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MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIDMAK LABORATORIES (INDIA) PRIVATE LIMITED |
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Registered Office : |
B-2 Dhamyug Falt Gulbi Tekra, Panchvati, Ahmedabad-380006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.05.1983 |
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Com. Reg. No.: |
04-6157 |
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CIN No.: [Company
Identification No.] |
U24230GJ1983PTC006157 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS03774B |
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PAN No.: [Permanent
Account No.] |
AADCS9914R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Oral Dosage Formulations in Tablet and
Capsules |
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 1100000 |
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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 reputed company having satisfactory
track records. Trade relations are fair. Business is active. General
financial position is good. Payments are reported as usually correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B-6 Dhamyug Falt Gulbi Tekra, Panchvati, Ahmedabad-380006, Gujarat,
India |
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Tel. No.: |
91-260-254164 |
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Fax No.: |
91-260-254049 |
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E-Mail : |
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Website : |
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Factory : |
P.O. Box No.-121, N.H-8, abrahama, Valsad-369001, Gujarat, India |
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Fax No.: |
91-2632-254049 |
DIRECTORS
|
Name : |
Mr. Manider Singh |
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Designation : |
Director |
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Address : |
S-181, Greater Kailash, Part II, New Delhi-110048, India |
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Date of Birth/Age : |
04.04.1964 |
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Date of Appointment : |
24.07.2006 |
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Name : |
Mr. Dhananjay Thakorbhai Desai |
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Designation : |
Additional Director |
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Address : |
Madanwad, Valsad-396001, Gujarat, India |
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Date of Birth/Age : |
23.08.1942 |
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Date of Appointment : |
06.02.2008 |
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Name : |
Mr. Dwarko Topandas Khilnani |
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Designation : |
Additional Director |
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Address : |
6/21, Borla Society, Dr. C G Road, Chembur, Mumbai-700074,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1943 |
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Date of Appointment : |
06.02.2008 |
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Name : |
Shivakumar Dhalumal Israni |
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Designation : |
Additional Director |
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Address : |
24, Sukhmani – A, 4th Floor, Bomanji Petit Road, Warden
Road, Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
17.09.1949 |
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Date of Appointment : |
06.02.2008 |
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Name : |
Mr. Jayesh Jitendra Parikh |
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Designation : |
Managing Director |
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Address : |
16, Inquilab Society, Gulbai ekra, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
19.10.1969 |
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Date of Appointment : |
17.08.1998 |
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Date of Ceasing: |
15.04.2005 |
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Name : |
Dr. Satishchandra Punambhai Patel |
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Designation : |
Director |
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Address : |
27, Yale Court, Livingstone, New Jersey-07039, USA |
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Date of Birth/Age : |
18.10.1943 |
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Date of Appointment : |
26.09.1996 |
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Name : |
Mr. Ameet Desai |
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Designation : |
Director |
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Address : |
B/64, Swaminagar, Near Panchshil Park, New Delhi-17, India |
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Date of Appointment : |
07.08.2002 |
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Name : |
Mrs. Prabha Satish Patel |
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Designation : |
Director |
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Address : |
27, Yale Court, Livingstone, New Jersey-07039, USA |
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Date of Birth/Age : |
01.08.1948 |
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Date of Appointment : |
27.03.2003 |
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Name : |
Mr. Sanjay Patel |
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Designation : |
Directors |
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Address : |
2, Suryadeep, Buglow, Near Taxshila Tower, Vastrapur,
Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
17.08.2005 |
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Name : |
Mr. Babulal Patel |
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Designation : |
Director |
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Address : |
2, Suryadeep, Buglow, Near Taxshila Tower, Vastrapur,
Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
17.08.2005 |
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Name : |
Mr. Viraj Vinayak Bhalani |
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Designation : |
Director |
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Date of Birth/Age : |
31.05.1982 |
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Date of Appointment : |
27.03.2003 |
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Name : |
Mr. Prashant R. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
15.08.1961 |
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Date of Appointment : |
27.03.2003 |
KEY EXECUTIVES
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Name : |
Jagdish Patel and Company |
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Designation : |
Company Secretary |
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Address : |
Rozy Empire, Silvassa Road, Opposite PWD Rest House, Vapi 396191 |
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Tel. No.: |
91-260-2431655 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 17.08.2005
|
Names of Shareholders |
|
No. of Shares |
|
Satish Punambhai Patel |
|
632990 |
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Vinayak Tulsidas Bhalani |
|
632980 |
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Ranbaxy Drugs and Chemicals company |
|
167330 |
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Sanjay Patel |
|
60800 |
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Babulal Patel |
|
51370 |
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Daksha Patel |
|
70960 |
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Sanjay JT Patel |
|
56900 |
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Total |
|
1673330 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
10.00 |
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Directors or relatives of directors |
|
90.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Oral Dosage Formulations in Tablet and
Capsules |
GENERAL
INFORMATION
|
Bankers : |
Axis Bank Limited, Doctor House, Halar Road, Valsad-396001, Gujarat,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Thakorebhai Shirish Desai and Butala Chartered Accountant |
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Address : |
G-21, Tanariri Apartments, Asha Baug Society, Near Dudhia Talao,
Navsari-396445, Gujarat, India |
CAPITAL STRUCTURE
As on 25.06.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1673330 |
Equity Shares |
Rs. 10/-
each |
Rs. 16.733
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
16.733 |
16.733 |
16.733 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
208.402 |
192.644 |
111.322 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
225.135 |
209.377 |
128.055 |
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LOAN FUNDS |
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|
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1] Secured Loans |
163.600 |
34.768 |
35.611 |
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2] Unsecured Loans |
25.425 |
3.022 |
0.000 |
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TOTAL BORROWING |
189.025 |
37.790 |
35.611 |
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DEFERRED TAX LIABILITIES |
22.179 |
20.772 |
19.795 |
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Consideration Received towards sale of land |
23.659 |
0.000 |
0.000 |
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TOTAL |
459.998 |
267.939 |
183.462 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
193.658 |
191.383 |
107.349 |
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Capital work-in-progress |
183.967 |
23.949 |
3.787 |
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INVESTMENT |
0.000 |
0.053 |
5.554 |
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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 |
47.991
|
51.700 |
39.772 |
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Sundry Debtors |
60.033
|
44.125 |
31.250 |
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Cash & Bank Balances |
3.711
|
10.321 |
3.481 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.424
|
8.813 |
15.450 |
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Total
Current Assets |
128.159
|
114.959 |
89.953 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.786
|
52.865 |
21.274 |
|
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Provisions |
0.000
|
9.540 |
1.908 |
|
Total
Current Liabilities |
45.786
|
62.405 |
23.182 |
|
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Net Current Assets |
82.373
|
52.554 |
66.771 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
459.998 |
267.939 |
183.461 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover and other Income |
333.952 |
317.482 |
306.207 |
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|
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Profit/(Loss) Before Tax |
40.940 |
47.432 |
26.401 |
|
Provision for Taxation |
15.642 |
16.517 |
7.996 |
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Profit/(Loss) After Tax |
25.298 |
30.915 |
18.405 |
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Total Imports |
6.718 |
5.934 |
3.127 |
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FOB Value |
25.994 |
29.985 |
12.254 |
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Depreciation |
9.608 |
8.201 |
7.622 |
|
Financial charges |
3.576 |
1.291 |
0.000 |
|
Other Expenditure |
279.828 |
260.558 |
272.184 |
|
Total Expenditure |
293.012 |
270.050 |
279.806 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.57
|
9.74 |
6.01 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
12.26
|
14.94 |
8.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.72
|
15.48 |
13.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.23 |
0.20 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
0.47 |
0.46 |
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Current Ratio (Current Asset/Current Liability) |
|
2.79
|
1.84 |
3.88 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from B-6 Dharamyug
Flat, Gulbai Tekra, Ahmedabad-380006, Gujarat, India to the present address
w.e.f 18.04.2006
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80011661 |
|
Corporate
identity number of the company |
U24230GJ1983PTC006157 |
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Name of the company
|
SIDMAK
LABORATORIES (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B-2 Dhamyug Flat Gulbi Tekra, Panchvati, Ahmedabad-380006, Gujarat,
India |
|
Type of charge |
Movable Property Immovable
Property |
|
Particular of
charge holder |
Axis Bank Limited, Doctor House, Halar Road, Valsad-396001, Gujarat,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Third
Supplemental Deed of Hypothecation and Memorandum of Entry (for further
Extension of Equitable Mortgage) |
|
Date of
instrument Creating the charge |
14.08.2008 |
|
Amount secured by
the charge |
Rs. 282.000
Millions |
|
Short particulars
of the property charged |
Hypothecation on
all current assets, book debts, machineries and other assets and Memorandum
of Entry (for further Extension of Equitable Mortgage) on all fixed assets of
the company at a)
National
Highway No. 8, Abrama, Valsad-396001 b)
Plot No. 20,
Pharma City, Selaqui Industrial Area, Selaqui, Vikasnagar, Dehradun,
Uttranchal and c)
Residential
Flat at “Amardham,- A”, Tithal Raod, Valsad-396001 |
|
Date of latest
modification prior to the present modification |
21.01.2008 |
|
Particulars of
the present modification |
Third
Supplemental Deed Hypothecation and Memorandum of Entry (for further
extension of Equitable mortgage) for enhanced various credit facilities for
Term Loan of Rs. 75.000 Millions The total charge o Bank increase to Rs.
282.000 Millions |
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. 46.86 |
|
UK Pound |
1 |
Rs. 83.91 |
|
Euro |
1 |
Rs. 66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
|