MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MELONGOS INDIA PRIVATE LIMITED |
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Registered Office : |
25, Millers Road, Kilpauk, Chennai-600010, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
18-43095 |
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CIN No.: [Company
Identification No.] |
U18104TN1999PTC043095 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM05028C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Leather Jackets |
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 150000 |
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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. Trade relations are fair. Business is active. General financial position
is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Ajit |
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Designation : |
Export Manager |
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Date : |
11.09.2008 |
LOCATIONS
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Registered Office/ Factory : |
25, Millers Road, Kilpauk, Chennai-600010, Tamilnadu, India |
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Tel. No.: |
91-44-26651917/ 65190599/ 26425804/ 26651917 |
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Fax No.: |
91-44-26651917 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. S J Prakash |
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Designation : |
Managing Director |
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Address : |
V-84, 4th Main Road, Anna Nagar, West, Chennai-600040,
Tamilnadu, India |
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Date of Birth/Age : |
22.07.1994 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mr. S Pavankumar |
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Designation : |
Director |
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Address : |
V-84, 4th Main Road, Anna Nagar, West, Chennai-600040,
Tamilnadu, India |
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Date of Birth/Age : |
03.08.1971 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mr. S Santiago Marine Lopez |
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Designation : |
Director |
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Address : |
No. 5, Viayagarkoil Street, Ayyavoo Naidu Colony, Aminjikarai,
Chennai, Tamilnadu, India |
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Date of Birth/Age : |
23.01.1958 |
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Date of Appointment : |
08.01.2001 |
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Name : |
Mr. B S Mohan |
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Designation : |
Director |
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Address : |
No. 16, Mullai Street, Vivekanand Nagar, Ambattur, Chennai-600053,
Tamilnadu, India |
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Date of Birth/Age : |
02.07.1972 |
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Date of Appointment : |
30.09.2002 |
KEY EXECUTIVES
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Name : |
Parimala Natarajan |
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Designation : |
Company Secretay |
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Address : |
F-4, SSSP Apartments, 45, Vellar Street, Mugapair West,
Chennai-600037, Tamilnadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2005
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Names of Shareholders |
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No. of Shares |
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S J Prakash |
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20000 |
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S Pavankumar |
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20200 |
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S Santiago Marine Lopez |
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4200 |
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B S Mohan |
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10000 |
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Total |
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54400 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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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 Leather Jackets |
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Exports : |
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Countries : |
Italy and Spain |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
90 |
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Bankers : |
UCO Bank, MID Corporation Branch, III Floor, 328, Thambu Chetty
Street, Chennai-600001, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A R Chinniah Chartered Accountant |
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Address : |
24, Second Street, SBI Officers Colony, Jamaliya, Chennai-600012,
Tamilnadu, India |
CAPITAL STRUCTURE
As on 26.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
54600 |
Equity Shares |
Rs. 100/-
each |
Rs. 5.460
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.460 |
5.460 |
5.460 |
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2] Share Application Money |
3.031 |
3.031 |
0.000 |
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3] Reserves & Surplus |
22.669 |
20.173 |
17.724 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.160 |
28.664 |
23.184 |
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LOAN FUNDS |
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1] Secured Loans |
45.696 |
51.448 |
48.669 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
45.696 |
51.448 |
48.669 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.856 |
80.112 |
71.853 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.889 |
36.213 |
37.089 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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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 |
24.192
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22.467 |
15.783 |
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Sundry Debtors |
9.456
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17.005 |
15.438 |
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Cash & Bank Balances |
2.750
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4.088 |
1.020 |
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Other Current Assets |
1.807
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2.022 |
2.347 |
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Loans & Advances |
12.132
|
8.509 |
9.080 |
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Total
Current Assets |
50.337
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54.091 |
43.668 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.973
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8.811 |
6.313 |
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Provisions |
1.402
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1.386 |
2.596 |
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Total
Current Liabilities |
9.375
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10.197 |
8.909 |
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Net Current Assets |
40.962
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43.894 |
34.759 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.856 |
80.112 |
71.853 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
112.776 |
93.723 |
117.819 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
112.776 |
93.723 |
117.819 |
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Profit/(Loss) Before Tax |
3.898 |
3.834 |
3.424 |
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Provision for Taxation |
1.401 |
1.386 |
1.278 |
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Profit/(Loss) After Tax |
2.497 |
2.448 |
2.146 |
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Earnings in Foreign Currency : |
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Export Value |
104.122 |
87.016 |
NA |
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Total Expenditure |
108.878 |
89.889 |
114.395 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.21
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2.62 |
1.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.46
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4.09 |
2.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.52
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4.25 |
4.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.13 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.77
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2.15 |
2.48 |
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Current Ratio (Current Asset/Current Liability) |
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5.37
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5.30 |
4.90 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Prakash
Overseas, Ambatur
- Sai
International, Arumvakkam
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90307871 |
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Corporate
identity number of the company |
U18104TN1999PTC043095 |
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Name of the
company |
MELONGOS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
25, Millers Road, Kilpauk, Chennai-600010, Tamilnadu, India |
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Type of charge |
Movable Property Floating Charge Immovable
Property |
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Particular of
charge holder |
UCO Bank, MID Corporation Branch, III Floor, 328, Thambu Chetty Street,
Chennai-600001, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Plant and Machinery / Goods as Additional Security Hypothecation of
Goods to Secure a Demand Cash Credit Agreement for Packing
Credit Advance Agreement Re:
Inland/ Foreign Bills Purchases and Advances Against Bills in course of
collection. Confirmation
Letter of Extension of Equitable Mortgage |
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Date of
instrument Creating the charge |
04.05.2007 |
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Amount secured by
the charge |
Rs. 48.739
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Packing Credit
(Hypothecation of Stock in Trade) : BPLR – 3.75% (At Present 9.75% p.a.) Packing Creditg (Documents
to title to goods) For demand bills:
BPLR-3.75% (Ast Present 9.75% p.a) For Usance Bills
upto 90 days : BPLR-3.5% (At Present 10.25% p.a) Term Loan : BPLR
– 1.00% (At Present 12.50% p.a.) Terms of Repayment As determined by the
banker from time to time Margin Packing Credit (
Hypothecation of Stocks in trade) : 25% Term Loan : 25% Extent and
Operation of the charge As per the
sanction letter and as mentioned in the Column No. 14 of this Form 8 Others
All other term
and conditions as per sanctioned letter and instruments executed on
04.05.2007 |
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Short particulars
of the property charged |
Hypothecation by way
of First Charge in favour of the Bank All present and
future stocks such as leather and related goods, raw material, work in
progress, finished goods, consumables, accessories etc and all other
vehicles,goods, plant and machinery and movable property of any kind
whatsoever belonging to the company. Extension of
Equitable Mortgage of the Company’s land and building situated at New No. 25,
Millers Road, Kilpauk, Chennai-600010, Tamilnadu, India |
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Date of latest modification
prior to the present modification |
06.12.2004 |
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Particulars of
the present modification |
By this
modification, the credit facilities enjoyed by the company has been modified
form Rs. 44.500 Millions to Rs. 48.739 Millions as detailed below: Nature of
Facililty existing Modified
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Name of the company |
MELONGOS INDIA PRIVATE LIMITED |
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Presented By |
MELONGOS INDIA PRIVATE LIMITED and UCO Bank, IBB, Chennai-600001 |
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1) Date and description of instrument creating the change |
Letter of
Confirmation dated 16th April 2005 for deposit of title deeds on 06.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
24.500 Millions |
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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 |
Mortgage of Land
and Building situated at Old No. 13, New No. 25, Millers Road, Kilpauk,
Chennai-600010, (Land Area : 3 Ground
and 1345 sq ft in R,S No. 110/7 and 110/8 Block No. 5, Land Area of 3 Ground
and 1604 sq ft in R.S. No. 112/1 and 110/1, Building Ground Floor Plus Two
Floors) purchased at a cost of Rs. 33.000 Millions ( inclusive of
registration charges) out of the Term Loan, valued at Rs. 31.500 Millions as
per valuation report, as security to cover the above sanctioned limit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
Interest is @ 12.50% |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank, MID Corporation Branch, III Floor, 328, Thambu Chetty
Street, Chennai-600001, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
TOTAL |
|
53 |
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 |
|