MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ERICA PHARMA PRIVATE LIMITED |
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Formerly Known As : |
RYVAS LAB PRIVATE LIMITED |
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Registered Office : |
80/A , Government Industrial Estate, Charkop, Kandivali (West)
Mumbai-400067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation: |
05.03.1999 |
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Com. Reg. No.: |
118676 |
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CIN No.: [Company
Identification No.] |
U24239MH1999PTC118676 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR13779D |
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PAN No.: [Permanent
Account No.] |
AABCR1662H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Tablets and Capsuls for Basic Anti
Biotics and Anti Malarial, Generic |
RATING &
COMMENTS
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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 78580 |
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Status : |
Satisfactory |
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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 track. Financial position is
satisfactory. Trade relations are reported as fair. Payments are reported as
slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions |
INFORMATION PARTED
BY
|
Name : |
Mr. Sumit Jain |
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Designation : |
Director |
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Contact No.: |
91-9320021177 |
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Date : |
10.07.2008 |
LOCATIONS
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Registered Office : |
80/A , Government Industrial Estate, Charkop, Kandivali (West)
Mumbai-400067, Maharashtra, India |
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Tel. No.: |
91-22-28677377 |
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Mobile No.: |
91-9320021177 |
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Fax No.: |
91-22-28686142 |
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E-Mail : |
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Website : |
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Area : |
9000 Sq ft |
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Location : |
Owned |
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Administrative Office: |
1, Prathamesh Heritage Hindustan Naka Charkop, Kandivali (w), Mumbai-400067,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Ajay Pratap Singh |
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Designation : |
Director |
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Address : |
Sunshine Apartments Ground Floor A/B Wing Kalian (West), Thane-421301,
Maharashtra, India |
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Date of Birth/Age : |
15.06.1975 |
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Date of Appointment : |
14.01.2003 |
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Name : |
Mr.Vilhas Jadhav |
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Designation : |
Managing Director |
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Address : |
B-2/21 Navy Colony, Liberty Garden, Malad (West), Maharashtra, India |
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Date of Birth/Age : |
04.05.1972 |
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Date of Appointment : |
14.01.2003 |
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Name : |
Mr. Prakash Ghate |
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Designation : |
Director |
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Name : |
Mr. Rajesh Rajan Singh |
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Designation : |
Director |
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Name : |
Mr. Sumit Jain |
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Designation : |
Director |
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Name : |
Mrs. Radha Raman Yadav |
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Designation : |
Director |
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Address : |
404/10-C Alika Nagar, Lokhandwala Township Akurli Road Kandivali
–(East), Mumbai-400067, Maharashtra, India |
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Date of Birth/Age : |
01.01.1964 |
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Date of Appointment : |
14.01.2003 |
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Name : |
Mr. Sanjeev Kumar Bhagat |
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Designation : |
Director |
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Address : |
Flat no.19, House no.138 B street Tractor BUdivelnaya, Kharkov,
Ukraine |
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Date of Birth/Age : |
29.07.1971 |
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Date of Appointment : |
30.01.2004 |
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Name : |
Mrs. Sumanta Sunil Choudhary |
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Designation : |
Director |
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Address : |
B-703, Magnum, Vasant Marvel, Borivali-(East), Mumbai-400066,
Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
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Mr. Jairaj C Gilitwala |
280 |
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Mr. Vilhas Jadhav |
4570 |
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Mr. Prakash Ghate |
4570 |
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Mrs. Radhikadevi Bhagat |
7000 |
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Mr. Rajesh Rajan Singh |
19570 |
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Mr. Yogendra S Singh |
4570 |
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Mr. Ajay Pratap Singh |
4570 |
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Mr.. Sumit Jain |
2380 |
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Mr. Sanjeev Bhagat |
2525 |
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Mr. Brijnanadan Singh |
30 |
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Mr. Bindeshwari Singh |
30 |
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TOTAL: |
50095 |
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Equity Share Break Up ( As on 30.09.2007)
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Particulars |
Percentage |
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Directors or Relatives of Directors |
90.86 |
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Other top 50 share holders |
9.14 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter OF tablets and Capsuls for Basic Anti
biotics and Anti Malarial, Generic |
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Products : |
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Exports : |
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Countries : |
African Countries and Far East |
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Terms : |
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Selling : |
Credit- 90 days |
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Purchasing : |
D/A 120 days |
GENERAL
INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
75 |
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Bankers : |
Canara Bank, Thane Branch, Fort Branch, Mumbai |
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Facilities : |
Rs.120.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J.C.R. and Company (Chartered Accountant) |
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Address : |
Flat No.1 And 1A , D-2, Unity Co- Op HSG Soc. Khira Nagar, S.V Road
Santacruz-(West), Mumbai-400054, Maharahstra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 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
|
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 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.716 |
5.493 |
2.664 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.716 |
8.993 |
6.164 |
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LOAN FUNDS |
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1] Secured Loans |
36.470 |
27.201 |
1.080 |
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2] Unsecured Loans |
21.325 |
5.448 |
0.100 |
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TOTAL BORROWING |
57.795 |
32.649 |
1.180 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.327 |
0.000 |
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TOTAL |
73.511 |
41.969 |
7.344 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.921 |
23.105 |
4.995 |
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Capital work-in-progress |
3.478 |
0.055 |
0.000 |
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INVESTMENT |
0.111 |
0.109 |
0.102 |
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DEFERREX TAX ASSETS |
0.120 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.000
|
0.807 |
0.790 |
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Sundry Debtors |
39.964
|
38.878 |
0.494 |
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Cash & Bank Balances |
4.704
|
0.316 |
0.215 |
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Other Current Assets |
5.242
|
1.966 |
0.246 |
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Loans & Advances |
36.498
|
9.014 |
1.230 |
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Total
Current Assets |
91.408
|
50.981 |
2.975 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.504
|
29.049 |
0.536 |
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Provisions |
8.023
|
3.232 |
0.192 |
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Total
Current Liabilities |
45.527
|
32.281 |
0.728 |
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Net Current Assets |
45.881
|
18.700 |
2.247 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.511 |
41.969 |
7.344 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
141.829 |
50.378 |
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Other Income |
|
3.335 |
9.444 |
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Total Income |
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145.164 |
59.822 |
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Profit/(Loss) Before Tax |
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9.422 |
5.659 |
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Provision for Taxation |
|
4.200 |
2.630 |
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Profit/(Loss) After Tax |
|
5.222 |
3.029 |
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Expenditures : |
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Administrative Expenses |
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28.313 |
6.942 |
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Purchases made for re-sale |
|
95.101 |
44.245 |
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Increase/(Decrease) in Finished Goods |
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(4.193) |
(0.017) |
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Selling Expenses |
|
6.428 |
1.362 |
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Finance Charges |
|
5.916 |
0.529 |
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Depreciation & Amortization |
|
4.177 |
1.101 |
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Total Expenditure |
|
139.742 |
54.163 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.60
|
5.06 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
6.64
|
11.23 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.91
|
7.62 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.63 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.57
|
7.26 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.58 |
4.09 |
LOCAL AGENCY
FURTHER INFORMATION
Note:’ The Registered
Office Of the Company Shifted from Unit No. 335-337, 3rd Floor Royal
Palms, Aarey Milk Colony, Goregaon (East), Mumbai-400065, Maharashtra, India to
80/A , Government Industrial Estate, Charkop, Kandivali (West), Mumbai-400067,
Maharashtra, India with Effect from 15.05.2008
Form No 8:
Bankers Charges
Report as per Registry
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Name of the company |
RYVAS LAB PRIVATE
LIMITED |
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Presented By |
Mr. Vilas S Jadhav |
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1) Date and description of instrument creating the change |
29.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.200 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 |
Creation of
security by way of equitable mortgage by deposit of title deeds within
meaning of sec 58© on the transfer of property act 1882, immovable properties
fully described ij schedule b hereto annexed to the letter together installed
thereon and to be installed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Upon but once the
repayment on the credit facilities due and owing by us to Canara Bank
inclusive of renewals thereon from time to time and on any other monies in
any other on that may become due and payable from time to time by us to
Canara Bank or any liability arising out of the aforesaid facilities granted
and that may be granted by the branch. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Mira Road (east) Thane-401107,
Maharashtra, India |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10018457 |
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Corporate
identity number of the company |
U24239MH1999PTC1188676 |
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Name of the
company |
ERICA PHARMA
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Unit No.335-337,
3dr Floor Royals Palms, Aarey Colony, Goregaon(East), Mumbai-400065,
Maharashtra, Inida |
|
Type of charge |
Book Debts Others |
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Particular of
charge holder |
Canara Bank Poonam Sagar Complex,
Mira Road (East), Thane-401107, Maharashtra, Inida Email:mnramira2645@canarabank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Interest
Rate@9.25% |
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Date of
instrument Creating the charge |
25.05.2007 |
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Amount secured by
the charge |
Rs.7.500 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: Interest
rate @9.25% Terms of
Repayments: For usuance of 60
days Margin: Interest rate @9.25%,
25% Extent and
operation of the charge: Interest rate
@9.25% |
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Short particulars
of the property charged |
Charge against
stock in trade and at the end of manufacturing end |
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Date of latest
modification prior to the present modification |
20.10.2006 |
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Particulars of
the present modification |
Charge against
stock in trade and at the end of manufacturing end and book debts. |
Trade References:
- Euro
Laboratory and Chemicals Limited, UK
- Serum
Institute India Limited, Pune
- Pharma
Nostra, Brazil
- Medivet,
Kenya
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.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|