MIRA
INFORM REPORT
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Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
Plot No. 23-A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.03.1995 |
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Com. Reg. No.: |
10-9109 |
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CIN No.: [Company Identification
No.] |
U24114MP1995PTC009109 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLC00849C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of All Grades of Industrial Resins, Alkyds. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 7100 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Nikhil Wagle |
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Designation : |
Director |
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Contact No.: |
91-9302103071 |
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Date : |
31.12.2010 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 23-A, |
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Tel. No.: |
91-731-4047020 |
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Mobile No.: |
91-9302103071 (Mr. Nikhil Wagle) |
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Fax No.: |
91-731-4047020 |
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E-Mail : |
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Area : |
4000 sq.ft. (Approximately) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Nikhil Wagle |
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Designation : |
Managing Director |
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Address : |
1 Kachhi Mohalla, Indore-452007, |
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Date of Birth/Age : |
30.11.1978 |
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Date of Appointment : |
02.01.2009 |
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Name : |
Mrs. Urweashi Wagle |
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Designation : |
Director |
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Address : |
1 Kachhi Mohalla, Indore-452007, |
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Date of Birth/Age : |
12.11.1959 |
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Date of Appointment : |
01.03.1995 |
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Name : |
Mr. Satish Patel |
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Designation : |
Director |
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Address : |
48 Sgankar Bagh, Indore-452003, |
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Date of Birth/Age : |
26.11.1950 |
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Date of Appointment : |
16.08.2001 |
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Name : |
Mrs. Gayatri Wagle |
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Designation : |
Director |
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Address : |
1/1, Kachhi Mohalla, Indore-452001, |
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Date of Birth/Age : |
24.05.1965 |
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Date of Appointment : |
01.03.1995 |
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Date of Ceasing: |
15.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
71.90 |
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Other top fifty shareholders |
28.10 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of All Grades of Industrial Resins, Alkyds. |
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Products : |
·
DB Oil ·
Stand Oil ·
CNSL Resin ·
Long Oil Alkyd ·
Rosinated Alkyd ·
Phenolic Resin ·
Pentaeastergum ·
Liquid Phenolic Resin ·
Malice Modified Resin ·
Cashew Nut Shell Liaquid Resin ·
Paints/ Varnishes |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s and Others ·
Suraj Paints ·
Zodiac Paint ·
Galaxy Industrial Association ·
Colour ·
Garnish Paint ·
Meena Industries ·
Wellbro Paints Private Limited ·
IS Paint ·
Samtara Paints ·
Avanti Paints ·
Ishant Synthetics (Private) Limited ·
Vijay Paints ·
Decora Paints |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
Canara Bank, 11 R.N.T. Marg, Indore-452001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kailash Agrwal Chartered Accountant |
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Address : |
R.N.T. Marg, Indore-452001, |
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Tel. No.: |
91-731-2519777/ 2520777 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.900
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.900 |
0.900 |
0.476 |
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2] Share Application Money |
0.064 |
0.064 |
0.349 |
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3] Reserves & Surplus |
0.822 |
0.752 |
0.415 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.786 |
1.716 |
1.240 |
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LOAN FUNDS |
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1] Secured Loans |
4.599 |
4.878 |
2.494 |
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2] Unsecured Loans |
11.645 |
9.824 |
10.671 |
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TOTAL BORROWING |
16.244 |
14.702 |
13.165 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.037 |
0.081 |
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TOTAL |
18.030 |
16.455 |
14.486 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.606 |
2.759 |
1.989 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.856
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5.130 |
4.329 |
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Sundry Debtors |
12.370
|
10.202 |
9.564 |
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Cash & Bank Balances |
0.769
|
0.730 |
0.124 |
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Other Current Assets |
0.585
|
0.219 |
0.255 |
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Loans & Advances |
0.219
|
1.252 |
0.001 |
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Total
Current Assets |
21.799
|
17.533 |
14.273 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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1.776 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
6.375
|
3.837 |
1.776 |
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Net Current Assets |
15.424
|
13.696 |
12.497 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.030 |
16.455 |
14.486 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income (Turnover) |
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24.506 |
14.473 |
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Other Income |
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TOTAL |
24.736 |
24.506 |
14.473 |
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Less |
EXPENSES |
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Administrative Expenses |
24.149 |
23.755 |
13.892 |
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Advertising Expenses |
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TOTAL |
24.149 |
23.755 |
13.892 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.587 |
0.751 |
0.581 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
0.474 |
0.349 |
0.418 |
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PROFIT BEFORE
TAX |
0.113 |
0.402 |
0.163 |
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Less |
TAX |
0.044 |
0.064 |
0.011 |
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PROFIT AFTER TAX
|
0.069 |
0.338 |
0.152 |
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Earnings Per
Share (Rs.) |
7.66 |
3.75 |
31.98 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.28
|
1.38 |
1.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.46
|
1.98 |
1.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.23 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.66
|
10.80 |
12.05 |
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Current Ratio (Current Asset/Current Liability) |
|
3.42
|
4.57 |
8.04 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Universal Colour Coating
·
Rayband Chemicals
Financial Results:
The year’s working after meeting administrative
and other expenses – and after providing depreciation of Rs. 0.474 Million
shows a profit of Rs. 0.113 Million as against Profit of Rs. 0.402 Million
which is carried to the Balance Sheet. The Directors hope to achieve better
results in the ensuring year. The Profit has been increased on account of sale3
of agricultural products during this year.
Performance:
The company has achieved a turn over of Rs.
24.736 Millions as against Rs. 24.506 Millions of the previous year.
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90205170 |
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Corporate
identity number of the company |
U24114MP1995PTC009109 |
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Name of the
company |
CHERRY PAINTS AND POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 23-A, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Canara Bank, 11 R.N.T. Marg, Indore-452001, |
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Nature of
description of the instrument creating or modifying the charge |
Common
hypothecation agreement and letter confirming deposit of title deed of land
and building situated at Plot No. 23-A, Sector ‘F’, Sanwer Road Industrial
Area, Indore Both Dated 28.03.2009 |
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Date of
instrument Creating the charge |
28.03.2009 |
|
Amount secured by
the charge |
Rs. 4.400 Milions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 25% above on
going BPLR with a minimum of 12.75%
per annum Terms of
Repayment On Demand Margin 25% on Stock and 40%
on book debts Extent and
Operation of the charge Hypothecation of
stocks/ book, debts, existing plant and machinery and extension of charge on
land and building situate Plot No. 23-A, Sector ‘F’, Sanwer Road Industrial
Area, |
|
Short particulars
of the property charged |
Hypothecation of
stocks, book debts, existing plant and machinery and extension of chare on
land and building situate Plot No. 23-A, Sector ‘F’, Sanwser Road Industrial
Area, Indore Both Dated 28.03.2009 |
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Date of latest
modification prior to the present modification |
07.10.2008 |
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Name of the company |
CHERRY PAINTS AND POLYMERS PRIVATE LIMITED |
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Presented By |
Mrs. U U Wagle |
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1) Date and description of instrument creating the change |
20.11.1996 deed of hypothecation machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.250 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
23 A Sector F, Sanwer Road Indore immovable properties together with all fittings machineries present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of Interest 19.5% 2. Dues date of repayment of principal one month form the date of production installment of term loan. 3. Margin Money 25% |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, 11 R.N.T. Marg, Indore-452001, |
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6) Date and brief description of instrument modifying the charge |
N.A |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
Fixed Assets:
·
Land Development
·
Building
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixture
·
Office Equipment
·
Computer and Printer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.81 |
|
|
1 |
Rs.69.29 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.