MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
A. V. PLASTIC EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
202, Him Shikhar, Plot No.113, Sector - 21, Nerul, Navi Mumbai –
400706, Thane, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.01.2002 |
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Com. Reg. No.: |
11-134708 |
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CIN No.: [Company
Identification No.] |
U25200MH2002PTC134708 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19716E |
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PAN No.: [Permanent
Account No.] |
AADCA4507E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Plastics Chemical Storage Tank and Process
Equipments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 5000 |
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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. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vijay |
|
Designation : |
Administrative Officer |
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Contact No.: |
91-9920743744 |
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Date : |
07.06.2008 |
LOCATIONS
|
Registered Office : |
202, Him Shikhar, Plot No.113, Sector - 21, Nerul, Navi Mumbai –
400706, Thane, Maharashtra, India |
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Tel. No.: |
91922-27711862 / 27701890 / 3256583 |
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Fax No.: |
91-22-27701890 / 27783070 |
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E-Mail : |
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Website: |
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Locations : |
Owned |
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Administrative Office/ Factory : |
A-264, MIDC, Opposite Patni Computers, Off. Shilphata Road, Mahape,
Navi Mumbai – 400706, Maharashtra, India |
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Tel. No.: |
91922-27711862 / 27701890 / 3256583 |
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Fax No.: |
91-22-27701890 / 27783070 |
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Mobile: |
91-9821152689 |
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E-Mail : |
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Website: |
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Locations : |
Owned |
DIRECTORS
|
Name : |
Mr. Appukuttan Ramchandran Pillai |
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Designation : |
Director |
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Address : |
202, Him Shikhar, Sector - 21
Plot No.113, Sector - 21, Nerul, Navi Mumbai – 400 706, Thane, Maharashtra |
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Date of Birth/Age : |
03.06.1947 |
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Date of Appointment : |
28.01.2002 |
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Qualification: |
Graduate |
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Name : |
Ms Vijayalaxmi Pillai |
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Designation : |
Director |
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Address : |
202, Him Shikhar, Sector - 21
Plot No.113, Sector - 21, Nerul, Navi Mumbai – 400 706, Thane, Maharashtra |
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Date of Birth/Age : |
30.11.1958 |
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Qualification: |
Graduate |
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Date of Appointment : |
24.01.2002 |
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|
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Name : |
Mr. Ajay R. Pillai |
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Designation : |
Director |
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Address : |
202, Him Shikhar, Sector - 21 Plot
No.113, Sector - 21, Nerul, Navi Mumbai – 400 706, Thane, Maharashtra |
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Date of Birth/Age : |
24.10.1981 |
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Date of Appointment : |
28.01.2002 |
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Qualification: |
Graduate |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
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No. of Shares |
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Mr. Appukuttan Ramchandran Pillai |
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45000 |
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Mrs. Vijayalaxmi Ramchandran Pillai |
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25000 |
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Mr. Ajay Ramchandran Pillai |
|
10000 |
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Mr. Vijay Ramchandran Pillai |
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10000 |
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Total |
|
90000 |
(As on 31.03.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Plastics Chemical Storage Tank and Process
Equipments. |
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|
Products : |
· Plastics
Chemical Storage Tank · Process
Equipments. |
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Exports : |
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Products : |
All Products |
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Countries : |
· Kuwait · Canada · Dubai |
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Imports : |
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Products : |
Raw Materials (Plastic) |
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Countries : |
Germany |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
|
Customers : |
· Solvay Specialities (I) Private Limited, Panoli. · Kuwait International Advanced Industries Company KSC, Kuwait · RBP Chemical Technology, Inc., USA. · BARC, RMP, Mysore . · Heavy Water plant (BARC), Talcher. · SRF Limited, Gurgaon. · Gwalior Chemical Industries Limited., Birlagram, Nagda. (M.P.). · Grasim Industries Limited., Birlagram, Nagda, (M.P.) · Lupin Limited., GIDC, Ankaleshwar, Bharuch (Dist.). · Macleods Pharmaceuticals Limited, Gujarat . · Glenmark Pharmaceuticals Limited., Kurkumbh, Pune. · Deepak Nitrate Limited, Baroda . · Gharda Chemicals Limited., Dombivali (E). · Hindustan Latex Limited., Kalankala unit, Karnataka. · SVIS Labs Limited., Ranipet, Tamil Nadu. · Nirmal Colorants Manufacturing Company Limited., (Excell), Mumbai. · Indofil Chemicals Company (Modi Group), Thane, Maharashtra . · Tide water oil Company (I) Limited., Mumbai. · Rencal chemicals (I) Limited., Lote, chiplun and Navimumbai. · Philips (I) Limited., Kalwa light factory. · Neogen Chemicals Limited., MIDC, Mahape, NaviMumbai. · Hikal Chemical Industries Limited., MIDC, Mahad. · Jaidev Chemical Industries Limited., MIDC, Powne. · Nandu Chemicals Industries Limited., Hubli, Karnataka. · Anshul Chemicals Limited., Roha, Maharashtra . · Grauer and well India Limited., Kandivli, Mumbai – 101. · Deepak fertilizers and Petro Chemicals Corp. Limited., Taloja, Mumbai. · Benzochem Industries Limited., Malkapur, Maharastra. · Mazda Dye Chem Limited., NaviMumbai. · MFPL Fluorine Limited., Chennai. · Balmer Lawrie and Company Limited., Taloja. · KWH Pipe (I) Limited., Taloja. · Lakshmi Drugs and Intermediates Limited., Hyderabad · Amal Products Limited., Atul. · N. D. Metal Ind. Limited., Mumbai. · Ambika Steel Limited., U.P. · Sarex International, MIDC, Tarapure. · Wex Technologies Private. Limited., Pune. · Porus Drugs and Intermediates (P) Limited., Hyderabad . · Vergin Metallic Chemicals Private. Limited., Ambernath (M.S.). · Chaitanya Chloride Private. Limited., Hyderabad . · Charm Chem Private. Limited., Pune. · Hy-gro Chemicals Private. Limited., Secunderabad. · Central Insecticides and Fertilizers Private. Limited., Taloja. · Chiral Products Private. Limited., Hyderabad . · Srinivas Chemical Private. Limited., Tarapore. · Chemico chemicals Private. Limited, Delhi . · S.V.Plasto Chem. Limited., Nasik . · Kisan Fertilizers Private. Limited., Latur. M.S. · Paras Alloys and salts Private. Limited., Mussaffar nagar, U.P. · Pheonix Chemicals Private. Limited., Thurbhe, Navi Mumbai. |
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No of Employees : |
18 (Office – 6 and Factory – 12) |
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Bankers : |
· Bank of Baroda Nerul Branch, Shop No. 18-27, Sector 1,
Navi Mumbai - 400706, Maharashtra Email ID : nerul@bankofbaroda.com |
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Facilities : |
Cash and Credit |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dinesh Pai And Company Chartered Accountants |
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Address : |
402, Marathon Chambers, P.K. Road, Panch Rasta, Mulund (West), Mumbai
– 400080, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900
million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900
million |
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|
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|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
0.900 |
0.900 |
0.900 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.219 |
0.131 |
0.072 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.119 |
1.031 |
0.972 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
1.957 |
1.849 |
0.993 |
|
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2] Unsecured Loans |
1.769 |
1.610 |
1.470 |
|
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TOTAL BORROWING |
3.726 |
3.459 |
2.463 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
4.845 |
4.490 |
3.435 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.694 |
3.846 |
3.922 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
1.322
|
1.007 |
0.169 |
|
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Sundry Debtors |
1.303
|
0.693 |
0.789 |
|
|
Cash & Bank Balances |
0.001
|
0.003 |
0.005 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.207
|
0.631 |
0.387 |
|
Total
Current Assets |
2.833
|
2.334 |
1.350 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
0.858
|
0.621 |
1.203 |
|
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Provisions |
0.824
|
1.072 |
0.642 |
|
Total
Current Liabilities |
1.682
|
1.693 |
1.844 |
|
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Net Current Assets |
1.151
|
0.642 |
(0.494) |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.006 |
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|
|
|
|
|
|
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TOTAL |
4.845 |
4.490 |
3.435 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (including other income) |
11.882 |
9.421 |
10.318 |
|
|
|
|
|
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|
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Profit/(Loss) Before Tax |
0.144 |
0.106 |
0.065 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
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Profit/(Loss) After Tax |
0.144 |
0.106 |
0.065 |
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|
|
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Expenditures : |
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|
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Interest |
0.272 |
0.297 |
0.153 |
|
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Depreciation & Amortization |
0.240 |
0.261 |
0.151 |
|
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Other Expenditures |
11.226 |
8.757 |
9.949 |
|
Total Expenditure |
11.738 |
9.315 |
10.253 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.21
|
1.12
|
0.63 |
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.21
|
1.12
|
0.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.21
|
1.71
|
1.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.10
|
0.07 |
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|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.83
|
4.99
|
4.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.38
|
0.73 |
LOCAL AGENCY
FURTHER INFORMATION
Trust seal Acceptance Chart:
|
Parameters |
Details |
|
Statutory Approvals |
|
|
Income Tax
Registration (PAN) |
AADCA4507E |
|
VAT/ TIN
Registration |
27870015717V |
|
Excise
Registration |
- |
|
Import Export
Code |
- |
|
Name of Bank |
Bank of Baroda (BOB) |
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Current Account
Number |
- |
|
Account Since |
8 years |
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Credibility Factors |
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Indiamart Client
Since |
3 years |
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Trade Affiliations |
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SSI Registration
|
Yes |
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Export Promotion
Council |
No |
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|
Standards and Certifications |
No |
Trader Reference:
·
Lupin Pharma
·
Gwalior Chemicals
·
Solvey Specialties Private Limited
·
Macleols Pharmaceuticals Private Limited
Form 8:
|
Corporation identity number or foreign company registrations number of
the company |
U25200MH2002PTC134708 |
|
Name of the company |
A V PLASTIC EQUIPMENTS PRIVATE LIMITED |
|
Address |
202, Him Shikhar, 1st Floor, Plot No.113, Sector 21, Nerul,
Navi Mumbai – 400706, Thane Maharashtra, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
· Book Debts · Movable Property ( Not Being Pledge) |
|
Particular of the charge holder
|
Bank of Baroda, Nerul Branch, Shop No. 18-27, Sector 1, Navi Mumbai - 400706,
Maharashtra, India Email ID : nerul@bankofbaroda.com |
|
Nature or description of the instrument creating charge |
Hypothecation Agreement |
|
Date of the instrument creating charge |
13.11.2006 |
|
Amount Secure by the charge |
Rs.1.250 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest As per Circular BPLR 11.5% Terms
of repayment As per Sanction Letter Margin 25% Extent
and operation of charge Additional security of hypothecation of Stocks of Raw
Material, Semi Finished And Finished Goods, Book Debts And Tangible Movable
Machinery and Plant and Machinery is provided to the bank to secure the
balance term loan liability of Rs.1.250 millions. |
|
Particulars of the Property charged
|
Hypothecation in favour of the bank · All the stocks of Raw Materials, Work in process,
Semi finished and Finished Goods such as HDPE storage tanks, HDPE Granules,
Pipes and fitting etc. · All present and future Book Debts,
outstanding, Monies, Receivables etc. · All the Tangible Movable Machinery and
Plant and cranes etc at company‘s works at (Plot No. 264 Trans Thane Creek,
Mhape Thane. |
|
Particulars of the Present Modification |
The Liability under the term loan has been reduced from Rs. 1.500
millions to Rs.1.250 millions to secure the facility the company has provided
additional security of Hypothecation Of Stocks, Book Debts in favour of the
bank. |
|
Name of the company |
A V PLASTIC EQUIPMENTS PRIVATE LIMITED |
|
Presented By |
Bank of Baroda Nerul Branch,
Navi Mumbai – 400706, India |
|
1) Date and description of instrument creating the change |
Memorandum of
Deposit of Deeds dated 31st January, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 Millions |
|
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 |
Plot bearing
No.A-264, adm. about 700 sq. mtrs, in the trans Thane Creek Industrial Area,
within the Village Limits of Mahape, Taluka and District Thane and within the
limits of Navi Mumbai Municipal Corporation. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Charge is
created to secure due repayment of term loan facility of Rs.1.500 Millions
sanctioned to the company by Bank of Baroda, Nerul Branch, Mumbai, along with
all interests, costs payable to the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Nerul Branch,
Navi Mumbai – 400706, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
WEBSITES DETAILS:
Subject is in the field of manufacturing various types of plastics equipments for the last twelve years. Their satisfied customers include a number of Indian and multinational chemical/ pharmaceutical/ engineering companies.
OTHER ACTIVITES:
Dealers: They are the dealers in HDPE/P.P/PVC/FRP pipe,
fittings, valves, agitators, stuffing box, teflon parts etc.
Contactors: Contract work is undertaken for supply, fabrication and
installation of HDPE/P.P/FRP/PVC pipelines, ducting, effluent treatment plant
etc.
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.42.89 |
|
UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.66.45 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
|