MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RAMDEV CHEMICAL PRIVATE LIMITED |
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Registered Office : |
801, Smruti Tower Near Patel Nagar, M G Cross, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.07.1999 |
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Com. Reg. No.: |
11-120863 |
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CIN No.: [Company
Identification No.] |
U24200MH1999PTC120863 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR1634F |
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PAN No.: [Permanent
Account No.] |
AABCR5210R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs |
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 40000000 |
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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
|
Name : |
Mr. Vilas |
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Designation : |
Marketing Office |
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Contact No.: |
91-932319511 |
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Date : |
22.09.2008 |
LOCATIONS
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Registered Office : |
801, Smruti Tower Near Patel Nagar, M G Cross, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra, India |
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Tel. No.: |
91-22-28011789 |
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Mobile No.: |
91-9323288253 |
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Fax No.: |
91-22-28011778 |
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E-Mail : |
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Area : |
Owned |
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Factory 1 : |
E-41, MIDC, Tarapur Industrial Area, Boisar, District, Thane-401506,
Maharashtra, India |
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Tel. No.: |
91-2525-278039/ 261398/ 261399 |
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Fax No.: |
91-2525-277936 |
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E-Mail : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Sevantilal S Champaneri |
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Designation : |
Director |
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Address : |
801, Smruti Tower, Near Patel Nagar, M.G Road, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra, India |
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Date of Appointment : |
16.07.1999 |
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Name : |
Mrs. Manjulaben S Champaneri |
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Designation : |
Director |
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Address : |
801, Smruti Tower, Near Patel Nagar, M.G Road, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra, India |
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Date of Appointment : |
16.07.1999 |
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Name : |
Mr. Nilesh V Mehta |
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Designation : |
Director |
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Address : |
704, Concard, Near Patel Nagar, M.G Road, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra, India |
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Date of Appointment : |
05.04.2000 |
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Name : |
Mrs. Hetal N Mehta |
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Designation : |
Director |
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Address : |
704, Concard, Near Patel Nagar, M.G Road, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra, India |
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Date of Appointment : |
05.04.2000 |
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Name : |
Ms. Ujala S Soni |
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Designation : |
801, Smruti Tower, Near Patel Nagar, M.G Road, Road No. 4, Kandivali
(West), Mumbai-400067, Maharashtra, India |
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Date of Appointment : |
01.12.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Vilas |
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Designation : |
Marketing Office |
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Mobile No. : |
91-932319511 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Seventilal S Champaneri |
|
450000 |
|
Manjulaben S Champaneri |
|
50000 |
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Total |
|
500000 |
Equity Share Breakup (Percentage of total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs |
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Exports : |
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Countries : |
USA and UK |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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No. of Employees : |
85 ( Office 5, Factory 80) |
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Bankers : |
·
Bank of India, Kandivali Branch, Sanghavi Chambers, Dr. Dalavi Cross
Lane, Kandivali (West), Mumbai-400067, Maharashtra, India ·
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan 227, D, Nariman
Point, Mumbai-400021, Maharashtra, India ·
IDBI Bank Limited, Mamledarwadi, Malad (West), Mumbai-400064,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B Ranka and Company Chartered Accountant |
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Address : |
7, A , 204, Spring Leaf, Lokhandwala Township, Mumbai-400101,
Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
75.801 |
61.686 |
45.821 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.801 |
66.686 |
50.821 |
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LOAN FUNDS |
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1] Secured Loans |
17.357 |
34.884 |
15.021 |
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2] Unsecured Loans |
6.948 |
6.949 |
6.207 |
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TOTAL BORROWING |
24.305 |
41.833 |
21.228 |
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DEFERRED TAX LIABILITIES |
2.363 |
2.135 |
2.221 |
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TOTAL |
107.469 |
110.604 |
74.270 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.723 |
32.857 |
31.278 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.040 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.131
|
12.812 |
10.498 |
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Sundry Debtors |
35.380
|
50.589 |
22.566 |
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Cash & Bank Balances |
42.848
|
39.525 |
35.025 |
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Other Current Assets |
0.235
|
0.209 |
0.174 |
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Loans & Advances |
45.599
|
38.868 |
24.183 |
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Total
Current Assets |
138.193
|
142.003 |
92.446 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.930
|
30.600 |
24.364 |
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Provisions |
41.585
|
33.690 |
25.130 |
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Total
Current Liabilities |
74.515
|
64.290 |
49.494 |
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Net Current Assets |
63.678
|
77.713 |
42.952 |
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MISCELLANEOUS EXPENSES |
0.028 |
0.034 |
0.040 |
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TOTAL |
107.469 |
110.604 |
74.270 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
206.042 |
155.971 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
206.042 |
155.971 |
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Profit/(Loss) Before Tax |
|
22.198 |
24.338 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
22.198 |
24.338 |
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Expenditures : |
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Interest |
|
2.407 |
1.856 |
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Depreciation & Amortization |
|
5.076 |
4.356 |
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Other Expenditure |
|
176361 |
125.421 |
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Total Expenditure |
|
183.844 |
131.633 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
10.77
|
15.60 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
10.77
|
15.60 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.20
|
13.92 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.36 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
1.59 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.85
|
2.21 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Cipla
·
Phizer
·
Cadila
Bankers Charges
Report as per Registry
|
Name of the company |
RAMDEV CHEMICAL PRIVATE LIMITED |
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Presented By |
Mr. Sevnatilal
Chamaneri, Director |
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1) Date and description of instrument creating the change |
Memorandum of
Deposit for creation of charge for demand loan and cash credit. Wherein
mortgage was created by the company on 23rd December 2003 in
favour of the United Western Bank Limited Malad (West) Mumbai by deposit
of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Amount Rs.
8.500 Millions on by 1. Cash Credit –
Rs. 7.500 Millions 2. Demand Loan –
Rs. 1.000 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
12.5% p.a. Margin 25% on
Stock and 40% on Book Debts Demand Loan
repayable in 24 monthly installments Cash Credit :
Regular renewal, 15 months |
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5) Name and Address and description of the person entitled to the charge. |
The United
Western Bank Limited, Malad (West), Mumbai |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90146559 |
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Corporate
identity number of the company |
U24200MH1999PTC120863 |
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Name of the
company |
RAMDEV CHEMICAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
801, Smruti Tower
Near Patel Nagar, M G Cross, Road No. 4 Kandivali (West), Mumbai-400067,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Any interest in
immovable property Immovable
Property |
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Particular of
charge holder |
IDBI Bank Limited, Mamledarwadi, Malad (West), Mumbai-400064,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation Mortgage Deed |
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Date of instrument
Creating the charge |
21.08.2007 |
|
Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest C/C BPLR @ 13.25%
(Floating) and 10.75% in Case of P/C For import L/C
Commitment @ 0.165% PER Quarter and
Usance Commission charges are prescribed fevai 4 shall be charged accordingly Terms of
Repayment On Demand Margin 25% in FDR – for
L/C 25% for Cash
Credit and 10% for Packing Credit Extent and
Operation of the charge Hypothecation of
Movable and mortgage of immovable properties |
|
Short particulars
of the property charged |
For CC –
Inventory and Receivables, Coll. Security- Factory premises, plant and machinery
at E -41, TGarapur inds estate, stn boisar taluka palghar \E-5 and E-6
Nmikrishan Society, Jethwa Nagar, V L Road, Kandivali (West) For LC- Goods
under LC collateral security – factoyr premises, plant and machinery at E-41
MIDC tarapur inds estate, STN Boisar, TQ Palghar, E-5 and E-6, Nemikrishna
Society, 3rd Floor, Jethwannagar, V L
Road, Kandivali (West) |
|
Date of latest
modification prior to the present modification |
27.03.2004 |
|
Particulars of
the present modification |
Total amount Was
Rs. 13.700 Millions The above
modification was done Total Rs. 30.000
Millions For Cash Credit
and Packing Credit Rs. 10.000 Millions (Composite) For L/C Rs.
20.000 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.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|