MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
D. P. FOAM PRIVATE LIMITED |
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Registered Office : |
A-24-26 and A38-40 Sadarpet Industrial Estate, Pondicherry – 605111,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.1985 |
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Com. Reg. No.: |
59-316 |
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CIN No.: [Company
Identification No.] |
U25199PY1985PTC000316 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED00352C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Flexible Polyurethane Foam |
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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Mr. Kapuswami, Finance Manager and Mr. D. P. Vasudevan confirmed the
details but never parted other details although promised. Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
A-24-26 and A38-40 Sadarpet Industrial Estate, Pondicherry – 605111,
Tamilnadu, India |
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Tel. No.: |
91-413-2338708 / 2677345 |
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Fax No.: |
91-413-2342028 / 2677352 |
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E-Mail : |
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Corporate Office : |
7, J N Street, Pondicherry – 605001, Tamilnadu, India |
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Tel. No.: |
91-413-2339723 |
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Fax No.: |
91-413-2342028 |
DIRECTORS
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Name : |
Mr. Damal Pathangi Vasudevan |
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Designation : |
Managing Director |
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Address : |
12 Auromira Rue Campaigne Street, Pondicherry – 605001, India |
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Date of Birth/Age : |
23.08.1944 |
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Date of Appointment : |
06.04.1985 |
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Name : |
Mrs. Chitra Vasudevan |
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Designation : |
Director |
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Address : |
12 Auromira Rue Campaigne Street, Pondicherry – 605001, India |
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Date of Birth/Age : |
28.09.1949 |
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Date of Appointment : |
06.04.1985 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. D. P. Vasudevan |
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15000 |
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Ms. Chitra Vasudevan |
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15000 |
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Total |
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30000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Flexible Polyurethane Foam |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Polyurethane Foam |
Kgs. |
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4,00,000 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
120 |
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Bankers : |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Raghu and Murli Chartered Accountants |
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Address : |
14, Dr. Rangachari Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
CAPITAL STRUCTURE
AS ON 30.09.2005
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.903 |
16.445 |
16.657 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.903 |
19.445 |
19.657 |
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LOAN FUNDS |
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1] Secured Loans |
55.359 |
49.879 |
22.905 |
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2] Unsecured Loans |
8.405 |
8.657 |
5.638 |
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TOTAL BORROWING |
63.764 |
58.536 |
28.543 |
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DEFERRED TAX LIABILITIES |
0.504 |
0.113 |
0.353 |
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TOTAL |
84.171 |
78.094 |
48.553 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.628 |
22.669 |
24.830 |
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Capital work-in-progress |
0.000 |
22.592 |
0.000 |
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INVESTMENT |
0.000 |
0.040 |
0.040 |
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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 |
15.587
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11.861 |
10.983 |
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Sundry Debtors |
21.566
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19.989 |
9.023 |
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Cash & Bank Balances |
10.199
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2.859 |
2.113 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
9.185
|
8.585 |
11.515 |
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Total
Current Assets |
56.537
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43.294 |
33.634 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.917
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2.310 |
1.802 |
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Provisions |
10.077
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8.191 |
8.149 |
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Total
Current Liabilities |
16.994
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10.501 |
9.951 |
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Net Current Assets |
39.543
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32.793 |
23.683 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.171 |
78.094 |
48.553 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
125.013 |
83.443 |
57.754 |
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Other Income |
0.496 |
0.471 |
0.455 |
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Total Income |
125.509 |
83.914 |
58.209 |
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Profit/(Loss) Before Tax |
3.635 |
1.490 |
2.502 |
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Provision for Taxation |
2.215 |
0.675 |
0.975 |
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Profit/(Loss) After Tax |
1.420 |
0.815 |
1.527 |
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Expenditures : |
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Raw Material Consumed |
66.151 |
43.791 |
24.317 |
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Consumption of stores and spares parts |
0.605 |
0.280 |
0.760 |
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Increase/(Decrease) in Finished Goods |
[0.275] |
0.797 |
[0.758] |
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Salaries, Wages, Bonus, etc. |
8.070 |
5.738 |
5.903 |
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Managerial Remuneration |
1.200 |
0.960 |
0.960 |
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Payment to Auditors |
0.029 |
0.012 |
0.021 |
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Interest |
6.638 |
4.086 |
2.822 |
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Insurance Expenses |
1.038 |
0.490 |
0.989 |
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Power & Fuel |
1.108 |
0.944 |
0.913 |
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Depreciation & Amortization |
4.207 |
2.632 |
2.464 |
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Other Expenditure |
33.103 |
22.694 |
17.316 |
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Total Expenditure |
121.874 |
82.424 |
55.707 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.13
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0.97 |
2.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.91
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1.79 |
4.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.59
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2.26 |
4.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.08 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.06
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3.55 |
1.96 |
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Current Ratio (Current Asset/Current Liability) |
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3.33
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4.12 |
3.38 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U25199PY1985PTC000316 |
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Name of the
company |
D. P. FOAM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A38-40 Sadarpet Industrial Estate, Pondicherry – 605111, Tamilnadu |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Small Industries
Development Bank of India 99, I Floor,
Ambalathadayar Madam Street, Pondicherry – 605001, India |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 25.06.2007 Declaration and
Undertaking in the matter of a Mortgage by deposit of title deeds dated
25.06.2007 |
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Date of
instrument Creating the charge |
25.06.2007 |
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Amount secured by
the charge |
Rs. 11.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13 % per annum
with monthly rests Terms of
Repayment Repayable in 60 monthly
installments comprising of first 59 instalments of Rs. 0.186 Million and the
last installment of Rs. 0.226 Million commencing after nine months from the
date of first disbursement of the loan. Margin 25 % Extent and
Operation of the charge Extension of
mortgage over the leasehold and situated at Plot No. A37, Industrial Estate,
Sedarapet admeasuring 1050 sq. mtrs. Bearing R. S. No. 27/7B pt. Sub
Registration District of Oulgaret, Dedarapet Industrial Estate, Pondicherry Hypothecation of
movables, plant and machinery already charged to SIDBI and all the plant,
machinery, equipment, tools, spares, accessories and all other assets which
have been or proposed to be acquired out of this loan amount. |
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Short particulars
of the property charged |
Extension of
mortgage over the leasehold and situated at Plot No. A37, Industrial Estate,
Sedarapet admeasuring 1050 sq. mtrs. Bearing R. S. No. 27/7B pt. Sub
Registration District of Oulgaret, Dedarapet Industrial Estate, Pondicherry |
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.42.87 |
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UK Pound |
1 |
Rs.83.41 |
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Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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