MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
M M FERROCHEM PRIVATE LIMITED |
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Registered Office : |
2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.08.2004 |
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Com. Reg. No.: |
55-128303 |
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CIN No.: [Company
Identification No.] |
U27109DL2004PTC128303 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12651C |
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PAN No.: [Permanent
Account No.] |
AAECM4190Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Calcium Carbide |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 years old company having moderate track. The company had incurred some initial losses. Trade relations are
fair. Payments are reported as slow at times. The company can be considered for small to mediocre business dealings with
caution, initially. |
INFORMATION PARTED BY
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Name : |
Mr. Kailashchand Pathak |
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Designation : |
Accounts Head |
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Date : |
27.11.2008 |
LOCATIONS
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Registered Office : |
2nd Floor, |
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Tel. No.: |
91-11-22371713 / 65375622 / 42518008 |
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Fax No.: |
91-11-22372293 |
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E-Mail : |
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Area : |
100 gaj |
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Location : |
Owned |
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Factory : |
Amb. District, Una, |
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Tel. No.: |
91-1976-261849 |
DIRECTORS
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Name : |
Mr. Madan Mohan Verma |
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Designation : |
Director |
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Address : |
C-287, Surajmal Vihar, |
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Date of Birth/Age : |
12.11.1960 |
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Date of Appointment : |
13.08.2004 |
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Name : |
Mrs. Prabha Verma |
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Designation : |
Director |
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Address : |
C-287, Surajmal Vihar, |
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Date of Birth/Age : |
01.05.1961 |
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Date of Appointment : |
13.08.2004 |
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Name : |
Mr. Pramod Kumar Sharma |
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Designation : |
Director |
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Address : |
Will. And PO Bhunjal, Una, |
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Date of Birth/Age : |
15.04.1950 |
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Date of Appointment : |
10.11.2004 |
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Name : |
Mr. Ashish Garg |
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Designation : |
Director |
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Address : |
Road No. 18, Kothi No.5, East Punjabi Bagh, |
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Date of Birth/Age : |
12.10.1973 |
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Date of Appointment : |
05.11.2005 |
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Name : |
Mrs. Ekta Garg |
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Designation : |
Director |
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Address : |
Road No. 18, Kothi No.5, East Punjabi Bagh, |
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Date of Birth/Age : |
05.07.1975 |
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Date of Appointment : |
05.11.2005 |
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Name : |
Mr. Jeet Singh |
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Designation : |
Director |
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Address : |
Q No. 26, Tupe II, Rakhan Colony, VPO Bhagla, Tehsil Nurpur, Kangra
-176 202, Himachal Pradesh, India |
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Date of Birth/Age : |
12.04.1978 |
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Date of Appointment : |
28.12.2006 |
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Name : |
Mr. Mayur Verma |
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Designation : |
Director |
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Address : |
C-287, Surajmal Vihar, Anand Vihar, |
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Date of Birth/Age : |
01.06.1982 |
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Date of Appointment : |
19.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Madan Mohan Verma |
825000 |
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Prabha Verma |
700000 |
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Mayur Verma |
25000 |
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Ashish Garg |
120000 |
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Ekta Aggarwal |
100000 |
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First Hi-Fin Limited |
300000 |
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RCRD Finlease Private Limited |
200000 |
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Monisha Impex Private Limited |
125000 |
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Monisha Grenite Limited |
280000 |
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M V Marketing |
100000 |
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Paras Infotech Private Limited |
100000 |
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Pololeasing and Finance Private Limited |
50000 |
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Labh-Tronic Overseas Private Limited |
50000 |
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Bhalotia Agro Industries Private Limited |
50000 |
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Total |
3025000 |
List of Allotment (As on 07.05.2007)
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Names of Allottees |
No. of Shares |
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First Hi-Fin Limited |
300000 |
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RCRD Finlease Private Limited |
200000 |
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Monisha Impex Private Limited |
125000 |
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Monisha Grenite Limited |
280000 |
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M V Marketing Private Limited |
100000 |
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Paras Infotech Private Limited |
100000 |
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Pololeasing and Finance Private Limited |
50000 |
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Labh-Tronic Overseas Private Limited |
50000 |
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Bhalotia Agro Industries Private Limited |
50000 |
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Total |
1255000 |
Equity Shares Breakup (Percentage of Total Equity)
(As on 29.09.2007)
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Category |
Percentage |
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Bodies corporate |
41.00 |
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Directors or relatives of directors |
59.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Calcium Carbide |
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Products : |
·
Calcium Carbide ·
Other Chemical Supplies |
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Terms : |
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Selling : |
Credit (30 days) – Advance Payment |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 |
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Bankers : |
·
Oriental Bank of Commerce Rajgarh Colony, Rajgarh, ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Kanwal Chanana and Associates Chartered Accountants |
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Address : |
5, |
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Tel. No.: |
91-11-23717000 / 23717102 |
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Fax No.: |
91-11-23357641 |
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E-Mail : |
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Associates/Subsidiaries : |
R M Minerals Private Limited |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3025000 |
Equity Shares |
Rs.10/- each |
Rs.30.250
millions |
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1770000 |
Equity Shares |
Rs.10/- each |
Rs.17.700
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 |
17.700 |
17.700 |
1.000 |
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2] Share Application Money |
13.350 |
6.250 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(2.375) |
0.000 |
0.000 |
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NETWORTH |
28.675 |
23.950 |
1.000 |
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LOAN FUNDS |
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1] Secured Loans |
61.857 |
11.598 |
0.000 |
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2] Unsecured Loans |
5.892 |
2.561 |
2.298 |
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TOTAL BORROWING |
67.749 |
14.159 |
2.298 |
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DEFERRED TAX LIABILITIES |
1.757 |
0.000 |
0.000 |
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TOTAL |
98.181 |
38.109 |
3.298 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.671 |
23.442 |
1.612 |
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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 |
12.056
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0.000 |
0.000 |
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Sundry Debtors |
4.875
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0.000 |
0.000 |
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Cash & Bank Balances |
1.237
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0.631 |
0.314 |
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Other Current Assets |
5.177
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1.812 |
0.000 |
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Loans & Advances |
1.857
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15.820 |
1.350 |
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Total
Current Assets |
25.202
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18.263 |
1.664 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.667
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5.280 |
0.132 |
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Provisions |
0.025
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0.000 |
0.000 |
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Total
Current Liabilities |
29.692
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5.280 |
0.132 |
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Net Current Assets |
(4.490)
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12.983 |
1.532 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.684 |
0.154 |
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TOTAL |
98.181 |
38.109 |
3.298 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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3.40
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0.81 |
2.43 |
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Current Ratio (Current Asset/Current Liability) |
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0.85
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3.46 |
12.61 |
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from C-287, Suraj
Mal Vihar,
Trade References
·
Steel Authority of
·
Heavy Engineering Corporation, Jharkhand
Form No. 8
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Corporate
identity number of the company |
U27109DL2004PTC128303 |
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Name of the
company |
M M FERROCHEM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
C-287, Suraj Mal Vihar, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Oriental Bank of Commerce Rajgarh Colony, Rajgarh, |
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Date of
instrument Creating the charge |
26.07.2007 |
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Amount secured by
the charge |
Rs.96.275
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest As per bank rules changes from time to time ·
Terms
of repayment As per bank rules ·
Margin As per bank rules ·
Extent
and operation of the charge Operation of charge extended upto Rs.96.275 millions |
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Particulars of
the property charged |
Equitable mortgage
of the property bearing no. 0-25-73 hector situated at Mohal and Mauza,
Village Tibbi, P.O. – Kahmli, Tehsil-Amb. District. UNA (H.P.) to secure
entire credit facilities given by the OBC, Rajgarh Branch to M/S MM Ferrochem
Private Limited |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
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Furniture and Fixture
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Electric Fitting
·
Computer
·
Office Equipment
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Fans and Exaust Fan
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Fax Machine
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Air Conditioner
·
Weight and Scale
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Invertor
·
Lab Equipments
·
Tools Accessories
·
Scooter
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Generator
·
Mobile phone
·
Car
Web Details
Profile
Calcium carbide is one of the most versatile and highly
demanded chemical products of the chemical industry today. It is widely reputed
as the most vital element in the industry of organic synthesis. Today, when
each progressive day begins with new experiments and evolution of latest
technologies, the demand for Calcium carbide has gained momentum.
They take immense pride in introducing themselves as Subject,
an enterprise committed to quality and service. They are a manufacturer,
supplier and trader of the complicated chemical compound,
calcium carbide as well as many other chemical supplies. Catering successfully
to the needs of the chemical industry for the last one decade, they have gained
immense expertise in the manufacturing of calcium carbide. Abiding by all the
international quality specifications and business ethics, they have
continuously created new milestones in the area of expertise.
The Products
Subject is a manufacturer, supplier and trader of Calcium
Carbide and many other Chemical Supplies. The immaculate
quality of the products and customer satisfaction is what matters to them the
most.
Calcium Carbide (CaC2) caters to the chemical needs of many manufacturing
industries. Its various uses are as:
·
On reaction with water, it generates Acetylene gas
which is used in cutting and welding of metals
·
It is used as a vital element in Organic Synthesis
Industry
·
Calcium Carbide is also used in the production of
Chloroprene Rubber, Pol-acetic Acid Ethylene, Polyvinyl alcohol, Acetylene
Carbon Black, etc.
·
It is a major raw material used in producing Lime
Nitrogen and Dyad Hydrogen Amine.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.49.84 |
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|
1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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24 |
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 |
|