MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FUJIFILM SERICOL INDIA PRIVATE LIMITED |
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Registered Office : |
10/11, B U Bhandari Industrial Estate, Shirur, Sanawadi, Pune-412208,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.02.1996 |
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Com. Reg. No.: |
097416 |
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CIN No.: [Company
Identification No.] |
U24223MH1996PTC097416 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES04856F |
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PAN No.: [Permanent
Account No.] |
AABCS0098L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Screen and Flexo Printing Inks |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and subsidiary of Sericol, UK.Available
information indicates high financial responsibility of the company. Trade relations
are fair.Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings. It can be considered as a promising business partner in a medium to
long run. |
LOCATIONS
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Registered Office/Factory : |
10/11, B U Bhandari Industrial Estate,Taluka: Shirur,
Sanawadi,District: Pune-412208, Maharashtra, India. |
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Tel. No.: |
91-2137-252048 |
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Fax No.: |
91-2137-252907 |
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E-Mail : |
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Website : |
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Office : |
Mumbai Depot Ground
Floor, Plot No.48 ,Marol Co-op. Indl. Estate Limited M. V. Road, Near
Sakinaka, Andheri(East),Mumbai-400059
, Maharashtra - INDIA |
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Tel. No.: |
91-22-28592563
/ 64 |
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Fax No.: |
91-22-28509718 |
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E-Mail : |
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Office : |
Delhi Depot 2/16, Kirtinagar
Warehousing Scheme Kirtinagar , New Delhi - 110 015 |
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Tel. No.: |
91-11-25453247
/ 9613 /91-11-30931600 |
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Fax No.: |
91-11-25459613 |
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E-Mail : |
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Office : |
Chennai Depot 13,
T.T.K. Road Royapettah ,Chennai - 600 014 ,Tamil Nadu - INDIA |
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Tel. No.: |
91-44-28113239
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Fax No.: |
91-44-28111383 |
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E-Mail : |
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Office : |
Tirupur Depot 52/10,
KVP Layout ,Mangalam Road ,Tirupur - 641 604 ,Tamil Nadu - INDIA |
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Tel. No.: |
91-421-2232850 |
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Fax No.: |
91-421-2236972 |
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E-Mail : |
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Office : |
Kolkata Depot 5A,
Nawab Dilarjung Road ,Kolkata- 700 002,West Bengal |
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Tel. No.: |
91-033
- 25285569 |
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Fax No.: |
91-033
- 25285569 |
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E-Mail : |
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Office : |
Ludhiana Depot c /o Deepali Colour & Chemicals ,Upper India Steel Road ,Focal
Point Ludhiana – 141010, Punjab. |
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Tel. No.: |
91-
161- 505 1817, 508 4245 |
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Fax No.: |
91 -
161 - 508 4245 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.John J.Hand |
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Designation : |
Director |
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Address : |
8,Slade Avenue,Lindfield,Sydney NSW2060,Australia. |
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Date of Birth: |
29.04.1950 |
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Din No. |
00085864 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr.Roy Frederick Wiles |
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Designation : |
Director |
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Address : |
5,Fordwich Farm,High Street, Fordwich,Canterbury CT20DX,United Kingdom |
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Date of Birth: |
03.09.1957 |
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Din No. |
00810414 |
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Date of Appointment : |
06.09.1999 |
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Name : |
Mr.Subramanyam N.Mysore |
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Designation : |
Managing Director |
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Address : |
16, Atlantis, Plot No.7, Kalyaninagar, Pune-411006, Maharashtra,
India. |
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Date of Birth: |
07..11.1947 |
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Din No. |
00067188 |
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Date of Appointment : |
03.09.1998 |
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Name : |
Mr.Pesi Kushru Choksey |
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Designation : |
Director |
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Address : |
Bentleys-Room 16, 17 Oliver Street Colaba, Mumbai-400039, Maharashtra,
India. |
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Date of Birth : |
02.02.1923 |
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Din No. |
00060508 |
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Date of Appointment : |
23.02.1996 |
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Name : |
Mr.Anthony Sleight |
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Designation : |
Director |
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Address : |
10,Aynhoe Road,London W140QD UK,London |
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Date of Birth : |
26.11.1941 |
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Passport Number: |
500190965 |
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Date of Appointment : |
30.06.1998 |
KEY EXECUTIVES
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Name : |
Mr.Shankar Keshav Satpute |
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Designation : |
Secretary |
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Address : |
Bldg.No.11-C,Flat No.4,Paschima
Nagari,Kothrud,Pune-411052,Maharashtra, India. |
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Date of Birth/Age : |
26.06.1938 |
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Pan No. |
AKXPS7008M |
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Date of Appointment : |
01.11.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS Per Registry
|
Names of Shareholders |
|
No. of Shares |
|
Fujitfilm Sericol International Limited,UK |
|
7345799 |
|
Mr.Mysore N Subramanyam |
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1 |
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Total |
|
7345800 |
AS ON 31.03.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Screen and Flexo Printing Inks |
GENERAL
INFORMATION
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No.of Employees: |
100 |
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Bankers : |
The Hongkong and
Shanghai Banking Corporation Limited Amar Avinash
Corporate City,Sector No.11, Bound
Garden Road,Pune- 411001,Maharashtra,India. promitsen@hsbc.co.in |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
F-1, The Metropole, Bund Garden Road, Pune-411 001, Maharashtra,
India. |
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Associates/Subsidiaries : |
v FUJITFILM
SERICOL INTERNATIONAL LIMITED Patrica Way,Pysons Road,Industrial
Estate,Broadstairs,UK. |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11510000 |
Equity Shares |
Rs. 10/- Each |
Rs.115.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7345800 |
Equity Shares |
Rs. 10/- Each |
Rs.73.458 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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73.458 |
73.458 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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78.314 |
55.982 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
151.772 |
129.440 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.150 |
3.208 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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2.150 |
3.208 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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153.922 |
132.648 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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58.833 |
37.247 |
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Capital work-in-progress |
|
2.199 |
7.413 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.382 |
10.273 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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53.200 |
43.778 |
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Sundry Debtors |
|
48.058 |
37.811 |
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Cash & Bank Balances |
|
13.024 |
22.986 |
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Other Current Assets |
|
0.011 |
0.018 |
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Loans & Advances |
|
20.613 |
10.395 |
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Total
Current Assets |
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134.906 |
114.988 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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40.928 |
31.607 |
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Provisions |
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1.470 |
5.666 |
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Total
Current Liabilities |
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42.398 |
37.273 |
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Net Current Assets |
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92.508 |
77.715 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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153.922 |
132.648 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
243.685 |
194.896 |
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Other Income |
|
2.086 |
0.530 |
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Total Income |
|
245.771 |
195.426 |
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Profit/(Loss) Before Tax |
|
34.731 |
25.761 |
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Provision for Taxation |
|
12.400 |
(9.203) |
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Profit/(Loss) After Tax |
|
22.331 |
34.964 |
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Expenditures : |
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Financial Charges |
|
0.069 |
0.026 |
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Depreciation & Amortization |
|
6.971 |
6.113 |
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Other Expenditure |
|
204.000 |
163.526 |
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Total Expenditure |
|
211.040 |
169.665 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
9.08 |
17.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
14.25 |
13.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.69 |
15.16 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.22 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.29 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.18 |
3.08 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U24223MH1996PTC097416 |
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Name of the
company |
FUJIFILM SERICOL INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
10/11, B U Bhandari Industrial Estate, Shirur, Sanawadi, Pune-412208,
Maharashtra,India. |
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Type of charge |
Movable Property (not being pledge) |
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Particular of
charge holder |
The Hongkong and
Shanghai Banking Corporation Limited Amar Avinash
Corporate City,Sector No.11, Bound Garden
Road,Pune- 411001, Maharashtra,India. promitsen@hsbc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement for Plant and Machinery dated:18.08.2008, hypothecation plant,machinery
and other moveables mentioned in the agreement to secure term loan facility
up to Rs.10.000 millions. |
|
Date of
instrument Creating the charge |
18.08.2008 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2% below the
Bank’s PLR,currently applicable rate of interest is 13.5% per annum subject
however to that the Bank shall have right to change the rate of interest after
giving due notice to the company. Term of Repayment 12 equated
monthly instalments Margin The company shall
such margin as may be specified by the Bank from time to time. Extent and
operation of the charge The company
hypothecated in favour of The Hongkong and Shanghai Banking Corporation
Limited (the Bank), Hypothecated goods described in the Hypothecation
Agreement as security by way of exclusive charge for the repayment by the
Company to the Bank for the term loan facility.In case the company fails to
fulfill its obligations under the agreement,the Bank shall be entitled
dispose of the hypothecated goods in settlement of its dues. |
|
Short particulars
of the property charged |
Exclusive charge
over plant and machinery both present and future. |
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|