MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KARAN POLYMERS PRIVATE LIMITED |
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Registered Office : |
29 Strand Road, 3rd Floor, Kolkata – 700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.04.1997 |
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Com. Reg. No.: |
21-84089 |
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CIN No.: [Company
Identification No.] |
U28113WB1997PTC084089 |
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IEC No.: |
0298017326 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK02324A |
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PAN No.: [Permanent
Account No.] |
AABCK3114F |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of UPVC Pipes Fitting, PVC Rigid Pipe, PVC
Parings Scrap, and SWR Pipes. |
RATING &
COMMENTS
|
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 130000 |
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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. Profit margin
is under pressure. Payments are reported as slow but correct. However the company
can be considered normal for business dealings at usual trade terms and
conditions with slight caution. |
INFORMATION PARTED
BY
|
Name : |
Mr. S K Sinha |
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Designation : |
Account Manager |
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Date : |
17.07.2008 |
LOCATIONS
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Registered Office : |
29 Strand Road, 3rd Floor, Kolkata – 700 001, West Bengal,
India |
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Tel. No.: |
91-33-22431498 / 3640 / 2242 9475 / 22429745 |
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Mobile No.: |
91-9830036400 |
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Fax No.: |
91-33-22433091 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
Jai Complex, 25 Mile Stone Post Department,
Biri Panna, Kolkata – 700 001, West Bengal, India |
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Location: |
Owned |
DIRECTORS
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Name : |
Mrs. Varsha Agarwal |
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Designation : |
Director |
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Address : |
5 Camac Street, Flat No. F /8, Kolkata – 7 00 017, West Bengal, India |
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Date of Birth/Age : |
12.01.1978 |
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Qualification : |
B A |
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Date of Appointment : |
10.09.2005 |
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Name : |
Mr. Shyam Lal Agarwal |
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Designation : |
Director |
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Address : |
5 Camac Street, Flat No. F /8, Kolkata – 7 00 017, West Bengal, India |
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Date of Birth/Age : |
03.12.1971 |
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Qualification : |
B. Com |
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Date of Appointment : |
25.04.1997 |
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Name : |
Mr. Mal Chand Agarwal |
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Designation : |
Director |
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Address : |
5 Camac Street, Flat No. F /8, Kolkata – 7 00 017, West Bengal, India |
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Date of Birth/Age : |
23.06.1944 |
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Date of Appointment : |
25.04.1997 |
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Name : |
Mr. Vikash Bansal |
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Designation : |
Director |
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Address : |
106, Girish Ghosh road,
Belurmath Howrah – 711 202, West Bengal, India |
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Date of Birth/Age : |
11.02.1979 |
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Date of Appointment : |
10.09.2005 |
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PAN No.: |
AIHPB8835F |
KEY EXECUTIVES
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Name : |
Mr. S K Sinha |
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Designation : |
Account Manager |
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Name : |
S A Associates |
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Designation : |
Company Secretary |
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Address : |
Swastik 334/157, Jessore Road, SN -8, Ground Floor, Kolkata – 700 089,
West Bengal, India |
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Tel No.: |
91-33-25342445 / 25343481 |
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Mobile No.: |
91-9830016001 |
SHAREHOLDING
PATTERN
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Bodies Corporate |
32.70 |
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Directors or relative of directors |
61.10 |
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Other top fifty (50) shareholders |
6.20 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of UPVC Pipes Fitting, PVC Rigid Pipe, PVC
Parings Scrap, and SWR Pipes. |
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Products : |
· UPVC Pipes As Per IS4985/2000 |
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Exports : |
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Products : |
UPVC Fitting and SWR pipes |
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Countries : |
Nepal |
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Imports : |
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Products : |
Raw Material, Chemicals P V C Resins |
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Countries : |
Korea |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C , Advance 50 % on Delivery |
GENERAL
INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
30 |
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Bankers : |
· State Bank of India, SSI Bhavnipore, Bhawanipore, 11 U N, Brahmachari ST, Kolkata – 400 017, West Bengal, India · State Bank of India, SSI Branch, Bhowanipore, 39 Shakespeare Sarani, Kolkata – 700 017, West Bengal, India |
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Facilities : |
Cash Credit Rs. 11.500 millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Mr. P K Agarwal Chartered Accountants |
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Address : |
33/1 N S Road, 7th Floor, Room No. 714, Kolkata – 700 001,
West Bengal, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2293200 |
Equity Shares |
Rs. 10/-
each |
Rs.22.932
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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|
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1] Share Capital |
|
22.932 |
22.932 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.935 |
2.434 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
25.867 |
25.366 |
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LOAN FUNDS |
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1] Secured Loans |
|
10.695 |
5.949 |
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2] Unsecured Loans |
|
2.549 |
6.867 |
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TOTAL BORROWING |
|
13.240 |
12.816 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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39.107 |
38.182 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
9.387 |
7.859 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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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 |
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10.975 |
12.797 |
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Sundry Debtors |
|
15.23 |
15.800 |
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Cash & Bank Balances |
|
1.319 |
0.626 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
10.484 |
2.740 |
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Total
Current Assets |
|
38.008 |
31.963 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
7.923 |
1.443 |
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Provisions |
|
0.365 |
0.200 |
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Total
Current Liabilities |
|
8.288 |
1.643 |
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Net Current Assets |
|
29.720 |
30.320 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.003 |
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TOTAL |
|
39.107 |
38.182 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
91.149 |
70.439 |
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Other Income |
|
0.836 |
0.479 |
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Total Income |
|
91.985 |
70.918 |
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Profit/(Loss) Before Tax |
|
0.666 |
2.209 |
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Provision for Taxation |
|
0.165 |
0.200 |
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Profit/(Loss) After Tax |
|
0.501 |
2.009 |
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Expenditures : |
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Administrative Expenses |
|
0.959 |
0.769 |
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Manufacturing Expenses |
|
16.372 |
6.770 |
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Selling & Distribution Expenses |
|
2.395 |
2.393 |
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Purchases made for re-sale |
|
65.406 |
51.295 |
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Increase/(Decrease) in Finished Goods |
|
[10.975] |
[10.723] |
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Salaries, Wages, Bonus, etc. |
|
1.731 |
1.633 |
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Interest |
|
1.288 |
1.394 |
|
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Miscellaneous Expenditure |
|
12.797 |
13.768 |
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Depreciation & Amortization |
|
1.343 |
1.377 |
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Preliminary Expenses w/off |
|
0.003 |
0.019 |
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Loss on Sale of Fixed Assets |
|
NA |
0.016 |
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Total Expenditure |
|
91.319 |
68.709 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.54 |
2.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.73 |
3.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.41 |
0.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.83 |
0.57 |
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Current Ratio (Current Asset/Current Liability) |
|
|
4.59 |
19.45 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES
:-
· Public Health Department, Kolkata – 700 001, West Bengal, India
· Reliance Info Com, Kolkata – 700 001, West Bengal, India
· R B M Pathi J V Kolkata – 700 001, West Bengal, India
FORM 8:-
|
Corporate
identity number of the company |
U28113WB1997PTC084089 |
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Name of the
company |
KARAN POLYMERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
29 Strand Road, 3rd Floor, Kolkata – 700 001, West Bengal,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
· Book Debts · Movable Property · Floating Charge |
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Particular of
charge holder |
State Bank of
India Address : SSI
Branch, Bhowanipore, 39 Shakespeare Sarani, Kolkata – 700 017, West Bengal,
India E-mail: sbi.04833@sbi.co.in |
|
Nature of
instrument creating charge |
Agreement of loan
– cum – hypothecation |
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Date of
instrument Creating the charge |
18.09.2006 |
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Amount secured by
the charge |
Rs. 19.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : · For cash credit (Stock and book debts) @ 12.00 % p.a at monthly rests ·
For cash credit (SLC) @ 13.00% p.a at monthly rests. Terms of Repayment : On Demand Margin : 25% of raw materials (Indigenous), Semi
finished goods, finished goods, Components / consumables / spares, Letter of
credit and Bank guarantee and 50% of Domestic Receivables. Extent and Operation of the charge : First charge on
the whole of the hypothecated assets. |
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Short Particulars
of the present modification |
Hypothecation of stocks
of raw materials, stock in process, finished goods, receivables and other
current assets including trading goods also. |
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Name of the company |
KARAN POLYMERS PRIVATE LIMITED |
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Presented By |
S D Basu, Company Secretary in WTP |
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1) Date and description of instrument creating the change |
No instrument was
executed, but mortgage was created by
deposit of title deeds on 13.11.1997 As modified on
27.17.1999, 04.05.2002, 18.12.2002 and 26.08.2003 for Rs. 10.500 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
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 |
Mortgage under
section 79 of the Transfer of property Act 1882, of the properties stated as hereunder
:- All those piece
and parcels of land admeasuring 129/2/3 Dec or 3.90 Bighas or thereabout in Dag Nos. 4488, 4489,
4490, 4503, 4504, 4506, 4507 and 4508 R S Khatian Nos. 6, 58, 1308, 1367, 1304/1
and 425/1 in Mouza Niprannaparta , P S Domjur , J L no. 27 District and district , District Registry Office
Howrah Vide Deed No. 1618, 2709 and 1617. Together with
buildings, structure, plant and machinery and factory shed both present and
future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower
shall not do or allow anything which may prejudice the security Interest
commission, discount, costs and charges as may be be current from time to
time for the respective credit facilities according to Banking norms and RBI
Guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India SSI Branch,
Bhowanipore, 11 Dr. U N Brahmachari Street, Kolkata – 700 017, West Bengal,
India (transferred from
Chowringhee Branch, 38B, Chowringhee Road, Kolkata – 700 071, West Bengal,
India |
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6) Date and brief description of instrument modifying the charge |
No instruments
was executed but mortgage was
extended by constructive delivery and
deposit of title deeds on 10.02.2005 (In office of
State Bank of India, SSI Branch, Bhowanipore, 11, Dr. U N Bramachari Street,
Kolkata – 700 017, West Bengal, India) |
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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. |
By this
modification the overall limit is enhanced from Rs. 10.500 millions to Rs.
11.000 millions with details of credit facilities as specified below :-
Particulars of
immovable properties and all other terms and conditions continue to remain as
before in full force and effect. |
WEBSITES DETAILS:
Company Profile:-
Subject was established in the year 1997 under the stewardship of Shri
Shyam Agarwal. Within a very short span of time the Company has established its
presence in this competitive market by virtue of its quality products, timely
delivery and honest marketing strategies. Subject boasts of an extremely
professional team which is engaged in the indigenous creation of its products.
The company has installed the latest machinery to maintain the highest standard
of production and to increase the product mix. Today, subject is the only
company in Eastern India which manufactures UPVC Pipes and SWR Pipes under one
roof.
Most of the company's products are under BIS certification Scheme as per IS:
4985:2000, IS: 10124:1998, IS 12818:1992 and IS 14182:1994. RPVC pipes are made
to the standard ASTMD 1785 of various schedules. The company maintains a
congenial working atmosphere both in factory and office.
The Factory is located 15 Kms away from the city and the Regd. office is at 29,
Stand Road, 3rd floor, Kolkata. Pin - 700 001.
Comprehensive quality management system has been established and
maintained with proper co-ordination among quality assurance, manufacturing,
production, purchase, maintenance and stores department for the better
performance of respective functions.
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
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 |
|
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 |
|