MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FORACE POLYMERS PRIVATE LIMITED |
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Registered Office : |
Delhi Hardwar Road, Bahadrabad, Hardwar – 249 402, Uttaranchal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.12.1980 |
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Com. Reg. No.: |
005172 |
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CIN No.: [Company
Identification No.] |
U15142UP1980PTC005172 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTF00069G |
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PAN No.: [Permanent
Account No.] |
AAACF2295B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, commission agents, sole-selling agents, del-crede
agents, representatives, brokers and Stockists, distributors, traders,
merchants suppliers and dealers of and in all kinds of light, fine and
colours and dyes, synthetic resins, hardeners, catalysts, binders, synthetic
tanning agents and leather chemicals, foundry fluxes, synthetic, vegetables
and mineral oil and their bye-products and raw materials and stores. |
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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as
experience and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The company has not filed its latest financials with the Government
departments and the management declined to part the same. |
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INFORMATION PARTED
BY (General Details)
|
Name : |
Mr. Vikas Garg |
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Designation : |
Director |
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Contact No.: |
91-9837077644 |
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Date : |
12.06.2008 |
LOCATIONS
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Registered Office : |
Delhi-Hardwar Road, Bahadrabad, Hardwar – 249 402, Uttaranchal, India |
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Tel. No.: |
91-1334-251823 |
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Fax No.: |
91-1334-251824 |
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Mobile No. : |
91-9837077644 |
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E-Mail : |
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Factory : |
Hardwar Industrial Area, Saharanpur – 249 401, Uttar Pradesh, India |
DIRECTORS
|
Name : |
Mr. Vikas Garg |
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Designation : |
Managing Director |
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Address : |
38, Nand Vihar, Post Office: Gurukul Kangri, Hardwar Uttaranchal– 249
404, India |
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Date of Birth/Age : |
34 Years |
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Qualification : |
B.Tech |
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Date of Appointment : |
17.03.2001 |
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Name : |
Mr. Suresh Chandra Gupta |
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Designation : |
Wholetime Director |
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Address : |
36, Nand Vihar, Post Office: Gurukul Kangri, Hardwar Uttaranchal – 249
404, India |
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Date of Birth/Age : |
52 Years |
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Qualification : |
B.Tech |
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Date of Appointment : |
27.12.1980 |
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Name : |
Mrs. Sonia Garg |
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Designation : |
Wholetime Director |
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Address : |
38, Nand Vihar, Post Office: Gurukul Kangri, Hardwar Uttaranchal – 249
404, India |
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Date of Birth/Age : |
34 Years |
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Qualification : |
B.Tech |
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Date of Appointment : |
04.04.2002 |
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Name : |
Mrs.. Rashmi Gupta |
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Designation : |
Wholetime Director |
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Address : |
36, Nand Vihar, Post Office: Gurukul Kangri, Hardwar Uttaranchal – 249
404, India |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B. Com |
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Date of Appointment : |
04.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Usha Garg |
|
6940 |
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Mr. Vikas Garg |
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15510 |
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Mrs. Sonia Garg |
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7810 |
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Mrs. Puja Garg / Mittal |
|
10 |
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Kum. Rashmi Garg |
|
10 |
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Mr. Vikas Garg HUF |
|
1629 |
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Mr. Suresh Chandra Gupta |
|
6982 |
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Mrs. Rashmi Gupta |
|
2000 |
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Kum. Richa Gupta |
|
6760 |
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Kum. Shruti Gupta |
|
1080 |
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Mrs. Sushila Gupta |
|
356 |
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Mrs. Shashi Gupta |
|
900 |
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Mrs. Gayatri Gupta |
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2 |
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Mrs. Amita Baronia |
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10 |
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Mr. Nemchand Garg |
|
01 |
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Total |
|
50000 |
Equity share Breakup (Percentage of Total Equity)
As on 30.09.2006
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, commission agents, sole-selling agents, del-crede
agents, representatives, brokers and Stockists, distributors, traders, merchants
suppliers and dealers of and in all kinds of light, fine and colours and
dyes, synthetic resins, hardeners, catalysts, binders, synthetic tanning
agents and leather chemicals, foundry fluxes, synthetic, vegetables and
mineral oil and their bye-products and raw materials and stores. |
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Exports : |
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Countries : |
South Africa and Middle East |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Depends upon price |
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Purchasing : |
Depends upon price |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
150 |
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Bankers : |
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Facilities : |
Secured Loans as
on 31.03.2005: |
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Particulars |
Rs.
in Millions |
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|
ICICI Bank Limited ICICI (CAMRI) ICICI Bank Limited (9620) Truck Bank of Baroda C/C A/c Kotak Mahindra (ALTO) Cholamandalam SIDBI Cholamandalam (98759) HDFC Bank (9881) Bank of Baroda (PDC) Account |
0.228 1.212 0.324 66.298 0.208 0.220 2.718 0.385 0.389 21.224 |
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Total |
93.205 |
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Unsecured
Loans As on 31.03.2005: |
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Particulars |
Rs.
in Millions |
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Kum. Reshma Garg Kum. Shruti Gupta Miss. Manisha Gupta Miss. Richa Gupta Mrs. Gayatri Gupta Mrs. Puja Garg Mittal Mrs. Rashmi Gupta Mr. Dheeraj Kharya MR. Rakesh Gupta Mr. S C Gupta Mr. S K Sardana Mr. Sandeep Srivastava Mr. Vikas Garg Mr. Vikas Garg (HUF) Mrs. Amita Baronia Mrs. Shashi Gupta Mrs. Shikha Gupta Mrs. Sonia Garg Mrs. Sushila Gupta Mrs. Usha Garg |
0.423 0.444 0.401 0.338 0.375 0.882 0.180 0.479 0.114 0.045 0.569 1.742 0.203 1.272 0.395 1.130 0.355 1.357 0.626 3.722 |
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Total |
14.756 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemant Arora and Company Chartered Accountants |
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Address : |
354 –B, Civil Lines, Roorkee – 247667, Uttaranchal,.India |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
133000 |
Equity Shares |
Rs.100/- each |
Rs. 13.300
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.550 |
5.000 |
3.221 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.293 |
10.404 |
0.008 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.843 |
15.404 |
3.229 |
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LOAN FUNDS |
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1] Secured Loans |
82.124 |
71.981 |
27.799 |
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2] Unsecured Loans |
13.636 |
14.756 |
11.591 |
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TOTAL BORROWING |
95.760 |
86.737 |
39.390 |
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DEFERRED TAX LIABILITIES |
1.205 |
0.000 |
0.00 |
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PROFIT AND LOSS ACCOUNT |
0.000 |
0.000 |
9.876 |
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TOTAL |
122.808 |
102.141 |
52.495 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.671 |
21.389 |
11.292 |
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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 |
31.872 |
28.013 |
76.312 |
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Sundry Debtors |
114.238 |
103.954 |
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Cash & Bank Balances |
0.079 |
0.620 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
22.527 |
8.006 |
0.464 |
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Total
Current Assets |
168.716 |
140.593 |
76.776 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
74.944 |
58.632 |
34.980 |
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Provisions |
1.676 |
1.209 |
0.593 |
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Total
Current Liabilities |
76.620 |
59.841 |
35.573 |
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Net Current Assets |
92.096 |
80.752 |
41.203 |
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MISCELLANEOUS EXPENSES |
0.041 |
0.000 |
0.000 |
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TOTAL |
122.808 |
102.141 |
52.495 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
435.285 |
347.581 |
157.250 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
435.285 |
347.581 |
157.250 |
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Profit/(Loss) Before Tax |
7.819 |
2.751 |
4.130 |
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Provision for Taxation |
4.930 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
2.889 |
2.751 |
4.130 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
0.000 |
0.000 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
|
Total Earnings |
0.000 |
0.000 |
0.000 |
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Imports : |
|
|
|
|
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|
Raw Materials |
0.000 |
1.996 |
0.000 |
|
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Stores & Spares |
0.000 |
0.000 |
0.000 |
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Capital Goods |
0.000 |
0.000 |
0.000 |
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Others |
0.000 |
0.000 |
0.000 |
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Total Imports |
0.000 |
1.996 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
0.038 |
0.132 |
|
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Administrative Expenses |
0.000 |
0.400 |
0.240 |
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Raw Material Consumed |
0.000 |
261.452 |
128.904 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
|
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Consumption of stores and spares parts |
0.000 |
0.000 |
0.000 |
|
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.000 |
|
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Salaries, Wages, Bonus, etc. |
0.000 |
2.351 |
1.841 |
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Repairs and Maintenance |
0.000 |
0.635 |
0.892 |
|
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Managerial Remuneration |
0.000 |
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Payment to Auditors |
0.000 |
0.020 |
0.014 |
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Interest |
0.000 |
6.675 |
3.686 |
|
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Insurance Expenses |
0.000 |
0.814 |
0.718 |
|
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Power & Fuel |
0.000 |
8.263 |
6.896 |
|
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Depreciation & Amortization |
0.000 |
1.527 |
1.996 |
|
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Other Expenditure |
427.466 |
14.052 |
7.801 |
|
Total Expenditure |
427.466 |
296.227 |
153.120 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.66
|
0.92 |
2.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.80
|
0.92 |
2.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
1.70 |
4.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.18 |
1.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.67
|
9.52 |
23.22 |
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Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.35 |
2.16 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
FORACE POLYMERS PRIVATE LIMITED |
|
Presented By |
Mr. S C Gupta
(Director) |
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1) Date and description of instrument creating the change |
09.11.2005
Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all tangible and movable property includes all stocks, Plant and Machinery
both present and future of borrower premises and godown pertaining to
borrowers work at Bahadrabad and mortgage. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 13.5% p.a.
subject to charge as per bank guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Upper Road, Hardwar |
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6) Date and brief description of instrument modifying the charge |
09.12.2005 |
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Corporate
identity number (CIN) Foreign company registration number |
U15142UR1980PTC005172 |
|
Name of the
Company |
FORACE POLYMERS PRIVATE LIMITED |
|
Address |
Delhi Hardwar Road, Bahadrabad, Hardwar – 249 402, Uttar Pradesh |
|
This form is for |
Creation of
charge |
|
Type of Charge |
A Charge on: Immovable
Property Any interest in
immovable property |
|
Whether
consortium finance is involved |
No |
|
Whether joint
charge involved |
No |
|
Number of charge
holder |
1 |
|
Particulars of the
charge holder |
Punjab National
Bank BHEL, Ranipur,
Haridwar – 249 403, Uttaranchal, India E-mail: bo1074@pnb.co.in |
|
Amount secured by
the charge |
Rs. 6.507
millions |
|
Whether charge created
or modified outside India |
No |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: Commission @
0.55% (b) Terms of
repayment: Due date of
repayment is 29.08.2007 ( c) Margin: 25%
in shape of FDR (d) Extent and
operation of the charge: Till the
repayment of loan |
|
Short particulars
of the property charged |
Land and Building
situated on Land as per lease deed registered at bahi No. 1, Volume 1374, Page
48 and additional bahi No. 1, volume 1397 pages 41/46 dated 02.12.2002 at
SRO, Haridwar |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company |
Yes |
|
Date of
Instrument |
11.05.2007 |
|
Particular of the
present modification |
|
Fixed Assets:
- Air
Conditioner
- Building
- Car
- Car Garage
- Computer
- Cooler
- Cycle
- Electrification
- Fans
- Fire
Extinguisher
- Furniture and
Fixture
- Lab Fixture
- Lab Equipment
- Mini Truck
- Plant and
Machinery
- PM Under
Expenses
- Office
Equipment
- Room Healers
- Refrigerator
- Scooter
- Technical
Books
- Television
- Tubewell
- Type writer
- Worker
Quarters
- Telephone
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. 42.81 |
|
UK Pound |
1 |
Rs. 83.75 |
|
Euro |
1 |
Rs. 66.10 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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/normal. |
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 |
|