-380006, Gujarat, India v
HDFC Bank
Limited, Ahmedabad-380006, Gujarat, India |
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Facilities : |
From Punjab
National Bank v
Rs. 8.500
Millions Cash Credit v
Rs. 26.000
Millions Packing Credit Limits v
Rs. 45.000
Millions Term Loan Limits |
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Banking Relations : |
Good |
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Auditors : |
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Name: |
Pramodkumar Dad
and Associates Chartered
Accountants |
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Address : |
110-112,
Ashwamegh Avenue, Near Mithakhali Under Bridge, Navrangpura,
Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26466027 |
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Fax No.: |
91-79-26447906 |
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E-Mail : |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1650000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1650000 |
Equity Shares |
Rs. 10/- each |
Rs.16.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
16.500 |
16.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
67.777 |
43.558 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
84.277 |
60.058 |
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LOAN FUNDS |
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1] Secured Loans |
|
31.529 |
0.217 |
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2] Unsecured Loans |
|
44.842 |
49.508 |
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TOTAL BORROWING |
|
76.371 |
49.725 |
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DEFERRED TAX LIABILITIES |
|
1.679 |
1.895 |
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TOTAL |
|
162.327 |
111.678 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.820 |
25.056 |
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Capital work-in-progress |
|
41.347 |
0.409 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
50.617 |
48.142 |
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Sundry Debtors |
|
72.487 |
53.959 |
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Cash & Bank Balances |
|
2.113 |
7.110 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
16.104 |
11.739 |
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Total
Current Assets |
|
141.321 |
120.950 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
33.674 |
27.097 |
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Provisions |
|
8.487 |
7.640 |
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Total
Current Liabilities |
|
42.161 |
34.737 |
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Net Current Assets |
|
99.160 |
86.213 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
162.327 |
111.678 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
376.285 |
275.756 |
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Other Income |
|
0.291 |
0.635 |
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Total Income |
|
376.576 |
276.391 |
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Profit/(Loss) Before Tax |
|
32.889 |
30.429 |
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Provision for Taxation |
|
8.670 |
7.322 |
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Profit/(Loss) After Tax |
|
24.219 |
23.107 |
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Export Value |
|
45.555 |
15.373 |
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Import Value |
|
32.291 |
32.291 |
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Expenditures : |
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Financial Charges |
|
2.719 |
0.781 |
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Depreciation & Amortization |
|
3.424 |
3.765 |
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Increase/(Decrease) in Finished Goods |
|
[5.615] |
10.671 |
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Other Expenditure |
|
343.159 |
230.745 |
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Total Expenditure |
|
343.687 |
245.962 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
6.43 |
8.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
8.74 |
11.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
16.08 |
20.78 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.39 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.41 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
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3.35 |
3.48 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporate
identity number of the company |
U20299GJ1999PTC035650 |
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Name of the
company |
OLYMPIC LAMINATE
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Shree Complex, 3rd Floor, Opposite Sardar Patel Stadium,
Navrangpura, Ahmedabad – 380 017, Gujarat , India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Punjab National
Bank Address: Ambawadi
Branch, Harikrupa Tower, Ahmedabad – 380 006, Gujarat, India E-mail; skjagdishpnb@yahoo.co.in |
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Nature of
instrument creating charge |
Memorandum of
entry dated 06.03.2007 |
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Date of instrument
Creating the charge |
06.03.2007 |
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Amount secured by
the charge |
Rs. 58.300 |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For CC Facility :
BPLR +0.50 % (-) i.e 10.75% presently
(involving 2% concession approved by ZM) For term loan :
BPLR +0.50 % (-) 2% Plus Term Premia i.e. 11.25% p.a presently (Involving 2%
concession approved by ZM) Terms of Repayment For Term Loan:
Principal is to repaid in 20 Quarterly installments of Rs. 0.815 million with
a moratorium of 6 months. Interest is to be recovered as and when becomes
due. Margin · CC (Hypothecation ) Margin -25% for stock and 50 % for book debts · FLC (DA) – Margin -25% Extent and Operation of the charge Only Punjab
National Bank, Ambawadi Branch, Ahmedabad have charge over the said Property.
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Short Particulars
of the present modification |
All that piece or
parcel of free hold land situate at karoli, Taluka and District: Mehsana bearing
sub plot No. 1 of Block No. 49 and Sub Plot No. 1 A of Block No. 50 of Mouje
(SIM) karoli of Kalol Taluka in the Registration district Mehsana
and Sub district of kalol admeasuring about 7909.71 Sq.mtrs and
2508.36 Sq.Mtrs. Respectively i.e collectively 10418.07 Sq.mtrs or
thereabouts together with building thereon. |
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Particulars of
the present modification |
The above
property will now secure the following limits;-
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OTHER
INFORMATION:-
Authorised
Distributors/ Wholesaler / Dealer at Delhi is: -
M/s Mahalaxmi Enterprises
1/57-A, W.H.S., Kirti
Nagar, New Delhi-110015, India
Phone :
91-11-25435065, 25421998, 25111022
Fax :
91-11-25450381
E-Mail : mahalax@del3.vsni.net.in
BUREAU OF INDIAN STANDARDS LICENCE:
Data for IS 2046 :
1995 (All India)
Date : 29/01/2006
S. No. : 5
CML No.: 7414971
Name and Address :
OLYMPIC LAMINATES PRIVATE LIMITED
Block No. 49-50,
Behind Kalpaturu Paper Mill, Village Karoli, Taluka-kaloi, Mehsana, Gujarat,
India
Tel No.:
91-2764-281503
Validity Date :
03-02-2006
Operative Status
:Operative
Variety /Brand
Names : HGS (S-33)
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.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|