MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
D K PHARMA CHEM PRIVATE LIMITED |
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Formerly Known As : |
DK
CHEMICALS BAKSHI
PHARMAMIDEATES PRIVATE LIMITED |
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Registered Office : |
W-6, F-32, MIDC, Badlapur, Thane – 421503, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.02.1989 |
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Com. Reg. No.: |
11-53428 |
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CIN No.: [Company
Identification No.] |
U24239MH1989PTC053428 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03594D |
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PAN No.: [Permanent
Account No.] |
AABCB4071C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Intermediates of Bulk Drugs, Pharmaceuticals etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
continues to incur substantial losses. Payments on slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
W-6, F-32, MIDC, Badlapur, Thane – 421503, |
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Tel. No.: |
91-251-2690111/ 2691466 |
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Mobile No.: |
91-9822198303/ 9320613171 |
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Fax No.: |
91-251-2690366 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rakesh Bakshi |
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Designation : |
Director |
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Address : |
14, Moti Mahal Society, 17 Section, |
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Date of Birth/Age : |
18.03.1956 |
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Date of Appointment : |
12.09.1989 |
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Name : |
Mr. Ravinder Kishor Vermani |
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Designation : |
Director |
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Date of Birth/Age : |
13.04.1949 |
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Date of Appointment : |
01.04.206 |
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Name : |
Mr. Ajit Bhehare |
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Designation : |
Director |
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Address : |
Dattatraya Sadan, Near Talathi Office, Kulgaon, Badlapur – 421503, |
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Date of Birth/Age : |
20.07.1956 |
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Date of Appointment : |
01.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Rakesh Kasturilal Bakshi |
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16450 |
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Alka Rakesh Bakshi |
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3550 |
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Karan K Bakshi |
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5000 |
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Vilas R harchekar |
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1 |
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Bharti V Harchekar |
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1 |
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Total |
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25002 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Intermediates of Bulk Drugs, Pharmaceuticals etc. |
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Products : |
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Exports : |
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Products : |
Bulk Drugs |
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Countries : |
European |
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Terms : |
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Selling : |
Customers to Customers |
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Purchasing : |
Supply to Supply |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
100 |
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Bankers : |
Ambarnath Branch, Sunflower, Shivaji Chowk, Ambernath – 421501,
Maharashtra, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
U P Pai and Company Chartered Accountant |
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Address : |
3rd Floor, Patil Bhuvan, Opposite Railway Station,
Dombivali (East), Mumbai - 421201, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25002 |
Equity Shares |
Rs.100/- each |
Rs.2.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.240 |
25.691 |
6.203 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.740 |
28.191 |
8.703 |
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LOAN FUNDS |
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1] Secured Loans |
70.732 |
89.940 |
58.005 |
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2] Unsecured Loans |
15.083 |
9.913 |
14.401 |
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TOTAL BORROWING |
85.815 |
99.853 |
72.406 |
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DEFERRED TAX LIABILITIES |
3.929 |
3.929 |
0.000 |
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TOTAL |
92.484 |
131.973 |
81.109 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.656 |
52.951 |
50.366 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.550 |
0.550 |
0.551 |
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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 |
44.452
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45.272 |
26.207 |
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Sundry Debtors |
26.600
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20.409 |
15.582 |
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Cash & Bank Balances |
0.766
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28.409 |
0.401 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
22.660
|
18.927 |
11.342 |
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Total
Current Assets |
94.478
|
113.017 |
53.532 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.986
|
28.600 |
23.296 |
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Provisions |
6.214
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5.945 |
0.045 |
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Total
Current Liabilities |
40.200
|
34.545 |
23.341 |
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Net Current Assets |
54.278
|
78.472 |
30.191 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
92.484 |
131.973 |
81.109 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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133.321 |
238.140 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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133.321 |
238.140 |
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Profit/(Loss) Before Tax |
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(25.451) |
29.316 |
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Provision for Taxation |
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0.000 |
9.829 |
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Profit/(Loss) After Tax |
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(25.451) |
19.487 |
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Total Expenditure |
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158.772 |
208.824 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(19.09)
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8.18 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(19.09)
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12.31 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(19.26)
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17.66 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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9.29
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1.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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45.99
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4.77 |
11.00 |
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Current Ratio (Current Asset/Current Liability) |
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2.35
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3.27 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AABCB4071C XM 001 |
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VAT / TIN : 27171004947 |
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IEC Code : 0302017160 |
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PAN / TAN : AABCB4071C |
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Bank Name : DNS Bank
Limited |
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Bank A/c. No.: CC
209 |
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Account Since : 20
years |
Form 8:
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Corporate
identity number of the company |
U24239MH1989PTC053428 |
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Name of the
company |
D K PHARMA CHEM PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plants, W-6, F-32, MIDC, Badlapur, Thane – 421503, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
Immovable
Property |
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Particular of charge
holder |
DNS Bank Limited Ambarnath Branch, Sunflower, Shivaji Chowk, Ambernath – 421501,
Maharashtra, India |
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Nature of
instrument creating charge |
Memorandum of
Entry |
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Date of instrument
Creating the charge |
24.01.2008 |
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Amount secured by
the charge |
Rs.48.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interests: 13.50% or such other
rate as may be decided from time to time for cash credit and term loan of
Rs.17.500 Millions, WCTL Rs.5.000 Millions and cash Credit of Rs.25.000
Millions 3% commission or such other rate as may be decided from time to time
for bank guarantee Rs.1.000 Millions Terms of
repayment: Period 12 months
for cash credit and bank guarantee, 60 months for Terms Loans. Margin: 30% for cash
credit and terms loans 30% by way of FDR Bank Guarantee Extent and
operation of the charge: First charge over
all present and future stock and book debts. Others: Charge to cover
all outstanding sums, interests, cost, and charge payable by the company to
the bank. |
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Particulars of
the property charged |
Leasehold land
bearing plot no F-32, ADM 1600 sq. mtrs, Plot No.W-5, ADM 1002.5 sq. mtrs,
Plot No.W-6 ADM 1000 sq. mtrs Plot No.W-7 ADM 1000 Sq. mtrs at Badlapur
Industrial Area, Village Kharvali, Taluka Ulhasnagar Together with all the
plant and Machinery shed structures etc. As specifically described in the
instrument. |
Website Details:
Profile:
Subject
formerly known as DK Chemicals - a dynamic entity, manufacturing various
Speciality, Fine Chemicals and Intermediates since 1980, meeting the needs of
national as well as international customers
with continuous development.
25 Years
of experience in speciality, Fine Chemicals and Intermediates & now
venturing into- Active Pharma Ingredients (API's) manufacturing with State
of Art WHO cGMP Plant & Emerging into the Pharmaceutical World
Activity:
- Sulphonation
- Chlorosulfonation
- Estrification
- Halogenation
- Nitration
- Oxidation
- Amidation
- Reduction Alkylation
- Nitrosation
- Grignard Reaction
They have successfully developed Products as per Customer requirement. We
manufacture Bulk Drugs and Intermediate for Bulk
Drugs, Pharmaceuticals, Dyes, Pesticides, Catalyst for esterification,
plasticisers, resins, pigments and detergents.
Plant:
Located
40 Kms. From Mumbai, DKpharma Chem's manufacturing activites are carried out in an international Class
Environment with Professional
management. Equipped with modern production facilities & State-of- the-Art- WHO CGMP PLANT supported with QC facility and
dedicated research and development departments which are responsible for continuous innovations in
Products and Processes
People:
Under the able stewardship of the
Managing Director, Rakesh Bakshi-MSc., a dynamic
force of dedicated people working in various departments, leads the various operations
by example and experience honed over the
years in this field, committed to our
Quality Policy- Consistency. Credibility. Continuity ingrained in all departments.
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.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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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 |
YES |
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TOTAL |
|
34 |
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 |
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