MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
NANDOLIA ORGANIC CHEMICALS PRIVATE LIMITED |
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Registered Office : |
404-A Wind, Mohad Manzil Society, Behram Baugh Road, Jogeshwari (West),
Mumbai – 400102, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1998 |
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Com. Reg. No.: |
112749 |
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CIN No.: [Company
Identification No.] |
U24119MH1998PTC112749 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN06411G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Chemicals. |
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 248872 |
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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 : |
Subject is a well – established and reputed company having
satisfactory track records. Available information indicates satisfactory
financial responsibility of the company. Trade relations are fair. Business
is active. Payments are reported as usually correct and as per commitments.
General financial position is satisfactory. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Haroon Nandolia |
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Designation : |
Director |
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Contact No.: |
91-9820124166 |
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Date : |
09.04.2008 |
LOCATIONS
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Registered Office : |
404-A Wind, Mohad Manzil Society, Behram Baugh Road, Jogeshwari
(West), Mumbai – 400102, Maharashtra, India |
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Tel. No.: |
91-22-26795968/ 66750569/ 70 |
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Fax No.: |
91-22-26795963 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 2920, Phase III GIDC, Panoli, District Bharuch –
294116, Gujarat, India |
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Tel. No.: |
91-2646-272649 |
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Fax No.: |
91-2646-272762 |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
36/37, Level – II, Dewa Centre, Mumbai – 400101, Maharashtra, India |
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Tel. No.: |
91-22-26795968/ 66750569/ 66750570 |
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Fax No.: |
91-22-26795963 |
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Mobile : |
91-9820124166/ 9324612260 |
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E-Mail : |
info@nandoliachemicals.com |
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Website : |
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Area : |
400 sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Yakub Valli Nandolia |
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Designation : |
Director |
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Address : |
407/B, Mohamed Manzil, Behrambang Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
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Qualification : |
Engineering (Chemical) |
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'Date of Birth/Age : |
04.10.1952 |
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Date of Appointment : |
01.01.1998 |
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Name : |
Mr. Haroon Hussain Nadolia |
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Designation : |
Director |
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Address : |
Aarey Milk Colony, Unit No. 31, Goregaon (East), Mumbai - 400069, Maharashtra, India |
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Qualification : |
M. Com |
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Date of Birth/Age : |
05.06.1959 |
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Date of Appointment : |
01.01.1998 |
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Name : |
Mr. Dr. Yasin Rahim Nandolia |
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Designation : |
Director |
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Address : |
Rahimabad Apartments, 3rd Floor, Behrambang Road, Jogeshwari (West), Mumbai-400102, Maharashtra, India |
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Qualification : |
Doctor |
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Date of Birth/Age : |
01.05.1946 |
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Date of Appointment : |
01.01.1998 |
KEY EXECUTIVES
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Name : |
Shah Dholokia and Associates |
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Designation : |
Company Secretary |
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Address : |
Mumbai –400092, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Haroon H. Nandolia |
|
27010 |
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Mr. Sahid H. Nandolia |
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27010 |
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Mr. Yakub V, Nandolia |
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26010 |
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Mrs. Rashida Y. Nandolia |
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13000 |
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Mr. Safique V. Nandolia |
|
16250 |
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Mr. Ramid V. Nandolia |
|
16250 |
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Mr. Ayub S. Nandolia |
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20000 |
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Mr. Mustak S. Nandolia |
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25000 |
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Mrs. Yasmina E. Nandolia |
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15000 |
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Mr. Yasin R. Nandolia |
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20000 |
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Mr. Abid R. Nandolia |
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25000 |
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Mr. Arif R. Nandolia |
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25000 |
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Mr. Sajid S. Nandolia |
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20000 |
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Mr. Yunush S. Nandolia |
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20000 |
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Mr. Ishaque S. Nandolia |
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20000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Director or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Chemicals. |
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Products : |
Organic
Chemicals :
Dyes:
Pigments:
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Selling : |
Document Payment Against Document |
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Purchasing : |
Document Payment Against Document |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
120 |
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Bankers : |
Juhu, Vile Parle (West), Mumbai, India (Subject enjoys Cash Credit and Term Loan facility from its bankers)
Ankleshwar, Gujarat, India
Hyderabad, Andhra Pradesh, India
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Facilities : |
Rs.30.000 Millions L/C and C/C limit both |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Tralsawal Associates Chartered Accountant |
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Address : |
207 B Wing, Hemu Arcade, V P Road, Opp. Railway Station, Vile Parle West, Mumbai – 400056, Maharashtra, India |
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Associates/Subsidiaries : |
Nandoloa
Industry GIDC, Akleshwar Nepel Chemicals GIDC Akleshwar |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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650020 |
Equity Shares |
Rs.10/- each |
Rs.6.500
Millions |
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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 |
6.500 |
6.500 |
6.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.718 |
40.216 |
32.608 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.218 |
46.716 |
39.108 |
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LOAN FUNDS |
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1] Secured Loans |
6.778 |
0.036 |
0.424 |
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2] Unsecured Loans |
24.035 |
21.696 |
19.610 |
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TOTAL BORROWING |
30.813 |
21.732 |
20.034 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
93.031 |
68.448 |
59.142 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.550 |
24.229 |
21.498 |
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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 |
20.526
|
29.632 |
12.466 |
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Sundry Debtors |
76.158
|
44.527 |
33.617 |
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Cash & Bank Balances |
9.241
|
6.580 |
8.723 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.496
|
10.245 |
22.876 |
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Total
Current Assets |
121.421
|
90.984 |
77.682 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.025
|
46.877 |
40.178 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
56.025
|
46.877 |
40.178 |
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Net Current Assets |
65.396
|
44.107 |
37.504 |
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MISCELLANEOUS EXPENSES |
0.085 |
0.112 |
0.140 |
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TOTAL |
93.031 |
68.448 |
59.142 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
324.614 |
253.470 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
324.614 |
253.470 |
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Profit/(Loss) Before Tax |
|
23.832 |
12.065 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
23.832 |
12.065 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
203.620 |
161.491 |
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Total Earnings |
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203.620 |
161.491 |
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Expenditures : |
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Interest |
|
3.582 |
3.452 |
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Depreciation & Amortization |
|
4.437 |
4.595 |
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Other Expenditure |
|
292.763 |
233.358 |
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Total Expenditure |
|
300.782 |
241.405 |
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Sales Turnover 2008 (Estimated) – 50.000
Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.34
|
4.75
|
NA
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Net Profit Margin (PBT/Sales) |
(%) |
7.34
|
4.75
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.99
|
10.47
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NA
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.25
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NA
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Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
1.47 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.94 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24119MH1998PTC112749 |
|
Name of the Company
|
NANDOLIA ORGANIC CHEMICALS PRIVATE LIMITED |
|
Address |
404-A Wind, Mohad Manzil Society, Behram Baugh Road, Jogeshwari
(West), Mumbai – 400102, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Sundaram Finance
Limited 21, Patullos
Road, Chennai – 600002, Tamilnadu, India U65191TN1954PLC002429 |
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Nature or
description of the instrument(s) creating or modifying the charge |
Loan Agreement
Bearing Cont No.-BG-3271 |
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Date of the
instrument creating or modifying the charge |
29.05.2006 |
|
Amount secured by
the charge |
Rs.0.866 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
The total of
Rs.0.866 Million is repayable in 23 monthly installments. 1st
installments of Rs.0.037 Million and 22 Installment of Rs.0.037 Million Rate
of Interests – 10.74% |
|
Short particulars
of the property charged (including location of the property) |
Vehicles As per to the
Loan Agreement |
|
Particular of the
present modification |
NA |
Profile:
Subject is a Private Limited company incorporated in January 1998. The project has been promoted by the entrepreneurs having a sound and excellent track record. Backed by high resourcefulness, they have set up a plant which is of international standards. The plant boasts of the most advanced technology and latest machinery for manufacturing of fine Aromatic Chemicals located at G.I.D.C. Panoli, Dist. Bharuch, Gujarat, India.
It is well established for the past two decades, the promoters have excelled in the Technical, Marketing and Administrative aspects of the trade, which is gained through existing plants at Ankleshwar G.I.D.C. and Vapi G.I.D.C. (Gujarat, India). The products are exported in bulk quantities to the U.S.A. and European countries from these plants.
Trade Reference:
- Nicklos Phiramel, Hyderabad
- Sanmar Specialities Limited, Madras
- Doctor Reddy, Madras
Fixed Assets
- Leasehold Land
- Factory
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Vehicle
- Laboratory Equipment
- Factory Equipment,
- Office Equipment
- E.T.P Plant
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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|