MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROTOCHEM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
27, Unique Industrial Esatate, Dr. R P Road, Mulund (West), Mumbai –
400 080, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.03.2000 |
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Com. Reg. No.: |
11-125231 |
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CIN No.: [Company
Identification No.] |
U24200MH2000PTC125231 |
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IEC No.: |
0388192925 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21713G |
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PAN No.: [Permanent
Account No.] |
AABCP9509K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Specialty 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 210000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. P S Seth parted partial details. However he fail to honour his
several promises for all the details. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. Financial position is satisfactory. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
27, Unique Industrial Esatate, Dr. R P Road, Mulund (West), Mumbai –
400 080, Maharashtra, India |
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Tel. No.: |
91-22-25905477 / 25905478 / 25683279 |
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Fax No.: |
91-22-25680013 |
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E-Mail : |
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Factory : |
A-737/5, TTC MIDC Area, Mahape Village, Thane Belapur Road, Vashi,
Navi Mumbai – 400 710, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Hemant Hiralal Parikh |
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Designation : |
Directorf |
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Address : |
301, Amee Building, 167, Dixit Road, Vile Parle (East), Mumbai – 400
057, Maharashtra, India |
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Date of Birth/Age : |
12.01.1936 |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. Jayantilal Chunilal Dixit |
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Designation : |
Director |
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Address : |
B-16, Mahavir Jyoti, Govardhan Nagar, L B S Marg, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
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Date of Birth/Age : |
23.12.1933 |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. Harish Laxmichand Maheshwari |
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Designation : |
Director |
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Address : |
122, Trambak Bhavan, Fadke Road, Dombivali (East), Thane - 421 201, Maharashtra, India |
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Date of Birth/Age : |
09.03.1952 |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. Pratap Shivlal Sheth |
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Designation : |
Director |
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Address : |
52, Seth Nivas, Bhaudaji Cross Lane, Matunga, Mumbai – 400 019,
Maharashtra, India |
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Date of Birth/Age : |
24.08.1944 |
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Experience : |
35 Years |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. Mutushwami Balakrishnan |
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Designation : |
Director |
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Address : |
601, Rishabh, Sarvodaya Nagar, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
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Date of Birth/Age : |
07.12.1944 |
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Date of Appointment : |
24.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
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Hemant Hiralal Parikh HUF |
200000 |
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Harish Laxmichand Maheshwari |
150000 |
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Lata Harish Maheshwari |
50000 |
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Pratap Shivlal Sheth |
100000 |
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Vasant Pratap Sheth |
100000 |
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Jayantilal Chunilal Dixit |
200000 |
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Mutushwami Balakrishnan |
200000 |
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Total |
1000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Specialty Chemicals. |
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Products : |
·
Metal Treatment Chemicals [Alkaline Clearners] ·
Metal Treatment Chemicals [Degreasing ] ·
Metal Treatment Chemicals [Zinc, Iron Phosphate ] ·
Metal Treatment Chemicals [Metal Working Fluids] ·
Metal Treatment Chemicals [Choromating ] ·
Metal Treatment Chemicals [Surface Condition] ·
Paint Booth Addtives ·
Paint Strippers ·
Rust Preventive's |
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Imports : |
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Products : |
Chemicals |
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Countries : |
Germany |
GENERAL
INFORMATION
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No. of Employees : |
Around 130 |
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Bankers : |
Bank of India Gandhi Market
Branch, Matunga, Sion (East), Mumbai – 400 022, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manish Chokshi and Company Chartered Accountants |
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Address : |
305, Samrudhi Commercial Complex, Chincholi Bunder Ext Road, Malad
(West), Mumbai – 400 064, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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31.314 |
20.575 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.314 |
30.575 |
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LOAN FUNDS |
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1] Secured Loans |
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9.575 |
9.370 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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9.575 |
9.370 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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50.889 |
39.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.699 |
10.077 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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3.900 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.794 |
10.094 |
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Sundry Debtors |
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51.943 |
38.900 |
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Cash & Bank Balances |
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0.166 |
5.255 |
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Other Current Assets |
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0.535 |
0.298 |
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Loans & Advances |
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2.299 |
2.050 |
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Total
Current Assets |
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65.737 |
56.597 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.981 |
26.753 |
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Provisions |
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0.485 |
0.000 |
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Total
Current Liabilities |
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28.466 |
26.753 |
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Net Current Assets |
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37.271 |
29.844 |
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MISCELLANEOUS EXPENSES |
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0.019 |
0.024 |
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TOTAL |
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50.889 |
39.945 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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130.441 |
111.045 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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130.441 |
111.045 |
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Profit/(Loss) For the year |
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10.689 |
8.774 |
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Expenditures : |
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Depreciation & Amortization |
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0.944 |
0.919 |
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Other Expenditure |
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118.808 |
101.352 |
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Total Expenditure |
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119.752 |
102.271 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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8.19 |
7.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.19 |
7.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.17 |
13.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.92 |
1.18 |
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Current Ratio (Current Asset/Current Liability) |
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2.31 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details
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Existence Verification |
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Name |
PROTOCHEM INDUSTRIES PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AABCP9509K |
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Import Export Code |
0388192925 |
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Name of Bank |
Bank of India |
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Account Since |
2007 |
Form No. 8
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Name of the company |
PROTOCHEM INDUSTRIES PRIVATE LIMITED |
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Presented By |
Bank of India,
Gandhi Market Branch, Matunga, Sion (East), Mumbai – 400 022. |
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1) Date and description of instrument creating the change |
Dated : 5th
May, 2005 Hypothecation of
Tangible Movable Machinery and Plant |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible
movable machinery and plant (both present and future) whether installed or
not any whether lying loose or in cases at site or in transit or which may at
any time during the continuance of this security be installed or any lying
loose or in case or being in or upon or about borrower’s premises godowns at
TTC, MIDC, Maphe. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest Mini. 10.75% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Gandhi Market Branch,
Matunga, Sion (East), Mumbai – 400 022. |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Web Details
An ISO
9001 certified company with TUV,
subject. The company was collaborated with Chemische Werke Kluthe, Germany,
In 1988 to adopt latest technology.Protochem has established themselves as the
second largest manufacturer of specialty chemicals like Metal Working Fluids,
Paint Strippers, Chromating Passivation, Specialty Coatings, Rust Removers and
Alkaline Cleaners.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
45 |
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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