MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
S B ORGANICS LIMITED |
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Registered Office : |
2011, Emerald House, Sarojini Devi Road, P. B. No.1572, Secunderabad –
500003, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.03.1988 |
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Com. Reg. No.: |
01-8392 |
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CIN No.: [Company
Identification No.] |
U24110AP1988PLC008392 |
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IEC No.: |
0991014600 |
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PAN No.: [Permanent
Account No.] |
AACCS8221L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Guanidine Chemical, Guanidine
Thiocyanate and Guanidine Hydrochloride |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
2011, Emerald House, Sarojini Devi Road, P. B. No.1572, Secunderabad –
500003, Andhra Pradesh, India |
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Tel. No.: |
91-40-27849336/ 27810250 |
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Fax No.: |
91-40-39122111 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Bimal Prakash Jain |
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Designation : |
Director |
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Address : |
10, Court Lane, Civil Lines, New Delhi – 110054, India |
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Date of Birth/Age : |
01.09.1933 |
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Date of Appointment : |
10.03.1988 |
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Name : |
Mr. Samir Jain |
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Designation : |
Director |
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Address : |
Plot No.144, Avenue – IV, Street 3, Banjara Hill, Hyderabad – 500034,
Andhra Pradesh, India |
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Date of Birth/Age : |
09.07.1965 |
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Date of Appointment : |
10.03.1988 |
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Name : |
Mr. Prashant Jain |
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Designation : |
Director |
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Address : |
Kiran Mansion , 4834/24 Ansari Road, Dariya Gunj, New Delhi – 110002,
India |
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Date of Birth/Age : |
18.06.1983 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Prateek Jain |
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Designation : |
Director |
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Address : |
Kiran Mansion , 4834/24 Ansari Road, Dariya Gunj, New Delhi – 110002,
India |
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Date of Birth/Age : |
03.12.1984 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Anju Jain |
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Designation : |
Director |
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Address : |
2011 Emerald House, Sarojini Devi Road, P. B. No.1572, Secunderabad –
500003, Andhra Pradesh, India |
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Date of Birth/Age : |
28.09.1969 |
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Date of Appointment : |
29.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
|
No. of Shares |
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Bimal Prakash Jain |
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3250 |
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Nirmal Jaihn |
|
2450 |
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B. P. Jain |
|
2250 |
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Pankaj Jain |
|
3100 |
|
Rekha Jain |
|
50 |
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Pranav Jain |
|
1100 |
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Prateek Jain |
|
3100 |
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PBJ (HUF) |
|
650 |
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Samir Jain (HUF) |
|
7000 |
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Samir Jain |
|
8800 |
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Anju Jain |
|
8000 |
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P. Singh |
|
150 |
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P. S. Gupta |
|
100 |
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Total |
|
40000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Guanidine Chemical,
Guanidine Thiocyanate and Guanidine Hydrochloride |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
110 |
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Bankers : |
R. P. Road Branch, Secunderabad
– 500003, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
5-9-194-PB, No.165, Chirag Ali Lane, Hyderabad – 500001, Andhra
Pradesh, India |
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Auditors : |
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Name : |
Sunil and Sanjay Chartered Accountant |
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Address : |
2016/ 2017, Emerals House, S. D. Road, Secunderabad – 500003, Andhra
Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000
Millions |
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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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|
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|
1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.559 |
5.728 |
8.263 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.559 |
9.728 |
12.263 |
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LOAN FUNDS |
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1] Secured Loans |
4.985 |
9.832 |
3.669 |
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2] Unsecured Loans |
5.887 |
7.238 |
7.891 |
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TOTAL BORROWING |
10.872 |
17.070 |
11.560 |
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DEFERRED TAX LIABILITIES |
3.714 |
3.581 |
0.972 |
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Long Term Sundry Creditors |
2.500 |
2.617 |
2.146 |
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TOTAL |
27.645 |
32.996 |
26.941 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.839 |
17.352 |
17.030 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.300 |
4.000 |
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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 |
7.540
|
6.261 |
5.358 |
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Sundry Debtors |
4.451
|
12.457 |
3.799 |
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Cash & Bank Balances |
0.458
|
0.104 |
0.176 |
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Other Current Assets |
1.199
|
2.244 |
1.878 |
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Loans & Advances |
0.850
|
1.851 |
1.384 |
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Total
Current Assets |
14.498
|
22.917 |
12.595 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.387
|
7.362 |
6.293 |
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Provisions |
0.305
|
0.211 |
0.391 |
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Total
Current Liabilities |
5.692
|
7.573 |
6.684 |
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Net Current Assets |
8.806
|
15.344 |
5.911 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.645 |
32.996 |
26.941 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
82.104 |
52.862 |
26.210 |
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Other Income |
0.059 |
0.090 |
5.297 |
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Total Income |
82.163 |
52.952 |
31.507 |
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Profit/(Loss) Before Tax |
1.668 |
0.163 |
(2.892) |
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Provision for Taxation |
0.181 |
0.342 |
0.000 |
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Profit/(Loss) After Tax |
1.487 |
0.179 |
(2.892) |
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Expenditures : |
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Raw Material Consumed |
42.856 |
23.711 |
13.811 |
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Consumption of stores and spares parts |
5.696 |
2.838 |
1.466 |
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Increase/(Decrease) in Finished Goods |
(0.114) |
1.195 |
3.571 |
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Salaries, Wages, Bonus, etc. |
6.396 |
5.731 |
4.547 |
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Managerial Remuneration |
0.600 |
0.600 |
0.000 |
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Payment to Auditors |
0.040 |
0.040 |
0.040 |
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Interest |
0.685 |
0.659 |
0.578 |
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Insurance Expenses |
0.157 |
0.166 |
0.159 |
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Power & Fuel |
7.969 |
6.659 |
3.882 |
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Depreciation & Amortization |
1.969 |
1.783 |
1.787 |
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Other Expenditure |
14.244 |
9.407 |
4.558 |
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Total Expenditure |
80.495 |
52.789 |
34.399 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.81
|
0.34 |
(9.18) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.03
|
0.31 |
(11.03) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.00
|
0.40 |
(9.76) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.02 |
(0.24) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
2.53 |
1.49 |
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Current Ratio (Current Asset/Current Liability) |
|
2.55
|
3.03 |
1.88 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : AACCS8221L
ST002 |
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Excise Registration No.: AACCS8221L XM002 |
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VAT / TIN : 28090192510 |
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IEC Code : 0991014600 |
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PAN / TAN : AACCS8221L |
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Bank Name : Canara
Bank |
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Bank Address : R.
P. Road Branch, Secunderabad |
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Bank A/c. No.: OCC
229 |
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Account Since : 19
years |
Form 8:
|
Corporate
identity number of the company |
U24110AP1988PLC008392 |
|
Name of the
company |
S B ORGANICS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2011, Emerald House, Sarojini Devi Road, P. B. No.1572, Secunderabad –
500003, Andhra Pradesh, India |
|
This form is for |
Modification of Charge |
|
Type of charge |
Book Debts Stocks in Hand |
|
Particular of
charge holder |
Canara Bank R. P. Road
Branch, Secunderabad - 500003, Andhra
Pradesh, India |
|
Nature of
instrument creating charge |
Common
Hypothecation Agreement Counter Indemnity Letter of Renewal Link Letter in
Respect to enhancement of Credit Facilities |
|
Date of
instrument Creating the charge |
26.12.2006 |
|
Amount secured by
the charge |
Rs.19.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: OCC/ OBC @ 12.25% FBE @ 8.25% Terms of
Repayment: Common Hypothecation
Agreement (As per Agreement Enclosed) Margin: As per Agreement
Enclosed Extent and
Operation of the charge: As per Agreement
Enclosed |
|
Particulars of
the property charged |
First Charge on
Stock In-Trade and Book Debts Second Charge on
Fixed Assets of the company |
|
Particulars of
the present modification |
Cash Credit Limit
from Rs.1.500 Millions to Rs.8.000 Millions Letter of Credit
From Rs.3.000 Millions to Rs.4.000 Millions Guarantee
Rs.1.000 Millions Packing Credit
Rs.3.000 Millions FBE/SBP from
Rs.6.500 Millions to Rs.3.000 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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|